User Account

All Pages

Prepare journal entries to record the april purchases

Assignment Help Accounting Basics
Reference no: EM13895021

While reviewing the March 31, 2014, balance sheet of Success Systems, Adria Lopez notes that the business has built a large cash balance of $ 77,845. Its most recent bank money market statement shows that the funds are earning an annualized return of 0.75%. Adria Lopez decides to make several in vestments with the desire to earn a higher return on the idle cash balance. Accordingly, in April 2014, Success Systems makes the following investments in trading securities:
April 16 Purchases 400 shares of Johnson & Johnson stock at $ 50 per share plus $ 300 commission. 
April 30 Purchases 200 shares of Starbucks Corporation at $ 22 per share plus $ 250 commission. 
On June 30, 2014, the per share market price (fair value) of the Johnson & Johnson shares is $ 55 and the Starbucks shares is $ 19. 

Required: 

1. Prepare journal entries to record the April purchases of trading securities by Success Systems. 
2. On June 30, 2014, prepare the adjusting entry to record any necessary fair value adjustment to its port folio of trading securities. 

Reference no: EM13895021

Questions Cloud

Relationship between the two variables : Assess the relationship between the two variables based on the scatterplot and output for the b coefficient. Is there a relationship between these two variables as hypothesized? Is it a negative or a positive relationship?
Edited transcript or write a paper based on the interviews : Project Completion - Investigation - Individual Assignment Each student will identify a completed project at work, in the community, or in a business.
Describe difference between bosu product and indorow product : Describe major differences between the Bosu product and the Indo-Row product. Consider product use, product price, customer resistance, competition, competitive threats, and other factors related to market acceptance.
The travels of a t-shirt in a global economy : The Travels of a T-Shirt in a Global Economy  The T-Shirt Finally Encounters a Free Market  Assignment Why does the US export used clothing? What caused the emergence of a used clothing export industry in the US?What is the "snowflake" factor in the..
Prepare journal entries to record the april purchases : While reviewing the March 31, 2014, balance sheet of Success Systems, Adria Lopez notes that the business has built a large cash balance of $ 77,845.
What is the medical name for that disease : In May 2012, a young woman in Georgia was zip lining and fell into a river. A short time later she was hospitalized for a severe life threatening disease, caused by what is commonly referred to as flesh eating bacteria. What is the medical name fo..
The dream of forming a pan-hellenic empire : The dream of forming a Pan-Hellenic Empire by Athens was shattered by the rivalry of Athens and Sparta. Athens and Sparta were the two leading powers in the Ancient Greece. Most of the ancient Greek city states were allied with either Athens or Sp..
Reate a list of communicable diseases in the united states : Select an infectious disease that is prevalent (or a potential threat) in your locality.stating your rationale for choosing this particular infectious disease.
Examine transnationalism and multiculturalism in argentina : examine the transnationalism and multiculturalism in Argentina

Reviews

Write a Review

Accounting Basics Questions & Answers

  Write down a 1050- to 1400-word paper in which you describe

writenbspa 1050- to 1400-word paper in which you explain the importance of your selected businesss vision mission and

  Dester manufacturing company makes the product that it

dester manufacturing company makes a product that it sells for 50 per unit. the company incurs variable manufacturing

  Compute taxable income and income tax payable for 2011

the following information has been obtained for the gockercorporation.1. prior to 2010 taxable income and pretax

  You are hired to review the accounting records of sophia

you are hired to review the accounting records of sophia corporation before it closes its revenue and expense accounts

  How much must the balance of the fund equal on june 30 2015

a what is the amount of the payments that ned winslow must make at the end of each of 9 years to accumulate a fund of

  The long term liability section of twin digital

the long term liability section of twin digital corporations balance sheet as of december 31 2010 included 12 bonds

  By how much is the manufacturing overhead underapplied or

change all of the numbers in the data area of your worksheet so that it looks like thisif your formulas are correct you

  Regulation and uniform cpa examination

Review the educational and experience requirements to sit for the Uniform CPA Examination published by the Board of Accountancy for the State in which you intent to pursue licensure, in addition to licensure and continuing professional education r..

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Should catalina report and then cancel those three sales

Catalina works for a regional sales branch of a large pharmaceutical company. Individual employees as well as individual goals, he or she receives a large bonus check at the end of the year.

  What would you as the auditor say to the ceo regarding what

company a uses the aging of accounts receivables method to compute its allowance for bad debts. for accounts that are

  Xener inc inc did not pay dividends in 2009 or 2010 even

xener inc. inc. did not pay dividends in 2009 or 2010 even though 49600 shares of its 7.2 70 par value cumulative

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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