The Running Store is a chain of sporting goods stores. The Running Store is interested in using
Question:
Prepare the journal entry to record the purchase of thesesecurities.
Transcribed Image Text:
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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (20 reviews)
The journal entry to record the purchase of these securities is Invest...View the full answer
Answered By
GERALD KAMAU
non-plagiarism work, timely work and A++ work
4.40+
6+ Reviews
11+ Question Solved
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Question Posted:
Students also viewed these Accounting 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...
-
Using each of the five assumptions as to income division listed in Exercise 12-3, determine the income participation of Hawes and Albright if the year's net income is $104,000? In Exercise 12-3,...
-
Assume that IHOP sold all 1,000 shares of its treasury stock for \(\$ 15\) per share. The sale of treasury stock a. Decreased total equity by \(\$ 15,000\) b. Increased total equity by \(\$ 5,000\)...
-
Coaxial cable. A solid conductor with radius a is supported by insulating disks on the axis of a conducting tube with inner radius b and outer radius c (Fig). The central conductor and tube carry...
-
VPN, Your division analyzes two investment projects, which require an initial expense of $ 15 million. You calculate that the investment will produce the following net cash flows: Year Project A...
-
PQB Inc. designs and fabricates movie props such as mock-ups of star fighters and cybernetic robots. The company's balance sheet as of January 1, the beginning of the current year, appears below....
-
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...
-
Solve Prob. F823 using Castiglianos theorem. Data from Prob. F823 Determine the displacement at point C. EI is constant. Use the principle of virtual work. A 6 m C Probs. F8-23/24 -6 m- 12 kN/m B
-
Evaluate f(x) = 5000 (2) for x = -1.5 Round to the nearest hundredths
-
1. what affect the south African GDP not to grow and how can it grow? 2.How does inflation affect the south African economy? 3. How does the interest rates affect the south African economy? 4. How...
-
Factor ( 9 + h ) ^ 3 - 7 2 9
-
Bank of Smileville ASSETS LIABILITIES Reserves 5,400 | Deposits 90, 000 Loans 84,600 | If the FEDs reserve requires 5%, then what is the quantity of excess reserves does the Bank of Smileville hold?
-
Company chosen is Oldtown White Coffee Malysia Choose a LOCAL non-profit organization; OR a LOCAL reputable company from the following industries: Furniture, Automobile, Clothing, Restaurants, and...
-
The United States has had a trade deficit every year since 1980. Why does the United States have this trade deficit? Why did it become very large in the mid-1980s and again starting in the late...
-
Sheldon and Leonard had a million-dollar idea. In order to make it happen, they have to do special research first. Only Kripke can help them in this matter. But Kripke is known to be the first-class...
-
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...
-
Do you think Google Corporation is a "monopoly" or is violating antitrust "unfair competition" rules/laws? (Google currently has about 89 percent of the U.S. search engine market, with Bing having...
-
1. Where are you on Maslow's hierarchy? Explain your answer. 2. Explain self-determination/cognitive evaluation theory (for this question, assume they're basically the same thing) giving a personal...
-
Select a participant (colleague, family member, or friend) that you would like to receive feedback from. Use the information from the table to plan a two-way, open, and evaluative feedback session as...
Study smarter with the SolutionInn App