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Bentz Corporation bought and sold several securities during 2006. Listed below is a summary of the transactions.
February 17 Purchased $100,000 of U. S. Treasury 6% bonds, paying 102 plus accrued interest of $1,000. The security is to be held for short term profits.
April 10 Purchased 500 shares of Gauges Inc. common stock at $140 per share. This security will be held for an unspecified period of time.
August 8 Sold 100 shares of Gauges Inc. for $150 per share.
October 5 Sold half of the U. S. Treasury bonds for 103 plus accrued interest for $300.
Prepare the journal entries for the above transactions. Show calculations.
No investment income was included within either of these income totals. How would the 10% investment in Prescott owned by Bell be presented in the consolidated balance sheet?
The Nut House sells almonds, cashews, and pistachios. Pistachios outsell cashews by a margin of 2 to 1 cans. Almonds were half the sales of cashews in cans.
The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor.
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
Explain how your position changes if the employer reports to the IRS the value of the employees' frequent-flyer mileage.
When making a short term investment decision which of the following is not usually a factor in your decision?
A soft drink maker wants to expand into a neighboring country. They want the product bottled in that country to avoid political issues and to enhance the local image of the product.
Byron incurred a loss on November 30 sale of $220,000. Ignoring income taxes, what amount should be reported in the 2010 income statement as the net income or loss under 'discontinued operations'?
What adjustments should be made to net present value to account for inflation?
The production department started the month with the beginning goods in process inventory of $350,000. During the month, it was assigned the following costs: direct materials, $192,000; direct labor, $90,000; overhead applied at the rate of 30% of..
prepare the journal entry (if any) to record the sale on January 2, 2012 shaw prepares an income statement for the first quarter of 2012, ending on March 31, 2012. How much revenue should Shaw recognize related to its sale to ricard?
Updike and Patterson Investmens inc (UPI) holds equity investments with a cost basis of $250,000. UPI accounts for these investments as available-for-sale securities.
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