The following information is available for Whiteside Company for 2013: Net Income $120,000 Realized gain on sale of available- 10,000 for-sale securities Unrealized holding gain arising 24,000 during the period on available-for- sale securities Reclassification adjustment for gains included in net income 8,000 a. Determine other comprehensive income for 2013 b. Compute comprehensive income for 2013
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- Provide Answer for A and BGive true answerData related to available-for sale securities for Aetna Corporation for the Year 2016 is provided below: Mark-to-market value of available-for-sale securities, Ending Amortized cost of available-for-sale securities, Beginning Purchases of available-for-sale securities during the year Amortized cost of available-for-sale securities, Ending $8,000 $1,200 $3,000 $1,550 Mark-to-market value of available-for-sale securities, Beginning $4,500 Additional information: No dividend revenue or interest revenue earned or received during the year. No securities were sold, and no securities were matured during the year. What would be the unrealized gain or loss for the year 2016? a. $500 Unrealized gain b. $1,300 Unrealized loss c. $2,150 Unrealized gain d. $1,800 Unrealized loss
- Problem No. 5 DAP Company started operation on January 1, 2018 and acquired the following securities: Trading Securities Portfolio Abad Company Aquino Company Lacierda Company Fair value P2,400,000 2,600,000 1,900,000 Fair value FVTOCI Portfolio Coloma Company Soliman Company Villanueva Company P3,050,000 2,725,000 1,875,000 No disposals were made during 2018. The fair values of the investment securities as of December 31, 2018 are as follows: Trading Securities Portfolio Abad Company Aquino Company Lacierda Company Fair value P2,380,000 2,600,000 1,870,000 Page |S/TOCI Portfolio Coloma Company Soliman Company Villanueva Company Fair value P3,070,000 2,737,500 1,871,000 The following additional transactions happened in 2019: On September 1, DAP Company sold its Aquino Company securities for P2,590,000. On October 1, DAP Company exchanged it Soliman Company portfolio for a piece of land. The carrying amount of the land was P1,937,500 an a zonal value of P2,777,500. At the time of…Use the common-size financial statements found here: ommon-Size Balance Sheet 2016Cash and marketable securities $ 480 1.5 %Accounts receivable 6,030 18.2Inventory 9,540 28.8Total current assets $ 16,050 48.5 %Net property, plant, and equipment 17,020 51.5Total assets $33,070 100.0 %Accounts payable $ 7,150 21.6 %Short-term notes 6,850 20.7Total current liabilities $ 14,000 42.3 %Long-term liabilities 7,010 21.2Total liabilities $ 21,010 63.5 %Total common shareholders’ equity 12,060 36.5Total liabilities and shareholders’ equity $33,070 100.0 %Common-Size Income Statement 2016Revenues $ 30,000 100.0 %Cost of goods sold (20,050) 66.8Gross profit $ 9,950 33.2 %Operating expenses (7,960) 26.5Net operating income $ 1,990 6.6 %Interest expense (940) 3.1Earnings before taxes $ 1,050 3.5 %Income taxes (382) 1.3Net income $668 2.2 % Specifically, write up a brief narrative that responds to the following questions: a. How much cash does Patterson have on hand relative to its total…Cost and fair value data for the trading debt securities of Sheridan Company at December 31, 2027, are $58,500 and $55,650 respectively. Show the financial statement presentation of the trading securities and related accounts. SHERIDAN COMPANY Balance Sheet (Partial) A SHERIDAN COMPANY Income Statement (Partial) +A
- 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 lossHere is comparative balance sheet for 2021 and 2022, stating each asset as a percent of total assests and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. 2020 (%) 2021 (%) Assets Cash 43,500 8.84 55,000 14.25 Inventory 22,000 4.47 23,500 6.09 Equipment and fixures 380,000 77.24 255,000 66.08 Supplies 3,800 0.77 4,100 1.06 Prepaid expenses 9,200 1.87 12,500 3.24 Store design/Buildout 27,000 5.49 27,000 7.00 Loan Fee 4,000 0.81 5,500 1.42 Advertising and Marketing 2,500 0.51 3,300 0.86 Total assets 492,000 100.00 385,900 100.00 Bank Loan 150,000 30.49 170,000 44.05 Other liability (Balancing figure) 292,000 59.35 170,900 44.29 Owner contribution 50,000 10.16 45,000 11.66 Total equity and liability 492,000 100.00 385,900 100.00 Please explain or make an assumption of the figurePart AAl Salam Company began operations in 2016. Since then, it has reported the following gains andlosses for its investments in trading securities on the income statement:2016 2017 2018Gains (losses) from sale of trading investments $15,000 $(20,000) $14,000Unrealized holding gains (losses) on valuation of tradinginvestments(25,000) 10,000 (30,000)RequiredFor Al Salam Company:Calculate the balance in the Fair Value Adjustment account at December 31, 2018 (after theadjusting entry for 2018 is made).Part BThe following scenarios are independent from each other1. Al Faris Corp. issued €6,000,000 par value 10% convertible bonds at 98. The liabilitycomponent alone would have been valued at 95.2. Al Rassam Company issued €7,000,000 par value 10% bonds for €6,860,000. One sharewarrant was issued with each €100 par value bond. At the time of issuance, the warrantswere selling for €4. The net present value of the bonds without the warrants was €6,720,000.3. Mazaya, Inc. had an 11%, €5,000,000…
- Cost and fair value data for the trading debt securities of Ivanhoe Company at December 31, 2022, are $64,220 and $63,810, respectively. (a1) Show the financial statement presentation of the trading securities. Ivanhoe Company (Partial) Balance Sheet ACondensed financial data of Pat Metheny Company for 2014 and 2013 are presented below: Pat Metheny Comparative Balance Sheet As of December 31, 2014 and 2013 2014 2013 Cash 1,800 1,100Receivables 1,750 1,300Inventory 1,600 1,900Plant assets…Here is financial information for Sheridan Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings Assets Current assets Plant assets (net) Total assets December 31, 2022 Liabilities $123,000 395,300 89,279 130,592 166,959 131,470 2022 Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) $123,000 December 31, 2021 395,300 $100,000 335,000 73,000 88,000 117,000 157,000 2021 SHERIDAN INC. Condensed Balance Sheets December 31 $100,000 335,000 $518,300 $435,000 Increase or (Decrease) Amount Percentage % % %