Question
In: Accounting
In the first year of operations, Acme Company had the following selected transactions in trading securities....
In the first year of operations, Acme Company had the following selected transactions in trading securities.
At December 31 the fair market values were $40 for Staples, Inc. and $30 for Ross, Inc.
Journalize the investment transactions and prepare the adjusting entry at Dec. 31
June 1: Purchased for cash 600 shares of Staples, Inc. common stock at $25 per share
July 1: Purchased for cash 800 shares of Ross Inc. common stock at $35 per share
Sept. 1: Received a $2 per share cash dividend from Ross, Inc.
Nov 1: Sold 200 shares of Staples, Inc. common stock for cash at $30 per share
Dec 15: Received a $1 per share cash dividend on Staples, Inc. common stock
Dec 31: Adjusting entry for unrealized gain or loss: (Fair values were $40 for Staples, Inc. and $30 for Ross, Inc)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Kirkland Company had no trading debt securities prior to this year. It had the following transactions...
Kirkland Company had no trading debt securities prior to this
year. It had the following transactions this year involving trading
debt securities.
Aug.
2
Purchased Verizon bonds for $36,000.
Sept.
7
Purchased Apple bonds for $61,000.
12
Purchased Mastercard bonds for $46,000.
Oct.
21
Sold some of its Verizon bonds that had cost $3,300 for $3,400
cash.
23
Sold some of its Apple bonds that had cost $41,000 for $41,400
cash.
Nov.
1
Purchased Walmart bonds for $66,000.
Dec.
10...
Kirkland Company had no trading debt securities prior to this year. It had the following transactions...
Kirkland Company had no trading debt securities prior to this
year. It had the following transactions this year involving trading
debt securities.
Aug.
2
Purchased Verizon bonds for $12,000.
Sept.
7
Purchased Apple bonds for $37,000.
12
Purchased Mastercard bonds for $22,000.
Oct.
21
Sold some of its Verizon bonds that had cost $2,100 for $2,200
cash.
23
Sold some of its Apple bonds that had cost $17,000 for $17,400
cash.
Nov.
1
Purchased Walmart bonds for $42,000.
Dec.
10...
Kirkland Company had no trading debt securities prior to this year. It had the following transactions...
Kirkland Company had no trading debt securities prior to this
year. It had the following transactions this year involving trading
debt securities.
Aug.
2
Purchased Verizon bonds for $32,000.
Sept.
7
Purchased Apple bonds for $57,000.
12
Purchased Mastercard bonds for $42,000.
Oct.
21
Sold some of its Verizon bonds that had cost $3,100 for $3,200
cash.
23
Sold some of its Apple bonds that had cost $37,000 for $37,400
cash.
Nov.
1
Purchased Walmart bonds for $62,000.
Dec.
10...
Walter's Inc. began operations on January 15, 2018, and had the following transactions in trading securities...
Walter's Inc. began operations on January 15, 2018, and had the
following transactions in trading securities during 2018 and
2019:
March 1, 2018 Purchased 500 shares of Apex, Inc. common stock at
$11 per share, plus a commission of $300
April 1, 2018 Purchased 1,000 shares of Basic Corp. preferred
stock at $4 per share, plus a commission of $500.
June 1, 2018 Received dividends of $1 per share on the Apex
stock and $2 per share on the Basic...
At the end of the first year of operations, Key Company had a current equity securities...
At the end of the
first year of operations, Key Company had a current equity
securities portfolio classified as available‐for‐sale securities
with a cost of $500,000 and a fair value of $550,000. At the end of
its second year of operations, Key had a current equity securities
portfolio classified as available‐for‐sale securities with a cost
of $525,000 and a fair value of $475,000. No securities were sold
during the first year. One security with a cost of $80,000 and a...
Company Z had the following transactions in its first year of operations: (1) On January 15,...
Company Z had the following transactions in its first year
of operations:
(1) On January 15, purchased 5,000 units of inventory for $20
each
(2) On March 1, purchased 10,000 units of inventory for $22
each
(3) On March 30, sold 7,000 units of inventory for $48 each
(4) On June 20, purchased 9,000 units of inventory for $25
each
(5) On August 10, sold 12,000 units of inventory for $50
each
(6) On September 3, sold 1,000 units of...
Question 1. Company Z had the following transactions in its first year of operations: (1) On...
Question 1.
Company Z had the following transactions in its first year of
operations:
(1) On January 15, purchased 5,000 units of inventory for $20
each
(2) On March 1, purchased 10,000 units of inventory for $22
each
(3) On March 30, sold 7,000 units of inventory for $48 each
(4) On June 20, purchased 9,000 units of inventory for $25
each
(5) On August 10, sold 12,000 units of inventory for $50
each
(6) On September 3, sold 1,000...
The Craft company had the following transactions and events during its first year of operations. Estimated...
The Craft company had the following transactions and events
during its first year of operations. Estimated overhead for the
year was $770,000; estimated direct labor cost for the year was
$350,000.
Required: Prepare the journal entries to record the following
transactions for the year.
a. Purchased materials on account: $567,000
b. Requisitioned materials for production as follows: direct
materials - 85% of purchase indirect materials - 12% of
purchases
c. Direct labor for production is $331,000, indirect labor is
$125,000...
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations
Jan. 20
Purchased
490
units
@
$
8
=
$
3,920
Apr. 21
Purchased
290
units
@
$
10
=
2,900
July 25
Purchased
370
units
@
$
13
=
4,810
Sept. 19
Purchased
180
units
@
$
15
=
2,700
During the year, The...
The Shirt Shop had the following transactions for T-shirts for Year 1. its first year of operations:
The Shirt Shop had the following transactions for T-shirts for Year 1. its first year of operations: During the year, The Shirt Shop sold 960 T-shirts for $25 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO. (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)
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