FREE Trial

On August 1, Jewel Company buys 1,000 shares of ABC common stock for $35,000 cash plus brokerage fees of $600. On December 1, the stock investments are sold for $38,000 in cash. Journalize the purchase and sale of the common

On August 1, Jewel Company buys 1,000 shares of ABC common stock for $35,000 cash plus brokerage fees of $600. On December 1, the stock investments are sold for $38,000 in cash. Journalize the purchase and sale of the common stock.


Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!
  • Tutor Answer

Aug 1 Stock Investments 356…View the full answer


answer-question
Related Book For  answer-question
Financial Accounting Tools for business decision making

Financial Accounting Tools for business decision making

ISBN: 978-0470534779

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

See More Books
Question Details
Chapter # 15- Reporting and Analyzing Investments
Section: Brief Exercises
Problem: 2
Posted Date: September 22, 2011 11:30:54
See More Questions

Students also viewed these Accounting questions

Q:
George owns 1,000 shares of ABC common stock and 3,000 shares of Brightstar mutual fund. George elects to participate in Brightstar's dividend reinvestment plan, reinvesting his annual dividends and...
A:
11800 George must include in gross income all except the 1000 distributed by A......
Q:
On August 1, Frost Company buys 1,000 shares of ABC common stock for $35,600 cash. On December 1, the stock investments are sold for $38,000 in cash. Journalize the purchase and sale of the common...
A:
Aug 1 Stock Investments 3560......
Q:
Situation 1 Espino Company has the following stock outstanding: Common Stock Preferred Stock 100,000 shares 9,000 shares s0.50 par value s20 par, $2 dividend The amount available for dividends this...
A:
Click to View...
Q:
EarthTones, Inc., was a wholly owned subsidiary of Cutlinger Corporation. Several years ago, EarthTones acquired numerous oil leases and began exploration activities to determine their suitability...
A:
November 16 2015 Mary Ellen Rogers Cutlinger Corporation 1101 Office Strip Lane Suite 3 Hudson OH442......
Q:
For the collar of Problem 2.35, determine (a) The required value of if the resultant of the three forces shown is to be vertical, (b) The corresponding magnitude of the resultant. 30 100 N 200 N 150...
A:
a b R F 100 N cos a 150 N cos a 30 200 N cos a R 100 N cos a 150 N cos a 30 R 100 N s......
Q:
In Problem use geometric formulas to find the area between the graphs of y = f (x) and y = g(x) over the indicated interval. f(x) = 6 + 2x, g(x) = 6 - x; [0, 5]
A:
Solution fx 6 2x gx 6 x 0 5 The area between the grap......
Q:
Create the following informal fallacies: 1. An appeal to force dealing with an automobile collision 2. An appeal to pity about hiring someone for a job 3. An appeal to fear related to immigration 4....
A:
Click to View...
Q:
Otobai?s staff has come up with the following revised estimates for the electric scooter project: Conduct a sensitivity analysis. What are the principal uncertainties in the project? Pessimistic...
A:
Following the calculations in Section 101 of the text we fin......
Q:
Can you think of an example from your own life that you have experienced or witnessed in which operant conditioning was utilized in parenting? What were the reinforcements or punishments involved?...
A:
I dont have personal experiences or observations as I am not a sentient being and cannot have personal life experiences However I can provide you with......
Q:
In two consecutive years, a large corporation bought two failing electroincs stores, store A and store B. The stores kept their original names and customers can purchase products from either website....
A:
Answer The expected shape of the distribution remains the same for all......
Q:
Pegasus Corporation purchased debt investments for $40,800 on January 1, 2012. On July 1, 2012, Pegasus received cash interest of $1,660. Journalize the purchase and the receipt of interest. Assume...
A:
Jan 1 Debt Investm......
Q:
Faye Company owns 25% of Trish Company. For the current year, Trish reports net income of $150,000 and declares and pays a $60,000 cash dividend. Record Fayes equity in Trishs net income and the...
A:
Dec 31 Stock Investments 37500......
Q:
During the month of October, credit sales for a business actually amounted to $963 534. However, an error of $10 000 had been made in totalling the sales column of the sales journal. When and how...
A:
The error would be detected at the end of the month when cros......
Q:
A company manufactures two products: P and Q. The company predicts a sales volume of 25,000 units for product P and ending finished-goods inventory of 5,000 units. These numbers for product Q are...
A:
Calculation of the production requirements for products P and Q Product P Predicted Sales 25000 units Ending Inventory 5000 units Starting Inventory 6......
Q:
Below you have financial information of two similar companies ( the company listed and non-listed on the stock exchange). The company listed on the stock exchange The company non-listed on the stock...
A:
SOLUTION a Estimating the price of shares of the nonlisted company using different valuation multiples VEBITDA VEBITDA multiple Market capitalization EBITDA For the listed company VEBITDA 50 mln z 19......
Q:
Fill in the missing amounts. Sales revenue Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses Net income Pharoah Company $101,000 95,000 57,000 24,700 $...
A:
To fill in the missing amounts for Pharoah Company and Cullumber Company using the given information......
Q:
Sanders, Incorporated, paid a $5 dividend per share last year and is expected to continue to pay out 70% of its earnings as dividends for the foreseeable future. If the firm is expected to generate a...
A:
The DDM formula......
Q:
Polar Company purchased a Truck for the company use. The price was $48,000 plus 7% sales taxes. Company paid $5,000 in cash and signed a 4.75% note that requires 40 equal monthly payment at the end...
A:
a Journal entry on the purchase date of the truck Date Purchase Date Debit Truck Cost 48000 Debit Sa......
Q:
In Problems 1956, solve each system of equations. If the system has no solution, state that it is inconsistent. x - y = 5 -3x + 3y = 2
A:
x y 5 3x3y 2 Solve the first equation fo......
Q:
The outer loop controls the number of students. Note that the inner loop of this program is always executed exactly three times, once for each day of the long weekend. Modify the code so that the...
A:
include include using namespace std int main int students......
Q:
In which of the following cases will the size of the central banks balance sheet change? a. The Federal Reserve conducts an open market purchase of $100 million U.S. Treasury securities. b. A...
A:
The size of the central banks balance sheet will rise in cases a and b On the......
Q:
In which of the following cases will Federal law prohibit a state from imposing a tax on net income? a. The business has a retail outlet store in the state. b. The business has its corporate...
A:
c Orders are taken within th......
Q:
Multiple Choice Questions 1. Alpha Industries is considering acquiring Foxtrot Flooring. Foxtrot is worth $20 million to its current owners under its existing operational methods. Due to some...
A:
1 c Something between 20 and 25 million 2 d Diversification 3 b A soft drink producer buying o......
Q:
On January 1, 2012, Push Company purchased an 80% interest in the capital stock of Way-Down Company for $820,000. At that time, WayDown Company had capital stock of $500,000 and retained earnings of...
A:
Part A Imputed Fair Value 82000008 1025000 Recorded Book Value 100000 500000 600000 Unrecorded Values 425000 Allocated to Identifiable Assets Equipment 125000 Land 62500 Inventory 37500 225000 Goodwil......
Q:
Multiple Choice. Choose the best answer. 1. Under GASB standards, public colleges and universities engaged only in business-type activities present all of the following statements in their...
A:
1 c Statement of revenues expenditures and changes......
Q:
Interested in learning more about its fans, the marketing office of the Arena Football League (AFL) conducted a survey at one of its games. The survey had 989 respondents, 759 males and 230 females....
A:
a Pattend multiple games 196 989 198 b Pmale attend multiple games 177 196 903 c Pmale and a......
Q:
Folks who argue in favor of amnesty for undocumented immigrants are dead wrong. Homeland security is of vital importance. National security is necessary for a healthy economy and the psychological...
A:
Click to View...
Q:
Annabelles Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Annabelles Uniforms reports the following cost data for the past year:...
A:
Req 1 Predetermined manufacturing overhead rate Estimated yearly overhead costs Estimated yearly mac......
Q:
Compress this IPv6 address to its shortest form. 0000:0000:0000:0000:0000:0000:0000:0000 Compress this IPv6 address to its shortest form. 2001:0000:0000:1100:0000:01c4:8900:0012 Compress this IPv6...
A:
Compress this IPv6 address to its shortest form 00000000000000000000000000000000 can be compre......
Q:
Gonzalez Electric Company has outstanding a 10 percent bond issue with a face value of $1,000 per bond and three years to maturity. Interest is payable annually. The bonds are privately held by...
A:
End of Year Payment Discou......
Q:
The cross-price elasticity of demand measures the percentage change in the quantity of a good demanded when the price of a different good changes by 1%. The income elasticity of demand measures the...
A:
a Crossprice elasticity would likely be negative because an increase in the price of shampoo would l......
Q:
List the assumptions of the supply and demand model. Then, for each assumption, give one example of a market in which the assumption is satisfied, and one example of a market in which that assumption...
A:
Assumption 1 We focus on supply and demand in a single market This assumption is satisfied if we loo......
Q:
The post-closing trial balances of two proprietorships on January 1, 2017, are presented below. Yung and Olde decide to form a partnership, Olde Yung Company, with the following agreed upon...
A:
a Jan 1 Cash 14000 Accounts Receivable 17500 Inventory 28000 Equipment 25000 Allowance for Doubtful......
Q:
Willie Gill provides the following draft trial balance and four detailed ledger accounts. Additional information Stock was valued at 3,760 at 30 September 20*8. Required a) Complete the trial balance...
A:
a Complete the trial balance at 30 September 208 Particulars Debit Credit Capital 20000 Equipment at......
Q:
The following are the summarised Balance Sheets of H Ltd. and its subsidiary S Ltd. as at 30th November, 2016: You are to prepare a Consolidated Balance Sheet as at 30.11.2016 showing in detail the...
A:
Consolidated Balance Sheet as at 30th November 2016 Particulars H Ltd S Ltd Consolidated I EQUITY AN......
Q:
I Dodgems balance sheet as at 31 December 20X8 was as follows: An opportunity had arisen for Dodgem to acquire the business of A Swing who is retiring. Dodgem agreed to take over Swings premises,...
A:
a The Purchase of Business Account in I Dodgems Books The purchase of the business of A Swing will i......
Q:
Sage and Onion are trading in partnership, sharing profits and losses and equally. Interest at 5% per annum is allowed or charged on both the capital account and the current account balances at the...
A:
Partnership Profit and Loss Account for the Year Ended 31 December 20X1 Particulars Debit Credit Sal......
Q:
The trial balance for the General Fund of the City of Fairfield as of December 31, 2020, is presented here: Transactions for the year ended December 31, 2021, are summarized as follows: 1. The City...
A:
A General Journal Entries To record the budget adoption Debit Estimated Revenues Control 735000 Credit Appropriations Control 700000 Credit Budgetary......
Q:
An FDA guideline is that the mercury in fish should be below 1 part per million (ppm). Listed below are the amounts of mercury (ppm) found in tuna sushi sampled at different stores in New York City....
A:
The sample appears to have a normal distribution 98 CI x t 2 sn 0719 3143 036......
Q:
An annual report of The Campbell Soup Company reported on its income statement $2.4 million as equity in earnings of affiliates. Journalize the entry that Campbell would have made to record this...
A:
Investment i......
Q:
(a) What is the trend in electronegativity going from left to right in a row of the periodic table? (b) How do electronegativity values generally vary going down a column in the periodic table? (c)...
A:
a The trend in electr one g ativity going from left to right in a row of the periodic table is that......
Q:
Consider your tastes for right and left shoes. A: Suppose you, like most of us, are the kind of person that is rather picky about having the shoes you wear on your right foot be designed for right...
A:
A a Panel a of Graph 51 illustrates the three indifference curves corresponding to the utility you get from 1 pair of shoes 2 pair of shoes and 3 pair of shoes Right and left shoes are perfect complem......
Q:
Suppose that you like to own both left and right shoes, but that a right shoe is of no use to you unless you own a matching left one, and vice versa. Draw your indifference curves between left and...
A:
The indifference curves ar......
Q:
For the standard deductions, there are specified contribution tables to be followed as discussed in the previous modules. More examples: 1. Compute for Tita Pau's monthly, semi-monthly, weekly and...
A:
Click to View...
Q:
Will your answer to the preceding exercise be different if the air is brought to a halt by the sail without bouncing?
A:
If the air is brought to a halt by the sail th......
Q:
Charlie Anderson recently began a new job as the office manager for a prominent medical clinic. He has just received a bill from Med-Count, one of the labs that performs tests for the clinic. In...
A:
Determining if the clinics business practices are unethical depends on the quality of the labs wo......
Q:
Obelisk means an upright, four-sided pillar that terminates in a pyramid; a dagger. Determine whether the following definitions are stipulative, lexical, precising, theoretical, or persuasive.
A:
Click to View...
Q:
Why is organizational diagnosis essential to the success of any change effort?
A:
Organizational diagnosis is the process of assessing the functioning of the organization depa......
Q:
The details of a projectare: Equity raised for the project: 60 lakhs Debt taken: 30 lakh Cost of debt (k d ): 8% Cost of equity(k e ): 18% Calculate the cost of capital for the project.
A:
To calculate the cost of capital for the project we need to consider both the cost of debt kd and th......
Q:
Restful Sleep Mattress Company is planning to expand into selling bedroom furniture. This expansion will require a loan from the bank. The bank has requested financial information. Discuss, in a...
A:
The bank will ask for information to assess the firms financial position Questions such......
Q:
Reverse logistics management is about returning items from the end-user or customer to the manufacturer or seller for maintenance, repair, recycling, or dismantling. Frequently, this is processed...
A:
Four disadvantages of reverse logistics for manufacturers or logistics service providers are 1 Incre......
Q:
Check all that are characteristics of cardiac muscle. Cells are long and cylindrical. Cells are short and branching. Cells have multiple nuclei at the periphery of the cell. Cells have one or two...
A:
The detailed answer for the above question is provided below The correct choic......
Q:
BLEND Inc. manufactures three joint products and allocates joint costs at its relative sales value at split-off point. The following joint product costs were incurred for the current period: Raw...
A:
To calculate the total gross profit or loss for the current period we need to calculate the total re......
Q:
The auditor reviews important financial statement numbers and ratios at both the beginning and the completion of the audit. Compare and contrast the purposes of (1) Preliminary analytical procedures...
A:
1 Preliminary Analytical Procedures Purpose Preliminary analytical procedures are conducted at the beginning of an audit typically during the planning phase The purpose of these procedures is to provi......
Q:
After obtaining an understanding of the client's internal controls, the auditor may choose to test some of the controls. If the results of those tests are satisfactory, the auditor may then rely on...
A:
The primary reason for relying on controls in an audit process is to gain assurance about the reliability of financial information and to reduce the e......
Q:
Consider the given set of average annual household income levels of citizens of selected U.S. metropolitan areas in the file P3_6.XLS. a. Use Excel to obtain a simple random sample of size 15 from...
A:
I used Excel to obtain a simple random sample of size 15 from the file P36XLS The sample is b The po......
Q:
The client and our firm have agreed on an initial estimated audit fee of $21,000 (see the engagement letter). However, the estimated total cost of performing this year's audit is $27,510 (see the fee...
A:
There are several potential reasons why a CPA firm might charge a new client an audit fee that is lower than the estimated firstyear costs of performi......
Q:
Oceanview Marine is currently a private company. How would the engagement letter (workpapers 4-1 and and 4-2) change if Oceanview were a publicly traded company? In what way would this affect your...
A:
When a private company like Oceanview Marine transitions to becoming a publicly traded company going public through an initial public offering or IPO there are several significant changes that would i......
Q:
The Math 122 Midterm Exam is coming up. Suppose the exam scores are normally distributed with a population mean of 71.4% and a standard deviation of 14.5%. Let's first create a simulation to observe...
A:
Po E 1b Kb......
Q:
Q:1 Take any product or service offered in Pakistan and apply all determinents of customer Perceived value ?
A:
Pakistani telecom industry is one of the quickest developing businesses in the nation since the most recent decade As per Pakistan Telecommunication Authority PTA Pakistan has 12096 million telecom cl......
5 Steps To A 5 AP Microeconomics 2019 1st Edition - ISBN: 1260132110 - Free Book