Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 15.00

Ryder Company

Ryder Company, which began operations in 2011, invests its idle cash in trading securities. The following transactions are from its short-term investments in its trading securities.

2011

Jan. 20 Purchased 900 shares of Ford Motor Co. at $36 per share plus a $125 commission.

Feb. 9 Purchased 4,400 shares of Lucent at $10 per share plus a $200 commission.

Oct. 12 Purchased 500 shares of Z-Seven at $8 per share plus a $100 commission.

2012

Apr. 15 Sold 900 shares of Ford Motor Co. at $39 per share less a $185 commission.

July 5 Sold 500 shares of Z-Seven at $10.25 per share less a $100 commission.

July 22 Purchased 800 shares of Hunt Corp. at $30 per share plus a $225 commission.

Aug. 19 Purchased 1,000 shares of Donna Karan at $12 per share plus a $100 commission.

2013

Feb. 27 Purchased 3,400 shares of HCA at $22 per share plus a $220 commission.

Mar. 3 Sold 800 shares of Hunt at $25 per share less a $125 commission.

June 21 Sold 4,400 shares of Lucent at $8 per share less a $180 commission.

June 30 Purchased 1,000 shares of Black & Decker at $47.50 per share plus a $195 commission.

Nov. 1 Sold 1,000 shares of Donna Karan at $22 per share less a $208 commission.

Required

1. Prepare journal entries to record these short-term investment activities for the years shown. (Ignore any year-end adjusting entries.)

2. On December 31, 2013, prepare the adjusting entry to record any necessary fair value adjustment for the portfolio of trading securities when HCA’s share price is $24 and Black & Decker’s share price is $43.50. (Assume the Fair Value Adjustment—Trading account had an unadjusted balance of zero.)

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 10:07 PM My Price 15.00

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