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Q1) At December 31, 2007, Western trading Co. owned given investments in capital stock of publicly owned companies (all classified as available-for-sale securities).

Supplies, Inc. (4,000 shares: cost $30 per share; market value, $45):

a. Demonstrate presentation of marketable securities in Western's balance sheet at December 31, 2007.

b. In 2008, Western engaged in given transaction.
Feb. 2 buy 2,000 shares from Supplies, Inc. at same price of $30 per share, plus brokerage commission amount of $300.June 6 Sold 2,500 shares of supplies Inc. stock at price of $50 per share, less a brokerage commission of $250. Sept. 25 Sold 1,000 shares of supplies Inc. stock at price of $25 per share, less brokerage commission of $200.Dec. 31 Investment earns $0.50 per share dividend on its 6,000 shares. Make journal entries for above transactions.

c. At December 31, 2008, market values of remaining stocks were $55 per share. Make "mark-to-market" adjusting entry required at December 31, 2008.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917249

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