2.When shares of stock held as an investment are sold, the difference between the proceeds and the carrying amount of the investment is recorded as a(n)
a.prior period adjustment
b.extraordinary gain or loss
c.paid-in capital addition
d.gain or loss
3.Blanton Corporation purchased 17% of the outstanding shares of common stock of Worton Corporation as a long-term investment. Subsequently, Worton Corporation reported net income and declared and paid cash dividends. What journal entry would Blanton Corporation use to record dividends from Worton Corporation?
a.debit Investment in Worton Corporation; credit Cash
b.debit Cash; credit Dividend Revenue
c.debit Investment in Worton Corporation; credit Income of Worton Corporation
d.debit Cash; credit Investment in Worton Corporation
4.An investor purchased 500 shares of common stock, $25 par, for $21,750. Subsequently, 100 shares were sold for $47.50 per share. What is the amount of gain or loss on the sale?
a.$4,350 gain
b.$400 gain
c.$400 loss
d.$16,800 loss
5.On January 1, 2010, Blanton Company’s Valuation Allowance for Trading Investments account has a debit balance of $22,500. On December 31, 2010, the cost of the trading securities portfolio was $80,000. The fair value was $98,000. Which of the following would Blanton report?
a.an Unrealized Loss on Trading Investments of $4,500.
b.an Unrealized Gain on Trading Investments of $4,500.
c.an Unrealized Gain on Trading Investments of $18,000.
d.an Unrealized Loss on Trading Investments of $18,000.
6.On April 1, 2010, Stanton Company purchased $50,000 of Harris Company’s 12% bonds at 100 plus accrued interest of $2,000. On June 30, 2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold $40,000 of the bonds at 103 plus accrued interest. The journal entry Stanton will record on April 1, 2010, will include:
a.a credit to Interest Payable for $2,000.
b.a debit to Investments - Harris Company for $52,000.
c.a credit for Cash of $50,000.
d.a debit to Investments - Harris Company for $50,000.
Link to Blog: Valuations
I wanted to know if anyone has experience in doing Marketing within the financial industry?? Any advice on a good career path or what I can expect?? Marketing seems like one of the most difficult departments to walk into without some experience.
Link to Blog: Issues surrounding Risk
The Democrats new promise is: “A New Direction For America”
The stock market is at a new all-time high and America’s 401K’s are back.
A new direction from there means, what?
Unemployment is at 25 year lows.
A new direction from there means, what?
Oil prices are plummeting.
A new direction from there means, what?
Taxes are at 20 year lows.
A new direction from there means, what?
Federal tax revenues are at all-time highs.
A new direction from there means, what?
The Federal deficit is down almost 50%, just as predicted over last year.
A new direction from there means. what?
Home valuations are up 200% over the past 3.5 years.
A new direction from there means, what?
.
Inflation is in check, hovering at 20 year lows.
A new direction from there means, what?
Not a single terrorist attack on US soil since 9/11/01.
A new direction from there means, what?
Osama bin Laden is living under a rock in a dark cave, having not surfaced in years, if he’s alive at all, while 95% of Al Queda’s top dogs are either dead or in custody, cooperating with US Intel.
A new direction from there means, what?
Several major terrorist attacks already thwarted by US and British Intel, including the recent planned attack involving 10 Jumbo Jets being exploded in mid-air over major US cities in order to celebrate the anniversary of the 9/11/01 attacks.
A new direction from there means, what?
Just as President Bush foretold us on a number of occasions, Iraq was to be made “ground zero” for the war on terrorism — and just as President Bush said they would, terrorist cells from all over the region are arriving from the shadows of their hiding places and flooding into Iraq in order to get their faces blown off by US Marines rather than boarding planes and heading to the United States to wage war on us here.
A new direction from there means, what?
Now let me see, do I have this right? I can expect:
The economy to go South
Illegals to go North
Taxes to go Up
Employment to go Down
Terrorism to come In
Tax breaks to go Out
Social Security to go Away
Health Care to go the same way gas prices have gone
But what the hell!
I can gain comfort by knowing that Nancy P, Hillary C, John K, Edward K, Howard D, Harry R and Obama have worked hard to create a comprehensive National Security Plan, Health Care Plan, Immigration Reform Plan, *** Rights Plan, Same *** Marriage Plan, Abortion On Demand Plan, Tolerance of Everyone and Everything Plan, How to Return all Troops to the U.S. in The Next Six Months Plan, A Get Tough Plan, adapted from the French Plan by the same name and a How Everyone Can Become as Wealthy as We Are Plan.
I forgot the No More Katrina Storm Plan.
Now I know why I feel good after the elections. I am going to be able to sleep so much better at nights knowing these dedicated politicians are thinking of me and my welfare.
isn’t it funny when you point out these things that some people cannot come to grips with it.
Link to Blog: Valuations
