Homework Answers
| Unrealized loss on investment = $167000- $159000 = $8000 | |||
| Dec 31, 2014 | Unrealized loss on trading securities a/c…Dr | $8000 | |
| Trading securities a/c | $8000 | ||
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the following information is available for ABC Corporation at
12/31/14 regarding
11 The following information is...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding i...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding its investments. Securities Cost 2,400 shares of Myers Corporation Common Stock $40,200 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 Fair Value $48,200 21,600 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Splish's investments result in significant influence. Assume the securities as trading securities. (Credit...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding i...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding its investments. Securities Cost 2,400 shares of Myers Corporation Common Stock $40,200 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 Fair Value $48,200 21,600 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Splish's investments result in significant influence. Assume the securities as trading securities. (Credit...
The following information is available for Kinney plc at December 31, 2019 regarding its investment 3,000...
The following information is available for Kinney plc at December 31, 2019 regarding its investment 3,000 ordinary shares of petty cash cost 40,000 fair value 46,000 1,000 preference shares of Dowe incorporated cost 25,000 fair value 22,000 A. Prepare the adjusting entry if any for 2019 assuming the investments are classified as trading B. Prepare the adjusting entry is any for 2019 assuming the investments are classified as non trading C. Discuss how the amounts reported in the financial statements...
Presented below is balance sheet information regarding Sargent Corporation as of December 31, 2020. Current assets:...
Presented below is balance sheet information regarding Sargent Corporation as of December 31, 2020. Current assets: cash and cash equivalents, $150,000; accounts receivable, $170,000; allowance for doubtful accounts, $10,000; inventories, $200,000 cost, $180,000, net realizable value. Fixed assets: buildings, $1,040,000 less $360,000 accumulated depreciation; equipment, $450,000 less $180,000 accumulated depreciation; land $500,000; land held for future use, $270,000. Current liabilities: accounts payable, $150,000; notes payable, $80,000; income taxes payable, $40,000; unearned rent revenue, $5,000. Other liabilities: long-term notes payable issued...
Question 1 --/1 View Policies Current Attempt in Progress The following information is available for Nash...
Question 1 --/1 View Policies Current Attempt in Progress The following information is available for Nash Company at December 31, 2020, regarding its investments. Cost Securities Fair Value $40,200 $48,200 2,400 shares of Myers Corporation Common Stock 21,600 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Nash's investments result in significant influence. Assume the...
The following data is available for Red Carpet Corporation at December 31: Common stock, par $2...
The following data is available for Red Carpet Corporation at December 31: Common stock, par $2 (authorized 300,000 shares) $250,000 Treasury stock (at cost $10 per share) $ 1,200 Based on the data, how many shares of common stock are outstanding? 125,000 300.000 149,880 298,880 124,880
The following is a December 31, 2021, post-closing trial balance for Almway Corporation Account Title Cash...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation Account Title Cash Investment in equity Securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 67,000 132,000 71,800 211,000 9,000 112,000 431,000 $ 111,080 121,000 71,090 21,080 97,000 163,080 31,898 251,000 333,080 118,000 $1,175,000 $1,175,000 Additional information: 1. The...
The following information is available for Ivanhoe Corporation for the year ended December 31, 2020: sales...
The following information is available for Ivanhoe Corporation for the year ended December 31, 2020: sales revenue $770,000, other revenues and gains $91,500, operating expenses $109,000, cost of goods sold $470,000, other expenses and losses $34,000, and preferred stock dividends $31,850. The company’s tax rate was 30%, and it had 49,000 shares outstanding during the entire year. Prepare a corporate income statement.
Presented is the adjusted trial balance of Scott Butler Corporation at December 31, 2020. Debit Credit...
Presented is the adjusted trial balance of Scott Butler Corporation at December 31, 2020. Debit Credit Cash $ 197,000 Trading Debt Securities (fair value, $153,000) 145,000 Fair Value Adjustment – Trading Debt Securities 8,000 Accounts Receivable 435,000 Allowance for Doubtful Accounts $ 25,000 Inventory (net realizable value, $600,000) 597,000 Available-for-sale Equity Securities (fair value, $278,000) 266,000 Fair Value Adjustment – Available-for-sale Equity Securities 12,000 Held-to-maturity Debt Securities (fair value, $296,000) 299,000 Equipment 600,000 Accumulated Depreciation – Equipment 60,000 Buildings 1,040,000...
The following partial information is taken from the comparative balance sheet of Levison Corporation: 12/31/2018 12/31/2017...
The following partial information is taken from the comparative balance sheet of Levison Corporation: 12/31/2018 12/31/2017 Shareholders' equity Common stock, $5 par; 34 million shares authorized; 29 million shares issued and 25 million shares outstanding at 12/31/2018; and million shares issued and shares outstanding at $ 145million 125million 393million 158million 12/31/2017. Additional paid-in capital on common stock Retained earnings Treasury common stock, at cost, 4 million shares at 12/31/2018 and 2 million shares at 12/31/2017 Total shareholders' equity 521million 194million...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding its investments. Securities Cost 2,400 shares of Myers Corporation Common Stock $40,200 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 Fair Value $48,200 21,600 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Splish's investments result in significant influence. Assume the securities as trading securities. (Credit...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding its investments. Securities Cost 2,400 shares of Myers Corporation Common Stock $40,200 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 Fair Value $48,200 21,600 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Splish's investments result in significant influence. Assume the securities as trading securities. (Credit...
Question 1 --/1 View Policies Current Attempt in Progress The following information is available for Nash Company at December 31, 2020, regarding its investments. Cost Securities Fair Value $40,200 $48,200 2,400 shares of Myers Corporation Common Stock 21,600 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Nash's investments result in significant influence. Assume the...
The following data is available for Red Carpet Corporation at December 31: Common stock, par $2 (authorized 300,000 shares) $250,000 Treasury stock (at cost $10 per share) $ 1,200 Based on the data, how many shares of common stock are outstanding? 125,000 300.000 149,880 298,880 124,880
The following is a December 31, 2021, post-closing trial balance for Almway Corporation Account Title Cash Investment in equity Securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 67,000 132,000 71,800 211,000 9,000 112,000 431,000 $ 111,080 121,000 71,090 21,080 97,000 163,080 31,898 251,000 333,080 118,000 $1,175,000 $1,175,000 Additional information: 1. The...
The following partial information is taken from the comparative balance sheet of Levison Corporation: 12/31/2018 12/31/2017 Shareholders' equity Common stock, $5 par; 34 million shares authorized; 29 million shares issued and 25 million shares outstanding at 12/31/2018; and million shares issued and shares outstanding at $ 145million 125million 393million 158million 12/31/2017. Additional paid-in capital on common stock Retained earnings Treasury common stock, at cost, 4 million shares at 12/31/2018 and 2 million shares at 12/31/2017 Total shareholders' equity 521million 194million...
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