On March 1, 2009, HiTech Industries purchased 10,000 shares of Integrated Services Company for $17 per share.
Question:
Price
12/31/2009 ... $15
12/31/2010 ... 21
12/31/2011 ... 27
Required:
1. Prepare journal entries to record the facts in the case, assuming that HiTech purchased the shares for the trading portfolio.
2. Prepare journal entries to record the facts in the case, assuming that HiTech purchased the shares for the available-for-sale portfolio.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (10 reviews)
Req 1 March 1 2009 Investment in TS A 170000 Cash A 170000 10000 shares x 17 per share Dec 3...View the full answer
Answered By
Deepak Pal
Hi there! Are you looking for a committed, reliable, and enthusiastic tutor? Well, teaching and learning are more of a second nature to me, having been raised by parents who are both teachers. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students. Areas of interest: Business, accounting, Project management, sociology, technology, computers, English, linguistics, media, philosophy, political science, statistics, data science, Excel, psychology, art, history, health education, gender studies, cultural studies, ethics, religion. I am also decent with math(s) & Programming. If you have a project you think I can take on, please feel welcome to invite me, and I'm going to check it out!
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The following information applies to Bowling Green Metals Corporation for the year ended December 31, 2010: Total revenues from regular operations .............. $832,000 Total expenses from regular...
-
The following information applies to questions 1 thru 3. Joe must pay liabilities of 1,000 due 6 months from now and another 1,000 due one year from now. There are two available investments: a...
-
12. Assume that the government has placed a regulation on the emission from diesel that will increase the cost of diesel. Graphically and verbally describe the impacts of this regulation on the...
-
LMN Company's T account for long-term available-for-sale investments at the end of 20x7 is as follows: In addition, LMN Company's income statement shows a loss on the sale of investments of $13,000....
-
Show how a process can have more than one of the Eight Areas of Waste present simultaneously.
-
The velocity components of an incompressible, two-dimensional velocity field are given by the equations \[ \begin{aligned} u & =y^{2}-x(1+x) \\ v & =y(2 x+1) \end{aligned} \] Show that the flow is...
-
Using the data in BE3-5, Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue....
-
Dexter Technology maintains its records using cash-basis accounting. Consider the following: . During the year, the company received cash from customers, $35,000, and paid cash for salaries, $21,000....
-
1. Toronto- based Mercedes- Benz Canada, with a network of 55 dealers, did not know enough about its customers. Dealers provided customer data to the company on an ad hoc basis. Mercedes did not...
-
Starbucks is a rapidly expanding company that provides high-quality coffee products. Assume that as part of its expansion strategy, Starbucks plans to open numerous new stores in Mexico in five...
-
During January 2011, Nash Glass Company purchased the following shares as a long-term investment: Subsequent to acquisition, the following data were available: Required: 1. What accounting method...
-
(a) Verify that a 19.0% decrease in laminar flow through a tube is caused by a 5.00% decrease in radius, assuming that all other factors remain constant, as stated in the text. (b) What increase in...
-
Is any magnetic field produced when (a) a uniformly charged sphere rotates at constant rotational speed about an axis that passes through its fixed center, \((b)\) a charged particle moves...
-
By focusing an ultraviolet laser pulse, you can produce an apparently hovering plasma point in midair. If it takes an electric field magnitude of \(1.0 \times 10^{6} \mathrm{~N} / \mathrm{C}\) to...
-
It takes sunlight about \(8 \mathrm{~min}\) to travel from the Sun to Earth, where it has an average intensity of \(1400 \mathrm{~W} / \mathrm{m}^{2}\). If it takes \(44 \mathrm{~min}\) for light to...
-
A parallel-plate capacitor with circular plates has a steady charging current of \(5.0 \mathrm{~A}\). The wires into and out of the plates attach to the plate centers. If the radius of each plate is...
-
Assume that you have shorted the call option in Problem 2. a. If the stock is trading at $46 in three months, what will you owe? b. If the stock is trading at $32 in three months, what will you owe?...
-
Which of the following statements is true? Select the one correct answer. (a) A super() or this() call must always be provided explicitly as the first statement in the body of a constructor. (b) If...
-
Rowland Textile Inc. manufactures two products: sweatshirts and T-shirts. The manufacturing process involves two activities: cutting and sewing. Expected overhead costs and cost drivers are as...
-
The high-speed transport protocol XTP (Xpress Transfer Protocol) uses a 32-bit checksum function defined as the concatenation of two 16-bit functions: XOR and RXOR, defined in Section 11.4 as two...
-
Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income statement and balance sheet. In each...
-
Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income statement and balance sheet. In each...
-
Indicate which statement you would examine to find each of the following items: income statement (I), balance sheet (B), retained earnings statement (R), or statement of cash flows (C). (a) Revenue...
-
Sandy Bank, Incorporated, makes one model of wooden canoe. Partial information is given below. Required: 1. Complete the following table. 2. Suppose Sandy Bank sells its canoes for $510 each....
-
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: 29 units at $44 Beginning inventory Sale 26 units at $64 First purchase 15...
-
Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $93,000. At that date, the fair value of the noncontrolling interest was $31,000. The book value of Slice's...
Study smarter with the SolutionInn App