2293 Chapter 6 Assign Solution 292[1]

# 2293 Chapter 6 Assign Solution 292[1] - Realized gain...

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2293 Chapter 6 Assign Solution 292 6-27 a) 2008 May 15 Temporary Investments (A) 70,000 Cash (A) 70,000 May 19 Temporary Investments (A) 45,000 Cash (A) 45,000 June 30 Temporary Investments (A) 1,000 Unrealized gain (SE) 1,000 (\$68,000 + \$48,000) – (\$70,000 + \$45,000) = \$1,000 2008 Aug. 11 Temporary Investments (A) 35,000 Cash (A) 35,000 Nov. 27 Cash (A) 52,000 Temporary Investments (A) 48,000 Realized gain on sale of temporary investments (SE) 4,000 Dec. 31 Temporary Investments (A) 7,000 Unrealized gain (SE) 7,000 (\$72,000 + \$38,000) – (\$68,000 + \$35,000) = \$7,000 b) On the Income Statement: 2008 June 30 Dec. 31

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Unformatted text preview: Realized gain (loss) on sale of temporary investments 7,000 Unrealized gain (loss) from change in market value of temporary investments 1,000 4,000 On the Balance Sheet: June 30 Dec. 31 Temporary investments (at fair market values) 116,000 110,000 6-35 a) and b) Accounts Receivable Allowance for Doubtful Accounts 900,000 4,900,000 70,000 55,000 5,800,000 70,000 6,000 6,000 6,000 A)1,730,000 B) 9,000 89000 80000 c) Bad Debt Expense 80,000 + 9,000 = 89,000 Journal Entries: A/R 5800,000 Sales 5800000 Cash 4900000 A/R 4900000 Allowance 70000 A/R 70000 A/R 6000 Allowance 6000 Cash 6000 A/R 6000 Bad Debt Exp 89000 Allowance 89000...
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## This note was uploaded on 09/25/2010 for the course FMGT FMGT 2293 taught by Professor Hamere. during the Summer '09 term at Langara.

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2293 Chapter 6 Assign Solution 292[1] - Realized gain...

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