Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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Education

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

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 07 Aug 2017 My Price 9.00

Strong Company

On 2010 October 17, Strong Company purchased the following common stocks (all trading securities) at the indicated per share prices that included commissions:

600 shares of X Company common stock @ $216

$129,600

1,000 shares of Y Company common stock @ $144

144,000

1,600 shares of Z Company common stock @ $72

115,200
 

$388,800

On 2010 December 31, the market prices per share of the above common stocks were X, USD 223.20; Y, USD 136.80; and Z, USD 54.  Summarized, the cash dividends per share received in 2011 were X, USD 14.40; Y,  USD 7.20; and Z, USD 5.40. On 2011 December 31, the per share market prices were X, USD 252.80; Y, USD 115.20; and Z, USD 72.  All of these changes in market prices are considered temporary.  Prepare journal entries for all of these transactions, including calendar year-end adjusting entries, assuming the shares of common stock acquired are considered trading securities. If the securities acquired are considered available-for-sale securities, how would the entries differ? For both parts a and b, give the descriptions (titles) and the dollar amounts of the items that would appear in the income statements for 2010 and 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Aug 2017 09:08 PM My Price 9.00

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