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This work of CIS 105 Week 1 Discussion Question 2 comprises: Post your response to the following: As you have discovered, there are a variety of computers available, from the smallest computer in a domestic device to the supercomputers used in industry. Despite the different uses of computers, they all have
basics elements in common
Deadline: ( ), General Questions - General General Questions
Exercise 15-6 Accounting for trading securities L.O. P1 Forex Co. purchases various investments in trading securities at a cost of $59,000 on December 27, 2011. (This is its first and only purchase of such securities.) At December 31, 2011, these securities had a fair value of $70,000. 1. Prepare the December 31, 2011, year-end adjusting entry for the trading securities' portfolio. (Omit the "$" sign in your response.) DateGeneral JournalDebitCredit Dec. 31, 2011 2. Prepare the January 3, 2012, entry when Forex sells a portion of its trading securities (that had originally cost $29,500) for $32,250. (Omit the "$" sign in your response.) DateGeneral JournalDebitCredit Jan. 3, 2012 Exercise 15-7 Adjusting available-for-sale securities to fair value L.O. P3 On December 31, 2011, Rollo Company held the following short-term investments in its portfolio of available-for-sale securities. Rollo had no short-term investments in its prior accounting periods. CostFair Value Vicks Corporation bonds payable $ 63,100 $ 58,000 Pace Corporation notes payable 57,200 49,400 Lake Lugano Company common stock 88,100 84,600 Prepare the December 31, 2011, adjusting entry to report these investments at fair value. (Omit the "$" sign in your response.) DateGeneral JournalDebitCredit Dec. 31 Exercise 15-13 Securities transactions; equity method L.O. P4 Listed below are a few events and transactions of Kash Company. 2011 Jan.2 Purchased 80,000 shares of Bushtex Co. common stock for $544,000 cash plus a broker's fee of $4,850 cash. Bushtex has 177,778 shares of common stock outstanding and its policies will be significantly influenced by Kash. Sept.1 Bushtex declared and paid a cash dividend of $2.80 per share. Dec.31 Bushtex announced that net income for the year is $1,233,779. 2012 June1 Bushtex declared and paid a cash dividend of $3.05 per share. Dec.31 Bushtex announced that net income for the year is $1,383,113. Dec.31 Kash sold 16,000 shares of Bushtex for $361,382 cash. Prepare journal entries to record the above transactions and events of Kash Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) DateGeneral JournalDebit Credit Jan. 2, 2011 Sept. 1, 2011 Dec. 31, 2011 June 1, 2012 Dec. 31, 2012 Dec. 31, 2012 Problem 15-1A Recording transactions and fair value adjustments for trading securities L.O. P1 [The following information applies to the questions displayed below.] 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 $27 per share plus a $130 commission. Feb.9 Purchased 2,700 shares of Lucent at $30 per share plus a $195 commission. Oct.12 Purchased 800 shares of Z-Seven at $8.10 per share plus a $100 commission. 2012 Apr.15 Sold 900 shares of Ford Motor Co. at $30 per share less a $290 commission. July5 Sold 800 shares of Z-Seven at $10.50 per share less a $95 commission. July22 Purchased 1,800 shares of Hunt Corp. at $30 per share plus a $230 commission. Aug.19 Purchased 1,900 shares of Donna Karan at $12 per share plus a $105 commission. 2013 Feb.27 Purchased 3,900 shares of HCA at $35 per share plus a $430 commission. Mar.3 Sold 1,800 shares of Hunt at $25 per share less a $125 commission. June21 Sold 2,700 shares of Lucent at $27.75 per share less a $37 commission. June30 Purchased 1,300 shares of Black Decker at $47.50 per share plus a $590 commission. Nov.1 Sold 1,900 shares of Donna Karan at $23.00 per share less a $124 commission. rev: 12_07_2011 references 1.value: 3.00 points Problem 15-1A Part 1 1. Prepare journal entries to record these short-term investment activities for the years shown. (Ignore any year-end adjusting entries.) (Input all amounts as positive values. Omit the "$" sign in your response.) DateGeneral JournalDebitCredit Jan. 20, 2011 Feb. 9, 2011 Oct. 12, 2011 Apr. 15, 2012 July 5, 2012 July 22, 2012 Aug. 19, 2012 Feb. 27, 2013 Mar. 3, 2013 June 21, 2013 June 30, 2013 Nov. 1, 2013 rev: 12_07_2011 eBook Linkreferences 2.value: 3.00 points Problem 15-1A Part 2 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 $37 and Black Decker’s share price is $43.5. (Assume the Fair Value Adjustmentâ€"Trading account had an unadjusted balance of zero.) (Omit the "$" sign in your response.) DateGeneral JournalDebitCredit Dec. 31, 2013Â
Be sure to eat a healthy breakfast on test days. Something small like fruit or yogurt can suffice. If you're hungry, you won't be able to think straight. Your low energy can substantially influence your performance. Eat breakfast to stay focused and energized....
