Zeus Investments Inc. is a regional freight company that began operations on January 1, 20Y8. The following transactions relate to trading securities acquired by Zeus Inc., which has a fiscal year ending on December 31: 20Y8 Feb. 14. Purchased 3,400 shares of Apollo Inc. common stock at $44 per share plus a brokerage commission of $680. Apollo Inc. has 180,280 shares of common stock outstanding. Apr. 1. Purchased securities of Ares Inc. as a trading investment for $29,120. June 1. Sold 800 shares of Apollo Inc. for $45 per share less a $100 brokerage commission. June 27. Received an annual dividend of $0.14 per share on 2,600 shares of Apollo Inc. stock. Oct. 15. Sold the remaining shares of Apollo Inc. for $43 per share less a $28 brokerage commission. Dec. 31. The trading securities of Ares Inc. have a fair value on December 31 of $33,120. 20Y9 Mar. 14. Purchased securities of Athena Inc. as a trading investment for $76,725. July 30. Sold securities of Athena Inc. that cost $15,345 for $13,410. Dec. 31. The fair values of the Ares Inc. and Athena Inc. securities are as follows: Issuing Company Cost Fair Value Ares Inc. $29,120 $30,400 Athena Inc. 114,920 124,800
Zeus Investments Inc. is a regional freight company that began operations on January 1, 20Y8. The following transactions relate to trading securities acquired by Zeus Inc., which has a fiscal year ending on December 31: 20Y8 Feb. 14. Purchased 3,400 shares of Apollo Inc. common stock at $44 per share plus a brokerage commission of $680. Apollo Inc. has 180,280 shares of common stock outstanding. Apr. 1. Purchased securities of Ares Inc. as a trading investment for $29,120. June 1. Sold 800 shares of Apollo Inc. for $45 per share less a $100 brokerage commission. June 27. Received an annual dividend of $0.14 per share on 2,600 shares of Apollo Inc. stock. Oct. 15. Sold the remaining shares of Apollo Inc. for $43 per share less a $28 brokerage commission. Dec. 31. The trading securities of Ares Inc. have a fair value on December 31 of $33,120. 20Y9 Mar. 14. Purchased securities of Athena Inc. as a trading investment for $76,725. July 30. Sold securities of Athena Inc. that cost $15,345 for $13,410. Dec. 31. The fair values of the Ares Inc. and Athena Inc. securities are as follows: Issuing Company Cost Fair Value Ares Inc. $29,120 $30,400 Athena Inc. 114,920 124,800
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
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Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...
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Zeus Investments Inc. is a regional freight company that began operations on January 1, 20Y8. The following transactions relate to trading securities acquired by Zeus Inc., which has a fiscal year ending on December 31:
20Y8 | ||
Feb. | 14. | Purchased 3,400 shares of Apollo Inc. common stock at $44 per share plus a brokerage commission of $680. Apollo Inc. has 180,280 shares of common stock outstanding. |
Apr. | 1. | Purchased securities of Ares Inc. as a trading investment for $29,120. |
June | 1. | Sold 800 shares of Apollo Inc. for $45 per share less a $100 brokerage commission. |
June | 27. | Received an annual dividend of $0.14 per share on 2,600 shares of Apollo Inc. stock. |
Oct. | 15. | Sold the remaining shares of Apollo Inc. for $43 per share less a $28 brokerage commission. |
Dec. | 31. | The trading securities of Ares Inc. have a fair value on December 31 of $33,120. |
20Y9 | ||
Mar. | 14. | Purchased securities of Athena Inc. as a trading investment for $76,725. |
July | 30. | Sold securities of Athena Inc. that cost $15,345 for $13,410. |
Dec. | 31. | The fair values of the Ares Inc. and Athena Inc. securities are as follows: |
Issuing Company | Cost | Fair Value |
Ares Inc. | $29,120 | $30,400 |
Athena Inc. | 114,920 | 124,800 |
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