Homework Answers
| Answer | |
| BLOSSOM INC | |
| Balance Sheet | |
| For the year ended December 31, 2017 | |
| Current Assets: | |
| Debt Investments | $ 76,300 |
| Stockholder's Equity | |
| Common Stock | 0 |
| Additional Paid in Capital | 0 |
| Retained Earnings | 0 |
| 0 | |
| Add: Accumulated other Comprehensive Income | $ 2,100 |
| Total Stockholder's Equity | $ 78,400 |
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Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Blossom, Inc....
Exercise 17-10 (Part Level Submission) At December 31, 2017, the available for sale debt portfolio for...
Exercise 17-10 (Part Level Submission) At December 31, 2017, the available for sale debt portfolio for Pina, Inc. is as follows. Security Cost Fair Value $210,875 $180,750 150,625 168,700 277.150 307,275 $638,650 $656,725 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(30,125 ) 18,075 30,125 18,075 INNI On January 20, 2018, Pina, Inc. sold security A for $181.955. The sale proceeds are net of brokerage fees PinaInc. reports net income in 2017 of $1,446,000 and in 2018...
At December 31, 2017, the available-for-sale debt portfolio for Shamrock, Inc. is as follows. Security Cost...
At December 31, 2017, the available-for-sale debt portfolio for
Shamrock, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$21,875
$18,750
$(3,125
)
B
15,625
17,500
1,875
C
28,750
31,875
3,125
Total
$66,250
$68,125
1,875
Previous fair value adjustment balance—Dr.
500
Fair value adjustment—Dr.
$1,375
On January 20, 2018, Shamrock, Inc. sold security A for $18,875.
The sale proceeds are net of brokerage fees.
Show the balance sheet presentation of the investment-related
accounts at December 31, 2017
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows Ur Cost Fair Value Gain (Loss) $15,000 14,000 25,500 $54,500 $(2,500) $17,500 12,500 23,000 $53,000 1,500 2,500 1,500 400 $1,100 Total 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 net of brokerage fees Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair...
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...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Cheyenne, Inc. is as follows....
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Cheyenne, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $21,000 15,000 27,600 $63,600 $18,000 16,800 30,600 $65,400 $(3,000) 1,800 3,000 1,800 480 $1,320 8 Total Previous fair value adjustment balance-Dr Fair value adjustment-Dr On January 20, 2018, Cheyenne, Inc. sold security A for $18,120. The sale proceeds are net of brokerage fees
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost...
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $17,000 $14,000 11,000 14,000 22,000 25,500 Total $50,000 $53,500 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,000) 3,000 3,500 3,500 300 $3,200 On January 20, 2021, Blossom, Inc. sold security A for $14,100. The sale proceeds are net of brokerage fees. Blossom, Inc. reports net income in 2020 of $115,000 and in 2021 of $135,000. Total holding...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows....
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $36,750 $31,500 26,250 29,400 48,300 53,550 Total $111,300 $114,450 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(5,250) 3,150 5,250 3,150 840 $2,310 On January 20, 2018, Vaughn, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair value....
At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain...
At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain (Loss) Security Cost Fair Value $44,625 $38,250 31,875 35,700 58,650 65,025 Total $135,150 $138,975 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(6,375 ) 3,825 6,375 3,825 1,020 $2,805 On January 20, 2018, Whispering, Inc. sold security A for $38,505. The sale proceeds are net of brokerage fees. Whispering Inc. reports net income in 2017 of $306,000 and in 2018 of $357,000. Unrealized holding...
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...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows Unrealized Gai...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows Unrealized Gain (Loss) Security Fair Value Cost $36,750 $31,500 $(5,250) А 29,400 3,150 в 26,250 53,550 5,250 48,300 Total $111,300 $114,450 3,150 Previous fair value adjustment balance-Dr. 840 Fair value adjustment-Dr. $2,310 On January 20, 2018, Vaughn, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2017, to report the portfolio at...
Exercise 17-10 (Part Level Submission) At December 31, 2017, the available for sale debt portfolio for Pina, Inc. is as follows. Security Cost Fair Value $210,875 $180,750 150,625 168,700 277.150 307,275 $638,650 $656,725 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(30,125 ) 18,075 30,125 18,075 INNI On January 20, 2018, Pina, Inc. sold security A for $181.955. The sale proceeds are net of brokerage fees PinaInc. reports net income in 2017 of $1,446,000 and in 2018...
At December 31, 2017, the available-for-sale debt portfolio for
Shamrock, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$21,875
$18,750
$(3,125
)
B
15,625
17,500
1,875
C
28,750
31,875
3,125
Total
$66,250
$68,125
1,875
Previous fair value adjustment balance—Dr.
500
Fair value adjustment—Dr.
$1,375
On January 20, 2018, Shamrock, Inc. sold security A for $18,875.
The sale proceeds are net of brokerage fees.
Show the balance sheet presentation of the investment-related
accounts at December 31, 2017
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows Ur Cost Fair Value Gain (Loss) $15,000 14,000 25,500 $54,500 $(2,500) $17,500 12,500 23,000 $53,000 1,500 2,500 1,500 400 $1,100 Total 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 net of brokerage fees Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Cheyenne, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $21,000 15,000 27,600 $63,600 $18,000 16,800 30,600 $65,400 $(3,000) 1,800 3,000 1,800 480 $1,320 8 Total Previous fair value adjustment balance-Dr Fair value adjustment-Dr On January 20, 2018, Cheyenne, Inc. sold security A for $18,120. The sale proceeds are net of brokerage fees
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $17,000 $14,000 11,000 14,000 22,000 25,500 Total $50,000 $53,500 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,000) 3,000 3,500 3,500 300 $3,200 On January 20, 2021, Blossom, Inc. sold security A for $14,100. The sale proceeds are net of brokerage fees. Blossom, Inc. reports net income in 2020 of $115,000 and in 2021 of $135,000. Total holding...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $36,750 $31,500 26,250 29,400 48,300 53,550 Total $111,300 $114,450 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(5,250) 3,150 5,250 3,150 840 $2,310 On January 20, 2018, Vaughn, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair value....
At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain (Loss) Security Cost Fair Value $44,625 $38,250 31,875 35,700 58,650 65,025 Total $135,150 $138,975 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(6,375 ) 3,825 6,375 3,825 1,020 $2,805 On January 20, 2018, Whispering, Inc. sold security A for $38,505. The sale proceeds are net of brokerage fees. Whispering Inc. reports net income in 2017 of $306,000 and in 2018 of $357,000. Unrealized holding...
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...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows Unrealized Gain (Loss) Security Fair Value Cost $36,750 $31,500 $(5,250) А 29,400 3,150 в 26,250 53,550 5,250 48,300 Total $111,300 $114,450 3,150 Previous fair value adjustment balance-Dr. 840 Fair value adjustment-Dr. $2,310 On January 20, 2018, Vaughn, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2017, to report the portfolio at...
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