Prepare appropriate adjusting entry

Assignment Help Accounting Basics
Reference no: EM131802762

Question - The accounting records of Jamaican Importers Inc. at January 1, 2011 included the following:

Assets:

Investment in IBM common shares $1,345,000

Less: Fair value adjustments -145,000

$1,200,000

Shareholders' Equity:

Accumulated unrealized holding gains and losses $145,000

No changes occurred during 2011 in the investment portfolio.

Required: Prepare appropriate adjusting entry (s) at December 31, 2011, assuming the fair value of the IBM common shares was:

$1,175,000

$1,275,000

$1,375,000

Reference no: EM131802762

Questions Cloud

Provide evidence-based suggestions contributing to health : Create a 12- to 15-slide presentation that provides evidence-based suggestions contributing to mental and physical health related to at least three topics.
Research an emerging brain technology : Research an emerging brain technology that you think may be useful in the future or is currently being used in the behavioral health field.
Transmitted from generator to transformer : Calculate the optimum cross-sectional area of the conductor.
How much will market cost to make the given product : How much will it cost to make this product? How many similar products are out there? Does my product stand out?
Prepare appropriate adjusting entry : Required: Prepare appropriate adjusting entry (s) at December 31, 2011, assuming the fair value of the IBM common shares was: $1,175,000
Why you are pursuing graduate in mental health counseling : Why you are pursuing graduate study in mental health counseling and outlining your understanding of the counseling profession.
First-stage allocation to assembly activity cost pool : How much cost, in total, would be allocated in the first-stage allocation to the Assembly activity cost pool
Determine the investments reported as current assets : Determine the following amounts at December 31, 2011: Investments reported as current assets. Investments reported as noncurrent assets
Problem on the capitalization of corporations : Discuss one way that the structure of corporations, the management of corporations, the capitalization of corporations, or the role of corporations has evolved.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Woodpecker co has 296000 in accounts receivable on january

woodpecker co. has 296000 in accounts receivable on january 1. budgeted sales for january are 860000. woodpecker co.

  If total liabilities decreased by 25000 and stockholders

if total liabilities decreased by 25000 and stockholders equity increased by 5000 during a period of time then total

  What can you conclude about the impact of a stock repurchase

Assume SPI repurchases 10,000 of its common stock at a price of $ 2 per share on April 1, 2015. Also assume that during the quarter ended June 30, 2015, SPI reported Net Income of $ 5,000 and declared and paid cash dividends totaling $ 5,000. Calcula..

  Management holds periodic meetings with their direct report

Management holds periodic meetings with their direct reports to determine corrective action when needed. What is their responsibility? Controlling, controlling and directing, controlling and planning, directing, directing and planning or planning?

  The inefficiency of international companies having to

the following comments were made at an anual conference of the financialexecutves institute feithere is an irreversible

  Cash balance of the firm changed

1.  Lube Oil, in Question 3, paid a dividend of $20 million and bought back $25 million in stock. Estimate how much the cash balance of the firm changed during the year.

  What is the amount of cassadys deduction for transportation

cassady an employee of a law firm maintains an office at the principal business location of her firm. she frequently

  Following cost data relate to the manufacturing activities

The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour; a total of 10,800 machine-hours was recorded for the year. All raw materials ultimately become direct materials-none are ..

  What is the ending balance of the allowance

What is the ending balance of the Allowance for Doubtful Accounts at December 31, 2013, after all entries and adjusting entries are posted?

  Top five mergers and acquisitions

Determine the top five mergers and acquisitions (M&A) for the current year up to the date of this assignment. Provide a list including the name of the acquirer, the target, the value of the deal, and the type of reorganization involved.

  Problem regarding the membership fees and annual fees

The amount of expenses including membership fees and annual fees incurred by the employee on credit card and which are paid by the employer shall be added as the perquisites unless the said expenses are incurred wholly and exclusively for official..

  Custom metal works produces castings and other metal parts

custom metal works produces castings and other metal parts to customer specifications. the company uses a job-order

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd