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oksian1 [2.3K]
4 years ago
11

Yeloe Corporation sells 400 shares of common stock being held as an investment. The shares were acquired six months ago at a cos

t of $60 a share. Yeloe sold the shares for $40 a share. The entry to record the sale entails a Select one: a. debit to Cash of $16,000, a debit to Loss on Sale of Stock Investments of $8,000, and a credit to Stock Investments of $24,000 b. debit to Cash of $16,000, and a credit to Stock Investments of $16,000 c. debit to Stock Investments of $16,000, a debit to Loss on Sale of Stock Investments of $8,000, and a credit to Cash of $24,000 d. debit to Cash of $24,000, a credit to Gain on Sale of Stock Investments of $8,000, and a credit to Stock Investments of $16,000
Business
1 answer:
guajiro [1.7K]4 years ago
6 0

Answer:

a.

Explanation:

Cash (400*40)              Dr.$16,000

Loss on sale of stock investments (400*40-400*600  Dr.$8,000

Stock Investments  (400*60)                                          Cr.$24,000

As the stock was sold $20 below its purchase price therefore $20*400 will be recorded as loss on investments.The loss on investments and Cash will be debited and investments have decreased therefore credited.

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Wa is Diamond Financial Planners' most productive employee. She is dissatisfied with the commission structure, however, so she q
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Answer:

A. Diamond's list of clients

Explanation:

Trade secrets law covers Diamond's list of clients

5 0
4 years ago
Barbara managers the service desk and makes routine decisions related to customer refunds and merchandise returns. Donna also ov
abruzzese [7]

Answer:

B. First line manager

Explanation:

First line managers are company's employee just directly above the non-managerial worker in the management level or organization structure. They serve as the link between non-managerial workers and middle and upper level managers. They are the lowest managers in an organization that deals with employees directly.

In this case, Donna is directly dealing with cashiers and front desk employees while also making routine decisions.

6 0
3 years ago
Horizontal analysis of comparative financial statements includes a. calculation of liquidity ratios. b. development of common-si
Allushta [10]

Answer:

D is the correct option.

Explanation:

Horizontal analysis is the analysis of the comparison of the historical financial information over a series of reporting periods. It is mostly used to know if any numbers are usually high or low in comparison to the information of bracketing periods, if the numbers are unusually high or low it can lead to detailed investigation to find out the reason. It is also used to project the number of various line items for the future. The analysis includes a simple grouping of information which is sorted by period. The numbers of succeeding periods can also be expressed in percentages.

3 0
3 years ago
Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the nec
romanna [79]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

6 0
3 years ago
Listed below are current asset items for Lester Company at December 31, 2019. Finished goods inventory $35,000 Cash 22,000 Prepa
ioda

Answer:

Current Assets :

Work in process inventory          23,000

Raw materials inventory              17,000

Finished goods inventory           35,000

Supplies                                            500

Accounts receivable                     4,000

Prepaid expenses                         2,000

Short-term investments              25,000

Cash                                            22,000

Total                                           128,500

Explanation:

Current Assets are always shows in the order of their liquidity in the Balance Sheet. That is the order in which they are quickly be converted into cash within a period of less than 12 months. Start with the Inventories to cash and cash equivalents as shown above.

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3 years ago
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