Homework Answers
|
No. |
Date |
Account titles and explanation |
Debit |
Credit |
|
A |
12-31-21 |
Unrealized Holding Gain or Loss—Income |
4700 |
|
|
Securities Fair Value Adjustment (Trading) ($331,000 – $326,300) |
4700 |
|||
|
B |
3-1-22 |
Cash [(5,000 * $31) – $1,500] |
153,500 |
|
|
Loss on Sale of Securities |
1500 |
|||
|
Trading Securities |
155000 |
|||
|
C |
4-1-22 |
Trading Securities |
26,830 |
|
|
Cash [(610 * $43) + $600] |
26,830 |
|||
|
D |
12-31-22 |
Securities Fair Value Adjustment (Trading) |
13,040 |
|
|
Unrealized Holding Gain or Loss—Income (215,170-206830)+4700 |
13,040 |
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Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: 5,000 shares of Thomas Corp., Common 10,000 shares of Gant, Common Cost $151,000 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Korman Company has the following securities in its portfolio of equity securities on December 31, 2018:...
Korman Company has the following securities in its portfolio of equity securities on December 31, 2018: Cost Fair Value 5,000 shares of Thomas Corp., Common $152,000 $140,000 10,000 shares of Gant, Common 182,000 190,100 $334,000 $330,100 All of the securities had been purchased in 2018. In 2019, Korman completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $30.90 less fees of $1,500. April...
Sage Company has the following securities in its portfolio on December 31, 2020. None of these...
Sage Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc.,
Common
$77,600
$73,200
5,000 shares of Wallace
Corp., Common
172,900
167,700
400 shares of Martin, Inc.,
Preferred
63,500
65,100
$314,000
$306,000
All of the securities were purchased in 2020.
In 2021, Sage completed the following securities
transactions.
March 1
Sold the 1,500 shares of
Gordon, Inc., Common,...
Indigo Company has the following securities in its portfolio on December 31, 2020. None of these...
Indigo Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $79,600 $74,700 5,000 shares of Wallace Corp., Common 170,900 165,800 400 shares of Martin, Inc., Preferred 65,800 67,200 $316,300 $307,700 All of the securities were purchased in 2020. In 2021, Indigo completed the following securities transactions March 1 Sold the 1,500 shares of Gordon, Inc., Common,...
Sunland Company has the following securities in its portfolio on December 31, 2020. None of these...
Sunland Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc., Common
$79,600
$74,700
5,000 shares of Wallace Corp., Common
170,900
165,800
400 shares of Martin, Inc., Preferred
65,800
67,200
$316,300
$307,700
All of the securities were purchased in 2020.
In 2021, Sunland completed the following securities
transactions.
March 1
Sold the 1,500 shares of Gordon, Inc., Common,...
Whispering Winds Corp, has 8,700 shar is paid on December 31 es of common stock outstanding,...
Whispering Winds Corp, has 8,700 shar is paid on December 31 es of common stock outstanding, it declares a $4 per share cash dividend on November 1 to stockholders of record on December 1. The dividend Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.(Credit occount titles ore automatically indented when amount is entered. Do not and journal entries in the order presented in the problem f no entry is required, select"No...
Problem 11-05A Whispering Winds Corp. has been authorized to issue 20,600 shares of $100 par value,...
Problem 11-05A Whispering Winds Corp. has been authorized to issue 20,600 shares of $100 par value, 7%, noncumulative preferred stock and 1,160,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (4,160 common shares) Retained Earnings Accumulated...
Whispering Winds Corp.’s balance sheet at December 31, 2018, is presented below. Whispering Winds Corp. Balance...
Whispering Winds Corp.’s balance sheet at December 31, 2018, is
presented below.
Whispering Winds Corp.
Balance Sheet
December 31, 2018
Cash
$32,000
Accounts payable
$13,050
Inventory
30,500
Interest payable
2,525
Prepaid insurance
7,320
Bonds payable
50,500
Equipment
38,280
Common stock
23,825
Retained earnings
18,200
$108,100
$108,100
During 2019, the following transactions occurred.
1.
Whispering Winds paid $2,525 interest on the bonds on January
1, 2019.
2.
Whispering Winds purchased $243,900 of inventory on
account.
3.
Whispering Winds sold for $498,500...
Larkspur Company has the following securities in its investment portfolio on December 31, 2020 (all securities...
Larkspur Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in 2020): (1) 2,800 shares of Anderson Co. common stock which cost $53,200, (2) 10,700 shares of Munter Ltd. common stock which cost $599,200, and (3) 6,000 shares of King Company preferred stock which cost $258,000. The Fair Value Adjustment account shows a credit of $10,100 at the end of 2020. In 2021, Larkspur completed the following securities transactions. 1. On January...
Gilder Company has the following securities in its portfolio of trading equity securities on 12/31/19: &
Gilder Company has the following securities in its portfolio of trading equity securities on 12/31/19: Cost Fair Value 5,000 shares of Diamond Corp. $146,000 $126,500 10,000 shares of Culver Co. 180,000 185,000 2,000 shares of Barbee Co. 52,000 52,600 $378,000 $364,100 All of the securities had been purchased in 2019. In 2020, Gilder completed the following securities transactions: 3/1 Sold 5,000 shares of Diamond Corp. @ $26 less fees of...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: 5,000 shares of Thomas Corp., Common 10,000 shares of Gant, Common Cost $151,000 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Sage Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc.,
Common
$77,600
$73,200
5,000 shares of Wallace
Corp., Common
172,900
167,700
400 shares of Martin, Inc.,
Preferred
63,500
65,100
$314,000
$306,000
All of the securities were purchased in 2020.
In 2021, Sage completed the following securities
transactions.
March 1
Sold the 1,500 shares of
Gordon, Inc., Common,...
Indigo Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $79,600 $74,700 5,000 shares of Wallace Corp., Common 170,900 165,800 400 shares of Martin, Inc., Preferred 65,800 67,200 $316,300 $307,700 All of the securities were purchased in 2020. In 2021, Indigo completed the following securities transactions March 1 Sold the 1,500 shares of Gordon, Inc., Common,...
Sunland Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc., Common
$79,600
$74,700
5,000 shares of Wallace Corp., Common
170,900
165,800
400 shares of Martin, Inc., Preferred
65,800
67,200
$316,300
$307,700
All of the securities were purchased in 2020.
In 2021, Sunland completed the following securities
transactions.
March 1
Sold the 1,500 shares of Gordon, Inc., Common,...
Whispering Winds Corp, has 8,700 shar is paid on December 31 es of common stock outstanding, it declares a $4 per share cash dividend on November 1 to stockholders of record on December 1. The dividend Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.(Credit occount titles ore automatically indented when amount is entered. Do not and journal entries in the order presented in the problem f no entry is required, select"No...
Problem 11-05A Whispering Winds Corp. has been authorized to issue 20,600 shares of $100 par value, 7%, noncumulative preferred stock and 1,160,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (4,160 common shares) Retained Earnings Accumulated...
Whispering Winds Corp.’s balance sheet at December 31, 2018, is
presented below.
Whispering Winds Corp.
Balance Sheet
December 31, 2018
Cash
$32,000
Accounts payable
$13,050
Inventory
30,500
Interest payable
2,525
Prepaid insurance
7,320
Bonds payable
50,500
Equipment
38,280
Common stock
23,825
Retained earnings
18,200
$108,100
$108,100
During 2019, the following transactions occurred.
1.
Whispering Winds paid $2,525 interest on the bonds on January
1, 2019.
2.
Whispering Winds purchased $243,900 of inventory on
account.
3.
Whispering Winds sold for $498,500...
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