Prepare general journal entry for Korman Company

Assignment Help Accounting Basics
Reference no: EM132453889

Problem - Korman Company has the following securities in its portfolio of equity securities on December 31, 2018:

 

Cost

Fair Value

5,000 shares of Thomas Corp., Common

$150,000

$138,900

10,000 shares of Gant, Common

183,000

191,800

 

$333,000

$330,700

All of the securities had been purchased in 2018. In 2019, Korman completed the following securities transactions:

March 1 Sold 5,000 shares of Thomas Corp., Common @ $30.90 less fees of $1,500.

April 1 Bought 620 shares of Werth Stores, Common @ $47 plus fees of $520.

The Korman Company portfolio ofequity securities appeared as follows on December 31, 2019:

 

Cost

Fair Value

10,000 shares of Gant, Common

$183,000

$193,700

620 shares of Werth Stores, Common

29,660

27,560

 

$212,660

$221,260

Required - Prepare general journal entry for Korman Company for the 2019 adjusting entry.

Reference no: EM132453889

Questions Cloud

What is mitigation with regards to emergency planning : What is mitigation with regards to emergency planning? Identify and describe some of the strategies and programs available to mitigate disasters
How professional hackers might use a commercial fpga : How professional hackers might use a commercial FPGA to expedite their password cracking for a WPA-2 network. encryption methods used by wireless LANs
Dealing with police pursuit in the near future : What new technology you think will be made that police officers will use dealing with police pursuit in the near future?
Reasons for selecting a particular field of study : Explain your purpose for graduate study, including your current degree goals and reasons for selecting a particular field of study. Submit a 400-500 word essay.
Prepare general journal entry for Korman Company : March 1 Sold 5,000 shares of Thomas Corp., Common @ $30.90 less fees of $1,500. Prepare general journal entry for Korman Company for the 2019 adjusting entry
What favorite chart to work in project management : What is your favorite chart to work with in this project management course, i.e. Gantt, Pareto, etc.? Why?Discuss in details and give reason
HB403 Human Resource Management Assignment : HB403 Human Resource Management Assignment Help and Solution, Aston Institute, Hong Kong - Assessment Writing Service -Recognition of Prior Learning Application
Prepare the journal entries to record the interest revenue : On January 1, 2017, Teal Company purchased 12% bonds, having a maturity value of $325,000, Prepare the journal entries to record the interest revenue
Assessment-placement of english language learners : After reading Chapter 4, write a two- to three-page Reflection Paper addressing the following items:

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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