Brooks Co. purchases various investments in trading securities at a cost of $63,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $82,000.
Prepare the December 31, 2013, year-end adjusting entry for the trading securities' portfolio.
Prepare the January 3, 2014, entry when Brooks sells a portion of its trading securities (that had originally cost $33,000) for $35,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Brooks Co. purchases various investments in trading securities at a cost of $63,000 on December 27, 2017. (This is its first and only ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
You take $200 you had kept under your mattress and deposit it in your bank account. suppose this $200 stays in the banking system as reserves and banks hold reserves equal to 20 percent of deposits
Answers (1)
Save After determining that someone has had too much to drink, there are eight steps you should take to cut someone off. What is the first step?
Answers (1)
True or False: If you are under the age of 18, your license can be suspended for six months to one year for the first offense.
Answers (1)
What role do pawnshops playy in American economy
Answers (1)
Jermaine lives in a world where the nominal interest rate is 3% and the inflation rate is 1%. today, jermaine has $200, with which he could purchase 80 zaps.
Answers (1)
New Questions in Business
Jerry's job includes many credit activities. He is responsible for collecting and processing loan payments, answering questions from potential applicants, taking loan applications, determining credit evaluation criteria, and developing marketing
Answers (1)
Consider a second hand car market where three types of cars are being sold: High quality (H), medium quality (M) and low quality (L).
Answers (1)
Select the correct answer. Dorothy has been operating a small florist shop in a particular location for years. Recently, a new florist started a business two blocks away from Dorothy's shop.
Answers (1)
Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for their customers. How will this business transaction affect the accounting equation
Answers (1)
The rocky mountains are more jagged than the appalachian mountains this suggests that
Answers (1)