Sheridan Corporation made the following cash purchases of securities during 2020, which is the first year in which Sheridan invested in securities. 1. On January 15, purchased 9,800 shares of Sanchez Company’s common stock at $33.50 per share plus commission $1,944. 2. On April 1, purchased 4,900 shares of Vicario Co.’s common stock at $52 per share plus commission $3,299. 3. On September 10, purchased 6,860 shares of WTA Co.’s preferred stock at $26.50 per share plus commission $4,810. On May 20, 2020, Sheridan sold 3,724 shares of Sanchez Company’s common stock at a market price of $35 per share less brokerage commissions, taxes, and fees of $3,773. The year-end fair values per share were Sanchez $30, Vicario $55, and WTA $28. In addition, the chief accountant of Sheridan told you that the corporation plans to hold these securities for the long-term but may sell them in order to earn profits from appreciation in prices. The equity method of accounting is not appropriate for these stock purchases. Prepare the journal entries to record the above three security purchases. (
Answers: 2
Other questions on the subject: Business
Business, 22.06.2019 14:50, demarcuswiseman
Prepare beneish corporation's income statement and statement of stockholders' equity for year-end december 31, and its balance sheet as of december 31. there were no stock issuances or repurchases during the year. (do not use negative signs with your answers unless otherwise noted.)
Answers: 2
Business, 23.06.2019 02:20, J3ak06
Kubin company’s relevant range of production is 18,000 to 22,000 units. when it produces and sells 20,000 units, its average costs per unit are as follows: average cost per unit direct materials $ 7.00 direct labor $ 4.00 variable manufacturing overhead $ 1.50 fixed manufacturing overhead $ 5.00 fixed selling expense $ 3.50 fixed administrative expense $ 2.50 sales commissions $ 1.00 variable administrative expense $ 0.50 required: 1. for financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units? 2. for financial accounting purposes, what is the total amount of period costs incurred to sell 20,000 units? 3. for financial accounting purposes, what is the total amount of product costs incurred to make 22,000 units? 4. for financial accounting purposes, what is the total amount of period costs incurred to sell 18,000 units?
Answers: 1
Business, 23.06.2019 04:40, maguilarz2005
2. a computer equipment was acquired at the beginning of the year at a cost of $56,000 with an estimated residual value of $5,000, and an estimated useful life of five years. determine the second year’s depreciation expense using the straight-line method.
Answers: 3
Do you know the correct answer?
Sheridan Corporation made the following cash purchases of securities during 2020, which is the first...
Questions in other subjects:
Mathematics, 13.10.2019 20:10
Mathematics, 13.10.2019 20:10
Chemistry, 13.10.2019 20:10
Chemistry, 13.10.2019 20:10
English, 13.10.2019 20:10
