Homework Answers
Crane Company
Partial balance sheet
| Current assets | |
| Trading securities | 55190 |
Crane Company
Income statement
| Other expense | |
| Unrealized loss on trading securities (65230-55190) | 10040 |
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Brief Exercise H-5 Cost and fair value data for the trading debt securities of Crane Company...
Cost and fair value data for the trading debt securities of Wildhorse Company at December 31,...
Cost and fair value data for the trading debt securities of Wildhorse Company at December 31, 2019, are $63,550 and $59,350, respectively a) Show the financial statement presentation of the trading securities. (partial balance sheet) b) Show the financial statement presentation of the related accounts. (income statement)
Brief Exercise H-4 Cost and fair value data for the trading debt securities of Blossom Company...
Brief Exercise H-4 Cost and fair value data for the trading debt securities of Blossom Company at December 31, 2019, are $64,830 and $57,530, respectively. Prepare the adjusting entry to record the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Click if you would like to Show Work for this question: Open Show Work
Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading...
Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading Available-for-sale Cost $121,500 101,100 Fair Value $125,000 93,800 The available-for-sale securities are held as a long-term investment. Your answer is correct. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit acc entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (1) Fair Value Adjustment-Trading...
Brief Exercise 11-2 Crane Company purchased machinery on January 1, 2017, for $97,600. The machinery is estimated to hav...
Brief Exercise 11-2 Crane Company purchased
machinery on January 1, 2017, for $97,600. The machinery is
estimated to have a salvage value of $9,760 after a useful life of
8 years. Compute 2017 depreciation expense using the straight-line
method. Depreciation expense $ LINK TO TEXT Compute 2017
depreciation expense using the straight-line method assuming the
machinery was purchased on September 1, 2017. Depreciation expense
$ Click if you would like to Show Work for this question: Open Show
Work
CALCULATOR...
Question 8 View Policies Show Attempt History Current Attempt in Progress Crane Company has these data...
Question 8 View Policies Show Attempt History Current Attempt in Progress Crane Company has these data at December 31, 2020, the end of its first year of operations. Fair Value Debt Securities Cost $117,940 $130,640 Trading Available-for-sale 102,200 93,030 The available-for-sale securities are held as a long-term investment. (b) Your answer is partially correct. Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts. (Enter negative amounts using either Crane Company (Partial) Balance Sheet...
At December 31, 2020, the trading debt securities for Storrer, E16.10 (LO 3) Financial Statement Inc....
At December 31, 2020, the trading debt securities for Storrer, E16.10 (LO 3) Financial Statement Inc. are as follows. Prepare adjo fair value, a presentation Exc Security A B С Cost $17,500 12,500 23,000 $53,000 Fair Value $16,000 14,000 21,000 $51.000 Instructions a. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. 1. Show the balance sheet and income statement presentation at December 31, 2020, after adjustment to fair value.
At Decrmber 31, 2014, the trading securities are as follows. Security Cost Fair Value A &nbs
At Decrmber 31, 2014, the trading securities are as follows. Security Cost Fair Value A $17400 $15900 B 12700 14300 C 23200 19100 53300 49300 Show the balance sheet and income statement presentation at December 32, 2014, after adjustment of fair value.
Brief Exercise 12-7 The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Crane Company at...
Brief Exercise 12-7 The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Crane Company at the end of 2017 are shown here Beg. bal. -20 End, ball Equipment 235,200 Disposals 122,304 292,824 Accum. Depr.-Equipment 14,994 Beg. bal. Depr. exp End. bal. Disposals 130,830 35,280 151,116 Study In addition, Crane Company's income statement reported a loss on the disposal of plant assets of $10,290. What amount was reported on the statement of cash flows as "cash flow from sale of...
Having trouble trying to figure out how to solve these two, thanks Brief Exercise G-3 Crane...
Having trouble trying to figure out how to solve these two,
thanks
Brief Exercise G-3 Crane Company signed a lease for an office building for a period of 10 years. Under the lease agreement, a security deposit of $9,200 is made. The deposit will be returned at the expiration of the lease with interest compounded at 5% per year Click here to view the factor table Future Value of 1 Click here to view the factor table Future Value of...
Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc....
Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $31,500 $27,000 $(4,500 ) B 22,500 25,200 2,700 C 41,400 45,900 4,500 Total $95,400 $98,100 2,700 Previous fair value adjustment balance—Dr. 720 Fair value adjustment—Dr. $1,980 On January 20, 2018, Skysong, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. Collapse question part (a) Correct answer. Your answer...
Brief Exercise H-4 Cost and fair value data for the trading debt securities of Blossom Company at December 31, 2019, are $64,830 and $57,530, respectively. Prepare the adjusting entry to record the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Click if you would like to Show Work for this question: Open Show Work
Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading Available-for-sale Cost $121,500 101,100 Fair Value $125,000 93,800 The available-for-sale securities are held as a long-term investment. Your answer is correct. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit acc entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (1) Fair Value Adjustment-Trading...
Brief Exercise 11-2 Crane Company purchased
machinery on January 1, 2017, for $97,600. The machinery is
estimated to have a salvage value of $9,760 after a useful life of
8 years. Compute 2017 depreciation expense using the straight-line
method. Depreciation expense $ LINK TO TEXT Compute 2017
depreciation expense using the straight-line method assuming the
machinery was purchased on September 1, 2017. Depreciation expense
$ Click if you would like to Show Work for this question: Open Show
Work
CALCULATOR...
Question 8 View Policies Show Attempt History Current Attempt in Progress Crane Company has these data at December 31, 2020, the end of its first year of operations. Fair Value Debt Securities Cost $117,940 $130,640 Trading Available-for-sale 102,200 93,030 The available-for-sale securities are held as a long-term investment. (b) Your answer is partially correct. Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts. (Enter negative amounts using either Crane Company (Partial) Balance Sheet...
At December 31, 2020, the trading debt securities for Storrer, E16.10 (LO 3) Financial Statement Inc. are as follows. Prepare adjo fair value, a presentation Exc Security A B С Cost $17,500 12,500 23,000 $53,000 Fair Value $16,000 14,000 21,000 $51.000 Instructions a. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. 1. Show the balance sheet and income statement presentation at December 31, 2020, after adjustment to fair value.
Brief Exercise 12-7 The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Crane Company at the end of 2017 are shown here Beg. bal. -20 End, ball Equipment 235,200 Disposals 122,304 292,824 Accum. Depr.-Equipment 14,994 Beg. bal. Depr. exp End. bal. Disposals 130,830 35,280 151,116 Study In addition, Crane Company's income statement reported a loss on the disposal of plant assets of $10,290. What amount was reported on the statement of cash flows as "cash flow from sale of...
Having trouble trying to figure out how to solve these two,
thanks
Brief Exercise G-3 Crane Company signed a lease for an office building for a period of 10 years. Under the lease agreement, a security deposit of $9,200 is made. The deposit will be returned at the expiration of the lease with interest compounded at 5% per year Click here to view the factor table Future Value of 1 Click here to view the factor table Future Value of...
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