Question
I NEED CALCULATION OR PROCESSES SO THAT I CAN STUDY FOR IT. Company A has the...
I NEED CALCULATION OR PROCESSES SO THAT I CAN STUDY FOR IT.
Company A has the following securities in its portfolio of trading securities on December 31, 2018:
Cost Fair Value
5,000 shares of Gray Corp., Common $159,000 $139,000
10,000 shares of Hamilton, Common 182,000 190,000
$341,000 $329,000
All of the securities had been purchased in 2018. In 2019, Company A sold 5,000 shares of Company B, Common at $31 less fees of $1,500.
Instructions (Show your work):
- Prepare the 2018 adjusting entry for Company A.
|
Description |
Debit |
Credit |
- Prepare the journal entry for the sale of the Company B stock in 2019.
|
Description |
Debit |
Credit |
Homework Answers
Answer #1
Refer to the below image for the above mentioned requirements, in a detailed way of solution with calculations.
Not the answer you're looking for?
Similar Questions
Korman Company has the following securities in its portfolio of equity securities on December 31, 2018:...
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 $139,000
10,000 shares of Gant, Common 184,000 190,000
$335,000 $329,000
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 @ $32 less
fees of $1,500.
April 1 Bought 600 shares of Werth Stores, Common @ $45 plus...
Korman Company has the following securities in its portfolio of equity securities on December 31, 2018:...
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 $149,000 $138,000 10,000 shares of
Gant, Common 180,000 187,000 $329,000 $325,000 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 @ $30.80 less fees of $1,500. April 1 Bought
580 shares of Werth Stores, Common @ $43 plus...
Torrez Company has the following securities in its portfolio of equity securities on December 31, 2018:...
Torrez Company has the following securities in its portfolio of
equity securities on December 31, 2018: Cost Fair Value 5,000
shares of Thompson Corp., Common $151,000 $155,000 10,000 shares of
Gaye, Common 184,000 190,000 $335,000 $345,000 All of the
securities had been purchased in 2018. In 2019, Torrez completed
the following securities transactions: March 1 Sold 5,000 shares of
Thompson Corp., Common @ $32 less fees of $1,500. April 1 Bought
600 shares of Welch Stores, Common @ $45 plus...
Sheridan Company has the following securities in its portfolio of equity securities on December 31, 2021:...
Sheridan Company has the following securities in its portfolio
of equity securities on December 31, 2021:
Cost
Fair Value
5,000 shares of Thomas Corp., Common
$150,000
$137,000
10,000 shares of Gant, Common
183,000
191,700
$333,000
$328,700
All of the securities had been purchased in 2021. In 2022, Sheridan
Company completed the following securities transactions:
March 1
Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of
$1,500.
April 1
Bought 600 shares of Werth Stores, Common @ $43...
Whispering Company has the following securities in its investment portfolio on December 31, 2017 (all securities...
Whispering Company has the following securities in its
investment portfolio on December 31, 2017 (all securities were
purchased in 2017): (1) 3,000 shares of Anderson Co. common stock
which cost $54,000, (2) 10,700 shares of Munter Ltd. common stock
which cost $620,600, and (3) 6,400 shares of King Company preferred
stock which cost $268,800. The Fair Value Adjustment account shows
a credit of $10,200 at the end of 2017. In 2018, Whispering
completed the following securities transactions.
1. On January...
I NEED TO SEE CALCULCULATOIN AND PROCESSES TO STUDY FOR IT. The stockholders' equity section of...
I NEED TO SEE CALCULCULATOIN AND PROCESSES TO STUDY FOR
IT.
The stockholders' equity section of ABC Company shows the
following on December 31, 2017:
Preferred stock—6%, $100 par, 5,000 shares outstanding
$ 500,000
Common stock—$10 par, 60,000 shares
outstanding
600,000
Paid-in capital in excess of par
200,000
Retained
earnings
118,000
Total stockholders'
equity
$1,418,000
During fiscal year 2018, the following activity occurred:
Net income was...
Martinez Company has the following securities in its portfolio on December 31, 2020. None of these...
Martinez Company has the following securities in its portfolio
on December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc., Common
$72,600
$68,600
5,000 shares of Wallace Corp., Common
174,800
169,400
400 shares of Martin, Inc., Preferred
55,600
57,300
$303,000
$295,300
All of the securities were purchased in 2020.
In 2021, Martinez completed the following securities
transactions.
March 1
Sold the 1,500 shares of Gordon, Inc., Common,...
Gilder Company has the following securities in its portfolio of trading equity securities on 12/31/17: &
Gilder Company has the following securities in its portfolio of
trading equity securities on 12/31/17:
Cost Fair
Value
5,000
shares of Diamond
Corp. $146,000 $126,500
10,000
shares of Culver
Co. 180,000 185,000
2,000
shares of Barbee
Co. 52,000 52,600
$378,000 $364,100
All of the securities had been
purchased in 2017.
In 2018, Gilder completed the
following securities transactions:
3/1 Sold
5,000 shares of Diamond Corp. @ $26 less fees of $1,500.
7/1 Bought
600 shares of Vogle Stores @ $42 plus fees of $550.
The Gilder Company portfolio...
Pronghorn Company has the following securities in its investment portfolio on December 31, 2020 (all securities...
Pronghorn Company has the following securities in its investment
portfolio on December 31, 2020 (all securities were purchased in
2020): (1) 2,800 shares of Anderson Co. common stock which cost
$56,000, (2) 10,500 shares of Munter Ltd. common stock which cost
$588,000, and (3) 6,000 shares of King Company preferred stock
which cost $252,000. The Fair Value Adjustment account shows a
credit of $10,600 at the end of 2020.
In 2021, Pronghorn completed the following securities
transactions.
1.On January 15,...
Problem 17-05 (Part Level Submission) Swifty Company has the following securities in its investment portfolio on...
Problem 17-05 (Part Level Submission)
Swifty Company has the following securities in its investment
portfolio on December 31, 2020 (all securities were purchased in
2020): (1) 3,300 shares of Anderson Co. common stock which cost
$62,700, (2) 9,200 shares of Munter Ltd. common stock which cost
$515,200, and (3) 5,500 shares of King Company preferred stock
which cost $231,000. The Fair Value Adjustment account shows a
credit of $9,600 at the end of 2020.
In 2021, Swifty completed the following...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 6 minutes ago
asked 18 minutes ago
asked 19 minutes ago
asked 44 minutes ago
asked 44 minutes ago
asked 51 minutes ago
asked 51 minutes ago
asked 56 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago