Available for Sale Security:
These securities are different from the held to maturity security. It includes the debt and equity securities. The main reason to purchase this security is to earn interest and dividend on investment.
Long term investment:
Long term investment is the investment for long period generally for more than one year. The long term investment helps in the purchase of fixed assets, expansion, or for growth of the company. It shows under assets head of the
Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to accrual basis of accounting.
To prepare: Adjusting
Want to see the full answer?
Check out a sample textbook solutionChapter C Solutions
GEN COMBO LOOSELEAF FINANCIAL AND MANAGERIAL ACCOUNTING; CONNECT ACCESS CARD
- If a company has total assets of solve this question general Accountingarrow_forwardPrime Construction completed a job that used materials costing $25,000 and labor $35,000. If they apply overhead at 80% of direct labor cost and want a 25% profit margin on total cost, what is the selling price.arrow_forwardCalculate the predetermined overhead allocation rate on these general accounting questionarrow_forward
- A computer consulting company uses job costing system and has a pre-determined overhead rate of $24 per direct labor hour. This amount is based on an estimated overhead of $23,000 and 2,000 estimated Direct Labor hours. In addition, Selling, General, and Administrative (SG&A) costs for the period totaled $155,000. Total units produced during the period were 1,250,000. Job # 175 incurred direct material costs of $60 and three direct labor hours costing of $83 per hour. What is the total cost of Job # 175?arrow_forwardPlease provide answerarrow_forwardPlease correct answerarrow_forward
- What is Clark's rate of return?arrow_forwardDiscuss the accounting treatment for joint ventures and the potential impact on the company's financial statements. What are the risks associated with joint ventures? How can the company ensure proper accounting and disclosure of its joint venture activities? Give me Answerarrow_forwardHow much is the direct labor cost for this general accounting question?arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education