Ans-1- Journal Entries
Date | Account Title and Explanation | Debit ($) | Credit ($) |
Mar.31 | Investment in DT Corporation A/c Dr. | 420,000 | |
Cash A/c | 42,0000 | ||
(To record investment in Distribution Transformers Corporation ) | |||
Sep. 01 | Investment in American Instruments A/c Dr. | 930,000 | |
Cash A/c | 930,000 | ||
(To record the investment in American Instruments) | |||
Sep 30 | Cash A/c Dr. | 16,800 | |
Dividend Revenue | 16,800 | ||
(To record the dividend received) | |||
Oct. 02 | Fair Value Adjustment A/c Dr. | 27,000 | |
Unrealized Holding Gain- NI | 27,000 | ||
(To record the gain on DT Common Stock) | |||
Oct.02 | Cash A/c Dr. | 447,000 | |
Investment in Distribution Transformers Stock | 420,000 | ||
Fair Value Adjustment A/c | 27,000 | ||
(To record the sell of Distribution Transformers Stock) | |||
Nov.01 | Investment in M&D Corporation Stock A/c Dr. | 1,420,000 | |
Cash A/c | 1,420,000 | ||
(To record the investment in M& D Corporation ) | |||
Dec. 31 | Fair Value Adjustment A/c Dr. | 10,000 | |
Net Unrealized Holding Gain and Loss | 10,000 | ||
(To record adjustment of unrealized gain) |
Working Note:- Calculating Net Unrealized Holding Gain or Loss:-
Particulars | Face Value ($) | Market Value ($) | Unrealized Holding Gain/ Loss ($) |
American Instruments Common Stock | 930,000 | 878,000 | (52,000) |
M&D Common Stock | 1,420,000 | 1,482,000 | 62,000 |
Net Unrealized Holding Gain | $2,350,000 | $2,360,000 | $10,000 |
Ornamental Insulation
Income Statement
For the Year Ended 2018
Particulars | Amount ($) |
Other Revenues and Gains:- |
|
Dividend Revenue | 16,800 |
Unrealized Holding Gain-NI | 27,000 |
Net Income | 43,800 |
Ornamental Insulation Corporation
Statement of Comprehensive Income
For the Year Ended 2018
Net Unrealized Holding Gain | $10,000 |
Ornamental Insulation Corporation
Balance Sheet
As at 2018
Assets | ||
Current Assets:- |
||
Securities available for sale | $2,350,000 | |
Add: Fair value adjustments | $10,000 | $2,360,000 |
Shareholders' Equity | ||
Net Unrealized holding gain | $10,000 |
Sep. 30 Received a $16,800 divi for $447,000 end < Prev 9of 10 Next >
15 10 points of < Prev 15 of 15 Next 24
12 HW 6 (155,000 $1,290,000 Print 2. $1,299,000 Journal entry worksheet <Prev 6of 10 Next >
The growth trend in the graph shown is depicted by: Output Time < Prev 3 of 27 Multiple Choice Ο Α. Ο Ο Ο < Prev
< Prev Next > Send to Gradebook 0.5/1 Question 10 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. Mordica Company's standard labor cost per unit of output is $33.00 (3.00 hours x $11.00 per hour). During August, the company Incurs 4,290 hours of direct labor at an hourly cost of $12.10 per hour in making 1,300 units of finished product. Compute the total, price, and quantity labor variances. (Round answers to 2 decimal...
< Prev Next > Question 19 --/1 View Policies Current Attempt in Progress Crane Company's account balances at December 31 for Accounts Receivable and Allowance for Doubtful Accounts were $2140000 and $48000 (Cr.), respectively. An aging of accounts receivable indicated that $171000 are expected to become uncollectible. The amount of the adjusting entry for bad debts at December 31 is $214000. O $171000. O $123000. $219000. Attempts: 0 of 1 used Save for Later Submit Answer Send to Gradebook
Send to Gradebook < Prev Next > Question 20 --/1 View Policies Current Attempt in Progress An aging of a company's accounts receivable indicates that $14400 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1160 credit balance, the adjustment to record bad debts for the period will require a O debit to Allowance for Doubtful Accounts for $13240. O credit to Allowance for Doubtful Accounts for $14400. O debit to Bad Debt Expense for $14400. debit...
Send to Gradebook < Prev Next > Question 21 --/1 View Policies Current Attempt in Progress port An aging of a company's accounts receivable indicates that $15500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1180 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $14320 O credit to Allowance for Doubtful Accounts for $15500. Odebit to Bad Debt Expense for $14320. debit to...
Help Save& Exit S An < Prev 31 or 50 Next > The leasing of assets in a transaction that qualifies as a capital lease The purchase of noncash assets in exchange for equity or debt securities The purchase of long-term assets financed by a cash down payment and a note payable to the seller for the balance Next> < Prev 31of 50
Send to Gradebook < Prev Next > 01:08:10 Hide Timer Question 14 --/3 View Policies Current Attempt in Progress Blossom Bottle Shop has two divisions, Wine and Beer. The sales mix is 70% Wine and 30% Beer. Blossom's annual fixed costs are estimated at $182400. The average selling price in the Wine division is $24 with a variable cost of $8.40. The average selling price in the Beer division is $8.40 with a variable cost of $4.20. What is the...
Send to Gradebook < Prev Next > 01:07:14 Hide Timer Question 22 --/3 View Policies Current Attempt in Progress Vaughn Manufacturing has collected the following data concerning one of its products: Unit sales price $143 16000 Total sales units Unit cost $107 Total investment $1800000 The ROI percentage is NW O 27%. 37%. 42%. 32%. - Attempts: 0 of 1 used Save for Later Submit Answer < Prev Next > Send to Gradebook