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
zheka24 [161]
3 years ago
6

Jerome has insignificant influence of Melina Corporation because it owns less than 20% of the voting stock. The cost of the Meli

na stock is $5,000 and has a fair value of $6,000 on December 31 at the end of the first year it held the securities.
Required:
Write the necessary adjusting entry.
Business
1 answer:
Volgvan3 years ago
4 0

Answer:

Dec 31

Dr Fair value adjustment - stock $1,000

Cr Unrealized gain - Income $1,000

Explanation:

Preparation of the journal entry to record the necessary adjusting entry

Based on the information given the journal entry to record the necessary adjusting entry will be:

Dec 31

Dr Fair value adjustment - stock $1,000

Cr Unrealized gain - Income $1,000

($6,000 - $5,000)

You might be interested in
A recall has been issued for specific brand of orange juice the store manager his match the information from the recall notice t
brilliants [131]

The first step is to investigate why the product recall was required. Then the manager should ask for details of the incident, follow up and report. Following these first steps will be essential in analyzing what was the problem with the product, whether it was any breach of the quality standard required by regulatory bodies or some other relevant factor.

4 0
3 years ago
Which of the following is not a characteristic of advances in order pick technology
professor190 [17]

Answer:

I don't see an attachment

Explanation:

You should make another question with the picture

6 0
3 years ago
If the exchange rate is 8 moroccan dirhams per u.s. dollars, a crate of oranges costs 400 dirhams in the moroccan capital of rab
strojnjashka [21]
<span>the real exchange rate is greater than one and arbitrageurs could profit by buying oranges in Morocco and selling them in the U.S.</span>
8 0
3 years ago
Which of the following is a characteristic of a monopolistically competitive market? I. Each firm is a price-taker. II. Firms se
dangina [55]

Answer:

The correct answer is option II and III only.

Explanation:

Monopolistic competition is a market structure where there is a large number of buyers and sellers. The sellers in this market sell differentiated products which are close substitutes.  

There is a very low restriction on the entry of new firms in the market. Because of differentiated products each firm has some degree of market power. The firms face a downward-sloping demand curve. This means that the firms decide the price level.  

Though the firms enjoy zero economic profits in the long run.

3 0
3 years ago
Marigold Inc. reported total assets of $2391000 and net income of $318000 for the current year. Marigold determined that invento
Artist 52 [7]

Answer:

Total Assets = $2391000

Net Income = $318000

Explanation:

The corrected amount for total assets and net income for the year :

Total Assets = $2391000

Net Income = $318000

7 0
3 years ago
Other questions:
  • In 2011 a georgia woman named catherine griffin was indicted by a federal grand jury on charges of computer fraud by accessing i
    14·1 answer
  • Jand, Inc., currently pays a dividend of $1.22, which is expected to grow indefinitely at 5%. If the current value of Jand’s sha
    15·1 answer
  • Which situation best illustrates the role of households in the circular flow of
    8·2 answers
  • In order to continue operating, in the long-run a firm must a. ​Charge a price equal to its AVC b. ​Charge a price equal to its
    13·1 answer
  • During 2020, Harvey Industries reported cash provided by operations of $670,000, cash used in investing of $1,039,000, and cash
    12·1 answer
  • Suppose the U.S. Treasury issued $50 billion of short-term securities and sold them to the public. Other things held constant, w
    7·1 answer
  • Use the cost information below for Ruiz Inc. to determine the total manufacturing costs incurred during the year:
    10·1 answer
  • Pina Company has the following two temporary differences between its income tax expense and income taxes payable.
    12·1 answer
  • The Finishing Department had 6,800 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to ma
    9·1 answer
  • Why are incidental costs sometimes ignored in inventory costing? Under what accounting constraint is this permitted?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!