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 Amortized cost $ $ es $ es $ $ $ Fair Value 965,000 170,000 1,135,000 765,000 965,000 1,730,000 555,000 680,000 1,235,000 $ 979,500 164,600 $ 1,144,100 $ 838,500 982,600 $ 1,821,100 $ 566,300 674,700 $ 1,241,000 No investments were sold during 2021. All securities except Security D and Security F are considered sho investments. None of the fair value changes is considered permanent.
Q: MarcTech Engineering licensed software to oil-drilling firms for 5 years. In addition to providing…
A: Performance obligation is promise to provide distinct goods or services in consideration of…
Q: Shane's Cookware Company has three cost pools and overhead estimates are as follows: Activity Cost…
A: Activity-based costing is one of the costing technique used by the business entities for the purpose…
Q: What about journal entry for Macy company?
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: Payroll for Kicker Sound Systems for January was $150,000 and the following withholdings, fringe…
A: INTRODUCTION: Expense accounting is the process of recognizing and recording a spent expense or an…
Q: A company's inventory account balance at year end is $237,000. A physical count of inventory…
A: Concept: The inventory ledger shows the balance of $237,000 and the actual inventory is $230,000. So…
Q: Eleven years ago, Lynn, Incorporated purchased a warehouse for $315,000. This year, the corporation…
A: The actual cost of warehouse = Purchase cost - Depreciation = $315,000 - $92,300 = $222,700 Gain =…
Q: 1. Which of the following may be considered to be primary objective of the auditor in the…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Doofenshmirtz Inc. incurs the following costs: $760 for factory workers salaries $690 for direct…
A: Period cost are those cost which are not incurred related to the production of goods. These cost are…
Q: In determining the validity of accounts receivable, which of the following would the auditor…
A: In determining the validity of accounts receivable, auditor consider confirmation replies received…
Q: Create a trial balance from the following transactions from the books of Arts and Styles. The owner…
A: Trial balance is defined as a accounting record representing the account titles along with their…
Q: Earnings and Expenses (Year Ending January 2012) $100,000,000 $85,000,000 $10,300,000 Sales Cost of…
A: This question falls under the category of accounting and finance. Specifically, it involves…
Q: Required information Skip to question [The following information applies to the questions…
A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…
Q: For each cost, indicate whether it would most likely be classified as direct materials, direct…
A: Direct material cost = It is the cost directly associated with the usage of raw material in the…
Q: View Policies Current Attempt in Progress Coronado Ltd. borrowed V75,600,000 on November 1, 2021, by…
A:
Q: R. Quijano Distributors is registered as a single proprietorship with DTI permit as Rommel Quijano.…
A: The question relates to the topic of financial accounting, specifically the preparation of a ledger…
Q: COMPREHENSIVE PROBLEM NO. 2: A decedent died on October 15, 2016 leaving his wife the following…
A: This query is a topic of property tax computation. It includes calculating the gross property,…
Q: Required B What is the unit cost of each model transferred to finished goods in February? Required A…
A: It is assumed only requirement A is only required to be answered.
Q: 24. On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling…
A: Ans. Under FOB destination, freight collect, the buyer of the goods has the responsibility to pay…
Q: Company L sold an inventory item to Firm M for $40,000. Company L’s marginal tax rate is 21 percent.…
A: DISCLAIMER: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: ed Commander Appliance Store prepares annual financial statements. At December 31, 2022. Commander…
A: A general ledger entry known as an "adjustment entry" is made at the conclusion of an accounting…
Q: Recording a Change in Estimate, an Error Correction, and a Change in Accounting Principle On…
A: As per Bartleby Guidelines if multiple sub part questions are asked then expert needs to answer only…
Q: Click Draperies makes and sells curtains. Information related to its performance in 2020 is given…
A: A cost variance is a difference between the cost actually incurred and the budgeted or planned…
Q: ABC Co. has the following information before Accounts receivable, Dec. 31 Allowance for doubtful…
A: Note: Under Direct write off method, bad debts expense are recorded when company is sure that amount…
Q: K In December 2018, General Electric (GE) had a book value of equity of $52.2 billion, 8.7 billion…
A: Formula : Market capitalization = Number of shares outstanding x market price per share
Q: Prepare Pharoah' journal entries for (a) the purchase of the investment, (b) the interest received,…
A: Fair value adjustment is the difference between the current book value of an asset and its fair…
Q: The cost accountant prepares the cost of production summary by first collecting the period’s…
A: Cost Accountant generally prepares cost records of the company He in the course of framework…
Q: On December 1, 2025, Cullumber Company had the account balances shown below. Debit $4,680…
A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…
Q: ✔a. $8,500 debit balance B1-35 Fair value adjustment for equity investments; less than 20% ownership…
A: Fair value adjustment of equity investments refers to the process of adjusting the carrying value of…
Q: Required information [The following information applies to the questions displayed below.] Carlberg…
A: Under weighted average method, cost per equivalent unit is calculated by adding the beginning work…
Q: For each separate case below, follow the three-step process for adjusting the unearned revenue…
A: Adjusting entries are those entries which are passed at the end of accounting period for accurate…
Q: ASAP. THANK YOU! A. A machine costs P388868 with a salvage value of P18029 is expected to last for…
A: Depreciation :— It is the allocation of depreciable cost over the expected life of asset.…
Q: (a) Your answer is partially correct. On June 1, 2024, Blossom Opportunity Ltd. ("BO") purchased a…
A: Depreciation Expense - Depreciation Expense is charged on the Fixed assets of the company. It in…
Q: es Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Incorporated, to…
A: INFORMATION :- This question is a case study problem that involves analyzing the financial…
Q: Presented below are a number of balance sheet items for Swifty, Inc. for the current year, 2025.…
A: Balance Sheet :— It is one of the financial statement that shows list of final ending balances of…
Q: Break-even sales The Boston Beer Company Inc. (SAM) produces Samuel Adams beer and other alcoholic…
A: The contribution margin is calculated as difference between sales and variable costs. The break-even…
Q: Last year mayne Corporation's cash account decreased by $22,000. Net cash provided by investing…
A: Cash flow from operating activities is the revenue a business generates from its continuous, regular…
Q: Witt Recreation Company (WRC) makes e-bikes. The company currently manufactures two models, the…
A: I) Calculation of Total Operation Cost Direct labour…
Q: A decedent died on November 2, 2022 leaving the following properties Common stocks of Sunshine…
A: This Question is related to estate taxation and the computation of the gross estate of a decedent.…
Q: Futura Company purchases the 71,000 starters that it installs in its standard line of farm tractors…
A: Make or buy decision is one of the important decision that is to be taken in cost accounting. Under…
Q: GL0305 (Algo) - Based on Problem 3-5A LO P1, P3, P4, P5, P6 On April 1, Rick Mitchell created a new…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Using the following information, what is the firm's cash flow from operations? Net Income 170…
A: Cash flows from operating activities is one of the important section of cash flows statement. This…
Q: 22)Corp makes two models of office chairs, a standard and a deluxe model. The following activity and…
A: Overhead costs are not directly related to the production of goods or services but are necessary for…
Q: Prepare a single-step income statement (with respect to items in Income from operations). (Round…
A: Introduction: - Income statement shows company's income and expenses over a period of time. Formula…
Q: The information below was taken from the bank transfer schedule prepared during the audit of Fox…
A: Answer:- Check kiting:- In order to use fictitious funds from a checking or other bank account,…
Q: Eleven years ago, Lynn, Incorporated purchased a warehouse for $315,000. This year, the corporation…
A: Capital Gain: The kind of gain that results from the sale of an organization's capital assets is…
Q: Record the journal entries for January 1, 2021 B. What is the amount of revenue to be recognized on…
A: Given in the question: Sale Date = January 1, 2021 Received a zero-interest bearing note with a face…
Q: Chocolate Corner Company had the following transactions during the current year: Apr. 8. Received a…
A: Formula : Interest = (Amount of Note x rate) x number of days / 360 days
Q: Consider a bond that has just paid a semi-annual coupon and has exactly 2.5 years to maturity and an…
A: INFORMATION:- This question involves calculating the price of a bond given its remaining time to…
Q: Valley Company's adjusted account balances fro categorizes the following
A: Sales $287,280 Less: Sales discounts (4,395) Less: Sales returns and allowances (18,960) Net…
Q: 6. From the following data for Noll Company for the current fiscal year ended December 31, prepare a…
A: Income statement is referred to the financial statement which analyzes the financial performance of…
Ee.105.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Investments in Equity Securities Noonan Corporation prepares quarterly financial statements and invests its excess funds in marketable securities. At the end of 2018, Noonans portfolio of investments consisted of the following equity securities: Dunne the first half of 2019, Noonan engaged in the following investment transactions: Required: 1. Record Noonans investment transactions for January 6 through June 30, 2019. 2. Show the items of income or loss from investment transactions that Noonan reports for each of the first and second quarters of 2019. 3. Show how the preceding items are reported on the first and second quarter 2019 ending balance sheets, assuming that management expects to dispose of the Keene and Sachs securities within the next year.During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossAt 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
- Prepare adjusting entry to record fair value, and indicate statement presentation. E16.11 (LO 3), AP Financial Statement Writing 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. Fair Value $16,000 14,000 21,000 $51,000 Security A B с Cost $17,500 12,500 23,000 $53,000 Instructions 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.Investment in FAFVTPL, FAFVTOCI, and FA@AC Your audit of the Baliuag Corporation disclosed that the company owned the following securities on December 31, 2019: FAFVTPL: Security Shares Cost Fair value Sputnik, Inc. 4,800 P 72,000 P 92,000 Explorer, Inc. 8,000 216,000 144,000 10%, P100,000 face value, Vanguard bonds (interest payable semiannually on Jan. 1 and Jul. 1) 79,200 81,720 Total P 367,200 P317,720 FAFVTOCI: Security Shares Cost Fair value Score Products 16,000 P 688,000 P 720,000 Tiros, Inc.…Question: Akers Company invests its excess cash in marketable securities. At the beginning of 2019, it had the following portfolio of investments in trading debt securities: SecurityPar ValueAmortized Cost12/31/18 Fair ValueIvan Company 5% bonds, maturing on Dec. 31, 2028$10,000$8,400$9,400Taylor Company 6% bonds, maturing on Dec. 31, 2023$40,000$43,200$41,800Totals$51,600$51,200During 2019, the following transactions occurred: Mar. 31Purchased Hill Company 8% bonds with a face value of $20,000 for $20,000 plus accrued interest; interest is payable on the bonds each June 30 and December 31.Mar. 31Sold the Taylor Company investment for $42,000 plus accrued interest. The Taylor bonds pay interest on December 31 of each year.June 30Received the semiannual interest on the Hill Company bonds.Dec. 31Received the annual interest on the Ivan Company bonds and the semiannual interest on the Hill Company bonds.The December 31 closing market prices were as follows: Ivan Company bonds, $9,000;…
- Adjusting AFS Debt Securities to Fair Value A portfolio of investments of available-for-sale securities held by Dow Inc. is as follows. Dec. 31, 2020 Cost Fair Value Eastern Corp. bonds $204,000 $217,600 Western Corp. bonds 340,000 348,500 Total $544,000 $566,100 Dec. 31, 2021 Cost Fair Value Eastern Corp. bonds $204,000 $238,000 Western Corp. bonds 340,000 323,000 Total $544,000 $561,000 The Fair Value Adjustment account had a $0 balance on January 1, 2020. No sales or purchases took place in the available-for-sale investment portfolio in 2020 and 2021. a. Record the adjusting entry on December 31, 2020, to adjust the debt investments to fair value. Date Account Name Dr. Cr. Dec. 31, 2020 b. Record the adjusting entry on December 31, 2021, to adjust the debt investments to fair value. . Date Account Name Dr. Cr. Dec. 31, 2021 c. Indicate how the adjustment to fair value in (b) would be…Problem 15-8 (AICPA Adapted) During 2019, Haggard Company purchased marketable equity. securities for P1,850,000 to be held as trading investments. In 2019, the entity appropriately reported an unrealized loss of P200,000 in the income statement. There was no change during 2019 in the composition of the portfolio of trading securities. Pertinent data on December 31, 2020 are: Security Cost Market value A B 600,000 450,000 800,000 700,000 400,000 900,000 What amount of unrealized gain on these securities should be included in the 2020 income statement? 350,000 150,000 550,000 d. с.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
- During the course of your examination of the financial statements of Sunland Corporation for the year ended December 31, 2025, you found a new account, "Investments." Your examination revealed that during 2025, Sunland began a program of investments, and all investment-related transactions were entered into this account. Your analysis of this account for 2025 follows: Date-2025 Feb. 14 July 26 Sept. 28 Apr. Oct. 28 30 Sunland Corporation Analysis of Investments Account For the Year Ended December 31, 2025 (a) Blossom Company Common Stock Purchased 3,900 shares @ $66 per share. Received 390 shares of Blossom Company common stock as a stock dividend. (Memorandum entry in general ledger.) Sold the 390 shares of Blossom Company common stock received July 26 @ $70 per share. (b) Daniel Inc. Common Stock Purchased 18,100 shares @ $42 per share. Received dividend of $1 per share. Debit $257,400 $760,200 Credit $27,300 $18,100Can you help me to calculate adjusted net income, adjusted net income if FV of security B were 285,000, value of held for trading securities as of 12/31/2020 and assuming these securities at measured at FVOCI, calculate the value of these financial assets as of 12/31/2020 Problem: ABC Corporation buys and sells securities expecting to earn profits on short term differences in price. during 2020, ABC Corporation purchased the following held for trading securities. Security A: Cost- 195,000; FV at 12/31/2020- 225,000 Security B: Cost- 300,000; FV at 12/31/2020- 162,000 Security C: Cost- 678,000; FV at 12/31/2020- 660,000 Before any adjustments related to these securities, ABC Corporation had net income of 900,000Recording and Reporting AFS Securities On December 31, 2020, Banff Company held an investment in Glacier Inc. bonds with an original cost of $9,200. The investment was classified as an available-for-sale security, had a fair value of $8,600 on December 31, 2020, and was the only investment in the available-for-sale security portfolio in 2020. In 2021, Banff sold the investment in Glacier Inc. bonds for $8,000. On December 31, 2021, assume that Banff Company has an $3,200 net unrealized holding gain on other available-for-sale securities purchased during 2021. a. Prepare the adjusting entry on December 31, 2020, to record the unrealized holding gain or loss on the Glacier Inc. bond investment. Date Account Name Dr. Cr. Dec. 31, 2020 b. Prepare the adjusting entry on December 31, 2021, to record the unrealized holding gain or loss on Banff’s available-for-sale portfolio. Date Account Name Dr. Cr. Dec. 31, 2021 c. Indicate the…
