User Account

All Pages

Brooks co. purchases various investments in trading

Assignment Help Accounting Basics
Reference no: EM13896122

Brooks Co. purchases various investments in trading securities at a cost of $ 66,000 on December 27, 2013. (This is its first and only purchase of such securities.) At December 31, 2013, these securities had a fair value of $ 72,000. 

1. Prepare the December 31, 2013, year end adjusting entry for the trading securities portfolio. 
2. Explain how each account in the entry of part 1 is reported in financial statements. 
3. Prepare the January 3, 2014, entry when Brooks sells a portion of its trading securities (that had originally cost $ 33,000) for $ 35,000.

Reference no: EM13896122

Questions Cloud

What are the premises that ms jennings postulates : What is the Sarbanes-Oxely Act, its intent and its major provisions? Have the markets benefitted from this act and what are the premises that Ms Jennings postulates
Summarize the research theory framework : Summarize the research theory framework. List the research questions and the study's purpose.
Aca codes of ethics and consultation : What resources, other than the ACA Codes of Ethics and consultation with peers, can counsellors use to resolve ethical dilemmas they encounter in their work with minors?
How can you ?nd the t value : Find the t value for 5, 2.5, and 0.5% of the area within each tail for a sample size, n, that is very large or in?nite. How do these t values compare with their corresponding z values?
Brooks co. purchases various investments in trading : Brooks Co. purchases various investments in trading securities at a cost of $ 66,000 on December 27, 2013. (This is its first and only purchase of such securities.) At December 31, 2013, these securities had a fair value of $ 72,000.
Proper coding conventions required the first letter of class : The files must be called  (driver) (handles house variables and methods) Proper coding conventions required the first letter of the class start with a capital letter
Is the information contained in the articles reliable? : Is the information contained in the articles reliable? Explain
What does the result of part a tell us : A random sample of 64 with a mean of 50 and a standard deviation of 20 is taken from a population of 800. Find an interval estimate for the population mean such that we are 95% con?dent that the interval includes the population mean.
What is the main advantage of assessing the welfare impact : What is the main advantage of assessing the welfare impact of a merger by looking at its ‘external effect'? Explain in words the condition under which this external effect is positive.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Objective basis to determine a fair value

The assets were so specialized that there was not an objective basis to determine a fair value. In cases like this, the FASB suggest that company record the asset at:

  There are 36 units of the item in the physical inventory at

the units of an available for sale during the year were as followsjan. 1 inventory 42 units at 60mar. 10 purchase 58

  Crede inc has two divisions division a makes and sells

crede inc. has two divisions. division a makes and sells student desks. division b manufactures and sells reading

  On november 1 wti agreed to do a special six-month course

prepare the necessary adjusting journal entries for items a through h. assume that adjusting entries are made only at

  Bear corporations payroll taxes expense on each employee

bear corporations payroll taxes expense on each employee includes 7.65 oasdi and hi taxes on the first 87000 earned 0.8

  Where is the information about foreign currency transaction

Where is the information about the foreign currency (FC) transactions?

  Journalize the october transactions and the october 31

manatee company closes its books monthly. on september 30 selected ledger account balances are notes

  Risk affects all long term projects the longer the lead

risk affects all long term projects. the longer the lead time on a project the greater the risk. the price of a barrel

  Change from the cost method to the equity method

A change from the cost method to the equity method of accounting for an investment in common stock resulting from an increase in the number of shares held by the investor requires

  Sales tax for a new machine

1. Problem 10- 4B Computing and revising depreciation; selling plant assets C2 P1 P2 York Instruments completed the following transactions and events involving its machinery. 2012 Jan. 1 Paid $ 107,800 cash plus $ 6,470 in sales tax for a new..

  Relationship between people level of extroversion

A research methods student conducts a study on the relationship between people's level of extroversion and the number of close friends they have. She computes Pearson's r, which comes out to be - 1.70. Which of the following is most clearly true?

  Recognize and define the accounting equation

Recognize and define the accounting equation, classify accounts as Assets, Liability, or Equity, and evaluate, record and post common business transactions.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd