Investments, Savings, and Expenses are the three basic strategies, which can help a person take better and efficient financial decisions on a personal level.
<h3>What are better financial decisions?</h3>
- The strategies to choose the investments in different assets and debt classes will enable a person to increase his chances of gaining better financial returns.
- The amount of money, a person decides to save for any future requirements will help him out of the financial crises that may take place in his life.
- The strategy on where to spend and where not to spend will help a person have more disposable income to fulfill the financial needs in the future.
Hence, the strategies for taking better financial decisions are as aforementioned.
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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:
Option (A) is correct.
Explanation:
Given that,
Units sold = 6,000 units
Sales = $565,000
Selling and administrative expenses = $67,000
Operating income:
= Sales - Cost of Goods Sold - Selling and administrative expenses
= $565,000 - ($305,000 + $14,000 + $43,000 - $42,000) - $67,000
= $565,000 - $320,000 - $67,000
= $178,000
Therefore, the operating income for the year is $178,000.
