On June 1, 2016, Ricks Restaurant decides to invest excess cash of $41,800 from the tourist season
Question:
Requirements
1. Journalize the transactions for Ricks investment in Bison, Inc. for 2016.
2. In what category and at what value would Rick report the asset on the December 31, 2016, balance sheet? In what account would the market price change in Bison’s stock be reported, if at all?
3. What was the net effect of the investment on Rick’s net income for the year ended December 31, 2016?
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Requirement 1 Date Accounts and Explanation Debit Credit 2016 Jun 1 ShortTerm InvestmentsAvailablefo...View the full answer
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Related Book For 
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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