On February 12, Addison, Inc purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. On August 22, Lucas paid a $0.42 dividend per share. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee. The journal entry for the sale would include a
a. debit to Cash, $111,840
b. credit to Investments, $112,000
c. credit to Loss on Sale, $23,680
d. debit to Cash, $112,000
a
You might also like to view...
Cardinality describes the number of possible occurrences in one table that are associated with a single occurrence in a related table
Indicate whether the statement is true or false
Leaders establish a culture of guest-service excellence and reinforce it by ______.
a. word, deed, and celebration b. providing regular pay adjustments c. doing role plays of stories, heroes, and legends for employees d. showing employees that the CEO job is fun, fair, and interesting, too
In preparing a statement of cash flows, the reconciliation of net income to cash from operating activities does NOT include
a. loss on sale of operational assets. b. bond discount or premium amortization for the period. c. gain on sale of debt and equity securities classified as Trading Securities. d. adjustment to record debt or equity securities classified as Securities Available for Sale at fair value.
Under the common law an offeror may revoke an offer:
A) At any time. B) After the offeree has rejected the offer. C) After the offeree has accepted the offer. D) Prior to the acceptance of the offer.