Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter C, Problem 6PSA
1.
Summary Introduction
Concept Introduction:
To Give:
Necessary Journal entry.
2.
Summary Introduction
Concept Introduction:
Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.
To Give:
Amount shown on investment in balance sheet.
3.
Summary Introduction
Concept Introduction:
Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.
To Give:
Gains and profit on transaction of long term investment.
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Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following.
Available-for-Sale Securities
Cost
Fair Value
Company A bonds
$ 534,100
$ 492,000
Company B notes
159,140
155,000
Company C bonds
662,400
642,140
Stoll enters into the following transactions involving its available-for-sale debt securities this year.
January 29
Sold one-half of the Company B notes for $78,820.
July 6
Purchased Company X bonds for $122,100.
November 13
Purchased Company Z notes for $267,300.
December 9
Sold all of the Company A bonds for $524,800.
Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000.
Problem 15-3A (Algo) Part 3
3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year?
Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following.
Available-for-Sale Securities
Cost
Fair Value
Company A bonds
$ 534,100
$ 492,000
Company B notes
159,140
155,000
Company C bonds
662,400
642,140
Stoll enters into the following transactions involving its available-for-sale debt securities this year.
January 29
Sold one-half of the Company B notes for $78,820.
July 6
Purchased Company X bonds for $122,100.
November 13
Purchased Company Z notes for $267,300.
December 9
Sold all of the Company A bonds for $524,800.
Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000.
Problem 15-3A (Algo) Part 1 and 2
Required:1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities.2. Determine the amount Stoll reports on its December 31…
Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following.
Available-for-Sale Securities
Cost
Fair Value
Company A bonds
$
534,900
$
492,000
Company B notes
159,290
145,000
Company C bonds
662,500
641,740
Stoll enters into the following transactions involving its available-for-sale debt securities this year.
Jan.
29
Sold one-half of the Company B notes for $78,130.
July
6
Purchased bonds of Company X for $125,100.
Nov.
13
Purchased notes of Company Z for $268,000.
Dec.
9
Sold all of the bonds of Company A for $515,300.
The fair values at December 31 are B, $80,300; C, $606,800; X, $101,000; and Z, $271,000.
Required:1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities.2. Determine the amount Stoll reports on its December 31 balance…
Chapter C Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. C - Under what two conditions should investments be...Ch. C - Prob. 2DQCh. C - Prob. 3DQCh. C - Identify the three classes of debt investments and...Ch. C - Prob. 5DQCh. C - Prob. 6DQCh. C - Prob. 7DQCh. C - Prob. 8DQCh. C - Prob. 9DQCh. C - Prob. 10DQ
Ch. C - Prob. 11DQCh. C - Prob. 12DQCh. C - Prob. 13DQCh. C - Prob. 14DQCh. C - Which of the following statements a through g are...Ch. C - Prob. 2QSCh. C - Prob. 3QSCh. C - Prob. 4QSCh. C - Prob. 5QSCh. C - Prob. 6QSCh. C - Journ Co. purchased short-term investments in...Ch. C - Prob. 8QSCh. C - Prob. 9QSCh. C - Prob. 10QSCh. C - Prob. 11QSCh. C - Prob. 12QSCh. C - Complete the following descriptions by filling in...Ch. C - Complete the following descriptions by filling in...Ch. C - Prob. 15QSCh. C - Prob. 17QSCh. C - Complete the following descriptions by filling in...Ch. C - Prob. 2ECh. C - Prob. 4ECh. C - Prob. 5ECh. C - Prob. 6ECh. C - Prob. 7ECh. C - Use the following information of Prescrip Co. to...Ch. C - Prob. 9ECh. C - Prob. 10ECh. C - Prob. 12ECh. C - Complete the following descriptions by filling in...Ch. C - Prob. 14ECh. C - Prob. 1PSACh. C - Prob. 3PSACh. C - Prob. 4PSACh. C - Prob. 5PSACh. C - Prob. 6PSACh. C - Prob. 1PSBCh. C - Prob. 3PSBCh. C - Prob. 4PSBCh. C - Prob. 5PSBCh. C - Prob. 6PSBCh. C - Prob. CSPCh. C - Prob. 1GLPCh. C - Prob. 2GLPCh. C - Prob. 1FSACh. C - Prob. 2FSACh. C - Prob. 3FSACh. C - Prob. 2BTN
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