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please help ill give you a thumbs up Exercise 15-2 Accounting for short-term trading securities LO P1 Prepare journal entries to record the following transactions
please help ill give you a thumbs up
Exercise 15-2 Accounting for short-term trading securities LO P1 Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2017 a. On March 22, purchased 850 shares of RIP Company stock at $28 per share plus a[n) $180 brokerage fee. These shares are categorized as trading securities. b. On September 1, received a $1 per share cash dividend on the RIP Company stock purchased in transaction a. c. On October 8, sold 425 shares of RIP Co stock for $38 per share, less a(n) $170 brokerage fee. No Transaction Answer is complete but not entirely correct. General Journal Short-term investments Trading (RIP) Cash Credit Debit 18,880 1 18.880 2 850 Cash Dividend revenue 850 3 e 15,980 Cash Short-term investments ---Trading (RIP) Gain on sale of short term investments 00 6 9,443 9,440 Exercise 15-9 Fair value adjustment to available-for-sale securities LO P3 Prescrip Co. began operations in 2016. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare the December 31, 2017, adjusting entry to reflect any necessary fair value adjustment for these investments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Portfolio of Available-for-sale Securitien Cost Fair Value December 31, 2016 $62,309 $56,701 December 31, 2017 67.945 72,023 Answer is not complete. Date Debit No Credit 1 Dec 31 General Journal Fair value adjustment AFS (LT) Unrealized loss Equity 9.686 9,6853 The Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method of process costing. At the beginning of the month, the forming department has 30,000 units in inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $69,100 consisted of $50,200 of direct materials costs and $18.900 of conversion costs. During the month, the forming department started 390,000 units. At the end of the month, the forming department had 40,000 units in ending inventory, 80% complete as to materials and 30% complete as to conversion. Units completed in the forming department are transferred to the painting department. Cost Information for the forming department is as follows: Beginning work in process Inventory Direct materials added during the month Conversion added during the month $ 69,100 1,507,160 1,031,660 Exercise 20-6 Weighted average: Cost per EUP and costs assigned to output LO C2 Calculate the equivalent units of production for the forming department Answer is complete but not entirely correct. 1. Calculate the equivalent units of production for the forming department. Answer is complete but not entirely correct. Direct Materials Conversion 390,000 X 390,000 2. Calculate the costs per equivalent unit of production for the forming department. Answer is complete but not entirely correct. Direct Materials Conversion $ 50,200.00 $ 12,000.00 per EUP per EUP Step by Step Solution
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