On March 5, Spartan sold stock in another company for $12,300. Spartan bought the stock on February

Question:

On March 5, Spartan sold stock in another company for $12,300. Spartan bought the stock on February 14 for $10,100. Prepare the journal entry on Spartan’s books on March 5.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting The Impact on Decision Makers

ISBN: 978-1285182964

9th edition

Authors: Gary A. Porter, Curtis L. Norton

See More Books

Question Posted: Aug 27, 2018 12:13 PM

See More Questions

Do the following events result in a recordable transaction for The Toro Company ? Answer yes or no for each. ____1. Toro purchased robotic manufacturing equipment that it paid for by signing a note...
Identifying Events as Accounting Transactions For each of the following events, which ones result in an exchange transaction for Dittman Company (Y for yes and N for no)? _____ (1) Dittman Company...
Use the following legend to indicate how each transaction would be reported on the statement of cash flows. (Assume that the stocks and bonds of other companies are classified as long-term...
Mr. Mo carries on business as a sole proprietor. The fiscal year end of the business is December 31. During 2020, its first year of operation, net business loss amounts to $72,000. In addition, the...
Explain the following terms: Face Value , Coupon, Coupon rate , Maturity , Yield to maturity , Interest rate risk , Inflation risk , Indenture , Security , Call provision ,Sinking fund , Protective...
Refer to Problem 12-33. As a result of the actions taken, quality has significantly improved in 2017 while rework and unit costs of the Orlicon have decreased. Scott has reduced manufacturing...
Medrano Ltd is a furniture manufacturer. The company is looking at three alternative specialised machines to replace its existing production line. Data for each of the machines are as follows. The...
Gamine, Ronald, and Fenny have equity in a partnership of $80,000, $80,000, and $120,000, respectively, and they share income and losses in a ratio of 1:1:3. The partners have agreed to admit Amit to...
What are some strategies to make use of Opportunities to minimize the Weaknesses of the company Revlon? What are some strategies to minimize the potential dangers lying in sectors where Weaknesses...
Which 3 statements are correct regarding reconciling a bank account in QuickBooks Online? To begin the reconcile process, you need to enter the statement ending date and ending balance from the...
The financial statements included in the 2011 Form 10-K of Columbia Sportswear reported the following amounts (in thousands of dollars): Net sales, for the year ended December 31, 2011...
Vermont Corp. enters into the following transactions during 2014: July 1: Paid $10,000 to acquire on the open market $10,000 face value of Maine bonds. The bonds have a stated annual interest rate of...
Draw energy level diagrams to show the ground state electronic configurations of only the valence electrons in an atom of (a) F, (b) Al (c) Mg.
Clearly explain why bias occurs in a simultaneous system. What does your response have to do with the error terms?
Discuss the differences between the Koyck and Almon lag procedures. Which do you feel is more applicable to real-world data? Why? What are the advantages and disadvantages of each?
How do the coefficients of OLS models and those obtained from 2SLS models differ? What does this say about the bias that exists in the estimations?
Your roommate likes really, really cold beer. How cold can you set the freezer temperature to have the beer be as cold as possible without its freezing and causing a big mess? Assume beer is 4 mass%...
Discuss and describe the Almon polynomial lag. Discuss in detail how it differs from the Koyck lag.
Pelzer Printing Inc. has bonds outstanding with 9 years left to maturity. The bonds have a 9% annual coupon rate and were issued 1 year ago at their par value of $1,000. However, due to changes in...
In July 2013, cnet.com listed the battery life (in hours) and luminous intensity (i. e., screen brightness, in cd/m2) for a sample of tablet computers. We want to know if screen brightness is...
The following items, in alphabetical order, are available from the records of Walker Corporation as of December 31, 2010 and 2009: Required 1. Calculate the following as of December 31, 2010, and...
The balance sheet of Stevenson Inc. includes the following items: Required 1. Determine the current ratio and working capital. 2. Beyond the information provided in your answers to (1), what does the...
The balance sheet of Stevenson Inc. includes the following items: Required 1. Determine the current ratio and working capital. 2. Beyond the information provided in your answers to (1), what does the...
Draw the shear diagram for the beam. Set P = 600 lb, a = 5 ft, b = 7 ft. Draw the moment diagram for the beam.
Ahmed, Bassem and Jamal are partners in Tadamon Company who share profits and losses at a ratio of 2 : 2 : 4 respectively. On 1 / 1 / 2 0 2 2 , it was decided to liquidate the company, and the...
Draw the shear diagram for the beam. Follow the sign convention. Draw the moment diagram for the beam. Follow the sign convention.

On March 5, Spartan sold stock in another company for $12,300. Spartan bought the stock on February

Question:

Step by Step Answer:

Journal Mar 5 Cash Entry Analysis ASSETS Cash 12300 Investm...View the full answer

Financial Accounting The Impact on Decision Makers

Students also viewed these Business questions