Homework Answers
1. 1 - Dividend revenue is reported in income statement. It will be reported as other revenues and gains.
2. 1- Interest revenue is reported in income statement.It will be reported as other revenues and gains.
3. 1- Realized gain or loss on sale of marketable securities, being an income, is reported in income statement.
4. 1- Unrealized gain on valuation of stock investment, being an unrealized income, is reported in income statement.
5. 1- Unrealized gain or loss on valuation of bonds purchased as trading securities, being an unrealized income, is reported in income statement.
6. 1- Unrealized gain or loss on valuation of bonds purchased as available for sale securities, being an unrealized income, is reported in income statement. It will be shown as other comprehensive income.
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On which financial statement will Dividend Revenue be reported? Type in 1 for Income Statement and...
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019....
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Account Title: Balance: Balance: 1,660 Interest Expense Interest Payable Accounts Payable Accounts Receivable 560 2,580 80 Accum. Amort. - Copyright 420 Interest Receivable 10 Accum. Amort. - Patent Accum. Depl. - Gold Mine Accum. Depr. - Bldngs. Accum. Depr. - Equip. Adjustment to Market (debit balance) Administrative Expenses Interest...
Question 21 4 pts Three different classifications of investments are possible on a company's balance sheet: (1) tra...
Question 21 4 pts Three different classifications of investments are possible on a company's balance sheet: (1) trading securities, (2) available-for-sale securities, and (3) held-to-maturity securities. Absent any special recognition agreement by the company, which of these investments should be reported at fair value at period end? Held-to-maturity securities and available-for-sale securities Trading securities only. Trading securities and available for sale securities All three classifications are to be reported at fair value. Question 22 4 pts Comprehensive income is a...
23. Which of the following is true? A) Gains or losses on trading securities are reported...
23. Which of the following is true? A) Gains or losses on trading securities are reported on the income statement only when they are realized. B) Gains or losses on trading securities are reported on the income statement whether they are realized or unrealized. C) Gains or losses on trading securities are reported on the income statement only when they are unrealized. D) Gains or losses on trading securities are not reported on the income statement whether they are realized...
On January 1, 20Y9, Valuation Allowance for Trading Investments had a zero balance
On January 1, 20Y9, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y9, the cost of the trading securities portfolio was $379,100, and the fair value was $348,000. Journalize the December 31, 2019, adjusting journal entry to record the unrealized gain or loss on trading investments Refer to the Chart of Accounts for exact wording of account titles.Fair Value Journal Entries, Trading Investments The investments of Charger Inc. include a single investment: 14,000 shares of Raiders Inc. common...
Question 10 (1 point) Which category of securities is presented on the balance sheet at amortized...
Question 10 (1 point) Which category of securities is presented on the balance sheet at amortized cost? Securities available for sale. Equity investments of less than 20 percent ownership Held-to-maturity securities. Trading securities Question 11 (1 point) Goofy Inc. bought a sizeable amount of Crazy Co.'s bonds for $150,000 on May 5. 2017, and classified the investment as available for sale. The market value of the bonds declined to $118.000 by December 31, 2017. Goofy reclassified this investment as trading...
Trading Securities Instructions Chart of Accounts Labels and Amount Descriptions General Journal Income Statement Balance Sheet...
Trading Securities Instructions Chart of Accounts Labels and Amount Descriptions General Journal Income Statement Balance Sheet Instructions Southeast Bank invests in trading securities and prepares quarterly financial statements. At the beginning of the fourth quarter of 2018, the bank held as trading securities 220 shares of Eglan Company common stock that originally cost $5,940. At that time, these securities had a fair value of $5,720. During the fourth quarter, the bank engaged in the following trading securities transactions: Oct. 26...
You are working for The Wellington Company on temporary assignment while one of the accountants is...
You are working for The Wellington Company on temporary assignment while one of the accountants is on family leave. You have been asked to review the company’s investment journal entries and provide necessary information to the accountant preparing the financial statements. PAGE 8 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 17 Investments-Red Rock Co. Stock 37,400.00 ↑ 2 Cash 37,400.00 ↓ 3 Feb. 5 Investments-Sunset Village Bonds 34,000.00 ↑ 4 Interest Receivable 290.00...
CHAPTER 7 ACCOUNTING -3RD ATTEMPT TO GET AN ANSWER TO THIS QUESTION. At December 31, year...
CHAPTER 7 ACCOUNTING -3RD ATTEMPT TO GET AN ANSWER TO THIS
QUESTION.
At December 31, year 1, Charter Holding Co. owned the following investments in capital stock of publicly traded companies (classified as available-for-sale securities). L Brands, Inc. (5,000 shares: cost, $44 per share; market value, $52) The Gap, Inc. (4,000 shares: cost, $42 per share; market value, $39) Cost $ 220,000 168,000 $ 388,000 Current Market Value $ 260,000 156,000 416,000 In year 2, Charter engaged in the following...
Time Left:0:44:46 Barnabas Harris: Attempt 1 Question 1 (1 point) Both trading securities and securities available...
Time Left:0:44:46 Barnabas Harris: Attempt 1 Question 1 (1 point) Both trading securities and securities available for sale are reported at their fair values True False Question 2 (1 point) Net unrealized holding gains (losses) are reported in the income statement for trading securities. True False Question 3 (1 point) All securities considered available for sale should be reported as current assets in a classified balance sheet. True False Question 4 (1 point) When available-for-sale securities are sold, the amount...
22. Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years...
22.
Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows: There were no dividends. Determine the missing items. If required, use the minus sign to indicate a net or operating loss, un realized losses, or a credit balance in the valuation allowance account Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31,...
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Account Title: Balance: Balance: 1,660 Interest Expense Interest Payable Accounts Payable Accounts Receivable 560 2,580 80 Accum. Amort. - Copyright 420 Interest Receivable 10 Accum. Amort. - Patent Accum. Depl. - Gold Mine Accum. Depr. - Bldngs. Accum. Depr. - Equip. Adjustment to Market (debit balance) Administrative Expenses Interest...
Question 21 4 pts Three different classifications of investments are possible on a company's balance sheet: (1) trading securities, (2) available-for-sale securities, and (3) held-to-maturity securities. Absent any special recognition agreement by the company, which of these investments should be reported at fair value at period end? Held-to-maturity securities and available-for-sale securities Trading securities only. Trading securities and available for sale securities All three classifications are to be reported at fair value. Question 22 4 pts Comprehensive income is a...
23. Which of the following is true? A) Gains or losses on trading securities are reported on the income statement only when they are realized. B) Gains or losses on trading securities are reported on the income statement whether they are realized or unrealized. C) Gains or losses on trading securities are reported on the income statement only when they are unrealized. D) Gains or losses on trading securities are not reported on the income statement whether they are realized...
Question 10 (1 point) Which category of securities is presented on the balance sheet at amortized cost? Securities available for sale. Equity investments of less than 20 percent ownership Held-to-maturity securities. Trading securities Question 11 (1 point) Goofy Inc. bought a sizeable amount of Crazy Co.'s bonds for $150,000 on May 5. 2017, and classified the investment as available for sale. The market value of the bonds declined to $118.000 by December 31, 2017. Goofy reclassified this investment as trading...
CHAPTER 7 ACCOUNTING -3RD ATTEMPT TO GET AN ANSWER TO THIS
QUESTION.
At December 31, year 1, Charter Holding Co. owned the following investments in capital stock of publicly traded companies (classified as available-for-sale securities). L Brands, Inc. (5,000 shares: cost, $44 per share; market value, $52) The Gap, Inc. (4,000 shares: cost, $42 per share; market value, $39) Cost $ 220,000 168,000 $ 388,000 Current Market Value $ 260,000 156,000 416,000 In year 2, Charter engaged in the following...
Time Left:0:44:46 Barnabas Harris: Attempt 1 Question 1 (1 point) Both trading securities and securities available for sale are reported at their fair values True False Question 2 (1 point) Net unrealized holding gains (losses) are reported in the income statement for trading securities. True False Question 3 (1 point) All securities considered available for sale should be reported as current assets in a classified balance sheet. True False Question 4 (1 point) When available-for-sale securities are sold, the amount...
22.
Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows: There were no dividends. Determine the missing items. If required, use the minus sign to indicate a net or operating loss, un realized losses, or a credit balance in the valuation allowance account Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31,...
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