Financial Bookkeeping: Excess Cash and Vertical Analysis
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1. During the fourth quarter of 2007, Emily's Pet Shop generated excess cash, which the owner invested in securities, as follows:
Oct 15
- Purchased 3,500 shares of common stock as a trading investment, paying $13.75 per share.
Nov 3
- Received semiannual cash dividend of $0.45 per share on the trading investment.
Nov 22
- Sold the trading investment for $13.55 per share.
Dec 4
- Purchased trading investments in stock for $136,000.
Dec 31
- Adjusted the trading securities to their market value of $130,200.
Directions:
Prepare all journal entries on the books of Emily's Pet Shop. Explanations are not required.
Please see the attached document for question 2.
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Solution Summary
This solution provides guidelines on circumstantial financial accounting and bookkeeping.
Education
- BA, Ain Shams University, Cairo Egypt
- MBA, California State University, Sacramento
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