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MAXImum [283]
2 years ago
5

Using the data in EA-3, assume that Slick Rocks management purchased the Sandstone stock for the trading securities portfolio in

stead of the available-for-sale securities portfolio. Prepare any journal entries that are required by the facts presented in the case.
Business
1 answer:
vitfil [10]2 years ago
6 0

The journal entry for the purchase of the stock for the trading securities portfolio is that Securities account debited and bank account credited.

Given that Slick Rocks management purchased the Sandstone stock for the trading securities portfolio instead of the available-for-sale securities portfolio.

We are required to form the journal entry that are required by the facts presented in the case.

A journal is basically a detailed account which records all the financial transactions of a business to be used for the future reconciling of accounts.

The journal entry will be as under:

Securities account debited and bank account credited. If we know that which security is being purchased then we can name that securities also.

Hence the journal entry for the purchase of the stock for the trading securities portfolio is that Securities account debited and bank account credited.

Learn more about journal at brainly.com/question/14279491

#SPJ4

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Assume that at the end of 2018, Clampett, Inc. (an S corporation) distributes long-term capital gain property (fair market value
boyakko [2]

Answer: Income J. D. recognize as a result of the distribution: $45000

Explanation:

First we'll compute the share of gain on distribution,

Share of the gain on the distribution =  $40,000 - $25,000

i.e. $15,000

Now , we'll add the increase in basis from gain from property distribution,

i.e. ($15,000 original basis + $15,000 increase in basis from gain from property distribution)

So income to be recognized :3000+15000 = $ 45000

6 0
3 years ago
Read 2 more answers
What does every point on a budget line graph represent?.
Marysya12 [62]

Every point on budget line graph represents each number of possible unit that can be purchased with a given income.

<h3>What is a budget line graph?</h3>

Budget line graph shows series of combinations of two products that can be consumed by an individual at a given price and income.

  • Budget line is said to be a constraint line graph because an individual cannot go beyond the limits of consumption.

  • Each unit of goods is indicated on the graph using with a dot and only the combination of the two goods that falls within budget can be purchased.

Therefore, every point on budget line graph represents each number of possible unit that can be purchased with a given income.

For more details on budget line kindly check brainly.com/question/24765766

4 0
3 years ago
newspaper publisher uses roughly 800 feet of baling wire each day to secure bundles of newspapers while they are being distribut
tresset_1 [31]

Answer:

Explanation:

Reorder point quantity is the level at which an inventory is expected to be restocked , calculated by finding the sum of demand over the lead time and the safety stock days

Daily usage = 800 feet / day

Lead time = 6 days

Desired service level = 95%

Risk level = 1-0.95 =0.05

safety stock at 0.05 = 1800

Reorder point = expected demand  in (LT) + safety stock

= (800*6) + 1800

= 4800+1800 = 6600 feet.

3 0
3 years ago
Debating provides citizens with the opportunity to be informed about current events, discuss important issues, work together and
ale4655 [162]
Hey there!

Your answer is:

D, none of these.

Hope this helps!
Have a great day! (:
6 0
3 years ago
Read 2 more answers
You are torn between two saving accounts where to put your $1,500 in scholarship money for a year until you need it for next yea
mrs_skeptik [129]

Answer:

I would choose to invest in C-T bank since it offers $7.3675 more compared to Bank Wan

Explanation:

The two options can be expressed as shown;

Option 1: Bank Wan

A=P(1+r/n)^nt

where;

A=Total amount after a given time

P=Initial deposit

r-Annual interest rate

n=number of times the interest is compounded annually

t=number of years of the investment

In our case;

P=$1,500

r=2.5%=2.5/100=0.025

n=365 days

t=1 year

Replacing;

A=1,500(1+0.025/365)^(365×1)

A=1,500(1.02530

A=1,537.97

Total amount after a year=$1,537.97 for Bank Wan

Option 2: C-T Bank

P=$1,500

r=3%=3/100=0.03

n=2

t=1

Replacing;

A=1,500(1+0.03/2)^(2×1)

A=1,500(1.015)^2

A=1,545.3375

Total amount after a year=$1,545.3375 for C-T Bank

Total amount received to be received from C-T Bank-Total amount to be received from Bank Wan

=(1,545.3375-1,537.97)=$7.3675

I would choose to invest in C-T bank since it offers $7.3675 more compared to Bank Wan

7 0
3 years ago
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