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Question - Shaw Corp, a very successful and wealthy company, had the following investments at December 31, 2014:
Securities Cost Fair Value
4000 Shares of Mojo Corporation Common Stock $50,000 $58,000
1000 Shares of Pizza Plaza, Inc. 35,000 32,000
$85,000 $90,000
1. Prepare the adjusting entry for 2014 assuming the securities are classified as trading.
2. Prepare the adjusting entry for 2014 assuming the securities are classified as available for sale.
3. Explain the effect on the financial statements for 2014 given each classification.
What is the difference between freight-in and freight-out? What is the difference between a purchase return and a purchase allowance?
tonys taxpayer return has come up for audit by the internal revenue service irs. he took some deductions this year for
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What is the amount of current portion of the lease liability Smith should report on the December 31, 2007, balance sheet
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the following information pertains to family video company.1. cash balance per bank july 31 10320.72.2. july bank
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Transactions for Argot Company for the month of May are presented below. Prepare journal entriesfor each of these transactions. (You may omit explanations.)
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