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3 years ago

On December 31, 2017, Turnball Associates owned the following securities, held as a long-term investment.

Business

1 answer:

Ivan3 years ago

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Common Stock Shares Cost

Gehring Co. 1,800 $50,400

Wooderson Co. 4,800 33,600

Kitselton Co. 1,400 25,200

On December 31, 2017, the total fair value of the securities was equal to its cost. In 2018, the following transactions occurred.

Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock.

Sept. 1 Sold 1,440 shares of Wooderson Co. common stock for cash at $6 per share.

Oct. 1 Sold 720 shares of Gehring Co. common stock for cash at $31 per share.

Nov. 1 Received $1 per share cash dividend on Kitselton Co. common stock.

Dec. 15 Received $0.50 per share cash dividend on Gehring Co. common stock.

Dec. 31 Received $1 per share annual cash dividend on Wooderson Co. common stock.

At December 31, the fair values per share of the common stocks were: Gehring Co. $30, Wooderson Co. $6, and Kitselton Co. $16.

a-Journalize the 2018 transactions and post to the account Stock Investments. (Use the T-account form.)

b-Prepare the adjusting entry at December 31, 2018, to show the securities at fair value. The stock should be classified as available-for-sale securities. c-Show the balance sheet presentation of the investments at December 31, 2018. At this date, Turnball Associates has common stock $1,400,000 and retained earnings $1,000,000.

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Answer:

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So the total income of Bryce Corporation $ 90,000

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3 years ago

During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but

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Answer:

Correct answer is D. Credit to Salaries Payable for $8,000

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3 years ago

Why is the price elasticity of demand for coca-cola greater than the price elasaticity of deman for soft drinks generally?

wolverine [178]

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The quantity required of a thing or service changes in response to a change in the product's price, and this is measured by the price elasticity of demand. It is computed by subtracting the product's price change from the quantity demanded, divided by the product's price change.
Because the quantity of Coca-Cola products demanded frequently changes when prices vary, these products are thought to have an elastic demand.

Know more about coca-cola:

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1 year ago

Which statement best explains how manufacturers contributed to the economic slow down that lead to the Great Depression

Alex_Xolod [135]

They were overproducing goods

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3 years ago

Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and bad debt expense is

andrew11 [14]

Answer:

The correct answer is c) $9,000

Explanation:

If net credit sales are $300,000 and bad debt expense is estimated at 3% of net credit sales.

$300,000 x 3%= $9,000

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The amount of the adjusting entry to record the estimated uncollectible accounts receivables is $9,000

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3 years ago