Gen Combo Ll Financial Accounting: Information For Decisions; Connect Ac
9th Edition
ISBN: 9781260260779
Author: Wild
Publisher: MCG
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Chapter C, Problem 1PSA
Summary Introduction
Concept Introduction:
To Give:
Necessary Journal entry.
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Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. Apr. 16 Purchased 3,500 shares of Gem Co. stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. 20 Purchased 1,000 shares of Xerox stock at $16 per share. Aug. 15 Received a $1.00 per share cash dividend on the Gem Co. stock. 28 Sold 2,000 shares of Gem Co. stock at $30 per share. Oct. 1 Received a $2.50 per share cash dividend on the PepsiCo shares. Dec. 15 Received a $1.00 per share cash dividend on the remaining Gem Co. shares. 31 Received a $1.50 per share cash dividend on the PepsiCo shares. Required 1. Prepare journal entries to record the preceding transactions and events. 2. Prepare a table to compare the year-end cost and fair values of Rose’s short-term stock investments. The year-end fair values per share are Gem Co., $26; PepsiCo, $46; and Xerox, $13. 3. Prepare an…
Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-
term stock investments with insignificant influence.
April 16 Purchased 3,500 shares of Gem Company stock at $24 per share.
July 7
Purchased 2,000 shares of PepsiCo stock at $49 per share.
Purchased 1,000 shares of Xerox stock at $16 per share.
July 20
August 15 Received a $1.00 per share cash dividend on the Gem Company stock.
August 28 Sold 2,000 shares of Gem Company stock at $30 per share.
share cash dividend on the PepsiCo shares.
October 1 Received a $2.50 per
December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares.
December 31 Received a $1.50 per share cash dividend on the PepsiCo shares.
The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13.
2. Prepare a table to compare the year-end cost and fair values of Rose's short-term stock investments.
Comparison of Cost and Fair Values for Stock…
Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-
term stock investments with insignificant influence.
April 16 Purchased 3,500 shares of Gem Company stock at $24 per share.
July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share.
Purchased 1,000 shares of Xerox stock at $16 per share.
July 20
August 15 Received a $1.00 per share cash dividend on the Gem Company stock.
August 28 Sold 2,000 shares of Gem Company stock at $30 per share.
$2.50 per
share cash
dividend on the PepsiCo shares.
October 1 Received a
December 15 Received a
$1.00 per
share cash
dividend on the remaining Gem Company shares.
dividend on the PepsiCo shares.
December 31 Received a $1.50 per share cash
The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13.
Chapter C Solutions
Gen Combo Ll Financial Accounting: Information For Decisions; Connect Ac
Ch. C - Under what two conditions should investments be...Ch. C - Prob. 2DQCh. C - Prob. 3DQCh. C - Identify the three classes of debt investments and...Ch. C - Prob. 5DQCh. C - Prob. 6DQCh. C - Prob. 7DQCh. C - Prob. 8DQCh. C - Prob. 9DQCh. C - Prob. 10DQ
Ch. C - Prob. 11DQCh. C - Prob. 12DQCh. C - Prob. 13DQCh. C - Prob. 14DQCh. C - Which of the following statements a through g are...Ch. C - Prob. 2QSCh. C - Prob. 3QSCh. C - Prob. 4QSCh. C - Prob. 5QSCh. C - Prob. 6QSCh. C - Journ Co. purchased short-term investments in...Ch. C - Prob. 8QSCh. C - Prob. 9QSCh. C - Prob. 10QSCh. C - Prob. 11QSCh. C - Prob. 12QSCh. C - Complete the following descriptions by filling in...Ch. C - Complete the following descriptions by filling in...Ch. C - Prob. 15QSCh. C - Prob. 17QSCh. C - Complete the following descriptions by filling in...Ch. C - Prob. 2ECh. C - Prob. 4ECh. C - Prob. 5ECh. C - Prob. 6ECh. C - Prob. 7ECh. C - Use the following information of Prescrip Co. to...Ch. C - Prob. 9ECh. C - Prob. 10ECh. C - Prob. 12ECh. C - Complete the following descriptions by filling in...Ch. C - Prob. 14ECh. C - Prob. 1PSACh. C - Prob. 3PSACh. C - Prob. 4PSACh. C - Prob. 5PSACh. C - Prob. 6PSACh. C - Prob. 1PSBCh. C - Prob. 3PSBCh. C - Prob. 4PSBCh. C - Prob. 5PSBCh. C - Prob. 6PSBCh. C - Prob. CSPCh. C - Prob. 1GLPCh. C - Prob. 2GLPCh. C - Prob. 1FSACh. C - Prob. 2FSACh. C - Prob. 3FSACh. C - Prob. 2BTN
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