On March 31, Logan Company invested $129,000 in U.S. Treasury bills. The bills mature in 90 days at $130,000. Prepare journal entries to record the purchase on March 31; the adjustment to accrue interest on April 30, which is the end of the fiscal year; and the receipt of cash at the maturity date of June 29.
Answer to relevant QuestionsMatch the terms on the left with the definitions on the right:____ 1. Accounting____ 2. Profitability____ 3. Liquidity____ 4. Financing activities____ 5. Investing activities____ 6. Operating activities____ 7. Financial ...Vela Corporation, which has begun investing in trading securities, engaged in the following transactions:Jan. 6 Purchased 7,000 shares of IBM stock, $30 per share.Feb. 15 Purchased 9,000 shares of Quaker Oats, $22 per ...Sonic Manufacturing Company purchased 100 percent of the common stock of Pool Manufacturing Company for $600,000. Pool’s stockholders’ equity included common stock of $400,000 and retained earnings of $200,000. Prepare ...In a cash transaction, Root Company purchased 70 percent of the outstanding stock of Mandela Company for $593,600 cash on June 30, 2011. Immediately after the acquisition, the separate balance sheets of the companies ...Refer to the annual report of CVS and the financial statements of Southwest Airlines Co. in the Supplement to Chapter. Look at comprehensive income (loss) in each company’s statement of shareholders’ equity. Which ...
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