Homework Answers
29) Option b , set up a Market Adjustment account for the portfolio
30 ) Option D.
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29. A the end of the year, Greer Corporat ion shoul et up a Market Adjustment...
8) Bonda Corporation's trading portfolio at the end of the year is as follows: Security Cost...
8) Bonda Corporation's trading portfolio at the end of the year is as follows: Security Cost Fair Value Common Stock CSS $110,000 $112,000 Common Stock AAD 19.000 15,000 $129.000 $127.000 At the end of the year, Bonda Corporation should a. set up a Fair Value Adjustment account for Stock AAD. b. set up a Fair Value Adjustment account for the portfolio c. recognize an Unrealized Loss -Income for $2,000. d. report a loss on the income statement for $4.000 under...
selected best anwer( shows computations are required) Yankton Company began the year without an investment portfolio....
selected best anwer( shows computations are required)
Yankton Company began the year without an investment portfolio. During the year they purchased investments classified as available-for-sale securities at a cost of $13,000. At the end of the year, the market value of the securities was $11,000. The Yankton Company's financial statements for the current year should show a. a loss of $2,000 on the income statement and available-for-sale securities of $13,000 on the balance sheet b. no loss on the income...
CHAPTER 7 ACCOUNTING -3RD ATTEMPT TO GET AN ANSWER TO THIS QUESTION. At December 31, year...
CHAPTER 7 ACCOUNTING -3RD ATTEMPT TO GET AN ANSWER TO THIS
QUESTION.
At December 31, year 1, Charter Holding Co. owned the following investments in capital stock of publicly traded companies (classified as available-for-sale securities). L Brands, Inc. (5,000 shares: cost, $44 per share; market value, $52) The Gap, Inc. (4,000 shares: cost, $42 per share; market value, $39) Cost $ 220,000 168,000 $ 388,000 Current Market Value $ 260,000 156,000 416,000 In year 2, Charter engaged in the following...
Can someone verify if these answers are correct? 2) CİİA Co. depenited S1 000 in a...
Can someone verify if these answers are correct?
2) CİİA Co. depenited S1 000 in a special fund bewinningin lansary 2014, and willdepont an equal annount at the beginning of each quarter through 2016 (3 years in mual) The fund earns 8% compounded quarterly The fiand halance at the end of 2016 will b a) $40,236 b) $47,04 544,04 d)541,04 &) xYz Cop owned available for sale securities which cost $20,000. At 1/4, the market adjustment axcount had a debit...
Stock Inv Stock Investments Loss on Sale of Stock Investments Cash.. . d. 25% of the...
Stock Inv Stock Investments Loss on Sale of Stock Investments Cash.. . d. 25% of the common stock of an investee company is purchased as a long-term investment, the appropriate method of accounting for the investment is a. the cost method. b. the equity method. C. the preparation of consolidated financial statements. d. determined by agreement with whomever owns the remaining 90% of the stock, 6) On January 1, 2020, Jamestina Corp. paid $1,800,000 for 100,000 shares of Belinda Company's...
At the end of its first year, the trading securities portfolio consisted of the following common...
At the end of its first year, the trading securities portfolio consisted of the following common stocks. Cost Market Able Corporation $ 46,400 $ 50,000 Baker Inc. 60,000 53,800 Cole Corporation 80,000 76,000 $186,400 $179,800 107. The unrealized loss to be recognized under the fair value method is a. $6,200. b. $10,200. c. $6,600. d. $4,000 108. In the following year, the Baker common stock is sold for cash proceeds of $58,000. The gain or loss to be recognized on...
if 25% of the common stock of an investee company is purchased as a long-term investment, the appropriate method of...
if 25% of the common stock of an investee company is purchased as a long-term investment, the appropriate method of accounting for the investment is a. the cost method. b. the equity method. C. the preparation of consolidated financial statements. d. determined by agreement with whomever owns the remaining 90% of the stock. On January 1, 2020, Jamestina Corp. paid $1,800,000 for 100,000 shares of Belinda Company's common stock, which represents 25% of Belinda's outstanding common stock. Belinda reported net...
At December 31, year 1, Charter Holding Co. owned the following investments in capital stock of...
At December 31, year 1, Charter Holding Co. owned the following investments in capital stock of publicly traded companies (classified as available-for-sale securities). Cost Current Market Value L Brands, Inc. (5,000 shares: cost, $44 per share; market value, $52) $ 220,000 $ 260,000 The Gap, Inc. (4,000 shares: cost, $42 per share; market value, $39) 168,000 156,000 $ 388,000 $ 416,000 In year 2, Charter engaged in the following two transactions. Apr. 10 Sold 1,000 shares of its investment in...
explain pls! _6. Gary sold business equipment in the current year for a $50,000 net gain...
explain pls!
_6. Gary sold business equipment in the current year for a $50,000 net gain (after taking into account any depreciation recapture). The equipment was originally purchased two years ago and was classified as a Section 1231 asset. This was the only asset sale for the year. Five years ago, Gary had a $60,000 net Section 1231 loss but he has not had any Section 1231 transactions since then. For the current year, Gary's net Section 1231 gain is...
The investments of Charger Inc. include a single investment: 11,730 shares of Raiders Inc. common stock...
The investments of Charger Inc. include a single investment: 11,730 shares of Raiders Inc. common stock purchased on February 24, Year 1, for $38 per share including brokerage commission. These shares were classified as trading securities. As of the December 31, Year 1, balance sheet date, the share price had increased to $45 per share. Required: A. Journalize the entries to acquire the investment on February 24, and record the adjustment to fair value on December 31, Year 1. Refer...
8) Bonda Corporation's trading portfolio at the end of the year is as follows: Security Cost Fair Value Common Stock CSS $110,000 $112,000 Common Stock AAD 19.000 15,000 $129.000 $127.000 At the end of the year, Bonda Corporation should a. set up a Fair Value Adjustment account for Stock AAD. b. set up a Fair Value Adjustment account for the portfolio c. recognize an Unrealized Loss -Income for $2,000. d. report a loss on the income statement for $4.000 under...
selected best anwer( shows computations are required)
Yankton Company began the year without an investment portfolio. During the year they purchased investments classified as available-for-sale securities at a cost of $13,000. At the end of the year, the market value of the securities was $11,000. The Yankton Company's financial statements for the current year should show a. a loss of $2,000 on the income statement and available-for-sale securities of $13,000 on the balance sheet b. no loss on the income...
CHAPTER 7 ACCOUNTING -3RD ATTEMPT TO GET AN ANSWER TO THIS
QUESTION.
At December 31, year 1, Charter Holding Co. owned the following investments in capital stock of publicly traded companies (classified as available-for-sale securities). L Brands, Inc. (5,000 shares: cost, $44 per share; market value, $52) The Gap, Inc. (4,000 shares: cost, $42 per share; market value, $39) Cost $ 220,000 168,000 $ 388,000 Current Market Value $ 260,000 156,000 416,000 In year 2, Charter engaged in the following...
Can someone verify if these answers are correct?
2) CİİA Co. depenited S1 000 in a special fund bewinningin lansary 2014, and willdepont an equal annount at the beginning of each quarter through 2016 (3 years in mual) The fund earns 8% compounded quarterly The fiand halance at the end of 2016 will b a) $40,236 b) $47,04 544,04 d)541,04 &) xYz Cop owned available for sale securities which cost $20,000. At 1/4, the market adjustment axcount had a debit...
Stock Inv Stock Investments Loss on Sale of Stock Investments Cash.. . d. 25% of the common stock of an investee company is purchased as a long-term investment, the appropriate method of accounting for the investment is a. the cost method. b. the equity method. C. the preparation of consolidated financial statements. d. determined by agreement with whomever owns the remaining 90% of the stock, 6) On January 1, 2020, Jamestina Corp. paid $1,800,000 for 100,000 shares of Belinda Company's...
At the end of its first year, the trading securities portfolio consisted of the following common stocks. Cost Market Able Corporation $ 46,400 $ 50,000 Baker Inc. 60,000 53,800 Cole Corporation 80,000 76,000 $186,400 $179,800 107. The unrealized loss to be recognized under the fair value method is a. $6,200. b. $10,200. c. $6,600. d. $4,000 108. In the following year, the Baker common stock is sold for cash proceeds of $58,000. The gain or loss to be recognized on...
if 25% of the common stock of an investee company is purchased as a long-term investment, the appropriate method of accounting for the investment is a. the cost method. b. the equity method. C. the preparation of consolidated financial statements. d. determined by agreement with whomever owns the remaining 90% of the stock. On January 1, 2020, Jamestina Corp. paid $1,800,000 for 100,000 shares of Belinda Company's common stock, which represents 25% of Belinda's outstanding common stock. Belinda reported net...
explain pls!
_6. Gary sold business equipment in the current year for a $50,000 net gain (after taking into account any depreciation recapture). The equipment was originally purchased two years ago and was classified as a Section 1231 asset. This was the only asset sale for the year. Five years ago, Gary had a $60,000 net Section 1231 loss but he has not had any Section 1231 transactions since then. For the current year, Gary's net Section 1231 gain is...
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