Prepare the adjusting journal entry needed on december

Assignment Help Financial Accounting

Reference no: EM13169571

On December 21, 2012, Zurich Company provided you with the following information regarding its trading securities.

December 31, 2012
Investments (Trading)	Cost	Fair Value	Unrealized Gain (Loss)
Stargate Corp. stock	$20,320	$19,320	$(1,000	)
Carolina Co. stock	10,940	9,940	(1,000	)
Vectorman Co. stock	20,320	21,010	690
Total of portfolio	$51,580	$50,270	(1,310	)
Previous fair value adjustment balance			0
Fair value adjustment-Cr.			$(1,310	)

During 2013, Carolina Company stock was sold for $10,490. The fair value of the stock on December 31, 2013, was: Stargate Corp. stock-$19,600; Vectorman Co. stock-$20,830.

(a) Prepare the adjusting journal entry needed on December 31, 2012.

(b) Prepare the journal entry to record the sale of the Carolina Company stock during 2013.

Reference no: EM13169571

Questions Cloud

Discuss the methods of gathering data in the field : Discuss the methods of gathering data in the field and problems associated with them. Make up a hypothesis. Suggest it could be tested and potentially falsified. How does your hypotheses relate to a theory? What are some anthropological theories ..

Government''s management of public opinion during world war : Which of the following is NOT true regarding the government's management of public opinion during World War II? All the following are considered major Great Society programs EXCEPT the:

State the electrode follows the nernst equation : Assume that the electrode follows the Nernst equation, the temperature is at 25°C, and that the activity coefficient of X is 1.

Determine the value of k the thermodynamic equilibrium : Determine the value of K (the thermodynamic equilibrium constant) at each temperature. b) Assuming that ?H°rxn is independent of temperature, determine the value of ?H°rxn from these data.

Prepare the adjusting journal entry needed on december : Prepare the adjusting journal entry needed on December 31, 2012 and prepare the journal entry to record the sale of the Carolina Company stock during 2013.

Calculate the molarity of the sodium hydroxide : In the titration, 34.67 mL of the sodium hydroxide solution was required to react with 0.1082 g KHP. Calculate the molarity of the sodium hydroxide.

Explain how many grams of the excess reactant : What is the % by mass of CaCl2.2H2O in the salt mixture B. how many grams of the excess reactant K2C2O4.H2O reacted in the mixture C. How many grams of the K2C2O4. H2O in the salt mixture remain unreacted

How many liters of carbon dioxide are formed by combustion : At 1.00 atm and 23 C, how many liters of carbon dioxide are formed by the combustion of 3.40g of butane?

Psychological testing : Do you feel that background checks should be performed on volunteers, credit checks? or psychological testing?

User Account

All Pages