Prepare a T-Accounts for cash; short term investments
Question # 00105260
Posted By:
Updated on: 09/19/2015 10:21 PM Due on: 10/19/2015
Prepare a T-Accounts for cash; short term investments; dividend revenue; unrealized gain (loss) on
investment, and gain on sale of investment. Show the effects of Norton’s investment transactions. Start with a
cash balance of $98,000; all other accounts start at zero.
Additional Info:
2012
DEC 12 - Purchased 900 of Armor, Inc stocks for $38,700. Norton plans to sell the stock at a profit in the near future.
DEC 21 – Received a cash dividend of $.72 per share on the Armor Inc stock
DEC 31 – Adjusted the investment in Armor Inc stock. Current market value is $50,400. Norton still plans to sell the
stock in early 2013
2013 Jan 16 – Sold the Armor Inc stock for $54,300.
investment, and gain on sale of investment. Show the effects of Norton’s investment transactions. Start with a
cash balance of $98,000; all other accounts start at zero.
Additional Info:
2012
DEC 12 - Purchased 900 of Armor, Inc stocks for $38,700. Norton plans to sell the stock at a profit in the near future.
DEC 21 – Received a cash dividend of $.72 per share on the Armor Inc stock
DEC 31 – Adjusted the investment in Armor Inc stock. Current market value is $50,400. Norton still plans to sell the
stock in early 2013
2013 Jan 16 – Sold the Armor Inc stock for $54,300.
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Rating:
/5
Solution: Prepare a T-Accounts for cash; short term investments