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On December 21, 2006, Bucky Katt Company provided you with the following information regarding its trading securities. December 31, 2006 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) Clemson Corp. stock $20,000 $19,000 $(1,000) Colorado Co. stock 10,000 9,000 (1,000) Buffaloes Co. stock 20,000 20,600 600 Total of portfolio $50,000 $48,600 (1,400) Previous securities fair value adjustment balance -0- Securities fair value adjustment- Cr. $(1,400) During 2007, Colorado Company stock was sold for $9,400. The fair value of the stock on December 31, 2007, was: Clemson Corp. stock-$19,100; Buffaloes Co. stock-$20,500. Instructions (a) Prepare the adjusting journal entry needed on December 31, 2006. (b) Prepare the journal entry to record the sale of the Colorado Company stock during 2007. (c) Prepare the adjusting journal entry needed on December 31, 2007.a
Lynn transfers land having a $50,000 adjusted basis, an $80,000 FMV and $10,000 cash to Allied Corporation in exchange for 100% of Allied's stock. The corporation assumes the $70,000 mortgage on the land. How much is Lynn's recognized gain?
in performing financial ratio analysis, what the do the results mean? do the answers provide conclusions on their own, or do we have to pt them in perspective by comparing them to prior periods, other companies or competitiors or industry standard..
During 2010, Sparrow Corporation, a calendar year C corporation, had operating income of $510,000, operating expenses of $370,000, a short-term capital loss of $25,000, and a long-term capital gain of $80,000. How much is Sparrow's tax liability f..
Explain what you understand by the term depreciation and it's relevance in the preparation of financial statements, Prepare ledger accounts, Prepare an income statement, Prepare a balanced sheet
Lacy's Linen Mart uses the retail method to estimate inventories. Data for the first six months of 2011 include: beginning inventory at cost and retail were $60,000 and $120,000, net purchases at cost and retail were $312,000 and $480,000, and sal..
Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?
(1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.
Of the 4 categories of quality costs, which one best describes the quality issues each team experienced during the first production period of the GuessPacho TM Lego TM simulation game?
There were 7,500 units in the department's beginning work in process inventory, two thirds complete with respect to conversion costs. During March, 52,500 units were started and 50,000 were completed and transferred out of the department. The endi..
A finance company advertise that it will pay kump sum of rs 10000 at the end of 6 years to investor who deposit annually Rs1000. what interest rate is implicit in this offer?
Identify and discuss the reasons why dividends are sometimes paid out even when the funds could be better reinvested in business or when firm has to tap outside sources to pay the dividends.
ABC, Inc. has the following assets, liabilities, revenues and expenses for the current year.
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