1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Murljashka [212]
3 years ago
9

White company had no investments prior to the current year. It had the following transactions involving short-term available-for

-sale and held-to-maturity securities during the year. Prepare journal entries to record the following transactions associated with the investment purchases. January 10 Purchased 6,000 shares of Gray Company stock at $15.00 plus a broker's fee of $700. (Classified as short-term available-for-sale securities) June 1 purchased $180,000 of Duke Company 4%, five-year bonds at par value. Interest payments are paid semiannually on June 1 and December 1. (Classified as held-to- maturity) July 1 Sold 3,000 shares of Gray company stock at $22 less a $600 brokerage fee. December 1 Received a check for the first semiannual interest payment on the Duke Company bonds. Answer (show calculations in description of JE when appropriate) Date Description DR CR Jan. 10 June 1 July 1 Dec. 1
Business
1 answer:
LiRa [457]3 years ago
4 0

Answer:

Gray stocks        90,700 debit

       Cash                  90,700 credit

Duke- Bond    180,000 debit

       Cash             180,000 credit

Cash          65,400 debit

  Gray stocks           45,350 credit

 Gain on Securities 20,050 credit

Dec 1st

Cash     3,600 debit

  Interest revenue   3,600 credit

Explanation:

Jan 10th

6,000 x $15 + 700 fee = $90,700

June 1st we record at cost as it was purchase at par.

July 1st

3,000 x $22 - 600 fee = $65,400

Cost: 90,700 x 3,000/6,000 = 45,350

Gain 65,400 - 45,350 = 20.050‬

December 1st

180,000 x 0.02 = $3,600

the rate is 4% payment semiannually so we divide the rate by 2.

You might be interested in
2.3 The Ledger and Posting
blsea [12.9K]

The net change in the Cash account balance from these three transactions is $30,000

What is the company's net change in cash account balance?

The net change in company's cash balance is the excess of its cash inflows from sources minus its cash outflows from all sources, in other words, the net change in cash balance from the three transactions is the funds raised long-term debt issuance and the amounts paid for equipment and raw materials

net change in cash balance=$200,000-$150,000-$20,000

net change in cash balance=$30,000

Find out more cash flow statement on:brainly.com/question/14942025

#SPJ1

8 0
1 year ago
If during 2011 the Republic of Sildavia recorded a value added of $78 billion, wages of $40 billion, profits of $8 billion, and
Otrada [13]

Answer:

$12 billion.

Explanation:

Given: Value added during 2011= $78 billion.

           Total sales= $90 billion.

Intermediate goods are the goods used to produce final product and it is not included in the calculation of GDP, however, it is included in the value of final goods.

Now, finding the value of intermediate goods purchased.

Intermediate goods= Total\ sales - Total\ value\ added

⇒ Intermediate goods= \$ 90\ billion - \$ 78 \ billion

∴ Intermediate goods= \$ 12\ billion

Hence, value of intermediate goods purchased is $12 billion.

7 0
2 years ago
What are the best websites to upload your music for people to buy???
dem82 [27]

Answer:

TuneCore, Audiomack(for People to listen), Spotify, Google Play Music, and Apple Music...

Explanation:

6 0
3 years ago
Constitutive rules __________. Group of answer choices
Zepler [3.9K]

Answer:

3. interaction are examples of phatic communication are

Explanation:

  • Consequantive riles indicate the appropriate behavior in a given context and that are used to interest and understand and the rules and the meanings of the message.
8 0
3 years ago
Liberty, inc. has 2,500 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock o
BabaBlast [244]

Dividend to be paid to Preference shareholders in 2014= No of Preference shares*par value per share*Percentage of Shares

=2500*50*4%

=$5000

Dividends declared duing 2014=$3000, Thus Preference share holders need to be paid $2000 , in 2015, as preference shares are cumulative in nature.

Dividend to pe paid to Preference shareholders in 2015= $5000+$2000

=$7000.

Dividend to be paid to common share holders= $18000-$7000

=$11000

Thus B will be the answer.

8 0
3 years ago
Other questions:
  • When Andy Forsummer, the owner of Barcelona Restaurants Group, rejects management philosophies that stress employee social relat
    15·1 answer
  • According to the text, minimum-wage laws cause increases in:_________.
    7·1 answer
  • An individual who believes that an action is ethical because others within his or her company and industry regularly engage in t
    6·1 answer
  • Which is an Internet service<br><br> A. Antivirus <br> B. Chat<br> C. Firewall <br> D. Router
    13·2 answers
  • A U.S. manufacturer of adaptive devices for persons with disabilities is considering expanding internationally. It is a fairly s
    7·1 answer
  • Quản lý chuỗi cung ứng đóng vai trò quan trọng như thế nào đối với quản lý doanh nghiệp
    5·2 answers
  • aner, Harris &amp; Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm ha
    13·1 answer
  • Future Value of Multiple Annuities Assume that you contribute $150 per month to a retirement plan for 20 years. Then you are abl
    6·1 answer
  • Fill in the blanks to complete the sentence. A manufacturing company has budgeted production at 5,000 units for May and 4,400 un
    15·1 answer
  • According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!