Cleveland Company has a stock portfolio valued at $4,000. Its cost was $3,300. If the Securities Fair Value Adjustment (Available-for-Sale) account has a debit balance of $200, prepare the journal entry at year-end.
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Cleveland Company has a stock portfolio valued at $4,000. Its cost was $3,300. If the Securities Fair Value Adjustment (Available-for-Sale) account has a debit balance of $200, prepare the
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- Cleveland Company has a stock portfolio valued at $4,000. Its cost was $3,300. If the Fair Value Adjustment account has a debit balance of $200, prepare the journal entry at year-end.Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following: a. During the year, Gympa purchased trading securities b. At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost c. The balance of Retained Earnings was $792,000 on January 1 d. Gympa paid $67,000 in cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on Decemeber 31.BI's income for the year ended December 31, 2021 was $ 4,000,000. This was earned evenly over the year. In addition BI paid dividends of $ 300,000 each on March 31, June 30, September 30 and December 31, 2021 to their shareholders of records on that date. The inventory on July 1, 2021 was 75% sold as of December 31, 2021. Required. For the investment in AI 1. Using IFRS 9 prepare the journal entries for DC for all of 2021. 2. Using ASPE prepare the journal entries for DC for all of 2021. For the investment in BI 3. Using IFRS prepare the journal entries for DC for 2021. 4. Using ASPE prepare the joumal entries for DC for 2021 for all options available under ASPE.
- During the month, Blue, Inc. purchased 1,050 shares for $7.00 per share and classified them as trading investments. At the end of the month, the price of the securities was $11.25 per share. What adjusting entry, if any, will Blue, Inc. record when it closes its books at the end of the month to reflect this change in value?ᐧ a Dr. Valuation Allowance for Trading Investments $11,812.50 Cr. Unrealized Gain on Trading Investments $11,812.50 b Dr. Unrealized Loss on Trading Investment $4,462.50 Cr. Valuation Allowance for Trading Investments $4,462.50 c Dr. Valuation Allowance for Trading Investments $4,462.50 Cr. Unrealized Gain on Trading Investments $4,462.50 Because the trading investments were not sold during the month, no adjusting entry is required. d Dr. Valuation Allowance for Trading Investments $4,462.50 Cr. Realized Gain on Trading Investments $4,462.50The following information is available with regard to a stock item: Cost: $1,200 (of which $130 clearing charges) Selling price: $1,360 Market price: $1,090 At what amount should this inventory item be reflected in the statement of financial position (balance Sheet)?Selected accounts from GermX Co.’s adjusted trial balance for the year ended December 31 follow. Prepare the assets section of a classified balance sheet. Hint: Fair Value Adjustment—Trading increases trading securities; Fair Value Adjustment—Stock decreases stock investments. Trading securities (at cost). $ 5,000 Cash . $10,000 Short-term stock investments (at cost). 23,000 Fair value adjustment—Stock . (1,000) Equity method investments. 70,000 Accounts receivable. 2,000 Held-to-maturity securities (long-term). 13,000 Fair value adjustment—Trading. 500
- Record the appropriate journal entry to reflect the following: The investments that Veggies-R-Us. Inc. currently has in their investment account (current asset) represents investments that were purchased recently. Based upon stock market auotes obtained for December 31, 20XX, the market value of these investments = $112,000. (It is management's intent to actively manage these shares for profit.) You have been provided with the partial Trail Balance for this company below: Veggies-R-Us. Trial Balance (Partial) December 31, 20XX Cash $26,750 (Debit) Accounts Receivable $47,630 (Debit) Allowance for doubtful accounts $250 (Debit) Prepaid rent $1,680 (Debit) Supplies $8,700 (Debit) Investments $113,520 (Debit) Furniture $15,350 (Debit)The income statement for Blue Ocean reported net income of $22,400 for the year ended December 31 before considering the following: During the year, the company purchased available-for-sale securities At year end, the fair value of the investment portfolio was $2,100 more than the cost The balance of Retained Earnings was $83,000 on January 1 Blue Ocean paid $9,000 in cash dividends during the year Required : What is the balance of Retained Earnings as of December 31? Calculate it:Selected accounts from GermX Company's adjusted trial balance for the year ended December 31 follow. Trading securities (at cost) $5,200 Cash Short-term stock investments (at cost) Equity method investments $ 10,500 (1,100) 23,500 Fair value adjustment-stock 70,500 Accounts receivable 2,500 Held-to-maturity securities (long-term) 13,500 Fair value adjustment-trading 600 Prepare the assets section of a classified balance sheet. Hint. Fair Value Adjustment-Trading increases trading securities; Fair Value Adjustment-Stock decreases stock investments. (Amounts deducted should be indicated by a minus sign.) Current assets Total current assets Long-term Investments GERMX COMPANY Assets Section of Balance Sheet December 31 Assets Total long-term investments Total assets
- The income statement for Dodson Corporation reported net income of $22,400 for the year ended December 31 before considering the following: During the year the company purchased available-for-sale securities. At year end, the fair value of the investment portfolio was $2,100 more than cost. The balance of Retained Earnings was $83,000 on January 1. . Dodson Corporation paid $9,000 in cash dividends during the year. Calculate the balance of Retained Earnings on December 31. 51,600A. Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following: During the year, Gympa purchased trading securities At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost The balance of Retained Earnings was $792,000 on January 1 Gympa paid $67,000 in cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on Decemeber 31. A. The Nile House of Fashion has Asset Turnover of 2.65X. What does it mean? That each dollar of Nile’s asset generates $2.25 in sales That each dollar of stockholders’ equity generates $2.25 of profit That Nile’s EPS is $2.25 That each dollar of Nile’s Equity generates a deficit of $2.25 None of the above.Lou Company has December 31, Year 1 balances of ÁOCI $27,000 (debit), APIC $77,000, and Retained Earnings $313,000. For Year 2, the company has net income of $17,000, an unrealized gain on available-for- sale securities of $18,000 , and the issuance of treasury stock costing $22,000 for $29,000. The ending Year 2 balances for AOCI, APIC, and Retained Earnings are, respectively $45,000, $84,000, and $330,000 $9,000, $70,000, and $330,000 $9,000, $84,000, and $330,000 $9,000, $84,000, and $296,000 а. b. С. d.