User Account

All Pages

Prepare the journal entries for the given transactions

Assignment Help Accounting Basics
Reference no: EM131786304

Question - The information below relates to Milton Company's trading securities in 2010 and 2011.

(a) Prepare the journal entries for the following transactions.

May 1, 2010 Purchased $250,000 par value of GLF Company bonds at 97 plus accrued interest. The bonds pay interest annually at 9% each December 31. Broker's commission was $2,500.

September 1, 2010 Sold $125,000 par value of GLF Company bonds at 94 plus accrued interest. Broker's commission, taxes, and fees were $1,250.

September 5, 2010 Purchased 5,000 shares of Hayes, Inc. common stock for $25 per share. The broker's commission on the purchase amounted to $2,000.

December 31, 2010 Make the appropriate entry for the GLF Company bonds.

December 31, 2010 The market prices of the trading securities at December 31 were: Hayes, Inc. common stock, $26 per share; and GLF Company bonds, 99. Make the appropriate entry.

July 1, 2011 Milton sold 1/2 of the Hayes, Inc. common stock at $27 per share. Broker's commissions, taxes, and fees were $1,000.

December 1, 2011 Milton purchased 600 shares of Ramirez, Inc. common stock at $40 per share. Broker's commission was $500.

December 31, 2011 Make the appropriate entry for the GLF Company bonds.

December 31, 2011 The market prices of the trading securities at December 31 were: Hayes, Inc. common stock, $28 per share; GLF Company bonds, 98; and Ramirez, Inc. common stock, $42 per share. Make the appropriate entry

Reference no: EM131786304

Questions Cloud

What controls or programs have reduce risk at healthsouth : View the Aaron Beam video and research the Healthsouth fraud. What controls or programs would have reduce the risk at Healthsouth?
Article in the journal of advertising : In an article in the Journal of Advertising, Weinberger and Spotts compare the use of humor in television ads in the United States and the United Kingdom.
Find if a and b are independent events : A die whose faces are marked 1,2,3 in red and 4,5,6 in green is tossed Let A be the event "number obtained is even" and B be the event "number obtained in red".
Anova table with sum of squares : (a) Complete the following ANOVA table with sum of squares, degrees of freedom, and mean square
Prepare the journal entries for the given transactions : Prepare the journal entries for the following transactions. December 31, 2010 Make the appropriate entry for the GLF Company bonds
Explain spearmans rank correlation : Explain spearman's rank correlation when rank are equal (Tied or repeated ranks)
Description of the complement event : (a) Provide a written description of the complement event of ( S OR P ) .
Calculate estimated break-even point in annual unit sales : Calculate the estimated break-even point in annual unit sales of the new product if Creative Ideas Company uses the Capital-intensive manufacturing method.
Evaluate the importance of ethics in accounting : Evaluate the importance of ethics in accounting. Do you think ethical behavior is more or less important in this profession than in others

Reviews

Write a Review

Accounting Basics Questions & Answers

  When the liquidation commenced expenses of 20000 were

terry marks is a well-known architect.nbspnbsphe wants to start his own business and convinces rob norris his cousin

  Statement of mining exploration expenditures

In 2009, Ray incurs $60,000 of mining exploration expenditures, and deducts the entire amount for regular income tax purposes. Which of the following statements is incorrect?

  Inventoriable cost per unit by using variable costing

Marie's Decorating produces and sells a mantel clock for $100 per unit. In 20X5, 100,000 clocks were produced and 80,000 were sold. Other information for the year includes: What is the inventoriable cost per unit using variable costing?

  Which are paid by the employer

What payroll taxes are paid by the employee? Which are paid by the employer? What types of reports are used to document to the government the payroll taxes paid by the employer and employee?

  Wasserman uses the straight line method

Prepare the December 31, 2011, entry to record 2011 bond issue cost amortization.

  What are the combined total department costs

What are the combined total department costs for the producing departments after allocating the service department costs?

  Fixed income-common stock securities

Write a 500-word summary to accompany your matrix explaining the significance of understanding the differences between fixed income and common stock securities in terms of providing sound financial management for a corporation.

  Prepare the adjusting entries based on the reconciliation

conlin companybank reconciliationoctober 31 2010cash balance per

  The new product inc is looking to achieve a net income of

the new product inc. is looking to achieve a net income of 15 percent of sales. here is the firms profile unit sales

  Agrees to pay for the goods

Shelly offers to sell Jane goods both parties know are stolen. Jane accepts the offer, and agrees to pay for the goods. Later, Jane refuses to accept or pay for the goods. If Shelly sues Jane for breach of contract, what is the probable result?

  Harwell uses the net method of accounting

The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts.

  What expense should be recorded for 2012 as a result

A company buys an oil rig for $2,000,000 on January 1, 2012. The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is $400,000 (present value at 10% is $154,220). 10% is an appropriate interest rate for ..

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