Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day Ago
Questions Answered: 66690
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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 07 Aug 2017 My Price 6.00

Paris Company

Paris Company acquired on 2010 July 15, 400 shares of Rome Company USD 720 par value capital stock at USD 698.40 per share plus a broker"s commission of USD 1,728. On 2010 August 1, Paris Company received a cash dividend of USD 8.64 per share. On 2010 November 3, it sold 200 of these shares at USD 756 per share less a broker"s commission of USD 1,152. On 2010 December 1, Rome Company issued shares comprising a 100 percent stock dividend declared on its capital stock on November 18. On 2010 December 31, the end of Paris Company"s calendar-year accounting period, the market quotation for Rome Company"s common stock was USD 331.20 per share. The decline was considered to be temporary.

 

a. Prepare journal entries to record all of these data assuming the securities are considered temporary investments classified as trading securities. Where should the accounts in the last entry appear in the financial statements?

b. Assume Rome Company has become a major customer so the shares are held for long-term affiliation purposes. Indicate how the investment should be shown in the balance sheet

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Aug 2017 09:08 PM My Price 6.00

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