Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Use information given below to answer this problem:

 

Nagen Company had these transactions pertaining to stock investments:

 

Feb. 1 bought 2,000 shares of Cagney Company (10%) for $33,200 cash plus brokerage fees of $800. June 1 Received cash dividends of $2 per share on Cagney stock. Oct. 1 Sold 800 shares of Cagney stock for $16,000 less brokerage fees of $400. Entry to record sale of the stock would comprise:

 

a. debit to Cash for $16,000.

 

b. credit to Gain on Sale of Stock Investments for $800.

 

c. debit to Stock Investments for $13,600.

 

d. credit to Gain on Sale of Stock Investments for $2,000.

 

2. On January 1, Barone Company bought as short-term investment a $1,000, 8% bond for $1,050. Bond pays interest on January 1 and July 1. Bond is sold on October 1 for $1,200 plus accrued interest. Interest has not been accrued since last interest payment date. Determine entry to record cash proceeds at the time the bond is sold?

 

a. 1

 

b. 2

 

c. 3

 

d. 4

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921565

Have any Question? 


Related Questions in Accounting Basics

Key information for the plant city divisionkey information

Key Information For The Plant City Division Key information for the Plant City Division (PCD) of Barkley Industries for 2015 are as follows: Revenues $15,000,000 Operating Income 1,800,000 Total Assets 10,000,000 PCD man ...

Assessment-bullassessment instructionspreparationfor this

Assessment- • Assessment Instructions Preparation For this problem, you will need to select a publicly traded company. Once you have selected a publicly traded company, obtain Form 10-K for the company for the most curre ...

Grana enterprise incgrana enterprise inc gei is a

Grana Enterprise Inc. Grana Enterprise Inc. (GEI) is a manufacturing company with operations in Italy and Serbia. GEI in Italy: In addition to other assets, GEI owns and operates a commercial building in Italy that is ca ...

Individual research papercompany case study assignmentthis

Individual Research Paper Company Case Study Assignment This assignment has a number of learning objectives, sources, and opportunities: 1. You will explore financial performance and investor information available fromva ...

Consumers choices are prey to subtle discrepancies that

Consumers' choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these discrepancies is an important step in improving your decision making. As the readings fo ...

Question 1 the following are the selected entries for

Question 1 The following are the selected entries for Lehman Hospital for December 31, 2015 and 2014. Create Lehman Hospital's Balance Sheet. 2015 2014 Bonds Payable $64,000,000 $65,000,000 Current Assets 21,000,000 18,0 ...

Assignmentexercise 1 treatment of nsf checkthe bank

Assignment Exercise 1 Treatment Of NSF check The bank statement of Stone Supplies included a $300 NSF check that one of Stone's customer had written to pay for services that were provided by Stone. Required a. Show the e ...

1 regarding the ottoman territories during the period

1. Regarding the Ottoman territories during the period immediately following World War I, which of the following statements is false? A. Defying Allied pressure, the Turkish sultan supported Kemal. B. In 1921, Greek forc ...

Hildebrand consumer products incas you know we have

Hildebrand Consumer Products, Inc. As you know, we have recently experienced stagnant growth. In preparation for my upcoming meeting with the Board of Directors, I am asking you to prepare a formal report that will brief ...

Assessment - written report - individual assessment purpose

Assessment - Written Report - individual assessment Purpose: This assessment is designed to reinforce the subject content and develop students' skills and application of knowledge of the subject content to business situa ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen