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Question 1 --/1 View Policies Current Attempt in Progress The following information is available for Nash...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding i...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding its investments. Securities Cost 2,400 shares of Myers Corporation Common Stock $40,200 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 Fair Value $48,200 21,600 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Splish's investments result in significant influence. Assume the securities as trading securities. (Credit...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding i...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding its investments. Securities Cost 2,400 shares of Myers Corporation Common Stock $40,200 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 Fair Value $48,200 21,600 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Splish's investments result in significant influence. Assume the securities as trading securities. (Credit...
Question 3 --/1 View Policies Current Attempt in Progress Nash Corporation purchases equity securities costing $78,000....
Question 3 --/1 View Policies Current Attempt in Progress Nash Corporation purchases equity securities costing $78,000. At December 31, the fair value of the portfolio is $71,600. Prepare the adjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O...
Question 2 --/1 View Policies Current Attempt in Progress On December 21, 2020, Sage Company provided...
Question 2 --/1 View Policies Current Attempt in Progress On December 21, 2020, Sage Company provided you with the following information regarding its equity investments. December 31,2020 Investments (Trading) Unrealized Gain (Loss) Cost Fair Value $17,500 $18.400 $(900) Clemson Corp. stock Colorado Co. stock (1,000) 10,600 9,600 Buffaloes Co. stock 18,400 19,010 610 $47,400 $46,110 Total of portfolio (1,290) Previous fair value adjustment balance 0 Fair value adjustment-Cr $(1,290) During 2021, Colorado Co. stock was sold for $10,1 10. The...
View Policies Current Attempt in Progress Cullumber Company has the following portfolio of investment securities at...
View Policies Current Attempt in Progress Cullumber Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (5,500 shares) Monty, Inc. preferred (3,830 shares) Oakwood Corp.common (980 shares) Cost $236,500 141,710 179,340 Fair Value $221,790 149,280 178,430 On October 10, 2020, the Horton shares were sold at a price of $52 per share. In addition, 3,170 shares of Patriot common stock were acquired at $53 per share on...
Question 1 --/1 View Policies Current Attempt in Progress Nash Corporation began 2020 with a...
Question 1 --/1 View Policies Current Attempt in Progress Nash Corporation began 2020 with a $37,720 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $287,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $430,500, the tax rate for all years is 20%, and taxable income for 2020 is $332,100. Compute income taxes payable for 2020. Income taxes payable $ e...
Question 6 of 7 < > -11 View Policies Current Attempt in Progress The following was...
Question 6 of 7 < > -11 View Policies Current Attempt in Progress The following was reported by Church Financial in its December 31, 2021, financial statements: Investments at FVTPL, December 31, 2020 $13,000 Investments at FVTPL, December 31, 2021 17,700 Investment Income or (Loss) (500) Additional information: 1. The investments at FVTPL are investments in equity securities held for trading purposes. 2. Investment income or loss consists of: holding gain on the FVTPL investments of $3,000, and loss on...
Question 3 View Policies Current Attempt in Progress Bonita Corporation purchases equity securities costing $60,500. At...
Question 3 View Policies Current Attempt in Progress Bonita Corporation purchases equity securities costing $60,500. At December 31, the fair value of the portfolio is $53,300. Prepare the adjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for...
Question 1 0.72/2 View Policies Show Attempt History Current Attempt in Progress These are two independent...
Question 1 0.72/2 View Policies Show Attempt History Current Attempt in Progress These are two independent situations: 1. Sunland Cosmetics acquired 12% of the 287,500 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $80,200 dividend. On December 31, Elite reported net income of $228,100 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2....
Current Attempt in Progress In January 2020, the management of Ivanhoe Company concludes that it has...
Current Attempt in Progress In January 2020, the management of Ivanhoe Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 700 shares of Muninger common stock for $38,500. Purchased 900 shares of Tatman common stock for $22,500. Mar. 1 Apr. 1 July 1 Aug Purchased 50 $1,050,6% Yoakem bonds for $52,500. Interest is payable semiannually on April 1 and October 1. Received...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding its investments. Securities Cost 2,400 shares of Myers Corporation Common Stock $40,200 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 Fair Value $48,200 21,600 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Splish's investments result in significant influence. Assume the securities as trading securities. (Credit...
Current Attempt in Progress The following information is available for Splish Company at December 31, 2020, regarding its investments. Securities Cost 2,400 shares of Myers Corporation Common Stock $40,200 900 shares of Cole Incorporated Preferred Stock 24,500 $64,700 Fair Value $48,200 21,600 $69,800 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Splish's investments result in significant influence. Assume the securities as trading securities. (Credit...
Question 3 --/1 View Policies Current Attempt in Progress Nash Corporation purchases equity securities costing $78,000. At December 31, the fair value of the portfolio is $71,600. Prepare the adjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O...
Question 2 --/1 View Policies Current Attempt in Progress On December 21, 2020, Sage Company provided you with the following information regarding its equity investments. December 31,2020 Investments (Trading) Unrealized Gain (Loss) Cost Fair Value $17,500 $18.400 $(900) Clemson Corp. stock Colorado Co. stock (1,000) 10,600 9,600 Buffaloes Co. stock 18,400 19,010 610 $47,400 $46,110 Total of portfolio (1,290) Previous fair value adjustment balance 0 Fair value adjustment-Cr $(1,290) During 2021, Colorado Co. stock was sold for $10,1 10. The...
View Policies Current Attempt in Progress Cullumber Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (5,500 shares) Monty, Inc. preferred (3,830 shares) Oakwood Corp.common (980 shares) Cost $236,500 141,710 179,340 Fair Value $221,790 149,280 178,430 On October 10, 2020, the Horton shares were sold at a price of $52 per share. In addition, 3,170 shares of Patriot common stock were acquired at $53 per share on...
Question 1 --/1 View Policies Current Attempt in Progress Nash Corporation began 2020 with a $37,720 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $287,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $430,500, the tax rate for all years is 20%, and taxable income for 2020 is $332,100. Compute income taxes payable for 2020. Income taxes payable $ e...
Question 6 of 7 < > -11 View Policies Current Attempt in Progress The following was reported by Church Financial in its December 31, 2021, financial statements: Investments at FVTPL, December 31, 2020 $13,000 Investments at FVTPL, December 31, 2021 17,700 Investment Income or (Loss) (500) Additional information: 1. The investments at FVTPL are investments in equity securities held for trading purposes. 2. Investment income or loss consists of: holding gain on the FVTPL investments of $3,000, and loss on...
Question 3 View Policies Current Attempt in Progress Bonita Corporation purchases equity securities costing $60,500. At December 31, the fair value of the portfolio is $53,300. Prepare the adjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for...
Question 1 0.72/2 View Policies Show Attempt History Current Attempt in Progress These are two independent situations: 1. Sunland Cosmetics acquired 12% of the 287,500 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $80,200 dividend. On December 31, Elite reported net income of $228,100 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2....
Current Attempt in Progress In January 2020, the management of Ivanhoe Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 700 shares of Muninger common stock for $38,500. Purchased 900 shares of Tatman common stock for $22,500. Mar. 1 Apr. 1 July 1 Aug Purchased 50 $1,050,6% Yoakem bonds for $52,500. Interest is payable semiannually on April 1 and October 1. Received...
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