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.
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Answer:
A) true
Explanation:
Compound interest can be regarded as
adding of interest gotten to the principal sum of a deposit or the principal sum of a loan. It's one that is gotten after reinvesting of ones interest instead of paying it out, as a result of this the interest that comes in
next period will be earned on the principal sum along with those interests accumulated before. It should be noted the process of earning compound interest allows a depositor or investor to earn interest on any interest earned in prior periods.
Answer:
9.17%
Explanation:
Interest on Note B = $227,000 * 8% * 6/12
Interest on Note B = $9,080
Remaining Interest = $16,300 - $9,080 = $7,220
Annual Interest Rate = $7,220 / $135,000 * 12/7
Annual Interest Rate = 0.0916825397
Annual Interest Rate = 9.16825397
Annual Interest Rate = 9.17%
Answer:
$18,750
Explanation:
Income from investment = 25% * $75,000
Income from investment = 0.25 * $75,000
Income from investment = $18,750
The amount that will be reported by Poke as income from its investment in Shove for 20X8, if it used the equity method of accounting is $18,750
It should be noted that statement of retained earnings gives lists of the beginning and ending balances of key equity accounts.
<h3>What is statement of retained earnings?</h3>
The statement of retained earnings can be regarded as a financial statements which provides details changes in the volume of retained earnings over some period.
statement of retained earnings describes the changes that occur during the period.
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