User Account

All Pages

Prepare the necessary entries assuming the nop stock

Assignment Help Accounting Basics
Reference no: EM131087131

Accounting for Trading Securities

Fox Company made the following transactions in the common stock of NOP Company:

July 10, 2006

Purchased 10,000 shares at $45 per share.

Sept. 29, 2007

Sold 2,000 shares for $51 per share.

Aug. 17, 2008

Sold 2,500 shares for $33 per share.

The end-of-year market prices for the shares were as follows:

December 31, 2006

$47 per share

December 31, 2007

39 per share

December 31, 2008

31 per share

Instructions: Prepare the necessary entries for 2006, 2007, and 2008, assuming the NOP stock is classified as a trading security.

Reference no: EM131087131

Questions Cloud

Pricing or placement in the market : In a 3 - 5 page paper research the following 10 questions about Coca-Cola organization. How much is innovation (coming up with something new) a factor in the marketplace where your organization does business? Is most of the innovation in this market..
What is the resolution in degrees per state : what is the resolution in degrees per state (that is, degrees per LSB)?
A manufacturer of dustless chalk instituted : A manufacturer of dustless chalk instituted a quality control program to monitor chalk density. The sample standard deviations of densities for 24 different subgroups, each consisting of n = 8 chalk specimens, were as follows:
Linear programming model for the problem : The selling price of casting X is Rs 300 per unit and that of Y is360 per unit. There are no limitations on the number of X and Y casting that can be sold. The company wishes to maximize its profit. Formulate a linear programming model for the pro..
Prepare the necessary entries assuming the nop stock : Fox Company made the following transactions in the common stock of NOP Company: Instructions: Prepare the necessary entries for 2006, 2007, and 2008, assuming the NOP stock is classified as a trading security.
Effective dates and requirements : OSHA revised the HAZCOM 2012 such that it is aligned with the United Nations Global Harmonization Standard (GHS).  Explain why that alignment is important to an employer located in the United States.  Use at least one peer reviewed reference to su..
A normally distributed variable with mean value : a. If cork diameter is a normally distributed variable with mean value 3.04 cm and standard deviation .02  cm, what is the probability that a randomly selected cork will conform to specification?
Tons of a mixture consisting of paper : Five tons of a mixture consisting of paper and other compostable materials has a moisture content of 7%. The intent is to make a mixture for composting that is 50% moisture.
What is efficient level of precaution for skydive operators : Explain why either strict liability or simple negligence will lead to efficient outcomes in plastic surgery if patients correctly perceive the risk of accidents - Which rule will lead to better outcomes if patients underestimate the risk of surgery..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Main accounting issues in ssap 24

Identify and explain the main accounting issues in SSAP 24, Accounting for pension costs, for defined contribution schemes and defined benefit schemes.

  Compute al''s gross income for 2011

Al is a medical doctor who conducts his practice as a sole proprietor. During 2011, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2010.

  Explain any irregularities in the apollo shoes case

As corporate controller for Apollo Shoes, you are tasked to find and explain any irregularities in the Apollo Shoes Case.

  Tonga toys manufactures and distributes a number of

tonga toys manufactures and distributes a number of products to retailers. one of these products playclay requires

  What are consolidated sales and cost of goods sold for 2011

There were no sales from Pot to Skillet.Intra-entity sales had the same markup as sales to outsiders. Pot still had40% of the intra-entity sales as inventory at the end of 2011. What areconsolidated sales and cost of goods sold for 2011?

  Logans sales are 40 cash and 60 credit credit sales are

carter company earned net income of 350000 last year. this year it wants to earn net income of 450000. the companys

  Analyze the effect of the cost flow method on net income

analyze the effect of the cost flow method on net income. given the following information calculate the amount by which

  A columnar schedule used to summarize accounting data often

nbspnbspnbspnbsp1.nbspnbspnbspnbspaccounts that are not closed to a zero balance at the end of each

  Computing the revised annual depreciation

On this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value. Compute the revised annual depreciation.

  Feather friends inc distributes a high-quality wooden

feather friends inc. distributes a high-quality wooden birdhouse that sells for 22 per unit. variable costs are 7.70

  Dapper corporation had only one job in process on may 1 the

dapper corporation had only one job in process on may 1. the job had been charged with 1010 of direct materials 3630 of

  Based on this information what is the amount and percentage

the comparative accounts payable and long-term debt balances of a company are provided below.20142013accounts

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