Homework Answers
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| S&L | Amount $ |
| Fair value of bond on 31st December | 873,000.00 |
| Less: Purchase value of bond | 875,000.00 |
| Pretax income in 2021 | (2,000.00) |
| Sale value of bond | 880,000.00 |
| Less: Fair value of bond on 31st December | 873,000.00 |
| Pretax income in 2022 | 7,000.00 |
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S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021. S&L purchased Coca-Cola bonds at par for $845,000 and sold the bonds on January 3, 2022 for $850,500. At December 31, the bonds had a fair value of $844,000 What pretax amounts did S&L include in its 2021 and 2022 net income as a result of this investment (ignoring interest)? (Enter all amounts as positive values.) Pretax Amount 2021 2022
S&L Financial buys and sells securities expecting to earnprofits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn
profits on short-term differences in price. On December 27, 2021,
S&L purchased Coca-Cola bonds at par for $875,000 and sold the
bonds on January 3, 2022, for $880,000. At December 31, the bonds
had a fair value of $873,000.Prepare journal entries to record (a) any unrealized gains or
losses occurring in 2021 and (b) the sale of the bonds in 2022.(If no entry is required for a transaction/event, select
"No journal...
BE 12-2 Trading securities LO12-30 S&L Financial buys and sells securities expecting to earn profits on...
BE 12-2 Trading securities LO12-30 S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2018, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2019, for $880,000. At December 31, the bonds had a fair value of $873,000. What pretax amounts did S&L include in its 2018 and 2019 net income as a result of this investment (ignoring interest)?
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2022, for $880,000. At December 31, the bonds had a fair value of $873,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price.
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $886,000 and sold the bonds on January 3, 2022, for $892,500. At December 31, the bonds had a fair value of $882,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select "No...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $886,000 and sold the bonds on January 3, 2022, for $892,500. At December 31, the bonds had a fair value of $882,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $745,000 and sold the bonds on January 3, 2022, for $748,500. At December 31, the bonds had a fair value of $742,500. What pretax amounts did S&L include in its 2021 and 2022 net income as a result of this investment (ignoring interest)? (Enter all amounts as positive values.) Pretax Amount 2021 2022 Gain...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2016, S&L purchased Coca-Cola common shares for $715,000 and sold the shares on January 3, 2017, for $717,500. At December 31, the shares had a fair value of $713,500. What pretax amounts did S&L include in its 2016 and 2017 earnings as a result of this investment? Pretax Amount 2016 2017 Loss No gain/loss in earnings
2. S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2018, S&L purchased Coca-Cola bonds for $820,000 and sold the bonds on...
2. S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2018, S&L purchased Coca-Cola bonds for $820,000 and sold the bonds on January 3, 2019 for $824,500. At December 31, the bonds had a fair value of $815,000. What pretax amounts did S&L include in its 2018 and 2019 net income as a result of this investment (ignoring interest)? Pretax Amount 2018 2019
Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price,...
Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price, and holds these investments in its trading portfolio. The company’s fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lear’s trading account occurred during December 2021 and the first week of 2022. 2021 Dec. 17 Purchased 190 Grocers’ Supply Corporation bonds at par for $475,000. 28 Received interest of $5,600 from the Grocers’ Supply Corporation bonds. 31 Recorded any necessary adjusting...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021. S&L purchased Coca-Cola bonds at par for $845,000 and sold the bonds on January 3, 2022 for $850,500. At December 31, the bonds had a fair value of $844,000 What pretax amounts did S&L include in its 2021 and 2022 net income as a result of this investment (ignoring interest)? (Enter all amounts as positive values.) Pretax Amount 2021 2022
S&L Financial buys and sells securities expecting to earn
profits on short-term differences in price. On December 27, 2021,
S&L purchased Coca-Cola bonds at par for $875,000 and sold the
bonds on January 3, 2022, for $880,000. At December 31, the bonds
had a fair value of $873,000.Prepare journal entries to record (a) any unrealized gains or
losses occurring in 2021 and (b) the sale of the bonds in 2022.(If no entry is required for a transaction/event, select
"No journal...
BE 12-2 Trading securities LO12-30 S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2018, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2019, for $880,000. At December 31, the bonds had a fair value of $873,000. What pretax amounts did S&L include in its 2018 and 2019 net income as a result of this investment (ignoring interest)?
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2022, for $880,000. At December 31, the bonds had a fair value of $873,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $886,000 and sold the bonds on January 3, 2022, for $892,500. At December 31, the bonds had a fair value of $882,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $745,000 and sold the bonds on January 3, 2022, for $748,500. At December 31, the bonds had a fair value of $742,500. What pretax amounts did S&L include in its 2021 and 2022 net income as a result of this investment (ignoring interest)? (Enter all amounts as positive values.) Pretax Amount 2021 2022 Gain...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2016, S&L purchased Coca-Cola common shares for $715,000 and sold the shares on January 3, 2017, for $717,500. At December 31, the shares had a fair value of $713,500. What pretax amounts did S&L include in its 2016 and 2017 earnings as a result of this investment? Pretax Amount 2016 2017 Loss No gain/loss in earnings
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