Journal entry worksheet 1 Record the year-end adjusting entry for the securities portfolio. ote: Enter debits before credits. Date December 31 General Journal Debit Credit
Q: Question two Ben karaibu commenced business on 1st January 2005 and his financial year closes on 31…
A: Profit/ Loss Account - A profit and loss account displays a company's income and outlays over a…
Q: Overhead Item Setup costs. Ordering costs. Maintenance costs. Power Expected Cost $ 90,000 50,000…
A: Lets understand the basics. Overhead can be allocated using either of, (1) Traditional costing (2)…
Q: Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $40,000,000 of…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: Smokey Enterprises began operations by receiving $100,000 cash from its sole owner Jessica Jones.…
A: The revenues and expenses are reported in the income statement of the company. The net income is…
Q: journal entries
A: Journal entries are the basis of preparing financial statements. Whether you want to prepare final…
Q: 23 cement for Larkspur, Inc. LARKSPUR, INC. Income Statement For the Year Ended December 31, 2022…
A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…
Q: refund liability a
A: Refund liabilities – A company may receive consideration that it’ll have to refund to the…
Q: On January 1, a company borrowed $3,000 from the bank by signing a 12%, 3-month note payable. The…
A: Notes payable is one of the liability of the business. It can be short term or long term in the…
Q: Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined…
A: Manufacturing costs are outlays made while a product is being produced. Costs for direct material…
Q: ondholders with a 10% yield. They are dated January 1, 2023, and mature on January 1, 2028, with…
A: Bond is that debt instrument which is used by the organization to finance its long term fund needs,…
Q: For the fiscal year ending December 31, 2023, Oriole Ltd. reported sales revenue of $7,295,000 and…
A: Answer to Question:- Oriole Ltd…
Q: 50. Her employer offers a child and dependent care reimbursement plan that allows up to $7,850 of…
A: Federal Income Tax - The U.S. government's main source of money is the federal income tax. The…
Q: If Job 400 in If Moody uses a markup percentage of 110% of its total manufa or Job 4002
A: Calculation of Fixed Manufacturing Overhead Per Machine Hour
Q: Which of the following budgets allows for adjustments in activity levels? a. zero-based budget b.…
A: Correct option is d. Flexible budget Budget means a financial statements which includes estimates…
Q: Two companies have the financial information shown below. Requirements: Calculate the Gross Margin…
A: Gross margin = sales - cost of goods sold Net income = Gross margin - operating expenses
Q: Next Level Prepare the correct balance sheet. All the necessary information is provided. (Hint: It…
A: A comparative balance sheet is a side-by-side comparison of the entire balance sheet report of a…
Q: sume that a relatively new company you and you group members are involved with has presented you…
A: Financial Statement - Financial statements are documents that describe a company's operations and…
Q: The manufacturing costs of Mocha Industries for 3 months of the year are as follows: Total Cost…
A: High-Low method: It is used to split the total costs into fixed costs and variable costs. Following…
Q: Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the…
A: The partnership comes into existence when two or more persons agree to do the business and share…
Q: Examples: Example 1: Purchased a building for $1,000,000 in cash Example 2: Issued shares of common…
A: e) Debtors (asset)--- increase-- $5000 Inventory (asset)--- decrease-- $3000 Profit…
Q: The Bradford Company issued 12% bonds, dated January 1, with a face amount of $87 million on January…
A: BOND Bond is a Financial Securities which is Generally Issued by the Corporation's, Government…
Q: [The following information applies to the questions displayed below.] Trey Monson starts a…
A: Lets understand the basics. Various methods are followed for the calculating cost of goods sold and…
Q: income tax payable for 2034 assuming the use of SCIT
A: FIRB: which simply means fiscal incentives, Review Board. Jackie company is a company that comes…
Q: Part 3 The following information is available for Hocking Company for March 20X8. All materials are…
A: Costing is a technique in which the different costs incurred by the business entity are analyzed and…
Q: Suppose that a firm has the option to make or buy a part. Its annual requirement is 11,000 units. A…
A: 4. Total cost for the buy option = 800+6*11000 =…
Q: The following transactions occurred during March 20211
A: Acounting equation represents that the assets are equal to the liabilities and stockholders' equity…
Q: In December 2020 Sally purchased an annuity that pays her $1,000 per month for 16 years. She paid…
A: Given in the question: Annuity purchased for = $150,000 During the year 2021, Sally has received the…
Q: 1. How much is the NCI at the end of 2019? 2. Net Income Attributable to Parent.
A: NCI: non-controlling interest (NCI) is an ownership stake of less than 50% in a corporation, where…
Q: For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and…
A: The term "first in first out" (FIFO) refers to the assumption that the inventory that was bought…
Q: • If the ending balance in accounts payable increases from one period to the next, which of the…
A: Accounts payable is the current liability that is required to be paid within a year. Purchases made…
Q: The following transactions occurred during March 2021 for the Wainwright Corporation. The company…
A: Accounting Equation: Assets = Liabilities + Owners Equities
Q: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment…
A: Closing Entries :— These are journal entries that are passed at the end of the financial period to…
Q: Statement of cash flows G Corp had the following activities in 2008: Sale of land $230,000…
A: Solution We are provided with the following information Investing activities consists of sale of…
Q: Sunland Company reported the following information for a three-year period: Ending inventory Sales…
A: Inventory Turnover :— It is calculated by dividing cost of goods sold by average inventory. Days…
Q: What is Cash Flow from Operations in 2018?
A: Solution Calculate the Cash flow from operation of the Haris'Math Tutoring corp in 2018…
Q: Trial Balance Arrange accounts in the following order: Assets, Liabilities, Equity, Revenue,…
A: Trial balance is a worksheet prepared by the management that contains the ending balance of all…
Q: d. MM purchased $3,000 worth of inventory. They paid $500 in cash and the rest on account. e. The…
A: Journal Entries - Journal Entries are the records of the company for the transactions entered into…
Q: Owner's Equity
A: A balance sheet, in financial accounting, is a summary of the balances of an individual or a…
Q: What are some common current liabilities
A: DISCLAIMER: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Prepare an Income Statement. Typewritten.
A: Income Statement : It is a part of financial statement of a company in which revenue and expenses…
Q: The Bramble Corporation had income from continuing operations of $13.0 million in 2023. During 2023,…
A: Earnings per Share - Earnings per share is a income earned by the company to the shareholders of the…
Q: 4. Consider the transactions recorded below: a. b. C. d. e. f. ● Accounts Receivable ● Supplies Cash…
A: The T-accounts are prepared by posting the transactions to the specific accounts of the business.…
Q: If an asset is book depreciated by the DDB (Double Declining Balance) method over a 5-year period,…
A: Depreciation is the amount which is to be reduced from value of assets to recognise the normal…
Q: Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…
A: a) Computation after-tax cost if she pays the $61,000 bill in December Taxable Deduction…
Q: Exercise 2-14 (Algo) Job-Order Costing for a Service Company [LO2-1, LO2-2, LO2-3] Yancey…
A: Predetermined Overhear Rate :— It is the rate used to allocate manufacturing overhead to cost…
Q: Company A Company B 9/5/15/5 12/8/17/9 a. Calculate the single equivalent discount rate for each…
A: A discount is the reduction of either the monetary amount or a percentage of the normal selling…
Q: 4 How much should you invest today at A% to accumulate $X in Y years? $930,000 31 years 12% X= Y= A=…
A: As per the guidelines, the solution to the first question is given below. For obtaining an answer to…
Q: following transactions occurred, and the accountant asked your help in determining whether they…
A: Since there are multiple sub-parts to the question only first 3 sub-parts will be answered as per…
Q: Exploit media has three members: WACS Partners, Elyse O'Reily, and Encounter Newspaper, LLC. On…
A: As per the Honor code of Bartleby we are bound to given the answer of first three sub part only,…
Q: General Journal for the following: On July 1, 20Y1, Danzer Industries Inc. issued $40,000,000 of…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Step by step
Solved in 2 steps
- Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short- term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. Purchased 1,000 shares of Xerox stock at $16 per share. July 20 August 15 Received a $1.00 per share cash dividend on the Gem Company stock. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. share cash dividend on the PepsiCo shares. October 1 Received a $2.50 per December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.50 per share cash dividend on the PepsiCo shares. The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13. 2. Prepare a table to compare the year-end cost and fair values of Rose's short-term stock investments. Comparison of Cost and Fair Values for Stock…Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short- term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. Purchased 1,000 shares of Xerox stock at $16 per share. July 20 August 15 Received a $1.00 per share cash dividend on the Gem Company stock. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. $2.50 per share cash dividend on the PepsiCo shares. October 1 Received a December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. dividend on the PepsiCo shares. December 31 Received a $1.50 per share cash The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13.Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short- term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. Purchased 2,000 shares of PepsiCo stock at $49 per share. July 7 July 20 Purchased 1,000 shares of Xerox stock at $16 per share. August 15 Received a $1.00 per share cash dividend on the Gem Company stock. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. October 1 Received a $2.50 per December 15 Received a $1.00 per share cash dividend on the PepsiCo shares. share cash dividend on the remaining Gem Company shares. December 31 Received a $1.50 per share cash dividend on the PepsiCo shares. The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13. 5. Identify the dollar increase or decrease from Rose's short-term stock investments on (a) its income statement for this year and (b) the equity…
- Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. July 20 Purchased 1,000 shares of Xerox stock at $16 per share. August 15 Received a $1.00 per share cash dividend on the Gem Company stock. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. October 1 Received a $2.50 per share cash dividend on the PepsiCo shares. December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.50 per share cash dividend on the PepsiCo shares. The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13. 4. Prepare the current asset section of the balance sheet for the fair value adjustment for Rose’s short-term investments.Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. Apr. 16 Purchased 3,500 shares of Gem Co. stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. 20 Purchased 1,000 shares of Xerox stock at $16 per share. Aug. 15 Received a $1.00 per share cash dividend on the Gem Co. stock. 28 Sold 2,000 shares of Gem Co. stock at $30 per share. Oct. 1 Received a $2.50 per share cash dividend on the PepsiCo shares. Dec. 15 Received a $1.00 per share cash dividend on the remaining Gem Co. shares. 31 Received a $1.50 per share cash dividend on the PepsiCo shares. Required 1. Prepare journal entries to record the preceding transactions and events. 2. Prepare a table to compare the year-end cost and fair values of Rose’s short-term stock investments. The year-end fair values per share are Gem Co., $26; PepsiCo, $46; and Xerox, $13. 3. Prepare an…Rose Company had no-short investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. July 20 Purchased 1,000 shares of Xerox stock at $16 per share. August 15 Received a $1.00 per share cash dividend on the PepsiCo shares. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. October 1 Received a $2.50 per share cash dividend on the PepsiCo shares. December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.50 per share cash dividend on the pepsi shares. The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13. Prepare the current asset section of the balance sheet for the fair value adjustment for Rose's short-term investments. Note: Amounts to be deducted should be…
- Slip Systems had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. Feb. 6 Purchased 3,400 shares of Nokia stock at $41 per share. Apr. 7 Purchased 1,200 shares of Dell stock at $39 per share. June 2 Purchased 2,500 shares of Merck stock at $72 per share. 30 Received a $1.00 per share cash dividend on the Nokia shares. Aug. 11 Sold 850 shares of Nokia stock at $46 per share. 24 Received a $0.10 per share cash dividend on the Dell shares. Nov. 9 Received a $1.50 per share cash dividend on the remaining Nokia shares. Dec. 18 Received a $0.15 per share cash dividend on the Dell shares. Required 1. Prepare journal entries to record the preceding transactions and events. 2. Prepare a table to compare the year-end cost and fair values of the short-term stock investments. The year-end fair values per share are Nokia, $40; Dell, $41; and Merck, $59. 3. Prepare an adjusting entry, if…Rose Company had no short-term investments prior to this yearIt had the following transactions this year involving short- term stock Investments with insignificant influence. April 16 Purchased 6,000 shares of Gem Company stock at $25.75 per share. July 7 Purchased 3,000 shares of PepsiCo stock at $46.00 per share. July 20 Purchased 1,500 shares of Xerox stock at $19.00 per share. August 15 Received a 8.95 per share cash dividend on the Gem Company stock. August 28 Sold 3,000 shares of Company stock at $32.50 per share. October 1 Received a $2.00 per share cash dividend on the PepsiCo shares. December 15 Received a $1.10 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.30 per share cash dividend on the PepsiCo shares. The year-end fair values per share are Gem Company$28.00 PepsiCo, 43.25and Xerox, $16.00 Required: Prepare journal entries to record the preceding transactions and events.Eco Corporation had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. April 16 Purchased 4,000 shares of Ontario Company stock at $26 per share. July 7 Purchased 2,500 shares of Van Company stock at $51 per share. July 20 Purchased 1,200 shares of Twinings Company stock at $18 per share. August 15 Received an $1.00 per share cash dividend on the Ontario Company stock. August 28 Sold 2,400 shares of Ontario Company stock at $29 per share. October 1 Received a $3.10 per share cash dividend on the Van Company shares. December 15 Received a $1.20 per share cash dividend on the remaining Ontario Company shares. December 31 Received a $2.50 per share cash dividend on the Van Company shares.
- [The following information applies to the questions displayed below.] Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short- term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. Purchased 2,000 shares of PepsiCo stock at $49 per share. July 7 July 20 Purchased 1,000 shares of Xerox stock at $16 per share. August 15 Received a $1.00 per share cash dividend on the Gem Company stock. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. October 1 Received a $2.50 per share cash dividend on the PepsiCo shares. December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.50 per share cash dividend on the PepsiCo shares. The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13. 4. Prepare the current asset section of the balance sheet for the fair value…[The following information applies to the questions displayed below.] Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short- term stock investments with insignificant influence. April 16 Purchased 8,000 shares of Gem Company stock at $21.25 per share. July 7 Purchased 4,000 shares of PepsiCo stock at $50.00 per share. July 20 Purchased 2,000 shares of Xerox stock at $15.00 per share. August 15 Received a $0.85 per share cash dividend on the Gem Company stock. August 28 Sold 4,000 shares of Gem Company stock at $28.00 per share. October 1 Received a $2.00 per share cash dividend on the PepsiCo shares. December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.25 per share cash dividend on the PepsiCo shares. The year-end fair values per share are Gem Company, $23.50; PepsiCo, $47.25; and Xerox, $12.00. Problem 15-4A (Algo) Part 2 2. Prepare a table to compare the…A corporation had the following transactions involving stock investments with insignificant influence during the year. Prior to these transactions, this corporation had never had any investments. February 16 Purchased 995 shares of HM Corporation stock at $28 per share. February 26 Purchased 695 shares of Tugg Company stock at $20 per share.. March 2 Received a $0.60 per share dividend from the HM Corporation. March 28 Sold 330 shares of HM Corporation stock for $32 per share. April 20 Sold 280 shares of Tugg Company stock at $18 per share. December 31 HM stock has a fair value of $31 per share, and Tugg stock has a fair value of $17 per share. Prepare the required journal entries to record these transactions. Also prepare an adjusting entry to record the year-end fair value adjustment for the portfolio of short-term stock investments. Note: Round to nearest whole dollar. View transaction list View journal entry worksheet No 1 Date February 16 General Journal Debit 22,800 Credit ANKE