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Assessing Financial Statement Effects of Marketable Equity Securities Use the financial statement effects template to record the accounts and amounts for the following four transactions involving investments in marketable equity securities. a. Purchased 28,000 common shares of Heller Co. at $16 cash per share. b. Received a cash dividend of $1.25 per common share from Heller. c. Year-end market price of Heller common stock is $17.50 per share. d. Sold all 28,000 common shares of Heller for $441,840 cash. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Transaction (a) (b) (c) (d) Cash Asset ♦ ♦ + + Noncash Assets + + → + Balance Sheet Liabilities + + + + Contrib. Capital + + + + Earned Capital + + ♦ Revenues + + + + Income Statement Expenses ♦ ♦ ◆ + Net Income

Assessing Financial Statement Effects of Marketable Equity Securities Use the financial statement effects template to record the accounts and amounts for the following four transactions involving investments in marketable equity securities. a. Purchased 28,000 common shares of Heller Co. at $16 cash per share. b. Received a cash dividend of $1.25 per common share from Heller. c. Year-end market price of Heller common stock is $17.50 per share. d. Sold all 28,000 common shares of Heller for $441,840 cash. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Transaction (a) (b) (c) (d) Cash Asset ♦ ♦ + + Noncash Assets + + → + Balance Sheet Liabilities + + + + Contrib. Capital + + + + Earned Capital + + ♦ Revenues + + + + Income Statement Expenses ♦ ♦ ◆ + Net Income

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assessing Financial Statement Effects of Marketable Equity Securities Use the financial statement effects template to record the accounts and amounts for the following four transactions involving investments in marketable equity securities. a. Purchased 28,000 common shares of Heller Co. at $16 cash per share. b. Received a cash dividend of $1.25 per common share from Heller. c. Year-end market price of Heller common stock is $17.50 per share. d. Sold all 28,000 common shares of Heller for $441,840 cash. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Transaction (a) (b) (C) (d) Cash Asset ◆ ◆ ♦ Noncash Assets + ◆ ◆ ◆ Balance Sheet Liabilities ◆ ◆ ◆ ◆ Contrib. Capital + Earned Capital ◆ Revenues ◆ ◆ ♦ Income Statement Expenses ♦ ◆ + ♦ Net Income
Transcribed Image Text:Assessing Financial Statement Effects of Marketable Equity Securities Use the financial statement effects template to record the accounts and amounts for the following four transactions involving investments in marketable equity securities. a. Purchased 28,000 common shares of Heller Co. at $16 cash per share. b. Received a cash dividend of $1.25 per common share from Heller. c. Year-end market price of Heller common stock is $17.50 per share. d. Sold all 28,000 common shares of Heller for $441,840 cash. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Transaction (a) (b) (C) (d) Cash Asset ◆ ◆ ♦ Noncash Assets + ◆ ◆ ◆ Balance Sheet Liabilities ◆ ◆ ◆ ◆ Contrib. Capital + Earned Capital ◆ Revenues ◆ ◆ ♦ Income Statement Expenses ♦ ◆ + ♦ Net Income
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