During Year 1, the company purchased 1,000 shares of stock for $23 per share. Near the end
Question:
During Year 1, the company purchased 1,000 shares of stock for $23 per share. Near the end of Year 1, the company sold 400 shares. Make the journal entry to record the sale, assuming that the shares were sold for
(1) $27 per share and
(2) $20 per share.
The shares were classified as trading securities.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (15 reviews)
1 Cash 400 27 10800 Realized Gain on Trading Securities 1600 Inve...View the full answer
Answered By
Shadrack Mulunga
I am a Biochemistry by profession. However, I have explored different fields of study. My quest to explore new fields has helped me gain new knowledge and skills in Business, clinical psychology, sociology, organizational behavior and general management, and Project Management. I count my expertise in Project management, in particular, creation of Work Break Down Structure (WBS) and use of Microsoft Project software as one of my greatest achievement in Freelancing industry. I have helped thousands of BSC and MSC students to complete their projects on time and cost-effectively using the MS Project tool. Generally, I find happiness in translating my knowledge and expertise to success of my clients. So far, i have helped thousands of students to not only complete their projects in time but also receive high grades in their respective courses. Quality and timely delivery are the two key aspects that define my work. All those who hired my services always come back for my service. If you hire my services today, you will surely return for more. Try me today!
5.00+
154+ Reviews
289+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Accounting questions
-
OBX Mufflers accepted a five-month, 7.5% interest, $2,400 note from ABD Motors on June 1, 2008. The entire balance is payable at the notes maturity. What will be the total payment on October 31, 2008?
-
Make the journal entry to record each of the following transactions: (a) The company purchased inventory for $5,000. The purchase was made on account. (b) The company paid cash of $3,500 on its...
-
Match the items below by entering the appropriate code letter in the space provided. An entry that involves three or more accounts Transferring journal entries to ledger accounts The side which...
-
The article "Computer Assisted Net Weight Control" (Quality Progress, 1983: 22-25) suggests a normal distribution with mean 137.2 oz and standard deviation 1.6 oz for the actual contents of jars of a...
-
C) Enter the expression w +5w +1:
-
What are the four BSC perspectives?
-
Noir Company produces four versions of its model J17-21 bicycle seat. The four versions have different shapes, but their processing operations and production costs are identical. During July, these...
-
How do diet and exercise specifically impact stress levels, and what dietary patterns and exercise regimens are most effective for stress management?
-
East Coast Digital (ECD) produces high-quality audio and video equipment. One of the companys most popular products is a high-definition personal video recorder (PVR) for use with digital television...
-
Refer to Practice 1410. Make the adjusting journal entries for (a) and (b) and the computations for (c) and (d), assuming that the securities are accounted for using the equity method. Ignore the...
-
The company purchased the following securities during Year 1: On July 23, Year 2, the company sold all of the shares of security B for a total of $9,500. As of December 31, Year 2, the shares of...
-
Is it possible for heat to flow across a vacuum? Explain
-
Draw an indifference map for each: Part A: Suppose that a labor union cares only about a wage payment to its member. Part B: Now the labor union cares only about the employment level of its members....
-
Solve the following basic calculus problems: d (e cos x) dx a. X b. Sybidy c. Show: d. if df dx = d + dx dy 2 1 x + y ) (x+ {xy+2y=x) = x df and dy = 1 x + y find f(x, y)
-
Let f (x, y, z) = xey + ye + zex, v = < 3, 4, 5 >, find D-f(0,0,0).
-
Gravel is deposited into a pile with a circular base. The volume V of the pile is given by 273 V = where r is the radius of the base, in feet. The circumference of the base is " 3 increasing at a...
-
There are 800 consumers in an economy that each have the same utility function given by U(c, l) = 32c^1/2(24l)^2 where c is their consumption and l is the number of hours they spend for leisure. A...
-
Conday and Co. Ltd has been in operation for three years and produces antique reproduction furniture for the export market. The most recent set of financial statements for the business is set out as...
-
Imagine you are the HR manager at a company, and a female employee came to you upset because she felt a male coworker was creating a hostile work environment by repeatedly asking her out on dates...
-
What are the four quantum numbers of the highest energy electron in the ground state of a carbon atom? (You will have to make some arbitrary choices.)
-
You run into Greg Norman at a party and begin discussing financial statements. Greg says, I prefer the single-step income statement because the multiple-step format generally overstates income. How...
-
Santo Corporation has eight expense accounts in its general ledger which could be classified as selling expenses. Should Santo report these eight expenses separately in its income statement or simply...
-
Santo Corporation has eight expense accounts in its general ledger which could be classified as selling expenses. Should Santo report these eight expenses separately in its income statement or simply...
-
Design a power transmission system to connect a DC motor to its load. The motor is given in the motor catalogue as a BM1400 motor. You must create a transmission which will connect to this motor and...
-
SDJ, Incorporated, has net working capital of $3,320, current liabilities of $4,550, and inventory of $4,600. a. What is the current ratio? b. What is the quick ratio?
-
Calculate the final selling price to the nearest cent and markdown percent to the nearest hundredth percent: Original selling price $4,900 First markdown 20% Second markdown 10% Markup 12% Final...
Study smarter with the SolutionInn App