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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
With regard to critical success factors, which one of the following would not be considered a financial measure of success?
A candy factory's employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime wages should be expensed in ??
The company has a convertible bond issue outstanding. The bonds were issued four years ago at par ($2,000,000), carry a 7% interest rate, and are convertible into 40,000 shares of common stock. The company has a 40% tax rate. Diluted earnings per ..
If the ending inventory of finished goods was $30,000, what was the beginning inventory of finished goods must have been?
In the most recent month, Product D99P had sales of $33,000 and variable expenses of $15,840. Product G71P had sales of $42,000 and variable expenses of $4,410. The fixed expenses of the entire company were $49,790.
Prepare the journal entry for Sorter Company to write off the Ordonez receivable. When writing the journal entry use Dr. for debit and Cr. for credit.
The depreciation expense is related to the company's sole $60,000 asset, which is predictable to last 4 years. The cost of capital is 10%.
John Roberts is 55 years old and has been asked to accept early retirement from his company. The company has offered John three alternative compensation packages to induce John to retire:
A clerk accidentally posts a prenumbered sales invoice of $625 as $265 to a customer's account. What control would detect this error?
Prepare a trading statement showing gross profit for the year assuming a periodic inventory system is used.
Briefly explain the significance of the acquisition date and the date of exchange and outline how the consideration (in a business acquisition) is calculated when the acquisition of the target company is carried out in stages.
Journalize the following transactions using the allowances method of accounting for uncollectible receivables.
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