Homework Answers
2017
Impairment loss A/c Dr 25
To Investment A/c 25
2018
Impairment Loss A/c Dr 25
OCI 25
Impairment loss which is recognised earlier will be transferred to P&L as part of closing activities and the reversal of already recognised impairment loss should be credited back to P&L
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Your answer is partially correct. Try again. Concord Company has an investment in 7%, 13-year bonds...
Your answer is partially correct. Try again. Crane Company invests $9,000,000 in 4% fixed rate corporate...
Your answer is partially correct. Try again. Crane Company invests $9,000,000 in 4% fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $9,648,000. Interest is paid on January 1. Prepare journal entries for Crane Company to (a) record the transactions related to these bonds in 2017, assuming Crane does not elect the fair...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds,...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds, having a maturity value of $301,000, for $324,415.24. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Cheyenne Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December...
Accounts Available: Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash...
Accounts Available:
Accumulated Other Comprehensive Income
Allowance for Investment Impairment
Bond Investment at Amortized Cost
Cash
Dividend Receivable
Dividend Revenue
FV-NI Investments
FV-OCI Investments
Gain on Sale of Investments
GST Receivable
Interest Expense
Interest Income
Interest Payable
Interest Receivable
Investment in Associate
Investment Income or Loss
Loss on Discontinued Operations
Loss on Impairment
Loss on Sale of Investments
No Entry
Note Investment at Amortized Cost
Other Investments
Recovery of Loss from Impairment
Retained Earnings
Unrealized Gain or Loss - OCI...
Question 13 Your answer is partially correct. Try again. At the end of 2016, Sheridan Company has $182,000 of cumu...
Question 13 Your answer is partially correct. Try again. At the end of 2016, Sheridan Company has $182,000 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 2020 $60,200 51,500 40,900 29.400 $182,000 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 30% 2019 and later 40% 25 % Sheridan's taxable income for 2016 is $306,200. Taxable income is expected in all future years. (a)...
Your answer is partially correct. Try again. Concord Corporation operates a retail computer store. To improve...
Your answer is partially correct. Try again. Concord Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below. 1. Truck #1 has a list price of $58,350 and is acquired for a cash payment of $54,071. 2. Truck #2 has a list price of $62,240 and is acquired for a down payment of $7,780 cash and a zero-interest-bearing...
Exercise 19-11 2 Your answer is partially correct. Try again. At the end of 2016, Sheffield...
Exercise 19-11 2 Your answer is partially correct. Try again. At the end of 2016, Sheffield Company has $175,600 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 2020 $57,600 47,600 41,300 29,100 $175,600 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 2019 and later 40 % 30% 25 % Sheffield's taxable income for 2016 is $334,500. Taxable income is expected in all future...
Exercise 17-7 Your answer is partially correct. Try again. On December 21, 2013, Bucky Katt Company...
Exercise 17-7 Your answer is partially correct. Try again. On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities. December 31, 2013 Unrealized Gain Fair Value Cost Investments (Trading) (Loss) $(1,000) (1,000) $19,660 $20,660 Clemson Corp. stock 10,520 11,520 Colorado Co. stock 670 21,330 20,660 Buffaloes Co. stock (1,330) $51,510 $52,840 Total of portfolio Previous fair value adjustment balance $(1,330) Fair value adjustment-Cr. During 2014, Colorado Company stock was sold for $10,930. The...
Exercise 2-6 Your answer is partially correct. Try again. Concord Corporation had the following transactions. 1....
Exercise 2-6 Your answer is partially correct. Try again. Concord Corporation had the following transactions. 1. Borrowed $6,535 from the bank by signing a note. 2. Paid $3,268 cash for a computer 3. Purchased $588 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. Debit Analysis Credit Analysis 1. Increase the Asset Increase Increase the Liability Increase 2. no effect no effect 3. Increase the Asset Increase increase the Liability Increase (b) Journalize each...
Your answer is partially correct. Try again. Culver Company purchased a heavy-duty truck on July 1,...
Your answer is partially correct. Try
again. Culver Company purchased a heavy-duty truck on July 1, 2014,
for $31,320. It was estimated that it would have a useful life of
10 years and then would have a trade-in value of $5,640. The
company uses the straight-line method. It was traded on August 1,
2018, for a similar truck costing $46,964; $17,124 was allowed as
trade-in value (also fair value) on the old truck and $29,840 was
paid in cash. A...
Exercise 17-2 Your answer is partially correct. Try again. On January 1, 2017, Sheffield Company purchased...
Exercise 17-2 Your answer is partially correct. Try again. On January 1, 2017, Sheffield Company purchased at par 6% bonds having a maturity value of $310,000. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category. (a) Prepare the journal entry at the date of the bond purchase (b) Prepare the journal entry to record the interest revenue on December 31, 2017...
Your answer is partially correct. Try again. Crane Company invests $9,000,000 in 4% fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $9,648,000. Interest is paid on January 1. Prepare journal entries for Crane Company to (a) record the transactions related to these bonds in 2017, assuming Crane does not elect the fair...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds, having a maturity value of $301,000, for $324,415.24. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Cheyenne Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December...
Accounts Available:
Accumulated Other Comprehensive Income
Allowance for Investment Impairment
Bond Investment at Amortized Cost
Cash
Dividend Receivable
Dividend Revenue
FV-NI Investments
FV-OCI Investments
Gain on Sale of Investments
GST Receivable
Interest Expense
Interest Income
Interest Payable
Interest Receivable
Investment in Associate
Investment Income or Loss
Loss on Discontinued Operations
Loss on Impairment
Loss on Sale of Investments
No Entry
Note Investment at Amortized Cost
Other Investments
Recovery of Loss from Impairment
Retained Earnings
Unrealized Gain or Loss - OCI...
Question 13 Your answer is partially correct. Try again. At the end of 2016, Sheridan Company has $182,000 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 2020 $60,200 51,500 40,900 29.400 $182,000 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 30% 2019 and later 40% 25 % Sheridan's taxable income for 2016 is $306,200. Taxable income is expected in all future years. (a)...
Your answer is partially correct. Try again. Concord Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below. 1. Truck #1 has a list price of $58,350 and is acquired for a cash payment of $54,071. 2. Truck #2 has a list price of $62,240 and is acquired for a down payment of $7,780 cash and a zero-interest-bearing...
Exercise 19-11 2 Your answer is partially correct. Try again. At the end of 2016, Sheffield Company has $175,600 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 2020 $57,600 47,600 41,300 29,100 $175,600 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 2019 and later 40 % 30% 25 % Sheffield's taxable income for 2016 is $334,500. Taxable income is expected in all future...
Exercise 17-7 Your answer is partially correct. Try again. On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities. December 31, 2013 Unrealized Gain Fair Value Cost Investments (Trading) (Loss) $(1,000) (1,000) $19,660 $20,660 Clemson Corp. stock 10,520 11,520 Colorado Co. stock 670 21,330 20,660 Buffaloes Co. stock (1,330) $51,510 $52,840 Total of portfolio Previous fair value adjustment balance $(1,330) Fair value adjustment-Cr. During 2014, Colorado Company stock was sold for $10,930. The...
Exercise 2-6 Your answer is partially correct. Try again. Concord Corporation had the following transactions. 1. Borrowed $6,535 from the bank by signing a note. 2. Paid $3,268 cash for a computer 3. Purchased $588 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. Debit Analysis Credit Analysis 1. Increase the Asset Increase Increase the Liability Increase 2. no effect no effect 3. Increase the Asset Increase increase the Liability Increase (b) Journalize each...
Your answer is partially correct. Try
again. Culver Company purchased a heavy-duty truck on July 1, 2014,
for $31,320. It was estimated that it would have a useful life of
10 years and then would have a trade-in value of $5,640. The
company uses the straight-line method. It was traded on August 1,
2018, for a similar truck costing $46,964; $17,124 was allowed as
trade-in value (also fair value) on the old truck and $29,840 was
paid in cash. A...
Exercise 17-2 Your answer is partially correct. Try again. On January 1, 2017, Sheffield Company purchased at par 6% bonds having a maturity value of $310,000. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category. (a) Prepare the journal entry at the date of the bond purchase (b) Prepare the journal entry to record the interest revenue on December 31, 2017...
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