Accounting

Reconsider the Fingroup Fund in the previous problem. If during the year the portfolio manager sells all of the holdings of stock D and replaces it with 200,000 shares of stock E at $50 per share and 200,000 shares of stock F at $25 per share, what is the portfolio turnover rate?

Radical Rex Mining Company declared, on April 20, a dividend of $700,000 payable on June 1. Of this amount, $125,000 is a return of capital. Prepare the April 20 and June 1 entries for Radical Rex.

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Quiddich Company sells bonds that cost $40,000 for $45,000, including $1,000 of accrued interest. In recording the sale, Quiddich books a $5,000 gain. Is this correct? Explain.

Quick Meals completed the following selected transactions:2010Nov 30 Sold goods to Bragg Market, receiving a $32,000, three-month, 4.00% note.Dec 31 Made an adjusting entry to accrue interest on the Bragg Market note.2011Feb 28 Collected the Bragg Market note.Mar 1 Received a 90-day, 8.00%, $7,200 note from Don’s Market on account.1 Sold the Don s Market note to Chelmsford Bank, receiving cash of $7,000. (Debit the difference to financing expense.)Dec 16 Lent $15,400 cash to Stratford Provisions, receiving a 90-day, 9.50% note.Dec 31 Accrued the interest on the Stratford Provisions note.

Requirements

1. Record the transactions in Quick Meals journal. Round all amounts to the nearest dollar. Explanations are not required.

2. Show what Quick Meals will report on its comparative classified balance sheet at December 31, 2011, and December 31, 2010.

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