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larisa [96]
3 years ago
14

Culver Company has a stock portfolio valued at $3,500. Its cost was $2,700. If the Fair Value Adjustment account has a debit bal

ance of $140, prepare the journal entry at year-end. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
Ilya [14]3 years ago
8 0

Answer:

Dr Fair Value Adjustment (Available-for-Sale) $660

Cr Unrealized Holding Gain or Loss—Equity $660

Explanation:

Culver Company Journal entry

Dr Fair Value Adjustment (Available-for-Sale) $660

Cr Unrealized Holding Gain or Loss—Equity $660

Fair Value Adjustment (Available-for-Sale)

Debit Balance $140

Adjustment $660

($3,500-$2,840)

Balance 800

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What happens to earnings in a cooperative?
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The earnings in a cooperative are shared with member owners.  The cooperative societies distribute the profits to its members based on the business transacted with the Cooperative society.

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3 years ago
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Admire County Bank agrees to lend Sheridan Brick Company $594000 on January 1. Sheridan Brick Company signs a $594000, 8%, 9-mon
Akimi4 [234]

Answer:

Interest Expenses $35,640, Interest payable $35,640

Explanation:

Notes payable = $594,000

Months passed till September = 9

Interest on notes accrued for 9 months = (594,000*8%*9/12) = $35,640

                        Adjusting Entry

Journal Entry                          Debit        Credit

Interest Expenses                $35,640

     Interest payable                                $35,640

4 0
3 years ago
The following information is for the Jeffries​ Corporation: Product​ A: Revenue ​$18.00 Variable Cost ​$14.00 Product​ B: Revenu
shusha [124]

Jeffries Corporation's Operating Income from the two products is <em>A. ​$35,000.</em>

The operating income is the difference between the revenue and operating costs (variable and fixed costs).

Data and Calculations:

                             Product A     Product B     Total

Revenue                 $18.00           $21.00

Variable cost            14.00              13.00

Contribution            $4.00             $8.00

Fixed costs                                                 $143,000

Total sales units                                            35,600

Sales mix                  3                        1               4

Sales units             26,700           8,900      35,600

Total contribution$106,800      $71,200  $178,000

Total fixed costs                                          143,000

Operating income                                      $35,000

Thus, the operating income is $35,000.

Read more: brainly.com/question/14815746

 

5 0
2 years ago
You discover a salesman is receiving kickbacks from your largest customer, analog concerns. the information comes in an anonymou
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I shall replace the salesman after discovering that a salesman is receiving kickbacks from my largest customer, analog concerns.

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In the above mentioned scenario, the salesman is given a kickbacks - "advantages" for either the good relationship that they have maintained with the client or for luring them to always provide them the product/service with discounts.

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8 0
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