Question
An analysis of Karman Corporation's Investment in Marketable Securities account during Year 2 disclosed the following: Debit entries $ 170,000 Credit entries 260,000 Karman's Year
An analysis of Karman Corporation's Investment in Marketable Securities account during Year 2 disclosed the following:
| Debit entries | $ 170,000 |
|---|---|
| Credit entries | 260,000 |
Karman's Year 2 income statement included a $45,000 gain on sale of marketable securities and $40,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash.
The cash proceeds received by Karman Corporation in Year 2 for the sale of marketable securities was:
Multiple Choice
-
$305,000.
-
$170,000.
-
$255,000.
-
$260,000.
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Clyde P. Stickney, Roman L. Weil
10th Edition
0324183518, 978-0324183511
