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

Assessment one - business research report proposal initial

Assessment One - Business Research Report Proposal: Initial Research Proposal The initial research proposal will consist of the following SIX (6) items: 1. Identify a business research topic 2. Define the research questi ...

1 many firms are relying on cloud computing also known as

1. Many firms are relying on cloud computing, also known as "the cloud," to perform key business functions. By moving transactional processing to the cloud, firms are exposing themselves to additional attacks as well as ...

Careers in accountingaccounting is the study of how

Careers in Accounting Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities in addition to preparing financial statements and recording busi ...

Company annual report study -choose any company and make a

COMPANY ANNUAL REPORT STUDY - Choose any company and make a report: Introduction (about 100 words) Conceptual framework (300 words) Ethics (not more than 150 words) Corporate governance (not more than 150 words) Legitima ...

To understand the accounting equation and its

To understand the accounting equation and its elements QUESTION Mr. "A" starts a new business. Before to start the business operation, he has purchased vehicle Rs. 1,500,000, office premises Rs. 3,000,000, stock of goods ...

Del gato clinic deposits all cash receipts on the day when

Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2015, its Cash account shows a(n) $14,287 debit balance. Del Gato ...

Question 1a firms legal capital is defined as the par value

Question 1 A firm's legal capital is defined as the par value of its common stock. The following table represents a scaled version of the equity account of FIRM XYZ: Common stock at par R 136586 Paid-in capital in excess ...

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 ...

Assignment descriptiona manufacturing company is thinking

Assignment Description A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including ...

Consider that a company has excess cash flow google is a

Consider that a company has excess cash flow. Google is a good one to look at. Google invests in short term securities to earn something on the cash. What is another way the cash could be used to create wealth for the in ...

  • 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