Reference no: EM132479030
Question - Korman Company has the following securities in its portfolio of equity securities on December 31, 2018:
|
|
Cost
|
Fair Value
|
|
5,000 shares of Thomas Corp., Common
|
$151,000
|
$138,200
|
|
10,000 shares of Gant, Common
|
180,000
|
187,200
|
|
Total
|
$331,000
|
$325,400
|
All of the securities had been purchased in 2018. In 2019, Korman completed the following securities transactions:
March 1 Sold 5,000 shares of Thomas Corp., Common @ $31.00 less fees of $1,500.
April 1 Bought 600 shares of Werth Stores, Common @ $47 plus fees of $570.
The Korman Company portfolio ofequity securities appeared as follows on December 31, 2019:
|
|
Cost
|
Fair Value
|
|
10,000 shares of Gant, Common
|
$180,000
|
$190,100
|
|
600 shares of Werth Stores, Common
|
28,770
|
26,640
|
|
Total
|
$208,770
|
$216,740
|
Question 1: Prepare the general journal entry for Korman Company for the 2018 adjusting entry.
Question 2: Prepare the general journal entry for Korman Company for the sale of the Thomas Corp. stock.
Question 3: Prepare the general journal entry for Korman Company for the purchase of the Werth Stores' stock.
Question 4: Prepare the general journal entry for Korman Company for the 2019 adjusting entry.
|
Define probability and give one example of probability
: 1) Define Probability and give one example of probability statement. 2) In the context of probability, define the following:
|
|
Prepare Bengro journal entry
: On January 2, 2012, Bengro Corporation issued $4,500,000 of 10% bonds at 96 due December 31, 2021. Prepare Bengro's journal entry to record early extinguishment
|
|
How much supplies expenses should be reported
: A physical count at December 31 showed supplies on hand of $450. How much Supplies Expenses should be reported on the 2018 Income Statement?
|
|
How much cash is paid for interest
: How much interest expense is reported on the 2018 income statement? On the 2019 income statement? How much cash is paid for interest in 2018?
|
|
Prepare the general journal entry for Korman Company
: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31.00 less fees of $1,500. Prepare the general journal entry for Korman Company for 2018 adjusting entry
|
|
Prepare the adjusting entries needed by timberline lodge
: The accounting records of Timberline Lodge are maintained, Prepare the adjusting entries needed by Timberline Lodge on April 30, 2018.
|
|
Identified upstream vs downstream for the unrealized profit
: During 20X3, Soda sold inventory purchased for $56,000, Identified upstream vs downstream for the 70% unrealized profit and 30% NCI unrealized
|
|
What would be the level of increase in gdp
: Assume the mpc is 0.27. If investment spending increases by $22, what would be the level of increase in GDP? Round to nearest second decimal
|
|
How much will operating income change
: Variable cost as a percentage of sales for Lemon Inc. are 74%, current sales are $687,000, How much will operating income change if sales increase by $46,200
|