Homework Answers
Solution:
| Journal Entries - Kitty Company | |||
| Date | Particulars | Debit | Credit |
| 31-Dec | Unrealized holding gain or loss - NI Dr | $3.00 | |
| To Fair value adjustment | $3.00 | ||
| (To record fair value adjustment for trading securities) | |||
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Kitty Company began operations in the current year and acquired short-term debt investments in trading securities....
Kitty Company began operations in the current year and acquired short-term debt investments in trading securities....
Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Tesla Ronds Nike Bonds Ford Bonds Coat $17,700 27.600 6.900 Tair Value $13,275 28,980 5.520 Prepare journal entry to record the December 31 year-end fair value adjustment for the debt securities View transaction list Journal entry worksheet Record the year-end adjustment to fair value, If any....
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in...
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Cost $65 Fair Value $49 Portfolio of Trading Securities December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. Prepare journal entries to record each...
Ticker Services began operations in Year 1 and holds long-term investments in available for sale debt...
Ticker Services began operations in Year 1 and holds long-term investments in available for sale debt securities. The vear-end cost and fair values for its portfolio of these investments follow. Portfolio of Available for Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $12,600 18,20€ 21,300 16,389 Fair Value $16,209 27,480 32,eee 21,700 Prepare journal entries to record each year-end fair value adjustment for these securities View transaction list Journal...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $11,000 18,500 21,100 15,400 Fair Value $17,700 26,400 31,900 19,800 Prepare journal entries to record each year-end fair value adjustment for these securities. 1 Record the year-end adjustment to fair value,...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities Cost Fair Value December 31, Year 1 $ 12,600 $ 16,200 December 31, Year 2 18,200 27,400 December 31, Year 3 21,300 32,000 December 31, Year 4 16,300 21,700 Prepare journal entries to record each year-end fair value adjustment for these securities.
Required information Use the following information for the Quick Study below. [The following information applies to...
Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading SecuritiesCostFair Value Tesla Bonds $12,300 $9,225 Nike Bonds 20,400 21,420 Ford Bonds 5,100 4,080 QS C-5 Reporting trading securities on financial statements LO P1 (1) After the fair value adjustment is made,...
Kirkland Company had no trading debt securities prior to this year. It had the following transactions...
Kirkland Company had no trading debt securities prior to this
year. It had the following transactions this year involving trading
debt securities.
Aug.
2
Purchased Verizon bonds for $20,000.
Sept.
7
Purchased Apple bonds for $45,000.
12
Purchased Mastercard bonds for $30,000.
Oct.
21
Sold some of its Verizon bonds that had cost $2,500 for $2,600
cash.
23
Sold some of its Apple bonds that had cost $25,000 for $25,400
cash.
Nov.
1
Purchased Walmart bonds for $50,000.
Dec.
10...
Problem 15-1A Recording and adjusting trading debt securities LO P1 Kirkland Company had no trading debt...
Problem 15-1A Recording and adjusting trading debt securities LO P1 Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. Aug. Sept. Oct. 2 Purchased Verizon bonds for $10,000. 7 Purchased Apple bonds for $35,000. 12 Purchased Mastercard bonds for $20,000. 21 Sold some of its Verizon bonds that had cost $2,000 for $2,100 cash. 23 Sold some of its Apple bonds that had cost $15,000 for $15,...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt Exercise 15-6...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt Exercise 15-6 securities. The year-end cost and fair values for its portfolio of these investments follow. Prepare journal Multiyear fair value entries to record each year-end fair value adjustment for these securities. adjustments to available- for-sale debt securities Portfolio of Available-for-Sale Securities Cost Fair Value December 31, Year 1 $13,000 $15,000 December 31, Year 2........ 20,000 25,000 December 31, Year 3. 23,000 29,000 December 31, Year...
Exercise 15-2 Accounting for debt investments classified as trading LO P1 Brooks Co. purchases debt investments...
Exercise 15-2 Accounting for debt investments classified as trading LO P1 Brooks Co. purchases debt investments as trading securities at a cost of $54,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $69,000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January...
Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Tesla Ronds Nike Bonds Ford Bonds Coat $17,700 27.600 6.900 Tair Value $13,275 28,980 5.520 Prepare journal entry to record the December 31 year-end fair value adjustment for the debt securities View transaction list Journal entry worksheet Record the year-end adjustment to fair value, If any....
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Cost $65 Fair Value $49 Portfolio of Trading Securities December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. Prepare journal entries to record each...
Ticker Services began operations in Year 1 and holds long-term investments in available for sale debt securities. The vear-end cost and fair values for its portfolio of these investments follow. Portfolio of Available for Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $12,600 18,20€ 21,300 16,389 Fair Value $16,209 27,480 32,eee 21,700 Prepare journal entries to record each year-end fair value adjustment for these securities View transaction list Journal...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $11,000 18,500 21,100 15,400 Fair Value $17,700 26,400 31,900 19,800 Prepare journal entries to record each year-end fair value adjustment for these securities. 1 Record the year-end adjustment to fair value,...
Kirkland Company had no trading debt securities prior to this
year. It had the following transactions this year involving trading
debt securities.
Aug.
2
Purchased Verizon bonds for $20,000.
Sept.
7
Purchased Apple bonds for $45,000.
12
Purchased Mastercard bonds for $30,000.
Oct.
21
Sold some of its Verizon bonds that had cost $2,500 for $2,600
cash.
23
Sold some of its Apple bonds that had cost $25,000 for $25,400
cash.
Nov.
1
Purchased Walmart bonds for $50,000.
Dec.
10...
Problem 15-1A Recording and adjusting trading debt securities LO P1 Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. Aug. Sept. Oct. 2 Purchased Verizon bonds for $10,000. 7 Purchased Apple bonds for $35,000. 12 Purchased Mastercard bonds for $20,000. 21 Sold some of its Verizon bonds that had cost $2,000 for $2,100 cash. 23 Sold some of its Apple bonds that had cost $15,000 for $15,...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt Exercise 15-6 securities. The year-end cost and fair values for its portfolio of these investments follow. Prepare journal Multiyear fair value entries to record each year-end fair value adjustment for these securities. adjustments to available- for-sale debt securities Portfolio of Available-for-Sale Securities Cost Fair Value December 31, Year 1 $13,000 $15,000 December 31, Year 2........ 20,000 25,000 December 31, Year 3. 23,000 29,000 December 31, Year...
Exercise 15-2 Accounting for debt investments classified as trading LO P1 Brooks Co. purchases debt investments as trading securities at a cost of $54,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $69,000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January...
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