Prepare the journal entries that should be made

Assignment Help Financial Accounting
Reference no: EM133074272

Question - The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2019. At the date of the creation of the pool, February 15, 2020, the fair value of the investments of each pool participant was as follows:

 

Investments

 

12/31/19

2/15/20

City of Albertville General Fund

$899,500

$947,500

Albertville Schools

4,219,000

4,453,250

Richwood Township

4,080,000

4,074,250

Total

$9,198,500

$9,475,000

Required - Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February 15 to record their participation in the investment pool.

Reference no: EM133074272

Questions Cloud

Roles of sympathetic and parasympathetic nervous system : What are the roles of the sympathetic and parasympathetic nervous system? When are they active, and what physiological changes occur?
Estimate of the fair value of the stock : Sofia Garcia is a buy-side analyst for a large pension fund. She frequently uses dividend discount models such as the Gordon growth model for the consumer noncy
Characteristics of sustainable finance : What are the characteristics of sustainable finance and use of technology in the business environment?
Focuses on engaging the adult learner : Focuses on engaging the adult learner. What are some tools that can be used to evaluate the effectiveness of marketing and communication plans?
Prepare the journal entries that should be made : Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February 15
Raining trends plan presentation : You are looking for trends in the skills & knowledge that professionals in your industry will need in the future to be effective in that field.
What is the number of mxn : If a direct quote of the Mexican peso (MXN) is $0.05, what is the number of MXN you need to purchase one U.S. dollar?
Approximate performance of portfolio : Assume that the yield of these bonds moves up by 75 bps ( 0.75%) what is the approximate performance of this portfolio using duration convexity formula?
Calculate the net present value of the project : Calculate the Net Present Value (NPV) of the project, advise Anele whether to start the project or not basing on this method.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial impact that declaring the rebate

The financial impact that declaring the rebate before or after 30 June will have. - Whether or not this represents earnings management, and if it is good or bad earnings management?

  What is your total dollar return on this investment

One year ago, you purchased a 7 percent coupon bond with a face value of $1,000. What is your total dollar return on this investment

  What is interest income for the year for abc

ABC is a manufacturer of computer parts. The effective interest at the time of sale was 6%. What is interest income for the year 2022?

  Journalize the transaction on the books of both companies

Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered.)

  Determine the revenue per employee

During Year 2, the business expanded into three new regions of the country. For Year 1 and Year 2, determine the revenue per employee

  Would consider restatements of financial statements of type

As a financial analyst, would you consider restatements of financial statements of this type to be a red flag to lenders and investors or not?

  What is the amount of goodwill that smith ltd will record

The book value of Jon Ltd's net assets at the time of acquisition. What is the amount of Goodwill, if any, that Smith Ltd will record on acquisition of Jon Ltd?

  Calculate ending inventory valuation using dollar value lifo

Calculate the ending inventory valuation using dollar value LIFO. The Chaos Company adopted the dollar value LIFO method for the calendar year 2019 financial

  Calculate the quick ratio of the company

A company has $280,000 in cash and cash equivalents, $88,000 in short- term investments, calculate the quick ratio of the company

  What is the amount of interest income

What is the amount of interest income that the company will record in the first quarter of 20X1

  What is the expected return of your portfolio

If you construct your portfolio so that its beta is equal to the beta on SRF, then what is the expected return of your portfolio

  Determine if the reported eps was correct

Determine if the reported 2018 EPS was correct and if not, what the correct amount should have been. 8,000,000 shares common stock outstanding

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd