Question
Assessing Financial Statement Effects of Trading and Available-for-Sale Securities Use the financial statement effects template to record the following four transactions involving investments in marketable
Assessing Financial Statement Effects of Trading and Available-for-Sale Securities
Use the financial statement effects template to record the following four transactions involving investments in marketable securities.
- Purchased 6,000 common shares of Liu, Inc., at $12.25 cash per share.
- Received a cash dividend of $1.50 per common share from Liu.
- Year-end market price of Liu common stock is $11.25 per share.
- Sold all 6,000 common shares of Liu for $66,300.
Use negative signs with answers, when appropriate.
Balance Sheet
TransactionCash Asset+Noncash
Assets
=Liabilities+Contributed
Capital
+Earned
Capital
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Income Statement
Revenue
-
Expenses
=Net
Income
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Principles Of Financial Accounting (Chapters 1-17)
Authors: John Wild
24th Edition
1260158608, 9781260158601
