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Calculator Investments in Equity Securities Chart of Accounts General Journal Income Statement Balance Sheet Instructions Noonan Corporation prepares quarterly financial statements and invests its excess funds in marketable securities. At the end of 2018, Noona's portolio of investments consisted of the following equity securities Number of Shares Fair Value per Share Security Keene Company Sachs Inc Cost per Share $60 Bacon Company 400 During the first half of 2019, Noonan engaged in the following investment tra Transactions Jan. Feb. Mar. 6 3 31 Sold one-half of the Sachs shares for $45 per share Purchased 700 shares of Jackson Corporation common stock for $45 per share. Dividends of $2,500 were received on the investments, and the following information is available on market prices Security Fair Value per Share Check My Work 1 more Check My Work uses remaining 0 7 :07 Chart of Accounts General Joumal Income Statement Balance Sheet Fair Value per Share Instructions Security Keene Company Sachs Inc. Bacon Company Jackson Corporation Transactions: Apr 14 May 11 June 30 Purchased 300 shares of Quinn Company preferred stock for $52 per share Sold the remainder of the Sachs shares for $42 per share. Dividends of $2.800 were received on investments, and the following information is available: Fair Value per Share Security Keene Company Bacon Company Jackson Corporation Quinn Company Check My Work 1 more Check My Work uses remaining O Chart of Accounts General Joumal Income Statement Balance Sheet Instructions irdsdcuons Apr. May 14 11 30 Purchased 300 shares of Quinn Company preferred stock for $52 per share Sold the remainder of the Sachs shares for $42 per share. Dividends of $2,800 were received on investments, and the following information is available: June Fair Value per Share Security Keene Company Bacon Company Jackson Corporation Quinn Company Required: 1. Record Noonan's investment transactions for January 6 through June 30, 2019. 2. Show the items of income or loss from investment transactions that Noonan reports for each of the first and second quarters of 2019 3. Show how the preceding items are reported on the first and second quarter 2019 ending balance sheers, assuming that management expects to dispose of the Keene and Sachs securities within the next year. Check My Work 1 more Check My Work uses remaining Instructions Chart of Accounts 152 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense LIABILMES 521 Salaries Expense 211 Accounts Payable 532 Bad Debt Expense 540 Interest Expense 231 Salaries Payable 250 Unearned Revenue 541 Depreciation Expense 261 Income Taxes Payable 559 Miscellaneous Expenses 895 Loss on Sale of Equity Securities 910 Income Tax Expense EQUITY 311 Common Stock 912 Unrealized Holding Gain Loss: Equity Securities 331 Retained Earnings Check My Work I more Check My Work uses remaining Instructions Chart of Accounts General Journal PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. CREDIT Check My Work 1 more Check My Work uses remaining Instructions Chart of Accounts General Joumal Income Statement Balance Sheet Income Statement Noonan Corporation tems of income or loss from investment transactions First and Second Quarter for 2019 First Quarter 2019 Second Quarter 2019 Check My Work 1 more Check My Work uses remaining Investments in Equity Securities Instructions Chart of Accounts General Journal Income Statement Balance Sheet Income Statement Balance Sheet 3. Show how the preceding items are reported on the first and second quarter 2019 ending balance sheets, assuming that management expects to dispose of the Keene and Sachs securities within the next year. Balance Sheet instruction Noonan Corporation Partal Balance Sheet At 3/31/19 and 6/30/19 Noncurrent Asset Check My Work 1 more Check My Work uses remaining 07:03 Equity Securities Instructions Chart of Accounts General Journal Income Statement Balance Sheet Income Statement Balance Sheet Sachs securities within the next year. Balance Sheet Instruction Noonan Corporation Partial Balance Sheet At 3/31/19 and 6/30/19 Current Assets Noncurrent Assets Check My Work 1 more Check My Work uses remaining 07:09
