At December 31, 2018, Charlotte Company has an equity portfolio valued at $160,000. Its cost was $132,000. If the Securities Fair Value Adjustment has a debit balance of $8,000, which of the following journal entries is required at December 31, 2018?
Q: At December 31, 2020, the available-for-sale debt portfolio for Zorro Foods Corp. is as follows:…
A: 1) Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value:-…
Q: Richbourg Inc.'s Marketable Securities footnote had the following line items: Marketable Securities…
A: Note: Held to maturity securities are reported at amortized cost in the financial statements and…
Q: At December 31, 2017, the trading securities for Storrer, Inc. are as follows. Security A Cost Tk.…
A: At 31.12.2017, Trading securities of Storrer Inc.'s 1. A security cost = Tk.17500 Fair value =…
Q: Prepare a statement of cash flows using the indirect method. (
A:
Q: Included in Outkast Company’s December 31, 2017, trial balance are the following accounts: Prepaid…
A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…
Q: A dealer in securities has the following for the year 2018: Sale of securities held for sale in…
A: Out put VAT: It is the VAT which is collected when a registered person sell goods and services.
Q: During 2019, Mickey Mouse Company owns trading securities with Minnie Mouse Company. The cost of…
A: Answer: Particulars Amount in P Net Income in 2019 1500000 Adjustments Gain from X…
Q: Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term…
A: Bonds: Bonds indicate fixed-income financial instruments issued by Corporates, any government, and…
Q: At December 31, 2020, the available-for-sale debt investment for Zorro Community Bancorp has…
A: Other comprehensive income is that income which is not the part of profit and loss(P/L) account.…
Q: At December 31, 2020, the available-for-sale debt portfolio for Cheyenne Corp. is as follows.…
A: Calculation of unrealized gain/loss on investment in Bond. The result of above :
Q: Presented below is selected information related to the financial instruments of Pronghorn Company at…
A: At reporting date all financial assets are valued at fair value.
Q: Current Attempt in Progress At December 31, 2021, Ivanhoe Company has an equity portfolio valued at…
A: Answer: A Fair Value Adjustment a/c…
Q: On October 15, 2021 Mooney Corporation is finalizing the company's September 30, 2021 quarterly…
A: The selling price agreed upon by a willing buyer and seller is referred to as fair value. A stock's…
Q: You are engaged to perform the first audit of the Parker Company for the year ended December 31,…
A:
Q: In its first year of operations, Oriole Corporation purchased available-for-sale debt securities…
A: Fair value of the securities means actual replacement value of the securities in the market.…
Q: Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Plotner Corporation has the following trading portfolio of stock investments as of December 31,…
A: Definition: Investment refers to the acquisition of asset to generate income. Investment can be…
Q: Amalgamated General Corporation is a consulting firm that also offers financial services through its…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: Blossom SE has the following data at December 31, 2020. Securities Cost Fair Value Trading €118.200…
A: Lets understand the basics. Journal entry is required to make to record event and transaction occurs…
Q: Carla Company in its first year of operations provides the following information related to one of…
A: Expected credit losses as per IFRS 9 If any financial asset is credit impaired then credit losses…
Q: The following data relates to Trading Securities: Please Journalize all of the entries required for…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: answer the questions
A: a) Formula:
Q: Can you help me to calculate adjusted net income, adjusted net income if FV of security B were…
A: FVOCI is the abbreviation of Fair Value through Other Comprehensive Income, when adjustments are…
Q: At the financial statement date of December 31, 2019, the liabilities outstanding of Kingston…
A: Liabilities Amount Assets Amount Capital Share Capital 350000 Serial bonds…
Q: At December 31, 2018, Hull-Meyers Corp. had the following investments that were purchased during…
A: The available-for-sale security (AFS) seems to be a debt or equities instrument acquired with the…
Q: At December 31, 2021, Blossom Company has an equity portfolio valued at $121000. Its cost was…
A: Fair Value Adjustment = = $121000 - $106000 - $6700 = 8,300
Q: Weaver Company has the following data at December 31, 2015 for its securities: Securities COST FAIR…
A: Trading Securities: These are the debt or equity investments, purchased by the company with the…
Q: Plotner Corporation has the following trading portfolio of stock investments as of December 31,…
A: Investment refers to the acquisition of asset to generate income. Investment can be short term or…
Q: Neptune Corporation is preparing its December 31, 2018, balance sheet. The following items may be…
A: Assets are the tangible and intangible resources of the company which the company owns. Liabilities…
Q: What would be the classified Balance Sheet for Sandpiper as of December 31, 2020? After…
A: Calculate Current ratio, Quick ratio, Debt to assets ratio, Ratio of fixed assets to long-term…
Q: At December 31, 2021, Atlanta Company has an equity portfolio valued at $160,000. Its cost was…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Oriole, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 960…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Otto Corporation has the following trading portfolio of stock investments on December 31, 20XX.…
A: When ever portfolio is to be reported at fair value , then difference of profit or loss between cost…
Q: Morley Company in its first year of operations provides the following information related to one of…
A: Available for sale securities are purchased with an intent to sell in the near future but not to…
Q: Amalgamated General Corporation is a consulting firm that also offers financial services through its…
A: The journal entry regarding the investment has been passed as under: Date Accounts title and…
Q: Amalgamated General Corporation is a consulting firm that also offers financial services through its…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: On its December 31, 2020 balance sheet, a company correctly reported a $342,000 credit balance in…
A: Answer Cost at 12/31/21 = $932,690 Fair value at 12/31/21 = $874,360
Q: Martinez Corporation has the following accounts included in its December 31, 2020, trial balance:…
A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…
Q: SLC Corp. has the following portfolio of securities acquired for trading purposes and accounted for…
A:
Q: Rancho Cucamonga, Inc. presents the following excerpts from its December 31, 2020 balance sheet:…
A: After Tax Cost of Note Payable = Rate of interest *(1 - tax rate)…
Q: On January 1, 2020, May Company appropriately reported a debit balance of P125,000 (before income…
A: Other comprehensive income include among other things unrealised loss and gains. The same is done to…
Q: On February 18, 2018, Union Corporation purchased 10,000 shares of IBM bonds as a long-term…
A:
Q: Tamarisk Corporation's adjusted trial balance contained the following accounts at December 31, 2020:…
A: There are three main elements in a balance sheet, which are assets, liabilities, and stockholders'…
Q: On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: At December 31, 2018, Atlanta Company has an equity portfolio valued at $160,000. Its cost was…
A: Unrealized Holding Gain or Loss-Income = $160,000 - $132,000 Unrealized Holding Gain or Loss-Income…
Q: Heinz Company’s post-closing trial balance as of December 31, 2018, and the adjusted trial balance…
A: Cash flow statement- The movement of cash or cash equivalents in a firm is represented by a cash…
Q: Oriole, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 960…
A: The stock price at December 31 , 2020 : Evers $ 18, Rogers $ 19, and Chance $ 9 The stock price at…
Q: During 2019, Mickey Mouse Company owns trading securities with Minnie Mouse Company. The cost of…
A: NI stands for Net Income which refers to the aggregate amount that the business earned in the time…
At December 31, 2018, Charlotte Company has an equity portfolio valued at $160,000. Its cost was $132,000. If the Securities Fair Value Adjustment has a debit balance of $8,000, which of the following
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- At December 31, 2021, Blossom Company has an equity portfolio valued at $121000. Its cost was $106000. If the Securities Fair Value Adjustment has a debit balance of $6700, which of the following journal entries is required at December 31, 2021?At December 31, 2017, the trading securities for Storrer, Inc. are as follows. Security A Cost Tk. 17,500 12,500 23,000 Tk. 53,000 Fair Value Tk.16,000 14,000 21,000 Tk. 51,000 B Instructions (a) Prepare the adjusting entry at December 31, 2017, to report the securities at fair value. (b) Show the balance sheet and income statement presentation at December 31, 2017, after adjustment to fair value.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
- Blossom SE has the following data at December 31, 2020. Securities Cost Fair Value Trading €118,200 €126,300 Non-trading 104,000 92,900 The non-trading securities are held as a long-term investment. This is the first year of the company's operations. Prepare the adjusting entries to report each class of securities at fair value. (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.) Account Titles and Explanation Debit CreditWeaver Company has the following data at December 31, 2015 for its securities: Securities COST FAIR VALUE Debt Investments - Trading 90,000 87,000 Debt Investments - Available for sale 74,000 75,000 Stock Investments 80,000 76,000 Prepare the adjusting entries to report the securities at fair value. On what financial statement and in what section of that statement would each of the above accounts be reported. (6 all together) a Date Account Title Debit CreditThe following data relates to Trading Securities: Please Journalize all of the entries required for this problem. On December 1, 2017, a company purchased securities totaling $3,800. On December 31, 2017, the FMV of the securities was $5,200. On December 31, 2018, the FMV was $2,600. On December 31, 2019, the FMV was $3,200. Please use the blank journal paper that I have uploaded to the files section of Canvas for this class. Question: The unrealized loss or gains would appear on which financial statement? ____________________________
- Marigold Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020. Amortized cost $51,100 Fair value 42,200 Expected credit losses 12,600 A. What is the amount of credit loss that marigold should report on this available-for-sale security at december 31, 2020? Amount of the credit loss $ 8,900 B. Prepare the journal entry to record the credit loss, if any ( and other adjustments needed), at December 31, 2020? date account titles and explanations debit credit 12/31/20 8,900 8,900 Please note that the answer is NOT Debit Loss on available for sale debt securities and Credit avilable for sale debt securities. These are the account titles I can choose from... Accumulated Other…Byrd Company had the following transactions during 2019 and 2020: 1. Prepare the journal entries for Byrd for both 2019 and 2020. Assume that the net price method is used to account for the credit terms. 2. Show how the preceding items would be reported in the current liabilities section of Byrd’s December 31, 2019, balance sheet. 3. Next Level Assuming Byrd’s current assets were $1,200,000 and its current ratio was 2.4 at the end of 2018, compute the current ratio at the end of 2019 (based solely on the effects of the preceding transactions).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.
- You are requested to reconstruct accounts of Angel Trading for analysis. The following data were available to you: Gross margin for 2019 amounts.……………. P800,000 Beginning balance of Merchandise Inventory.. 280,000 Long-term liabilities consisted of bonds Payable with interest rate of………. 15% Total Stockholders’ Equity , Dec 31, 2019 P 625,000 Gross margin ratio ...........................………… 40% Debt to equity ratio ........................…………. 0.6 : 1 Times interest is earned …………… ………. 8 Quick ratio ....................................…………… 1.5 :1 Ratio of operating expense to sales...………. 25% Inventory Turnover ………………………… 5 Total current assets would amount to a. P187,500 b. P387,500 c. P467,500 d. P427,500As of 12/31/2020 Bank of America had Stockholders Equity on their Balance Sheet at $216,324 Milllion; the market capitalization of B of A at year end was $214,324. Is B of A required to write-down their book value to fair value? What authoritative literature addresses this topic? Provide FASB codification.On its December 31, 2020 balance sheet, a company correctly reported a $342,000 credit balance in its Fair Value Adjustment (Available-for-Sale) account. There was no change during 2021 in the composition of the company’s portfolio of available-for-sale securities. At the end of 2021, the following information pertains to the portfolio: Cost at 12/31/21 Fair value at 12/31/21 $932,690 $874,360 The amount of unrealized holding gain/loss for the portfolio for the year ending December 31, 2021 is $____________. (Very Important: Just enter the amount. DO NOT put a plus or minus sign in front of the amount.)