The Running Store is a chain of sporting goods stores. The Running Store is interested in using

Question:

The Running Store is a chain of sporting goods stores. The Running Store is interested in using some of its excess cash to invest in securities. It decides to buy the following securities:

Type Available-for-sale Trading Available-for-sale Held-to-maturity Price Security Steven Company $ 2,750 11,040 6,830 1

Prepare the journal entry to record the purchase of thesesecurities.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

See More Books

Question Posted: Dec 27, 2011 10:08 AM

See More Questions

Prepare the journal entry to record income taxes on December 31, 2011, assuming that Turner Corporations income tax expense is $35,000 and that it owes $30,000 in income taxes to the government....
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
Find the turning points on the curve y = 2x 3 5x 2 + 4x 1 and determine their nature. Find the point of inflection and sketch the graph of the curve.
Record the deposit of a cheque from the Receiver General for a refund of $690 following the filing of an HST return. The balances in the accounts are as follows: HST Payable $3,920 and HST...
Where and how do gains and losses appear on the statement of cash flows on an indirect basis? Why?
Explain how the translation adjustment is accounted for and how a hedge may be employed. AppendixLO1
On January 1, 2015, Red Flash Photography had the following balances: Cash, $15,000; Supplies, $7,000; Land, $64,000; Unearned Revenue, $6,000; Common Stock $60,000; Retained Earnings, $20,000....
assertion on the In many audits, no substantive tests of transactions are made for the grounds that overstatement of receivables is not a concern. Select one: O a. Timing ob. Existence Oc Completness...
1. Which the following statements about the base keyword is false? a.A constructor can use at most one base statement. b.A constructor cannot use both a base statement and a this statement. c.The...
Indonesia, Inc., held the following portfolio of securities on December 31, 2011 (the end of its first year of operations): No additional securities were bought or sold during 2012. On December 31,...
Shay Company owns the following securities, which it is interested in selling: Prepare the journal entry to record the sale of thesesecurities. Type Available-for-sale Trading Available-for-sale...
Evaluate using the appropriate method or combination of methods. Sse sec0 tan+ 0 de
You will be creating a Performance Improvement Plan to address an employee in the attached case study (see below). This is a scenario you may encounter in your future HR profession, so this...
For this prompt, consider your academic goals, including (but not limited to) such topics as how you plan to manage your time to fit in your studies; how you will build your skills, as needed; how...
1. An introduction of you as a leader (whether or not you see yourself as a leader, whether or not you like being a leader, what kinds of leadership roles you have had, etc.). 2. Summarize your...
Briefly, describe the firm in terms of the following items. a. Size in terms of market capitalization, annual revenue, number of employees, location(s). b. Discuss the financial position of the firm....
HealthyLife (HL) is a publicly-traded company in the Food Manufacturing Industry. HealthyLife has been around since the 1970s, and is mainly focused on the production and wholesale of "organic and...
Describe how this organization chart depicts an interdependent, open system.
Imagine you are the HR manager at a company, and a female employee came to you upset because she felt a male coworker was creating a hostile work environment by repeatedly asking her out on dates...
Find an interval of t-values such that c(t) = (cos t, sin t) traces the lower half of the unit circle.
The Ulmer Uranium Company is deciding whether or not it should open a strip mine, the net cost of which is $4.4 million. Net cash inflows are expected to be $27.7 million, all coming at the end of...
The Aubey Coffee Company is evaluating the within-plant distribution system for its new roasting, grinding, and packing plant. The two alternatives are (1) a conveyor system with a high initial cost,...
Your division is considering two investment projects, each of which requires an up-front expenditure of $25 million. You estimate that the cost of capital is 10 percent and that the investments will...
What general conclusions can you draw about your companys liquidity, solvency and productivity based on your ratio calculations. Working Capital 2017 = $9,994 M 2016 = $10,673 M Current Ratio 2017 =...
Tami Tyler opened Tami's Creations, Incorporated, a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain...
5. The current spot exchange rate is 0.95/$ and the three-month forward rate is 0.91/$. Based on your analysis of the exchange rate, you are pretty confident that the spot exchange rate will be...

The Running Store is a chain of sporting goods stores. The Running Store is interested in using

Question:

Type Available-for-sale Trading Available-for-sale Held-to-maturity Price Security Steven Company $ 2,750 11,040 6,830 15,000 Nick, Inc. Ryan Company Jacob Company

Step by Step Answer:

The journal entry to record the purchase of these securities is Invest...View the full answer

Accounting concepts and applications

Students also viewed these Accounting questions