Reference no: EM131148972
At December 31, 2012, Ed & Kay Hastings Company had no investments. One equity security is purchased for $34,680 on November 15, 2013; commission costs on the purchase amount to $320. At December 31, 2013, a balance sheet date, the fair value of that security is $32,000. At December 31, 2014, the security is still held and the fair value is $40,000. The security is classified as available-for-sale in noncurrent assets. On January 15, 2015, the security is sold for a price of $42,800.
Instructions
(a) Prepare the journal entry for the purchase of the security on November 15, 2013.
(b) Prepare the appropriate adjusting entry on December 31, 2013.
(c) Describe what will appear on the 2013 financial statements with regard to this investment.
(d) Prepare the appropriate adjusting entry on December 31, 2014.
(e) Describe what will appear on the 2014 financial statements with regard to this investment.
(f) Prepare the journal entry to record the sale of the investment on January 15, 2015.
(g) Prepare the appropriate adjusting entry on December 31, 2015.
(h) Describe what will appear on the 2015 financial statements with regard to this investment.
Marketing plan on ecigarettes marketing versus public health
: Prepare a Marketing Plan on the given topic.- The Topic is:E-Cigarettes: Marketing Versus Public Health- State assumptions- Gather initial information.
|
Compare the healthcare systems of canada and sweden
: Compare and contrast the healthcare systems of Canada, Sweden, and China. Examine these healthcare delivery systems and discuss whether any of them could work in the United States. Expand upon how each country finances and provides healthcare to..
|
Are people becoming too dependent on computers
: As more and more people rely on computers to succeed each day, it begs the question - are people becoming too dependent on computers?
|
Responsibility is to maximize shareholder value
: Some believe that a company's only responsibility is to maximize shareholder value. Others feel that an organization has a responsibility to a larger group of stakeholders. State which view you support and justify your position.
|
Prepare the appropriate adjusting entry
: At December 31, 2012, Ed & Kay Hastings Company had no investments. One equity security is purchased for $34,680 on November 15, 2013; commission costs on the purchase amount to $320. Prepare the journal entry for the purchase of the security on Nove..
|
What annual rate is kant miss promising
: What annual rate is Kant Miss promising? If you invested $250 now and Kant Miss were able to deliver on its promise, how long would it take before your investment reaches $32,000?
|
Demand follows the normal? distribution
: Cynthia? Knott's oyster bar buys fresh Louisiana oysters for ?$5 per pound and sells them for ?$10 per pound. Any oysters not sold that day are sold to her? cousin, who has a nearby grocery? store, for ?$3 per pound. Cynthia believes that demand foll..
|
How can him staff ensure the reliability of data used
: How can HIM staff ensure the reliability of data used in secondary databases? What are some types of data sets and what are the similarities and difference between them
|