Required information. Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock: Cost $5,300 3,400 10,100 Fair Value $9,300 1,500 14,600 ercise C-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4
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- On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 6,400 3,800 12,700 Fair Value $ 9,600 2,900 14,800 Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4 Prepare the December 31 adjusting entry to report these investments at fair value. View transaction list Journal entry worksheet > 1 Record the year-end adjustment to fair value, if any. 7Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock View transaction list Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4 Prepare the December 31 adjusting entry to report these investments at fair value. Cost $ 5,300 3,400 10,100 Journal entry worksheet < 1 Fair Value $ 9,300 1,500 14,600 Note: Enter debits before credits. Record the year-end adjustment to fair value, if any.INVESTMENT PORTFOLIO General Corporation has the following investments in equity securities at December 31, 2002 (there are no existing balances in the market adjustment account): Percentage of Shares Owned Market Price at 12/31/02 Company Classification Shares Cost Clarke Corporation Trading Available-for-sale 1,000 2% S75 S78 Marlin Company 4,000 15 34 32 Air Products, Inc. Available-for-sale 3,000 10 46 43 Required: 1. Prepare any adjusting entries required at December 31, 2002. 2. Illustrate how these investments would be presented on General Corporation's balance sheet at December 31, 2002. The available-for-sale securities are expected to be held for two to five years. 3. Prepare the journal entry on April 10, 2003, when General Corporation sold the Clarke Corporation investment for $72 per share. 4. Assume that General Corporation still owns its investment in Marlin Company and Air Products at December 31, 2003; the market prices on that date are $37 for Marlin and $44 for Air…
- Which of the following is False in regards to Share premium account? a. It will be collected when the issue price is more than the par value of shares b. It will not be shown under current assets in the balance sheet c. It will be shown under the shareholders funds d. It will be collected when the par value of share is more than the issue price Trade receivables of XYZ SAOG company was OMR 16000 on 1st January 2019. A customer has gone bankrupt owing RO 1400, The debt is not expected to be recovered and an adjustment should be made at the end of the year 2019. An allowance for receivables of 5% is to be set up. What will be the Good Trade receivables to be shown under Current Assets on the balance sheet? a. OMR 13870 b. OMR 14600 c. OMR 15270 d. OMR 730Question 6: Myrnam Co. has the following investments held for trading on December 31, 2021: Carrying Value 185,000 125,000 230,000 540,000 Fair Value Category FVTPL Security Co. M common shares Co. N preferred shares Co. P common shares 160,000 140,000 190,000 490,000 FVTPL FVTOCI Total Instructions: a. Prepare the adjusting entries required at December 31 to report the above investments at fair value. b. Show the financial statement presentation of the investments and holding gains and losses that result from fair value adjustments at December 31, 2021. (Ignore income tax.) c. Assuming that on April 25, 2022, Myrnam sold Co. M common shares for $160,000, Co. N preferred shares for $135,000, and Co P common shares for $200,000, prepare the journal entries required to record these transactions. Round amounts to the nearest dollar. Show ALL calculationsView Policies Current Attempt in Progress Retained earnings is increased by each of the following except O prior period adjustments. O some disposals of treasury stock. Chall of these increase retained earnings. O net income. eTextbook and Media Save for Later Attempts: 0 of 2 %23 24 2 3 4. 8 W e y h a
- Attempt in Progress Your answer is incorrect. If a company has trading securities, it will report unrealized changes in their value O only when sold. O directly in shareholders' equity. O as part of income. O on the income statement only if there is a loss. eTextbook and Media Save for Later Attempts: 1 of 2 used Submit Ans %24 % 4. 5 7 8 9 t y u f h kAUDIT OF MARKETABLE SECURITIES – TRADING The company’s equity portfolio as of year-end showed the following: Total Market Value Shares Cost per Share SCC 7,000 108,500 P16.00 PHA 10,000 195,000 19.75 PAL 2,400 49,200 24.00 EMP 2,000 67,000 26.00 DMC 8,000 31,600 1.20 UB 1,600 50,880 27.50 P502,180 The securities are listed in the stock exchange. The company follows the fair value accounting. Trading securities A. P403,640 B. P502,180 C. P491,240 D. P472,700At what amount should the following trading investment portfolio be reported on the December 31? balance sheet? All the investments are less than 5 percent of the investee's stock and were purchased late in the current year. Investment Current Stock Cost Market Value ------------------------------------------------------------------------- Eastman Kodak........... $ 5,000 $ 5,500 Exxon................... 61,200 53,000 General Motors.......... 3,680 6,230 The Amounts of the investments on the Balance Sheet is A) $59,222 B) 64,730
- Paul Company presented the following information pertaining to its investments in equity securities. FVPL FVOCICost P1,000,000 P1,000,000Market value December 31, 2020 1,050,000 980,000 December 31, 2019 950,000 920,000 2.What amount should Paul report as unrealized gains/losses in the shareholders' equity of its December 31, 2020 statement of financial position?0: خاص A moodle1.du.edu.om Question 9 Not yet answered Marked out of 1 P Flag question The process of evaluating securities by historical data like trade volume and share price data is called Select one: O a. None of the options O b. Technical Analysis O c. Fundamental Analysis O d. Quantitative Analysis Previous page Finish attempt ... ( Assignment 1 Jump to... LECTURE ► Quiz navigatton1. S1: In the statement of changes in equity, the effect of the correction of aprior period error is presented separately for each component of equity.S2: Preference share dividend appear under the retained earnings sectionof the statement of changes in equity A. True, TrueB. False, FalseC. True, FalseD. False True 2.The entity classified a building as held for sale on January 1, 2020. However, the company decided to use it for a product line expansion on December 31, 2020. Which of the following statements are true? The company will record depreciation expense for the year 2020. The company will recognize an impairment loss on January 1, 2020, if applicable. I only II only Both I and II None of the above 3.Which statement is incorrect? Revenues are income that arises from the ordinary course of business activities. Revenues may arise from decrease in liability from primary operations. Generally, revenue is recognized when the earning process is complete and a valid promise of…