At December 31. 2012 the investment in Trading securities of Kellogg Company were as follows Security...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At December 31. 2012 the investment in Trading securities of Kellogg Company were as follows Security Costco Preferred stock 5%, $25 par Shares Unit Cost Unit Market Value Dec 31 800 $125 $135 Kmart Common stock $ 10 par 300 25 20 The fiscal year ends December 31, and these securiies were all purchased during the Year 2012 Required Investor Entries: 1) Prepare the journal entry to record the acquisiton of these investments on January 1 (6 pts) 2) Prepare the journal entry to record receipt of Cosco annual preferred cash dividends Oct 31 (6 pts) 3) Prepare any necessay entries at year end December 31 (6 pts) At December 31. 2012 the investment in Trading securities of Kellogg Company were as follows Security Costco Preferred stock 5%, $25 par Shares Unit Cost Unit Market Value Dec 31 800 $125 $135 Kmart Common stock $ 10 par 300 25 20 The fiscal year ends December 31, and these securiies were all purchased during the Year 2012 Required Investor Entries: 1) Prepare the journal entry to record the acquisiton of these investments on January 1 (6 pts) 2) Prepare the journal entry to record receipt of Cosco annual preferred cash dividends Oct 31 (6 pts) 3) Prepare any necessay entries at year end December 31 (6 pts)
Expert Answer:
Answer rating: 100% (QA)
Solution Answer to Requirement 1 Date Jan1 Investment in Costco 800 x 125 Investme... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
C. The breaking strength of 80 "test pieces" of a certain alloy is given in the following table, the unit being given to the nearest thousand grams per square inch. Breaking strength 44-46 46-48...
-
Create a 3-panel informational brochure on threats to government computer systems and the potentials effects of these threats. To create your brochure, you can use brochure builder or another program...
-
1. Assume that you are Weiss. How many viable alternatives do you have to consider regarding the initial shipment of 25 buses? 2. Which of the routing alternatives would you recommend to meet the...
-
Cost-benefit analysis is an approach that is widely used in decision-making as it provides a threshold for evaluating the costs and benefits for alternative options. Cost-benefit analysis allows...
-
What is a System Element?
-
This problem continues the Daniels Consulting situation from Problem P2-41 of Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Problem P2-41....
-
Assume you are the owner of a small CPA practice in a major metropolitan area. You have six professional employees, of which 2 are relatively new CPAs (recent graduates from UMUC), and an experienced...
-
Red's Furniture Manufacturing produces a line of tables and chairs from specialty hardwoods. It makes three different styles of chairs, and each chair takes about the same amount of direct labour...
-
Write a full blockchain structure and functions using any java script language, define the blockchain as a decentralized system.
-
Taking into consideration changing technologies, why might the competitive process not lead to the most efficient outcome?
-
There is an implicit view in the chapter that if a policy meets the libertarian paternalistic goal, it is a good policy. Is that necessarily the case? (Radical)
-
True or false? Monopolies are bad; patents give firms monopoly; therefore, patents are bad. Why?
-
Behavioral economics seems to suggest that the long- term self rather than the short-term self is rational. How do we know that? (Austrian)
-
True or false? Platform monopolies should be broken up to improve competition. Why?
-
2. Consider the graph in Figure 3.21, in which each edge b and c- is labeled as a strong tie (S) or a weak tie (W). S According to the theory of strong and weak ties, with the strong triadic closure...
-
Comptech Ltd is a manufacturer of optical equipment. In September 2019, Ed Thompson the Chief Research Officer, attended a conference in Switzerland that focused on optical developments for the 21st...
-
As of December 31, 2013, Zip Express Company had total assets of $80,000, total liabilities of $20,000, and common stock of $25,000. Required a. Determine the amount of retained earnings as of...
-
The following transactions pertain to the operations of Blair Company for 2013: 1. Acquired $30,000 cash from the issue of common stock. 2. Performed services for $12,000 cash. 3. Paid a $7,200 cash...
-
The following accounts, balances, and other financial information are drawn from the records of Vong Company for the year 2013: The Cash account revealed the following cash flows: Received cash from...
-
The \(T d S\) equation \(T d S=C_{P} d T-T\left(\frac{\partial V}{\partial T} ight)_{P} d P\) is valid where entropy is a function of (a) \(T\) and \(P\) (b) \(P\) and \(V\) (c) \(T\) and \(V\) (d)...
-
The inversion temperature of hydrogen is (a) \(315 \mathrm{~K}\) (b) \(202 \mathrm{~K}\) (c) \(275 \mathrm{~K}\) (d) \(345 \mathrm{~K}\).
-
The inversion temperature of helium is (a) \(460 \mathrm{~K}\) (b) \(40 \mathrm{~K}\) (c) \(620 \mathrm{~K}\) (d) \(823 \mathrm{~K}\).
Study smarter with the SolutionInn App