Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

0:1-On 1/1/2019 Al-Qemma Company bought 2,000 common stock for the purpose of trading from Al-Baraka Company cost of 100 Dollars per stock, and the brokerage

image text in transcribed
image text in transcribed
0:1-On 1/1/2019 Al-Qemma Company bought 2,000 common stock for the purpose of trading from Al-Baraka Company cost of 100 Dollars per stock, and the brokerage fees amounted to 2 Dollars per stock A-On 31/12/2019 the securities portfolio purchased for Al-Qemma Company was as follows: -2,000 common stock from Al-Baraka Company purchased On 1/1/2019 *- 1,600 common stock from Al-Rabea Company cost 150 dollars per stock And the fair value per share for Al-Baraka Company was 90 dollars and Al-Rabea Company 180 dollars. And the balance of the adjustments account appeared in the fair value for the previous period, owing 15,000 dollars. B-On 15/02/2020, 400 stock were sold from Al-Rabea Company, at 120 dollars per stock, and brokerage fees reached 4 dollars per stock. Based on this information, find: 1- Proof Purchase restriction of stock from Al-Baraka Company On 1/1/2019 Debit Credit Statement Date 2- Evaluating the investments purchased for the purpose of trading on 31/12/2019, using the following table: Financial investment in stock purchased Cost Fair value Unrealized gains or losses for the purpose of trading Total securities portfolio The previous balance of calculating adjustment in fair value Balance of adjustment to fair value 3- Proof the necessary restrictions On 31/12/2019 Debit Credit Statement Date 4- Determining the gains or losses resulting from the sale Al-Rabea Company stock On 15/02/2020. 5- Proof of entry for the sale of Al-Rabea Company stock On 15/02/2020 Debit Credit Statement Date

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Energy Audits

Authors: Prentice-Hall

1st Edition

0881731285, 978-0881731286

More Books

Students also viewed these Accounting questions