Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hello I need help with this hw assignment, please help me I have attached a word doc. I need it within the next 20 minutes.

image text in transcribed

hello I need help with this hw assignment, please help me I have attached a word doc. I need it within the next 20 minutes.

image text in transcribed In January 2017, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 640 shares of Muninger common stock for $33,280. Mar. Purchased 850 shares of Tatman common stock for $22,100. 1 Apr. 1 Purchased 43 $1,200, 5% Yoakem bonds for $51,600. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.56 per share on the Muninger common stock. Aug. Sold 213 shares of Muninger common stock at $60 per share. 1 Sept. Received a $1 per share cash dividend on the Tatman common stock. 1 Oct. 1 Received the semiannual interest on the Yoakem bonds. Oct. 1 Sold the Yoakem bonds for $50,600. At December 31, the fair value of the Muninger common stock was $53 per share. The fair value of the Tatman common stock was $25 per share. (a) Your answer is partially correct. Try again. Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. If the ending balance is 0 select Dec. 31 Bal. for the date and enter 0 for the normal balance for that account.) Dat Account Titles and e Explanation Debi Credi t t Stock Investment 33,920 Cash 33,920 Stock Investment 22,950 Cash 22,950 Debt Investments 52,800 Cash 52,800 Cash 358.4 Dividend Revenu Cash 358.4 12,780 Stock Investment 12,567 Gain on Sale of S 213 Cash 850 Dividend Revenu Cash Interest Revenue 850 1,000 1,000 (To record interest) Oct. 1 Cash Loss on Sale of D Debt Investments (To record sale) 1,265 1,000 52,800

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

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan, Louis Beaubien

8th Canadian Edition

134453735, 9780134824680, 134824687, 9780134733081 , 978-0134453736

More Books

Students also viewed these Accounting questions

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago