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MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 9-4 Swifty Corp, has the following...
Problem 9-4 Sheffield Corp. has the following securities (all purchased in 2017) in its investment portfolio on December 31, 2017: 2,600 Anderson Corp. common shares, which cost $49,660; 10,000 Munter Ltd. common shares, which cost $646,000; and 6,700 King Corp. preferred shares, which cost $278,720. Their fair values at the end of 2017 were as follows: Anderson Corp. $49,680; Munter Ltd. $635,150; and King Corp. $278,070 In 2018, Sheffield completed the following transactions: 1. 2. On January 15, sold 2,600...
Ayayai Corp. has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,420 Anderson Corp. common shares, which cost $48,850; 12,100 Munter Ltd. common shares, which cost $580,700; and 6,360 King Corp. preferred shares, which cost $255,600. Their fair values at the end of 2020 were as follows: Anderson Corp. $50,980; Munter Ltd. $569,600; and King Corp. $255,100. In 2021, Ayayai completed the following transactions: 1. On January 15, sold 2,420 Anderson common shares...
Larkspur Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in 2020): (1) 2,800 shares of Anderson Co. common stock which cost $53,200, (2) 10,700 shares of Munter Ltd. common stock which cost $599,200, and (3) 6,000 shares of King Company preferred stock which cost $258,000. The Fair Value Adjustment account shows a credit of $10,100 at the end of 2020. In 2021, Larkspur completed the following securities transactions. 1. On January...
Problem 17-5 Pronghorn Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,100 shares of Anderson Co. common stock which cost $62,000, (2) 10,000 shares of Munter Ltd. common stock which cost $570,000, and (3) 6,600 shares of King Company preferred stock which cost $283,800. The Fair Value Adjustment account shows a credit of $10,800 at the end of 2017. In 2018, Pronghorn completed the following securities transactions. 1....
Problem 17-5 Crane Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,100 shares of Anderson Co. common stock which cost $58,900, (2) 9,900 shares of Munter Ltd. common stock which cost $564,300, and (3) 5,600 shares of King Company preferred stock which cost $229,600. The Fair Value Adjustment account shows a credit of $10,500 at the end of 2017. In 2018, Crane completed the following securities transactions. 1....
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NER Exercise 14-27 Bonita Corp. owes $258,000 to Windsor Trust. The debt is a 10-year, 124 note de December 31, 2020. Because Bonita Corp. is intencial trouble, Windsor Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $203,000, and reduce the interest rate to 7, payable annually on December 31. (a) Prepare the journal entries on Bonita's books on December 31, 2020 2021 2022. (b)...
PRINTER VERSION BACK NEXT At December 31, 2020, the equity investments of Grouper Inc. that were accounted for using the FV-OCI model without recycling were as follows: Investment Ahn Inc. Burnham Corp. Chi Ltd. Total Cost and Carrying Amount $174,200 120,700 73,300 $368,200 Unrealized Fair Value Gain (Loss) $150,300 $(23,900) 139,900 19,200 76,000 2,700 $366,200 $(2.000) Because of a change in relationship with Ahn Inc., Grouper Inc. sold its investment in Ahn for $154,800 on January 20, 2021. No other...
GILL CALCULATOR PRINTER VERSION BACK NEXT Exercise 8-4 The ledger of Swifty Corporation at the end of the current year shows Accounts Receivable $74,500; Credit Sales $786,220; and Sales Returns and Allowances $42,810. (a) If Swifty Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Swifty Corporation determines that Matisse's $922 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,116 in the trial balance,...
Bonita Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in 2020): (1) 3,100 shares of Anderson Co. common stock which cost $58,900, (2) 9,800 shares of Munter Ltd. common stock which cost $548,800, and (3) 5,700 shares of King Company preferred stock which cost $233,700. The Fair Value Adjustment account shows a credit of $10,200 at the end of 2020. In 2021, Bonita completed the following securities transactions. 1. On January...
Exercise 17-15 Swifty Company has the following securities in its portfolio on December 31, 2017. None of these investments are accounted for under the equity method Investments Fair Value 1,500 shares of Gordon, Inc., Common 5,000 shares of Wallace Corp. Common 400 shares of Martin, Inc., Preferred $77,600 172.000 63,500 $314,000 $73,200 167,200 65.100 $306,000 All of the securities were purchased in 2017. In 2018, Swifty completed the following securities transactions. March 1 Sold the 1,500 shares of Gordon, Inc.,...