User Account

All Pages

Prepare journal entry to record sale of all eg and g shares

Assignment Help Financial Accounting
Reference no: EM13889670

Omar Corporation, which has begun investing in trading securities, engaged in the following transactions:

Jan. 6 Purchased 7,000 shares of Quaker Oats stock, $30 per share. Feb. 15 Purchased 9,000 shares of EG&G, $22 per share.
At year-end on June 30, Quaker Oats was trading at $40 per share, and EG&G was trading at $18 per share.

Required

1. Prepare journal entries to record the purchases.

2. Record the necessary year-end adjusting entry. (Include a schedule of the trading portfolio cost and market in the explanation.)

3. Prepare the journal entry to record the sale of all the EG&G shares on August 20 for $16 per share. Is this entry affected by the June 30 adjustment?

Reference no: EM13889670

Questions Cloud

Responsible for repairing the numerous industrial robots : 1.Failsafe Textiles employs three highly skilled maintenance workers who are responsible for repairing the numerous industrial robots used in its manufacturing process.
Working definition of community health education theory : Working Definition of Community Health Education Theory
Core principle of measurement in accounting : What aspects of the requirements were used by US companies to defer recognition of a liability and What do you think of the principle accounts must reflect economic reality' as a core principle of measurement in accounting?
Develop a journal template that you can re-use throughout : Develop a journal template that you can re-use throughout the course.
Prepare journal entry to record sale of all eg and g shares : Prepare the journal entry to record the sale of all the EG&G shares on August 20 for $16 per share. Is this entry affected by the June 30 adjustment?
Describe differences in teaching of mencius and confucius : Describe briefly differences in the teaching of Mencius and Confucius. How did Mencius take the teaching further? Use Mencius's story of the child falling into an open well to discuss his view of human nature.
Assignment on long-term investment decisions : Assignment : Long-Term Investment Decisions
Authority in the workplace : Identify a situation where you observed someone who was able to influence without authority in the workplace.
Why institutional discrimination be difficult to eliminate : Based on the video presentation provided above, how does discrimination based on personal religious, social and cultural values may affect political ideology? In other words, could and should personal, religious, social and cultural values trump/c..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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