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You are in charge of auditing PLM (PopoyLangMalakas) Company's investment
accounts for the year ended December 31, 2021, which was incorporated last March
3, 2020. During the course of the audit, you have obtained the balances and the
related
following information:
Investment in Bonds P101,258
Investment in Stocks 62,400
Total P163,658
see 1st image
Audit Notes:
- The market rate for similar bonds at date of acquisition is 8%.
- The bonds will mature on July 1, 2023.
- The journal entries pertaining to the market value adjustments was prepared by
the accountant in accordance with the following information:
see image 2
Question 1: The adjustment to correct the interest income for 2021 includes a
debit/(credit) to the interest revenue account amounting to? (Put a negative
sign if credit)
Question 2: How much is the retroactive adjustment to the beginning balance of
retained earnings for the year 2021, pertaining to the investment in BSP bonds?
(Please indicate debit or (credit), use negative sign if credit).
Question 3: The correct amount of investment in BSP bonds that should be
presented in the
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- Kramer Company's trading debt investments portfolio is as follows: Catlett Corp. Lyman, Inc. OGOO Cost €250,000 245,000 A. €0. B. €30,000 Loss. C. €10,000 Gain. D. €10,000 Loss. €495,000 December 31, 2022 Fair Value €200,000 265,000 €465,000 Unrealized Gain (Loss) ? ? What amount should be reported as a loss or gain in Kramer's 2022 income statement, if the old balance of unrealized gain or loss in the previous year december 31, 2021 was €40,000 loss? ?balance sheet 20201231 (mkr): fixed assets 9540 current assets 2630 s: a assets. 1280 equity 2070 long loans 5650 short-term. liabilities. 4360 s: a EQ and liabilities 12080 Let us assume that a new share issue is carried out where the owners invest SEK 1,400 million. The money is then used to repay long-term loans of SEK 900 million and short-term liabilities of SEK 400 million. Your task is to fill in the amounts for the following items in the balance sheet after the new share issue and associated transactions described above have been completed: S assets:mkr Equity:mkr Short loans:mkrDebt Investments Classification Cost orAmortized Cost Fair Valueat end if 2017 Interest Incomein 2017 Sales Pricein 2018 Trading $15,000 $14,000 $750 $14,500 Available-for-Sale $18,000 $15,000 $1,000 $16,000 Held-to-Maturity $24,000 $25,500 $950 For the Houston Company, what is the unrealized gain or loss that will appear in the Accumulated Other Comprehensive Account in 2017? Select one: a. $1,500 gain b. $4,000 Loss c. $2,500 Loss d. $1,000 Loss e. $3,000 Loss PreviousSave AnswersNext
- Kramer Company's trading debt investments portfolio is as follows: Catlett Corp. Lyman, Inc. OOO Cost €250,000 245,000 A. €0. B. €30,000 Loss. C. €10,000 Gain. D. €10,000 Loss. €495,000 December 31, 2022 Fair Value €200,000 265,000 €465,000 Unrealized Gain (Loss) ? ? What amount should be reported as a loss or gain in Kramer's 2022 income statement, if the old balance of unrealized gain or loss in the previous year december 31, 2021 was €40,000 loss? ? Activate WindowsAbacus Co., provided these data for 2020: Income from continuing operations 4,000,000 800,000 Unrealized gain on financial asset at FVPL Unrealized gain on equity investment at FVOCI 1,000,000 1,200,000 Unrealized loss on debt investment at FVOCI Loss on credit risk a financial liability at FVPL Unrealized gain on futures contract designated as cash flow hedge Net remeasurement gain on a defined benefit plan Translation loss on foreign operation Income from discontinued operations Revaluation surplus 300,000 400,000 600,000 200,000 500,000 2,500,000 How much should be reported as other comprehensive income for 2020?Cullumber Company's equity securities portfolio which is appropriately included in current assets is as follows: Catlett Corp. Lyman, Inc. O O $-7440. O $-20400. O $0. O $-130740. December 31, 2021 Cost O $23000 loss. O $14000 loss. - $0. O $9000 gain. $150000 Cash $296000 146000 Cash Ignoring income taxes, what amount should be reported as a charge against income in Cullumber's 2021 income statement if 2021 is Cullumber's first year of operation? Debt Investments Premium on Bonds Cash Current Attempt in Progress Sunland Company purchased $2700000 of 9%, 5-year bonds from Cheyenne, Inc. on January 1, 2021, with interest payable on July 1 and January 1. The bonds sold for $2830740 at an effective interest rate of 8%. Using the effective-interest method, Sunland Company decreased the Available-for-Sale Debt Securities account for the Cheyenne, Inc. bonds on July 1, 2021 and December 31, 2021 by the amortized premiums of $10020 and $10380, respectively. Debt Investments Eair Value $127000…
- 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.Q39. Balance Sheet had the following amounts as at 31st March, 2019: $ Current Assets 10% Preference Share Capital Equity Share Capital 5,00,000 15,00,000 Current Liabilities Securities Premium Reserve Reserve and Surplus 1,00,000 Investments (in other companies) 4,00,000 Fixed Assets -Cots 30,00,000 Depreciation Written off Long-term from IDBI @ 9% Calculate ratios indicating the long-term and the Short-term financial position of the company. $ 12,00,000 8,00,000 2,00,000 60,00,000 14,00,000l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…
- • The following information is available for Alpha's investments: Fair Value Market Original Adjustment Value Investment Cost 12/31/2020 Classification 12/31/2021 Available for Beta bonds $80,000 $6,000 dr. $78,000 Sale Gamma bonds $60,000 $4,000 cr. Trading $66,000 The journal entries on 12/31/21 for Beta will include: O Debit to Unrealized Loss - OCI for $8,000 O Debit to Unrealized Loss - NI for $2,000 O Debit to Unrealized Loss - NI for $6,000 O Debit to Unrealized Loss - NI for $8,000KNG 202 On its December 31, 2020 balance sheet, Calhoun Company appropriately reported a $10,000 composition of Calhoun's portfolio of debt investments held as available-for-sale debt securities. debit balance in its Fair Value Adjustment account. There was no change during 2021 in the The following information pertains to that portfollo: Security X Y N Cost $130,000 100,000 175,000 $405.000 Fair value at 12/31/21 $160,000 90,000 125,000 $375,000 The amount of unrealized loss to appear as a component of comprehensive income for the year ending December 31, 2021 is a. $40,000. b. $30,000. c. $20,000, d. $0. Bella Pool Company sells prefabricated pools that cost $80,000 to customers for $144,000. The sales price includes an installation fee, which is valued at $20,000. The fair value of the pool is $128,000. The installation is considered a separate performance obligation and is expected to take 3 months to complete. The transaction price allocated to the pool and the installation is a.…Xyz tradingCondensed comparative balance sheet 2021 2020 2019Assets:Current assets 468,000. 345,600. 300,000Property and equipment 600,000. 560,400. 500,400Other assets(advances ). 72,000. 126,000. 150,000Total assets. 1,140,000. 1,032,000. 950,400Liabilities and stockholders’ equityLiabilitiesCurrent liabilities 134,400. 112,800. 100,00012 % long-term notes payable. 240,000. 300,000 350,000Total liabilities. 374,400. 412,800. 450,000Stockholders’ equity10% preferred stock 120,000. 120,000. 120,000Common stock 300,000 240,000 200,000Additional paid in capital 84,000. 48,000 40,000Retained earnings…