Sale of the investment in western wear clothing

Assignment Help Financial Accounting

Reference no: EM13795315

On September 1, Leather Supplies, Inc., purchases 150 shares of Western Wear Clothing for $13 per share. On November 1, Leather Supplies sells the investment for $17 per share. Record the transactions made by Leather Suppliers for the purchase and sale of the investment in Western Wear Clothing.

Reference no: EM13795315

Questions Cloud

Par value cumulative preferred stock outstanding : At December 31, 2015 and 2014, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2015 or 2014. Net inco..

Shares of common stock issued and outstanding : Didde Co. had 300,000 shares of common stock issued and outstanding at December 31, 2014. No common stock was issued during 2015. On January 1, 2015, Didde issued 200,000 shares of nonconvertible preferred stock. During 2015, Didde declared and paid ..

Decision to eliminate an unprofitable segment : Which of the following is irrelevant to the decision to eliminate an unprofitable segment?

An adjustment to record the investment at fair value : Fickle Financial buys and sells securities, expecting to earn profits on short-term differences in price. On December 28, Fickle purchased Microsoft common shares for $485,000. On December 31, the shares had a fair value of $483,000. Record the initi..

Sale of the investment in western wear clothing : On September 1, Leather Supplies, Inc., purchases 150 shares of Western Wear Clothing for $13 per share. On November 1, Leather Supplies sells the investment for $17 per share. Record the transactions made by Leather Suppliers for the purchase and sa..

University level will help combat unethical decision : Do you think ethical training at the university level will help combat unethical decision making in corporate America? Why? Are there any other professions you think should be held to a higher standard that are not currently held to that standard

What is the current break-even point in sales dollars : Sweet Grove Citrus Company buys a variety of citrus fruit from growers and then processes the fruit into a product line of fresh fruit, juices, and fruit flavourings. The most recent year's sales revenue was $4,200,000. What is the current break-even..

Retained earnings account increased : Pratt Corp. started accounting period with $31,000 of assets, 12,500 of liabilities, and $16,000 retained earnings. During the period, the Retained Earnings account increased by $16,550. The bookkeeper reported that Pratt paid cash expenses of $31,50..

Calculate the net benefit of outsourcing the bookkeeping : Rashad Rahavy, M.D., is a general practitioner whose offices are located in the South Falls Professional Building. In the past, Dr. Rahavy has operated his practice with a nurse, a receptionist/secretary, and a part-time bookkeeper. Calculate the net..

User Account

All Pages