Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 20 | Cash (1400 x $58) | 81200 | |
| Stock investments | 77000 | ||
| Gain on sale of stock investments | 4200 | ||
| Jan. 28 | Stock investments | 40040 | |
| Cash (520 x $77) | 40040 | ||
| Jan. 30 | Cash (1500 x $1.45) | 2175 | |
| Dividend revenue | 2175 | ||
| Feb. 8 | Cash (1100 x $0.70) | 770 | |
| Dividend revenue | 770 | ||
| Feb. 18 | Cash (1100 x $29) | 31900 | |
| Loss on sale of stock investments | 1100 | ||
| Stock investments | 33000 | ||
| Jul. 30 | Cash (1500 x $1.00) | 1500 | |
| Dividend revenue | 1500 | ||
| Sept. 6 | Stock investments | 77760 | |
| Cash (960 x $81) | 77760 | ||
| Dec. 1 | Cash [(520 + 960) x $1.60] | 2368 | |
| Dividend revenue | 2368 |
| Stock Investments | |||
| 1/1 Bal. | 204500 | 1/20 | 77000 |
| 1/28 | 40040 | 2/18 | 33000 |
| 9/6 | 77760 | ||
| 12/31 Bal. | 212300 | ||
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 | Unrealized gain or loss-equity | 6720 | |
| Fair value adjustment-available for sale | 6720 |
Working:
| Stock Investment | Cost | Fair Value | Unrealized gain (loss) |
| Hutcherson Corporation | 94500 | 100500 | 6000 |
| Liggett Corporation | 117800 | 105080 | -12720 |
| Total $ | 212300 | 205580 | -6720 |
| Sheridan Company | |
| Balance Sheet (Partial) | |
| December 31, 2021 | |
| Long-term Investments | |
| Available for sale securities | 205580 |
| Stockholders' Equity | |
| Retained earnings | xxxxx |
| Less: Unrealized loss on available for sale securities | 6720 |
| Total stockholders' equity | xxxxx |
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Problem 16-05A a-d The following securities are in Sheridan Company's portfolio of long-term securities at December...
Problem 16-5A 210 The following securities are in Frederick Company's portfolio of long-term available-for-sale securities at December 31, 2017 Cost 82,50D 96,000 39,000 1,500 shares af Wil hite...
Problem 16-5A 210 The following securities are in Frederick Company's portfolio of long-term available-for-sale securities at December 31, 2017 Cost 82,50D 96,000 39,000 1,500 shares af Wil hite Corporatian common stack 1,500 shares of Hutcherson Corporation common stock 1,300 shares of Downing Corporation preferred stock On December 31, 2017, the total cost of the porttolio equaled total fair value. Frederick had the following transactions related to the securities during 2018. Jan. 20 Sold all 1,500 shares of Willhite Corporation common...
(b) Post to the investment accounts. (Use T-accounts.) (c) Prepare the adjusting entry at December 31,...
(b) Post to the investment accounts. (Use T-accounts.)
(c) Prepare the adjusting entry at December 31, 2018 to report
the portfolio at fair value
dShow the balance sheet presentation at December 31, 2018, for
the investment-related accounts.
Problem 16-05A a-d (Part Level Submission) The following securities are in Sunland Company's portfolio of long-term securities at December 31, 2020. Cost 1,000 shares of Willhite Corporation common stock $50,000 1,400 shares of Hutcherson Corporation 89,600 common stock 1,200 shares of Downing Corporation...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Sage Company has the following securities in its portfolio on December 31, 2020. None of these...
Sage Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc.,
Common
$77,600
$73,200
5,000 shares of Wallace
Corp., Common
172,900
167,700
400 shares of Martin, Inc.,
Preferred
63,500
65,100
$314,000
$306,000
All of the securities were purchased in 2020.
In 2021, Sage completed the following securities
transactions.
March 1
Sold the 1,500 shares of
Gordon, Inc., Common,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: 5,000 shares of Thomas Corp., Common 10,000 shares of Gant, Common Cost $151,000 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Indigo Company has the following securities in its portfolio on December 31, 2020. None of these...
Indigo Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $79,600 $74,700 5,000 shares of Wallace Corp., Common 170,900 165,800 400 shares of Martin, Inc., Preferred 65,800 67,200 $316,300 $307,700 All of the securities were purchased in 2020. In 2021, Indigo completed the following securities transactions March 1 Sold the 1,500 shares of Gordon, Inc., Common,...
Larkspur Company has the following securities in its investment portfolio on December 31, 2020 (all securities...
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...
Pearl Company has the following portfolio of investment securities at September 30, 2020, its most recent...
Pearl Company has the following portfolio of investment
securities at September 30, 2020, its most recent reporting date.
Investment Securities Cost Fair Value Horton, Inc. common (4,800
shares) $206,400 $190,060 Monty, Inc. preferred (3,430 shares)
126,910 133,740 Oakwood Corp. common (1,020 shares) 179,520 178,470
On October 10, 2020, the Horton shares were sold at a price of $54
per share. In addition, 3,090 shares of Patriot common stock were
acquired at $56 per share on November 2, 2020. The December...
Korman Company has the following securities in its portfolio of equity securities on December 31, 2018:...
Korman Company has the following securities in its portfolio of equity securities on December 31, 2018: Cost Fair Value 5,000 shares of Thomas Corp., Common $152,000 $140,000 10,000 shares of Gant, Common 182,000 190,100 $334,000 $330,100 All of the securities had been purchased in 2018. In 2019, Korman completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $30.90 less fees of $1,500. April...
Skysong Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting d...
Skysong Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (4,670 shares) Monty, Inc. preferred (3,740 shares) Oakwood Corp. common (950 shares) Cost Fair Value $205,480 $190,250 145,860 153,180 161,500 160,470 On October 10, 2020, the Horton shares were sold at a price of $56 per share. In addition, 3,290 shares of Patriot common stock were acquired at $58 per share on November 2, 2020. The December...
Problem 16-5A 210 The following securities are in Frederick Company's portfolio of long-term available-for-sale securities at December 31, 2017 Cost 82,50D 96,000 39,000 1,500 shares af Wil hite Corporatian common stack 1,500 shares of Hutcherson Corporation common stock 1,300 shares of Downing Corporation preferred stock On December 31, 2017, the total cost of the porttolio equaled total fair value. Frederick had the following transactions related to the securities during 2018. Jan. 20 Sold all 1,500 shares of Willhite Corporation common...
(b) Post to the investment accounts. (Use T-accounts.)
(c) Prepare the adjusting entry at December 31, 2018 to report
the portfolio at fair value
dShow the balance sheet presentation at December 31, 2018, for
the investment-related accounts.
Problem 16-05A a-d (Part Level Submission) The following securities are in Sunland Company's portfolio of long-term securities at December 31, 2020. Cost 1,000 shares of Willhite Corporation common stock $50,000 1,400 shares of Hutcherson Corporation 89,600 common stock 1,200 shares of Downing Corporation...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Sage Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc.,
Common
$77,600
$73,200
5,000 shares of Wallace
Corp., Common
172,900
167,700
400 shares of Martin, Inc.,
Preferred
63,500
65,100
$314,000
$306,000
All of the securities were purchased in 2020.
In 2021, Sage completed the following securities
transactions.
March 1
Sold the 1,500 shares of
Gordon, Inc., Common,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: 5,000 shares of Thomas Corp., Common 10,000 shares of Gant, Common Cost $151,000 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Indigo Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $79,600 $74,700 5,000 shares of Wallace Corp., Common 170,900 165,800 400 shares of Martin, Inc., Preferred 65,800 67,200 $316,300 $307,700 All of the securities were purchased in 2020. In 2021, Indigo completed the following securities transactions March 1 Sold the 1,500 shares of Gordon, Inc., Common,...
Pearl Company has the following portfolio of investment
securities at September 30, 2020, its most recent reporting date.
Investment Securities Cost Fair Value Horton, Inc. common (4,800
shares) $206,400 $190,060 Monty, Inc. preferred (3,430 shares)
126,910 133,740 Oakwood Corp. common (1,020 shares) 179,520 178,470
On October 10, 2020, the Horton shares were sold at a price of $54
per share. In addition, 3,090 shares of Patriot common stock were
acquired at $56 per share on November 2, 2020. The December...
Skysong Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (4,670 shares) Monty, Inc. preferred (3,740 shares) Oakwood Corp. common (950 shares) Cost Fair Value $205,480 $190,250 145,860 153,180 161,500 160,470 On October 10, 2020, the Horton shares were sold at a price of $56 per share. In addition, 3,290 shares of Patriot common stock were acquired at $58 per share on November 2, 2020. The December...
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