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MAXImum [283]
1 year 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]1 year 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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Gable Inc. is a provider of home furnishings. The company uses the FIFO inventory method. The following information was taken fr
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Answer:

a. LIFO is the last  method of accounting for inventory by recording the most recently produced or purchases item as the item sold first . If there is an increase in the cost of the item , this would mean higher cost of goods as you would have to record the item with the higher cost as the sold item

b.  1. Income before taxes = 110,000

    2. Income tax expense = 44,000

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Explanation:

Cost of goods sold with FIFO = $1,850,000

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Extra cost using LIFO= 1,865,000 - 1,850,000 - 15,000

Income before taxes using LIFO = 125,000(FIFO amount)- 15,000 = 110,000

Income tax expense = 40% X 110,000 = 44,000

Net income  = 110,000 - 44,000 = 66,000

Net cash provided by operating activities = 123,250(fifo amount ) - 15000(extra cost of goods) + 8,500 (tax savings) = 116,750

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2 years ago
The owner of a property creates a deed, leaving the name of the grantee blank, and puts it in a drawer, where it is forgotten fo
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Answer:

Because recording a deed as the grantee will allow the listed to legally hold the deed, plus having the physical deed is moreso evident of being grantee, unless the owner of the property has proof of the visitor forging his grantee permit he has no way of disputing it.

Explanation:

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The balance in Unamortized Discount on Bonds Payable
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Answer:

Correct option is (a)

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Any difference in the amount of par value of bond and the cost at which it was acquired. The organization can either choose to expense the discount or held the same as an asset that is amortized over the years till maturity of bond.

Unamortized discount is the amount that is not yet expensed. The same is reported on the balance sheet as a deduction from face value of bond.

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What is the office that handles social security and unemployment go employees in the state of Washington
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