HUM 130 Week 2 DQ 2

Topics: Stock, Stock market, Bond Pages: 2 (685 words) Published: October 27, 2014

In this paperwork of HUM 130 Week 2 DQ 2 you will find the next information: Deadline: ( ), General Questions - General General Questions Exercise 15-6 Accounting for trading securities L.O. P1 Forex Co. purchases various investments in trading securities at a cost of $59,000 on December 27, 2011. (This is its first and only purchase of such securities.) At December 31, 2011, these securities had a fair value of $70,000. 1. Prepare the December 31, 2011, year-end adjusting entry for the trading securities' portfolio. (Omit the "$" sign in your response.) DateGeneral JournalDebitCredit Dec. 31, 2011 2. Prepare the January 3, 2012, entry when Forex sells a portion of its trading securities (that had originally cost $29,500) for $32,250. (Omit the "$" sign in your response.) DateGeneral JournalDebitCredit Jan. 3, 2012 Exercise 15-7 Adjusting available-for-sale securities to fair value L.O. P3 On December 31, 2011, Rollo Company held the following short-term investments in its portfolio of available-for-sale securities. Rollo had no short-term investments in its prior accounting periods. CostFair Value Vicks Corporation bonds payable $ 63,100 $ 58,000 Pace Corporation notes payable 57,200 49,400 Lake Lugano Company common stock 88,100 84,600 Prepare the December 31, 2011, adjusting entry to report these investments at fair value. (Omit the "$" sign in your response.) DateGeneral JournalDebitCredit Dec. 31 Exercise 15-13 Securities transactions; equity method L.O. P4 Listed below are a few events and transactions of Kash Company. 2011 Jan.2 Purchased 80,000 shares of Bushtex Co. common stock for $544,000 cash plus a broker's fee of $4,850 cash. Bushtex has 177,778 shares of common stock outstanding and its policies will be significantly influenced by Kash. Sept.1 Bushtex declared and paid a cash dividend of $2.80 per share. Dec.31 Bushtex announced that net income...

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