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Muffin Co. has a December 31 year-end. It used some of its excess cash to buy temporary investments. The following transactions relating to these
Muffin Co. has a December 31 year-end. It used some of its excess cash to buy temporary investments. The following transactions relating to these investments occurred this year: Jan 15th - Bought 2,260 shares of IBM @ $120 March 1st - Bought $16,560 of GMC 6% bonds @ par March 20 - IBM declares a $5/share dividend payable March 31. December 31 - Market values of IBM shares are $130. Market value of GMC bonds are $14,000. Required 1: What is the amount reported as revenue from dividends in the annual Income Statement? $ Required 2: What is the amount reported as Interest Revenue in the annual Income Statement? $[ Required 3: What is the amount reported as the ending balance of the account "IBM Shares" at year end in the Balance sheet? $ Required 4: What is the amount reported as the ending balance of the account "GMC Bonds" at year end in the Balance sheet? $
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