On December 28, Summit purchased Microsoft common shares for $485,000. On December 31, the shares had a

Question:

On December 28, Summit purchased Microsoft common shares for $485,000. On December 31, the shares had a fair value of $487,000. Record the initial investment by Summit and, if appropriate, an adjustment to record the investment at fair value.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-1259914898

5th edition

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

See More Books

Question Posted: May 18, 2020 11:21 AM

See More Questions

* Incorrect. In the cross (or vector) product q = 1 F = -241+ -8.0 + 64k = -6.0 +2.0 +2.0k B = B + B + B What then is B in unit-vector notation if Bx = By? B = =qvx B we know that i 16 + i 16 ..t i 4...
An asset with a fair value of $170 is leased. The lease agreement is for 4 payments made in advance of $50 each year. Calculate the implicit interest rate if there is no residual. Initial...
A capital asset (equipment) with a fair value of $1,500,000 and a remaining useful life of ten years and land with a fair value of $2,000,000 is donated to a not-for-profit organization. The...
When will the gravitational force between you and the Sun be greater-today at noon, or tomorrow at midnight? Defend your answer.
Forming nucleosomes and wrapping them into a 30-nm ber provide part of the compaction of DNA in chromatin. If the ber contains about six nucleosomes per 10 nm of length, what is the approximate...
Monthly rates of return on the shares of a particular common stock are independent of one another and normally distributed with a standard deviation of 2.2. A sample of 12 months is taken. a. Find...
Lactose-free dairy. A group of researchers studying lactose-free dairy products report in their study that these products can provide the essential nutrients present in regular dairy products, like...
Traveller Bus Lines Inc. (TBL) is a wholly owned subsidiary of Canada Transport Enterprises Inc. (CTE). CTE is a publicly traded transportation and communications conglomerate. TBL is primarily in...
-/4 Question 4 of 13
In this exercise, you modify the application from Exercise 13. The modified application allows the user to update a specific price. Use Windows to make a copy of the Retail Solution folder. Rename...
When interest rates go down, what happens to the value of an investment in bonds that pay a fixed interest rate?
On December 29, 2021, Adams Apples purchased 1,000 shares of General Electric common stock for $19 per share. On December 31, the market value of the stock increased to $20 per share. On January 24,...
As it is used in line 33, the word abhorred most nearly means: F. Greatly enjoyed. G. Strongly disliked. H. Firmly believed in. J. Clearly misunderstood.
Two hikers leave the same tent at a campground and go separate ways. One hiker walks 8 miles directly south to Ashville, and the other hiker walks 14 miles directly northwest (i.e., N45W) to...
City Feb. Cases March Cases April Cases New York 19 56 189 Los Angeles 6 12 201 Chicago 0 3 14 Houston 19 19 272 Philadelphia 0 1 5 Phoenix 23 78 289 San Antonio 6 9 95 San Diego 3 38 258 Dallas 4 13...
Maximize z = 2x+2y x+6y <30 4x + 2y 32 Subject to I 0 W O 0 Maximum is I = y= at
2. Determine the unknown force. a) Fret 3 N Right b) Fret 10. N Down F-22 N F?5N c) Feet 12 N Up F-28 N d) Fret 10. N Right F? F-12N e) Fret = 0 F-16N E-? F-12N F-15 N F-? F-30 N F-25 N F-32 N F=24N...
If y = ( x ^ 3 + 7 ) ^ x , compute y ' ( 1 ) .
Repeat any of the previous programming projects using JOptionPane, which is described in the graphics supplement. Previous programming projects The Harris-Benedict equation estimates the number of...
Explain why it is not wise to accept a null hypothesis.
A retail business, using the accrual method of accounting, owed merchandise creditors (accounts payable) $300,000 at the beginning of the year and $340,000 at the end of the year. How would the...
For the current year, Bearings Company decided to switch from the indirect method to the direct method for reporting cash flows from operating activities on the statement of cash flows. Will the...
Name five common major classes of operating cash receipts or operating cash payments presented on the statement of cash flows when the cash flows from operating activities are reported by the direct...
You discover an antique in your attic that you purchased at an estate sale 10 years ago for $400.00. You auction it on ebay and receive $8,000 for your item. What is the annual rate of return did you...
Litalya Corporation has a traditional costing system in which it applies manufacturing overhead to it's products using a predetermined overhead rate based on direct labour - hours ( DLHs ) . The...
The cash flows on a project are expected to be: -$10M(year0),$5M(year1),$5M(year2),and$5M(year3). What is the NPV with a discount rate of r=12%

On December 28, Summit purchased Microsoft common shares for $485,000. On December 31, the shares had a

Question:

Step by Step Answer:

On December 28 the entry to record the purchase of common shares of Microso...View the full answer

Financial Accounting

Students also viewed these Business questions