Oriole Company has these data at December 31, 2027, the end of its first year of operations.Debt SecuritiesTradingCostFair Value$120,900$125,900Available-for-sale100,40098,400The available-for-sale securities are held as a long-term investment.(a)Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (List alldebit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If noentry is required, select "No entry" for the account titles and enter O for the amounts.)No. Account Titles and Explanation(1)(2)5月70RusinessDebitCreditAccountingstvall A

1) Adjusting entries are those journal entries which are recorded in the books of accounts at the…

Answered: Oriole Company has these data at…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter13: Marketable Securities And Derivatives

Section: Chapter Questions

Problem 23P

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Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.
Rekya Mart Inc. is a general merchandise retail company that began operations on January 1, Year 1. The following transactions relate to debt investments acquired by Rekya Mart Inc., which has a fiscal year ending on December 31: Instructions 1. Journalize the entries to record these transactions. 2. If the bond portfolio is classified as available for sale, what impact would this have on financial statement disclosure?
Soto Industries Inc. is an athletic footware company that began operations on January 1, Year 1. The following transactions relate to debt investments acquired by Soto Industries Inc., which has a fiscal year ending on December 31: Instructions 1. Journalize the entries to record these transactions. 2. If the bond portfolio is classified as available for sale, what impact would this have on financial statement disclosure?
Pharoah Company has these data at December 31, 2022, the end of its first year of operations. Debt Securities Trading Available-for-sale (a) Cost $119,700 100,300 The available-for-sale securities are held as a long-term investment. Fair Value $125,700 98,300 Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation (1) Debit Credit
At December 31, 2022, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment. Security. Cost. Fair Value A $17,500 16,000 B 12,500 14,000 C 23,000 21,000 53,000 51,000 A. Prepare the adjusting entry at December 31, 2022 to report the securities at fair value. B- Show the statement presentation at December 31,2022, after adjustment to fair value. C- E. Kretsinger, a member of the board of directors, does not understand the reporting of the unreal- ized gains or losses. Write a letter to Ms. Kretsinger explaining the reporting and the purposes that it serves.
At December 31, 2022, available-for-sale debt securities for Pharoah, Inc. are as follows. The securities are considered to be a long-term investment. Security (a) A B C Total Cost $16,985 12,930 21,760 $51,675 Fair Value $16.030 15,179 18,160 $49,369 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit
At December 31, 2022, the trading debt securities for Sheridan, Inc. are as follows. Security A (a) B C Cost $17,800 12,000 Dec. 31 22,900 $52,700 Fair Value $16,300 13,600 19,400 $49,300 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (List all debit entries before credit er Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No- for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
Prepare adjusting entry using fair value. BEH.4 (LO 3), AP Cost and fair value data for the trading debt securities of Lecler Company at December 31, 2022, are $62,000 and $59,600, respectively. Prepare the adjusting entry to record the securities at fair value. Indicate statement presentation using fair value.
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to-Maturity Security E Security F Totals Amortized cost Reported on Balance Sheet as: Current assets $ 905,000 110,000 $1,015,000 Noncurrent assets $ 705,000 905,000 $1,610,000 $ 495,000 620,000 $1,115,000 No investments were sold during 2021. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required: Complete the following table. (Amounts to be deducted should be indicated with a minus sign.) Fair Value $915,500 104,900 $1,020,400 $ 784,500 920, 200 $1,704,700 Net Income (I/S) $…
At December 31, 2020, the available-for-sale debt securities for Larkspur, Inc. are as follows. Security Cost Fair Value X $28,600 $24,960 Y 13,000 13,520 23,920 18,720 $65,520 $57,200 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 N
Current Attempt in Progress Oriole Company has these data at December 31, 2022, the end of its first year of operations. Debt Securities Trading Available-for-sale (a) Cost $120,900 (1) 100,400 The available-for-sale securities are held as a long-term investment. (2) Fair Value $125,900 98,400 Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit
The following information is available for Tamarisk Corporation's available-for-sale debt securities at December 31, 2020. Security Cost Fair Value X $40,120 $35,400 28,320 37,760 $68,440 $73,160 Prepare the adjusting entry to record the securities at fair value at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

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