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While reviewing the March 31, 2014, balance sheet of Success Systems, Adria Lopez notes that the business has built a large cash balance of $ 77,845. Its most recent bank money market statement shows that the funds are earning an annualized return of 0.75%. Adria Lopez decides to make several in vestments with the desire to earn a higher return on the idle cash balance. Accordingly, in April 2014, Success Systems makes the following investments in trading securities:April 16 Purchases 400 shares of Johnson & Johnson stock at $ 50 per share plus $ 300 commission. April 30 Purchases 200 shares of Starbucks Corporation at $ 22 per share plus $ 250 commission. On June 30, 2014, the per share market price (fair value) of the Johnson & Johnson shares is $ 55 and the Starbucks shares is $ 19. Required:
1. Prepare journal entries to record the April purchases of trading securities by Success Systems. 2. On June 30, 2014, prepare the adjusting entry to record any necessary fair value adjustment to its port folio of trading securities.
frieden companys contribution format income statement for the most recent month is given belownbspnbspsales 47000
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The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following information related to depreciation of fixed assets is provided to you.
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a company purchased office equipment for 20000 and estimated a salvage value of 4000 at the end of its 5-year useful
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