By Walther L.M., Skousen C.J.

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Still Webster decided to hang on for more. At the end of April, another entry is needed if financial statements are again being prepared: 4-30-X6 *** Trading Securities 15,000 Unrealized Gain on Investments 15,000 To record a $3 per share increase in the value of 5,000 shares of Merriam stock Notice that the three journal entries now have the trading securities valued at $60,000 ($50,000 - $5,000 + $15,000). This is equal to their market value ($12 X 5,000 = $60,000). The income statement for March includes a loss of $5,000, but April shows a gain of $15,000.

The correct operation of a petty cash system. com 39 Cash and Highly-Liquid Investments Current Assets 6. com 40 Cash and Highly-Liquid Investments Current Assets 7. Cash Management It is very important to ensure that sufficient cash is available to meet obligations and to make sure that idle cash is appropriately invested to maximize the return to the company. One function of the company “treasurer” is to examine the cash flows of the business, and pinpoint anticipated periods of excess or deficit cash flows.

Eventually the fund will require replenishment back to its original level. To replenish the fund, a check for cash is prepared in an amount to bring the fund back up to the desired balance. The check is cashed and the proceeds are placed in the petty cash box. At the same time, receipts are removed from the petty cash box and formally recorded as expenses. com 52 Cash and Highly-Liquid Investments Current Assets The journal entry for this action involves debits to appropriate expense accounts as represented by the receipts, and a credit to Cash for the amount of the replenishment.

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