Homework Answers
Answer 7 - Trading securities are those securities which are held for trade in a short period of time, and are classified as current assets and are reported at fair value. So, fair value of securities A, B, and C are =
$84000 + $54000 + $22000 = $160000.
Therefore, the correct answer is option d, $160,000
Answer 8 -
Investment in securities to be held for an unspecified period of time are reported at Fair value.
Therefore, the correct answer is option 4th, Fair value.
Answer 9 -
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Question 7 (1 point) / Saved Anthers Inc. bought the following portfolio of trading securities near...
Anthers Inc. bought the following portfolio of trading securities near the end of 2018. Security Cost...
Anthers Inc. bought the following portfolio of trading securities near the end of 2018. Security Cost $80,000 60, eee 22,eee Fair value 12/31/2018 $84,000 54,000 22,000 What amount will be reported in the balance sheet for this portfolio at December 31, 2018, and how will it be classified? a b. c. d. Amount classification $162,000 Noncurrent Asset $162,080 Current Asset $160,000 Noncurrent Asset $160,000 Current Asset Multiple Choice 0 0 Option b Options 0 Option d
Use the following to answer questions 9 through 11: On January 1, 2021, John Paul Jones...
Use the following to answer questions 9 through 11: On January 1, 2021, John Paul Jones Corp. purchased 30% of Sky Tech Inc. for $45 million. This acquisition gave John Paul Jones significant influence over Sky Tech. At the date of acquisition, the bookvalue of Sky Tech's net assets was $75 million and their fair value was $90 million. The difference was attributed to the fair value of equipment exceeding book value, and the remaining useful life of this equipment...
Fair Value Journal Entries, Trading Investments Storm, Inc. purchased the following trading securities during 2049, its...
Fair Value Journal Entries, Trading Investments Storm, Inc. purchased the following trading securities during 2049, its first year of operations: Name Number of Shares Cost Dust Devil, Inc. 1,900 $81,700 Gale Co. 850 68,000 Whirlwind Co. 2,850 114,000 Total $263,700 The market price per share for the trading security portfolio on December 31, 2049, was as follows: Market Price per Share, Dec. 31, 2019 Dust Devil, Inc. $40 Gale Co. 75 Whirlwind Co. 42 a. Provide the journal entry to...
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...
Return to question Problem 12-2 Trading securities; bond investment; effective interest L 012-1, 12-3) Fuzzy Monkey...
Return to question Problem 12-2 Trading securities; bond investment; effective interest L 012-1, 12-3) Fuzzy Monkey Technologies, Inc., purchased as a short-term investment $80 million of 8% bonds, dated January 1, on January 1, 2018. Management intends to include the investment in a short-term, active trading portfolio. For bonds of similar risk and maturity the market yield was 10%. The price paid for the bonds was $66 million. Interest is received semiannually on June 30 and December 31. Due to...
Stock Investment Transactions, Trading Securities Zeus Investments Inc. is a regional investment company that began operations...
Stock Investment Transactions, Trading Securities Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31: Year 1 Feb. 14. Purchased 3,200 shares of Apollo Inc. as a trading security at $36 per share plus a brokerage commission of $640. Apr. 1. Purchased 1,500 shares of Ares Inc. as a trading security at $14...
Required information [The following information applies to the questions displayed below.) Arndt, Inc. reported the following...
Required information [The following information applies to the questions displayed below.) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 258 2021 $ 930 786 $ 144 $ 114 2022 $1,022 842 $ 180 $ 214 a. Expenses each year include $48 million from a two-year casualty insurance policy purchased in 2021 for $96 million. The cost is tax deductible in 2021. b. Expenses...
1. a. The balance sheet shows a company's assets and liabilities, at one point in time...
1. a. The balance sheet shows a company's assets and liabilities, at one point in time assets and liabilities; over a period of time revenue and costs; at one point in time revenue and costs, over a period of time b. Which are examples of current assets? Check all that apply: Cash Accounts receivable Accrued expenses Inventory c. Which are examples of current liabilities? Check all that apply: Accounts payable Accrued wages Current portion of long-term debt Paid-in capital 2....
Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Revenues $...
Arndt, Inc. reported the following for 2021 and 2022 ($ in
millions):
2021
2022
Revenues
$
956
$
1,048
Expenses
812
868
Pretax accounting income (income statement)
$
144
$
180
Taxable income (tax return)
$
88
$
214
Tax rate: 25%
Expenses each year include $74 million from a two-year casualty
insurance policy purchased in 2021 for $148 million. The cost is
tax deductible in 2021.
Expenses include $2 million insurance premiums each year for
life insurance on key...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Anthers Inc. bought the following portfolio of trading securities near the end of 2018. Security Cost $80,000 60, eee 22,eee Fair value 12/31/2018 $84,000 54,000 22,000 What amount will be reported in the balance sheet for this portfolio at December 31, 2018, and how will it be classified? a b. c. d. Amount classification $162,000 Noncurrent Asset $162,080 Current Asset $160,000 Noncurrent Asset $160,000 Current Asset Multiple Choice 0 0 Option b Options 0 Option d
Fair Value Journal Entries, Trading Investments Storm, Inc. purchased the following trading securities during 2049, its first year of operations: Name Number of Shares Cost Dust Devil, Inc. 1,900 $81,700 Gale Co. 850 68,000 Whirlwind Co. 2,850 114,000 Total $263,700 The market price per share for the trading security portfolio on December 31, 2049, was as follows: Market Price per Share, Dec. 31, 2019 Dust Devil, Inc. $40 Gale Co. 75 Whirlwind Co. 42 a. Provide the journal entry to...
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...
Return to question Problem 12-2 Trading securities; bond investment; effective interest L 012-1, 12-3) Fuzzy Monkey Technologies, Inc., purchased as a short-term investment $80 million of 8% bonds, dated January 1, on January 1, 2018. Management intends to include the investment in a short-term, active trading portfolio. For bonds of similar risk and maturity the market yield was 10%. The price paid for the bonds was $66 million. Interest is received semiannually on June 30 and December 31. Due to...
Stock Investment Transactions, Trading Securities Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31: Year 1 Feb. 14. Purchased 3,200 shares of Apollo Inc. as a trading security at $36 per share plus a brokerage commission of $640. Apr. 1. Purchased 1,500 shares of Ares Inc. as a trading security at $14...
Required information [The following information applies to the questions displayed below.) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 258 2021 $ 930 786 $ 144 $ 114 2022 $1,022 842 $ 180 $ 214 a. Expenses each year include $48 million from a two-year casualty insurance policy purchased in 2021 for $96 million. The cost is tax deductible in 2021. b. Expenses...
1. a. The balance sheet shows a company's assets and liabilities, at one point in time assets and liabilities; over a period of time revenue and costs; at one point in time revenue and costs, over a period of time b. Which are examples of current assets? Check all that apply: Cash Accounts receivable Accrued expenses Inventory c. Which are examples of current liabilities? Check all that apply: Accounts payable Accrued wages Current portion of long-term debt Paid-in capital 2....
Arndt, Inc. reported the following for 2021 and 2022 ($ in
millions):
2021
2022
Revenues
$
956
$
1,048
Expenses
812
868
Pretax accounting income (income statement)
$
144
$
180
Taxable income (tax return)
$
88
$
214
Tax rate: 25%
Expenses each year include $74 million from a two-year casualty
insurance policy purchased in 2021 for $148 million. The cost is
tax deductible in 2021.
Expenses include $2 million insurance premiums each year for
life insurance on key...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
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