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Rantzow-Lear Company buys and sells securities expecting to earn profits on short-term differences in price. The company's fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lear trading account occurred during December 2013 and the first week of 2014. 2013 Dec 17 Purchased 100,000 Grocer's Supply Corpopration preferred shares for $350,000 28 Received cash dividends of $2,000 from the Grocer's Supply Corporation preferred shares 31 REcorded any necessary entry relating to the Grocer's Supply Corporation preferred shares. The market price of the stock was $4 per share 2014 Jan 5 Sold tje Grocer's Supply Corporation preferred shares for $395,000 Required:
1) Prepare the appropriate journal entry for each transaction
2) Indicate any amounts that Rantzow-Lear Company would report in its 2013 balance sheet and income statement as a result of this investment.
Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
If you purchased a new model of a digital camera right after it is released, you will likely pay more than if you purchase it six months after release. Explain why this is an example of price discrimination on the part of the firm.
Differentiate between "financial statements" and "financial reporting." and how does accounting help the capital allocation process?
Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective-interest method) on December 31, 2011.
Paul Jeter is a junior member of an audit team and his team is debating the impact of the client's right of return policy both on inventory valuation and revenue recognition.
Schiller Company has stockholders" equity of $400,000 and net income of $72,000. It has a payout ratio of 18% and a return on assets ratio of 20%. How much did Schiller pay in cash dividends, and what were its average total assets?
hurlex company produces a single product. last yarhurlex manufactured 15000 units and sold 12000 units. production
Discuss how an auditor may go about evaluating the effectiveness of the internal controls of a company.
Expected sales are 40,000 units; expected production is 50,000 units; practical (maximum) capacity is 100,000 units. If Tayla Industries uses a normal costing system and a plantwide predetermined overhead rate, the budgeted overhead per unit is:
PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years.
Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $5,000 on January 15, 2009. On December 31, 2011 she sold all 1,000 shares of her Ibis stock for $4,500.
what is the earliest completion time for a project with this information about activitiesactivityoptimistic timemost
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