Homework Help is Here – Start Your Trial Now!
Business
Accounting
Fair Value $34,650 57,960 98,560 Jightline Co. 39,200 or the year ending December 31, 20Y5, O'Brien Industries Inc. reported net income of $148,230 and paid no dividends. Required: suing Company ernard Co. hadwick Co. Hozar Inc. The comparative unclassified balance sheets for December 31, 20Y4 and 20Y5 are provided below. Selected balances are missing. Determine the missing amounts. Use minus sign to indicate the negative amounts. Do not round interim calculations. Round answers to nearest dollar. O'Brien Industries Inc. Partial Balance Sheets December 31 Available-for-Sale Investments (at Cost) Valuation Allowance for Available-for-Sale Investments Available-for-Sale Investments (Fair Value) Interest Receivable Investment in Jolly Roger Co. stock Office Equipment (Net) Total Assets Search 20Y5 115,000 20Y4 $103,770 (2,500) $101,270 $77,000 130,000 $666,270 <

Fair Value $34,650 57,960 98,560 Jightline Co. 39,200 or the year ending December 31, 20Y5, O'Brien Industries Inc. reported net income of $148,230 and paid no dividends. Required: suing Company ernard Co. hadwick Co. Hozar Inc. The comparative unclassified balance sheets for December 31, 20Y4 and 20Y5 are provided below. Selected balances are missing. Determine the missing amounts. Use minus sign to indicate the negative amounts. Do not round interim calculations. Round answers to nearest dollar. O'Brien Industries Inc. Partial Balance Sheets December 31 Available-for-Sale Investments (at Cost) Valuation Allowance for Available-for-Sale Investments Available-for-Sale Investments (Fair Value) Interest Receivable Investment in Jolly Roger Co. stock Office Equipment (Net) Total Assets Search 20Y5 115,000 20Y4 $103,770 (2,500) $101,270 $77,000 130,000 $666,270 <

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

I need help with this 

Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 20Y4, are as follows: Issuing Company Cost Bernard Co. $38,250 65,520 $103,770 Chadwick Co. June 30. The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co The following selected transactions occurred during 20Y5: Jan. 2. Oct. 1. 9. Dec. 31. 31. Fair Value $37,500 63,770 $101,270 Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. Q Search Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Purchased $40,000 of Nightline Co. 6%, 10-year bonds at 100. The bonds are 1 and April 1. classified as an available-for-sale investment. The bonds pay interest on October Dividends of $12,500 are received on the Jolly Roger Co. investment. Jolly Roger Co. reported a total net income of $112,000 for 20Y5, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. L L
Transcribed Image Text:Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 20Y4, are as follows: Issuing Company Cost Bernard Co. $38,250 65,520 $103,770 Chadwick Co. June 30. The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co The following selected transactions occurred during 20Y5: Jan. 2. Oct. 1. 9. Dec. 31. 31. Fair Value $37,500 63,770 $101,270 Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. Q Search Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Purchased $40,000 of Nightline Co. 6%, 10-year bonds at 100. The bonds are 1 and April 1. classified as an available-for-sale investment. The bonds pay interest on October Dividends of $12,500 are received on the Jolly Roger Co. investment. Jolly Roger Co. reported a total net income of $112,000 for 20Y5, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. L L
Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 20Y4, are as follows: Issuing Company Cost Bernard Co. $38,250 65,520 $103,770 Chadwick Co. June 30. The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co The following selected transactions occurred during 20Y5: Jan. 2. Oct. 1. 9. Dec. 31. 31. Fair Value $37,500 63,770 $101,270 Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. Q Search Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Purchased $40,000 of Nightline Co. 6%, 10-year bonds at 100. The bonds are 1 and April 1. classified as an available-for-sale investment. The bonds pay interest on October Dividends of $12,500 are received on the Jolly Roger Co. investment. Jolly Roger Co. reported a total net income of $112,000 for 20Y5, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. L L
Transcribed Image Text:Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 20Y4, are as follows: Issuing Company Cost Bernard Co. $38,250 65,520 $103,770 Chadwick Co. June 30. The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co The following selected transactions occurred during 20Y5: Jan. 2. Oct. 1. 9. Dec. 31. 31. Fair Value $37,500 63,770 $101,270 Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. Q Search Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Purchased $40,000 of Nightline Co. 6%, 10-year bonds at 100. The bonds are 1 and April 1. classified as an available-for-sale investment. The bonds pay interest on October Dividends of $12,500 are received on the Jolly Roger Co. investment. Jolly Roger Co. reported a total net income of $112,000 for 20Y5, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. L L
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
S Corporations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS