Homework Answers
Unrealized loss = Cost - Fair Value at 12/31/18
Unrealized loss = 317,000 - 265,000
Unrealized loss =
52,000...............(answer)
Unrealized loss on these securities should be included in Cullumber's stockholders' equity section of the balance sheet at December 31, 2018 = $52000
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Multiple Choice Question 89 On its December 31, 2017 balance sheet, Cullumber Company appropriately reported a...
On its December 31, 2017 balance sheet, Free Company appropriately reported a $10,000 debit balance in...
On its December 31, 2017 balance sheet, Free Company appropriately reported a $10,000 debit balance in its Fair Value Adjustment (available-for-sale) account. There was no change during 2018 in the composition of Free’s portfolio of debt investments held as available-for-sale securities. The following information pertains to that portfolio: Security Cost Fair value at 12/31/18 X $125,000 $160,000 Y 100,000 85,000 Z 175,000 125,000 $400,000 $370,000 What is the balance of the AOCI account due to debt investments in Stockholder's Equity...
Multiple Choice Question 89 For the year ended December 31, 2017, Cullumber Company reported the following:...
Multiple Choice Question 89 For the year ended December 31, 2017, Cullumber Company reported the following: Net Income $286200 Preferred dividends declared 48000 Common dividend declared 10400 Unrealized holding loss, net of tax 4500 Retained earnings, beginning balance 401000 Common stock 199200 Accumulated Other Comprehensive Income, Beginning Balance 24300 What would Cullumber report as total stockholders' equity? $628800 $600200 $847800 $828000 Click if you would like to show Work for this question: Open Show Work
At December 31, 2017, the available-for-sale debt portfolio for Cullumber, Inc. is as follows. Security Cost...
At December 31, 2017, the available-for-sale debt portfolio for
Cullumber, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$97,125
$83,250
$(13,875
)
B
69,375
77,700
8,325
C
127,650
141,525
13,875
Total
$294,150
$302,475
8,325
Previous fair value adjustment balance—Dr.
2,220
Fair value adjustment—Dr.
$6,105
On January 20, 2018, Cullumber, Inc. sold security A for $83,805.
The sale proceeds are net of brokerage fees.
Cullumber Inc. reports net income in 2017 of $666,000 and in 2018
of...
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale...
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) $17,500 $15,000 152,500) 12,500 14,000 1,500 23,000 25,500 2,500 Total $53,000 $54,500 Previous fair value adjustment balance-Dr. Fair value adjustment--Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are not of brokerage fees Instructions (a) Prepare the adjusting entry at December...
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information....
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information. $848,000 Service revenue $628,000 Operating expenses (excluding depreciation) Depreciation expense 61,000 Loss on sale of equipment 715,000 26,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Cullumber's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $52000 Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses Prepare the...
On December 31, 2018, Marsh Company held Xenon Company bonds in its portfolio of available-for-sale securities....
On December 31, 2018, Marsh Company held Xenon Company bonds in
its portfolio of available-for-sale securities. The bonds have a
par value of $14,000, carry a 10% annual interest rate, mature in
2025, and had originally been purchased at par. The market value of
the bonds at December 31, 2018 was $12,000. The December 31, 2018,
balance sheet showed the following:
Marsh Company
Partial Balance Sheet
December 31, 2018
1
Assets
2
Investment in Available-for-Sale Securities
$14,000.00
3
Less: Allowance...
At December 31, 2018, Atlanta Company has an equity portfolio valued at $160,000. Its cost was...
At December 31, 2018, Atlanta Company has an equity portfolio valued at $160,000. Its cost was $132,000. If the Securities Fair Value Adjustment has a debit balance of $8,000, which of the following journal entries is required at December 31, 2018? Select one: a. Fair Value Adjustment 28,000 Unrealized Holding Gain or Loss-Income 28,000 b. Unrealized Holding Gain or Loss-Income 20,000 Fair Value Adjustment 20,000 c. Unrealized Holding Gain or Loss-Income 28,000 Fair Value Adjustment 28,000 d. Fair Value Adjustment...
Cullumber Corporation Balance Sheet as of December 31, 2017 Liabilities and Equity: Assets: Cash and marketable...
Cullumber Corporation Balance Sheet as of December 31, 2017 Liabilities and Equity: Assets: Cash and marketable securities Accounts payable and accruals Accounts receivable Notes payable 300,000 Inventory Total current assets Total current liabilities Long-term debt $2,000,000 Net plant and equipment Common stock Retained earnings $1,250,000 Total assets Total liabilities and equity $8,000,000 You have the following information: Debt ratio 35 % 40 days DSO Current ratio 2.17 Inventory turnover ratio 4.000 Net sales $2.43 million Cost of goods sold =...
5. On December 31, 2018, Marsh Company held Xenon Company bonds in its portfolio of available-for-sale...
5. On December 31, 2018, Marsh Company held Xenon Company bonds
in its portfolio of available-for-sale securities. The bonds have a
par value of $14,000, carry a 10% annual interest rate, mature in
2025, and had originally been purchased at par. The market value of
the bonds at December 31, 2018 was $12,000. The December 31, 2018,
balance sheet showed the following:
Marsh Company
Partial Balance Sheet
December 31, 2018
1
Assets
2
Investment in Available-for-Sale Securities
$14,000.00
3
Less:...
1.) Rice Corporation has the following investment which was held throughout 2018–2019: Fair Value
1.) Rice Corporation has the following investment which was held throughout 2018–2019: Fair Value Cost 12/31/18 12/31/19 Equity Investment: $972,000 $1,281,000 $1,230,000 The equity investments is recorded using the fair value method as no ownership % is greater than 20%. What is the balance of the Fair Value Adjustment Account-Equity Investments at 12/31/2019? (Be sure to include debit or credit in your answer for example $10,000 debit) 2.) On its December...
Multiple Choice Question 89 For the year ended December 31, 2017, Cullumber Company reported the following: Net Income $286200 Preferred dividends declared 48000 Common dividend declared 10400 Unrealized holding loss, net of tax 4500 Retained earnings, beginning balance 401000 Common stock 199200 Accumulated Other Comprehensive Income, Beginning Balance 24300 What would Cullumber report as total stockholders' equity? $628800 $600200 $847800 $828000 Click if you would like to show Work for this question: Open Show Work
At December 31, 2017, the available-for-sale debt portfolio for
Cullumber, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$97,125
$83,250
$(13,875
)
B
69,375
77,700
8,325
C
127,650
141,525
13,875
Total
$294,150
$302,475
8,325
Previous fair value adjustment balance—Dr.
2,220
Fair value adjustment—Dr.
$6,105
On January 20, 2018, Cullumber, Inc. sold security A for $83,805.
The sale proceeds are net of brokerage fees.
Cullumber Inc. reports net income in 2017 of $666,000 and in 2018
of...
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) $17,500 $15,000 152,500) 12,500 14,000 1,500 23,000 25,500 2,500 Total $53,000 $54,500 Previous fair value adjustment balance-Dr. Fair value adjustment--Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are not of brokerage fees Instructions (a) Prepare the adjusting entry at December...
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information. $848,000 Service revenue $628,000 Operating expenses (excluding depreciation) Depreciation expense 61,000 Loss on sale of equipment 715,000 26,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Cullumber's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $52000 Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses Prepare the...
On December 31, 2018, Marsh Company held Xenon Company bonds in
its portfolio of available-for-sale securities. The bonds have a
par value of $14,000, carry a 10% annual interest rate, mature in
2025, and had originally been purchased at par. The market value of
the bonds at December 31, 2018 was $12,000. The December 31, 2018,
balance sheet showed the following:
Marsh Company
Partial Balance Sheet
December 31, 2018
1
Assets
2
Investment in Available-for-Sale Securities
$14,000.00
3
Less: Allowance...
Cullumber Corporation Balance Sheet as of December 31, 2017 Liabilities and Equity: Assets: Cash and marketable securities Accounts payable and accruals Accounts receivable Notes payable 300,000 Inventory Total current assets Total current liabilities Long-term debt $2,000,000 Net plant and equipment Common stock Retained earnings $1,250,000 Total assets Total liabilities and equity $8,000,000 You have the following information: Debt ratio 35 % 40 days DSO Current ratio 2.17 Inventory turnover ratio 4.000 Net sales $2.43 million Cost of goods sold =...
5. On December 31, 2018, Marsh Company held Xenon Company bonds
in its portfolio of available-for-sale securities. The bonds have a
par value of $14,000, carry a 10% annual interest rate, mature in
2025, and had originally been purchased at par. The market value of
the bonds at December 31, 2018 was $12,000. The December 31, 2018,
balance sheet showed the following:
Marsh Company
Partial Balance Sheet
December 31, 2018
1
Assets
2
Investment in Available-for-Sale Securities
$14,000.00
3
Less:...
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