User Account

All Pages

What journal entries should led record to account

Assignment Help Accounting Basics
Reference no: EM13996263

LED Corporation owns 100,000 shares of Branch Pharmaceuticals common stock and classifies its investment as securities available-for-sale. The market price of Branch's stock fell more than 30%, by $4.50 per share, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. $1.00 per share of that decline in value already had been included in OCI as a temporary unrealized loss in a prior period. What journal entries should LED record to account for the decline in market value in the current period? How should the decline affect net income and comprehensive income?

Reference no: EM13996263

Questions Cloud

Determine the minimum value of static friction coefficient : Draw the normal force, shear force, ad bending moment diagrams of member BC. Determine the minimum value of the static friction coefficient such that the frame remains in static equilibrium.
How will not knowing the difference between elements : How will not knowing the difference between elements, compounds and mixtures have an affect on the concepts of organic chemistry? Why is it important to understand the concept behind elements, compounds and mixtures to succeed in organic chemistry?
How it would account for a trading security : What journal entries would Turner make to account for this investment during 2011, assuming Turner will account for the investment similar to how it would account for a trading security?
The starting material given on the right : Make the molecule on the left using the starting material given on the right.
What journal entries should led record to account : What journal entries should LED record to account for the decline in market value in the current period? How should the decline affect net income and comprehensive income?
Draw tran-cinnamic acid : Can somebody please draw tran-cinnamic acid and its resonance structures? Can you also show the reaction and mechanism of trans-cinnamic acid and 2-propanol?
What will your monthly mortgage payments : What will your monthly mortgage payments be and what is the total amount you will make in mortgage payments over the 30 years?
What are radical reactions : What are radical reactions? What are the reactants involved and the mechanism?
How should the decline affect net income : What journal entries should LED record to account for the decline in market value in the current period? How should the decline affect net income and comprehensive income?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Advantages of on-line banking include

Advantages of on-line banking include

  Approaches to accounting for inventory

What are the two approaches to accounting for inventory that were covered in the course and which inventory method is the bookshop using and which method is the fruit and vegetable stall using?

  Direct-mapped cache

Assuming a direct-mapped cache with 16 one-word blocks that is initially empty, label each reference in the list as a hit or a miss and show the final contents of the cache.

  Blake-mouton managerial grid

The CEO of your company has asked you, the human resource manager, to conduct a study to determine whether or not male managers and female managers perceive leadership styles differently and, if differences are found, to develop a training program..

  Constructing formal definitions

Question 1: Questions such as "Who uses it? and "What is its value? relate to which component of a definition?

  Farrell company manufactures a product that sells for 50

farrell company manufactures a product that sells for 50 per unit. farrell incurs a variable cost per unit of 30 and

  What is the primary purpose of the employee retirement

What is the primary purpose of the Employee Retirement Income Security Act (ERISA)?

  As you examined this week netflix and its competitors have

as you examined this week netflix and its competitors have faced interesting decisions regarding product offerings and

  A company has bonds outstanding with a par value of 100000

a company has bonds outstanding with a par value of 100000. the unamortized discount on these bonds is 4500. the

  Prepare journal entries for each transaction

On December 31, 2011, an account receivable for $240 from a prior year was determined to be uncollectible and was written off.

  Explain the independence between the auditor and the client

explain the independence between the auditor and the client on financial statement audit engagementsno word

  Cost of ending inventory and cost of goods sold

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling price of $8 and a sale of 370 units on June 27 fo..

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