Homework Answers
Ans:
|
Date |
Account Title |
Debit |
Credit |
|
2018, Jan-11 |
Cash |
15000 |
|
|
Short-Term Investments |
12000 |
||
|
Gain On sale of Short Term Investment |
3000 |
||
|
(TO record the sale of Short Term Investments) |
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Question 22 5 pts On December 31, 2017, short-term equity securities with an original cost of...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25,...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $51,500. This is the first and only time the company has purchased such securities 1. & 3. Prepare the December 31, 2017 year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $28,600. View transaction list Journal entry worksheet < 1...
QS 15-7 Available-for-sale securities LO P3 Journ Co. purchased short-term investments in available-for-sale securities at a...
QS 15-7 Available-for-sale securities LO P3 Journ Co. purchased short-term investments in available-for-sale securities at a cost of $66,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $61,400. This is the first and only time the company has purchased such securities. 1. & 3. Prepare the December 31, 2017, year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $34,320.
Question 20 2 pts Equity securities of Sanchez Inc. were purchased as a short-term passive investment...
Question 20 2 pts Equity securities of Sanchez Inc. were purchased as a short-term passive investment by Hayden Company on December 14 for $1,000. On December 31, the market value of those securities is $1,300. Which one of the following adjusting journal entries is appropriate at December 31? 1,300 Short-term Equity Investments Unrealized Gain Cash 300 1,000 300 Short-term Equity Investments Unrealized Gain 300 300 Short-term Equity Investments Securities Revenue 300 No entry is required.
Question 22 5 pts Total assets, liabilities, and shareholders' equity are $7,000, $5,000, and $2,000 before...
Question 22 5 pts Total assets, liabilities, and shareholders' equity are $7,000, $5,000, and $2,000 before a new machine is purchased for $500 cash. What are the new amounts of assets, liabilities, and shareholders' equity after this event? HTML Editore E BI U AA- IES S vo O V XX, 12pt T Paragraph -
exercise 15-5 please on December 31, Lujack Co. held the following short-term available-for-sale securities. Lujack had...
exercise 15-5 please
on December 31, Lujack Co. held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period. Prepare the December 31 year-end adjusting entry to racord the fair value adjustment for these debt securities. Exercise 15-5 Fair value adjustment to available-for-sale debt securities Available-for-Sale Securities Nintendo Co. notes......... Atlantic bonds........ Kellogg Co. notes ............ McDonald's Corp, bonds. Cost $44,450 49,000 25,000 46,300 Fair Value $48,900 47.000 23,200 44,800 in aynilahlr-for-sale debt Exercise 15-6
On December 31, 2017, Ivanhoe Company had $1,107,000 of short-term debt in the form of notes...
On December 31, 2017, Ivanhoe Company had $1,107,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 26,800 shares of its common stock for $29 per share, receiving $777,200 proceeds after brokerage fees and other costs of issuance. On February 2, 2018, the proceeds from the stock sale, supplemented by an additional $329,800 cash, are used to liquidate the $1,107,000 debt. The December 31, 2017, balance sheet is issued...
On December 31, 2017, Wildhorse Company had $1,313,000 of short-term debt in the form of notes...
On December 31, 2017, Wildhorse Company had $1,313,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 23,200 shares of its common stock for $45 per share, receiving $1,044,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2018, the proceeds from the stock sale, supplemented by an additional $269,000 cash, are used to liquidate the $1,313,000 debt. The December 31, 2017, balance sheet is issued...
Cost U reported at December 31, 2017 and 2018 P17-19 (LO2,4) (Equity Securities-Statement Presentation) Fernandez Corp....
Cost U reported at December 31, 2017 and 2018 P17-19 (LO2,4) (Equity Securities-Statement Presentation) Fernandez Corp. invested its excess cash in securities during T. As of December 31, 2017, the securities portfolio consisted of the following common stocks Security Quantity Cost Fair Value Lindsay Jones, Inc. 1,000 shares $ 15,000 $ 21,000 Poley Corp. 2.000 shares 40,000 42,000 Arnold Aircraft 2,000 shares 72.000 60.000 Totals $127,000 $123,000 Instructions (a) What should be reported on Fornandez's December 31, 2017, balance sheet...
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...
Explain answer. Bouton's Corporation reported that short-term investments in debt securities consisted of the following (in millions) Amortized Cost Fair Value December 31, 2016...
Explain answer. Bouton's Corporation reported that short-term investments in debt securities consisted of the following (in millions) Amortized Cost Fair Value December 31, 2016 Shoshort-term investments — available-for-sale debt securities $686.8 $686.9 Shoshort-term investments — trading debt securities 80.9 66.0 TottTotal short-term investments $767.7 $752.9 Which of the following is true? Bouton's 2016 balance sheet includes short-term investments of $767.7 million. Unrealized losses of $14.9 million on trading securities are included in 2016 income. There are no net unrealized gains...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $51,500. This is the first and only time the company has purchased such securities 1. & 3. Prepare the December 31, 2017 year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $28,600. View transaction list Journal entry worksheet < 1...
Question 20 2 pts Equity securities of Sanchez Inc. were purchased as a short-term passive investment by Hayden Company on December 14 for $1,000. On December 31, the market value of those securities is $1,300. Which one of the following adjusting journal entries is appropriate at December 31? 1,300 Short-term Equity Investments Unrealized Gain Cash 300 1,000 300 Short-term Equity Investments Unrealized Gain 300 300 Short-term Equity Investments Securities Revenue 300 No entry is required.
Question 22 5 pts Total assets, liabilities, and shareholders' equity are $7,000, $5,000, and $2,000 before a new machine is purchased for $500 cash. What are the new amounts of assets, liabilities, and shareholders' equity after this event? HTML Editore E BI U AA- IES S vo O V XX, 12pt T Paragraph -
exercise 15-5 please
on December 31, Lujack Co. held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period. Prepare the December 31 year-end adjusting entry to racord the fair value adjustment for these debt securities. Exercise 15-5 Fair value adjustment to available-for-sale debt securities Available-for-Sale Securities Nintendo Co. notes......... Atlantic bonds........ Kellogg Co. notes ............ McDonald's Corp, bonds. Cost $44,450 49,000 25,000 46,300 Fair Value $48,900 47.000 23,200 44,800 in aynilahlr-for-sale debt Exercise 15-6
Cost U reported at December 31, 2017 and 2018 P17-19 (LO2,4) (Equity Securities-Statement Presentation) Fernandez Corp. invested its excess cash in securities during T. As of December 31, 2017, the securities portfolio consisted of the following common stocks Security Quantity Cost Fair Value Lindsay Jones, Inc. 1,000 shares $ 15,000 $ 21,000 Poley Corp. 2.000 shares 40,000 42,000 Arnold Aircraft 2,000 shares 72.000 60.000 Totals $127,000 $123,000 Instructions (a) What should be reported on Fornandez's December 31, 2017, balance sheet...
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...
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