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

Writing assignment cash and receivablesassignment

Writing Assignment: Cash and Receivables Assignment Goals: - Obtain research experience in the Accounting Standards Codification - Obtain experience using SEC filings and the SEC website - Practice writing concise accoun ...

In january 2013 mitzu co pays 2650000 for a tract of land

In January 2013, Mitzu Co. pays $2,650,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $823,50 ...

Abc stock has a share price of 150 today all rates of

ABC stock has a share price of $150 today. All rates of interest are 3% per annum on a continuously compounded basis. A one-year European call option on one share of stock struck at $147 is worth $15. Finally, ABC is sch ...

Assignmentas the accounting period comes to an end you will

Assignment As the accounting period comes to an end, you will prepare the adjusting and closing entries, as well as prepare the financial statements for Marabelle's Craft 'n Shop. Please use this template to complete you ...

Assignment - you are an investment analystas the cfo of

Assignment - You Are an Investment Analyst As the CFO of your corporation, you are in charge of preparing and analyzing financial statements that will be presented to potential investors and creditors. However, before yo ...

The balance sheet provides a snapshot of the financial

The Balance Sheet provides a snapshot of the financial condition of a company at the end of an accounting period. It shows the assets, liabilities, and owner's equity in the business. 1. Identify each of the following as ...

Question 1based upon the narrative describing the case what

Question 1: Based upon the narrative describing the case, what cultural element (per Ferraro) was most likely a major contributing factor to the accident? Question 2: If you were brought to the investigation, what recomm ...

Accounting paper1each person will write a 3 page paper

Accounting Paper 1. Each person will write a 3 page paper, single spaced, one inch margins, 12 pt font with double space between paragraphs. 2. You will also be required to include the Income Statement, Balance Sheet and ...

Develop a powerpoint presentation that answers the

Develop a PowerPoint presentation that answers the following questions: Prepare a financial analysis of Warehouse Distribution, Inc.(I will upload the income statements for Warehouse Distribution), comparing the firm's f ...

Auditing and ethical practice and auditing and ethics

Auditing and Ethical Practice and Auditing and Ethics Assessment Task The object of this assignment is to assist students to develop critical analysis skills in relation to auditor independence and issues in accepting au ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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