Homework Answers
a. Journal entries
| Date | Account Title | Debit | Credit |
| Feb 1 | Stock investments | 32,400 | |
| Cash | 32,400 | ||
| Mar 1 | Stock investments | 20,000 | |
| Cash | 20,000 | ||
| Apr 1 | Debt investments | 50,000 | |
| Cash | 50,000 | ||
| Jul 1 | Cash | 360 | |
| Dividend revenue (600*0.6) | 360 | ||
| Aug 1 | Cash (200*58) | 11,600 | |
| Stock investments | 10,800 | ||
| Gain on sale of stock investments | 800 | ||
| Sep1 | Cash | 800 | |
| Dividend revenue (800*1) | 800 | ||
| Oct 1 | Cash | 1,750 | |
| Interest revenue (50,000*0.07*6/12) | 1,750 | ||
| Oct 1 | Cash | 49,000 | |
| Loss on sale of Debt investments | 1000 | ||
| Debt investments | 50,000 |
T-Accounts
| Stock investments | |||||
| Feb 1 | Cash | 32,400 | Aug 1 | Cash | 10,800 |
| Mar 1 | Cash | 20,000 | |||
| Dec 31 | Ending Balance | 41,600 |
| Debt investments | |||||
| Feb 1 | Cash | 50,000 | Oct 1 | Cash | 50,000 |
| Dec 31 | Ending Balance | 0 |
b. Adjusting Entry
| Date | Account Title | Debit | Credit |
| Dec 31 | Unrealised gain or loss | 400 | |
| Fair value adjustment - trading securities | 400 | ||
| (41,600 - 41,200) |
working
| Securities | Cost | Fair value |
| Muningar | (32,400/600)*(600-200) =21,600 | 55*(600 -200) =22,000 |
| Tatman | 20,000 | 19,200 |
| Total | 41,600 | 41,200 |
c. Balance Sheet
| KINZIE COMPANY | |
| Balance Sheet | |
| December 31, 2020 | |
| Current Assets | |
| Short-term Innvestments, at fair value | 41,200 |
d. Income Statement
| Income Statement Account | Category |
| Dividend Revenue | Other revenues and gains |
| Gain on sale of stock investments | Other revenues and gains |
| Interest revenue | Other revenues and gains |
| Loss on sale of Debt investments | Other expenses and losses |
| Unrealised loss-Income | Other expenses and losses |
Add Answer to:
P16.2A (LO 2, 3) Financial Statement In January 2020, the management of Kinzie Compatty or cludes...
and show m investments in debt and equity securities. - GLS any unrealized gain or loss...
and show m investments in debt and equity securities. - GLS any unrealized gain or loss is reported in the financial statements. P10.2 (LO 2, 3) Financial Statement In January 2020 the management of Kinzie Compas cludes that it has sufficient cash to permit some short term investments in debt and equity se During the year, the following transactions occurred. Feb. 1 Purchased 600 shares of Muninger common stock for $32,400. Mar. 1 Purchased 800 shares of Thaiman common stock...
P16-2A In January 2017, the management of Kinzie Company concludes that it has suffi. Jo cient...
P16-2A In January 2017, the management of Kinzie Company concludes that it has suffi. Jo cient cash to permit some short-term investments in debt and stock securities. During the tra year, the following transactions occurred. ad! Feb. 1 Purchased 600 shares of Muninger common stock for $32,400. (LO Mar. 1 Purchased 800 shares of Tatman common stock for $20,000 Apr. 1 Purchased 50 $1,000,7% Yoakem bonds for $50,000. Interest is payable semiannually on April 1 and October 1. July |...
Current Attempt in Progress In January 2020, the management of Ivanhoe Company concludes that it has...
Current Attempt in Progress In January 2020, the management of Ivanhoe Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 700 shares of Muninger common stock for $38,500. Purchased 900 shares of Tatman common stock for $22,500. Mar. 1 Apr. 1 July 1 Aug Purchased 50 $1,050,6% Yoakem bonds for $52,500. Interest is payable semiannually on April 1 and October 1. Received...
Problem 12-2A (Part Level Submission) In January 2015, the management of Kinzie Company concludes...
Problem 12-2A (Part Level Submission) In January 2015, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 600 shares of Muninger common stock for $31,200 Mar. 1 Purchased 810 shares of Tatman common stock for $21,870. Apr. 1 Purchased 50 $1,100, 8% Yoakem bonds for $55,000. Interest is payable semiannually on April 1 and October 1 July 1...
Prepare the adjusting entry at December 31, 2020 to report the investment securities at fair value....
Prepare the adjusting entry at December 31, 2020 to report the
investment securities at fair value. All securities are considered
to be trading securities.
* (c) Show the balance sheet
presentation of investment securities at December 31, 2020.
* (d)
Identify the income statement accounts and give the statement
classi cation of each
account.
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9:15 PM Wed Feb 5 C16 #1 Problem 16-02A a-d (Video) In January 2020, the management...
9:15 PM Wed Feb 5 C16 #1 Problem 16-02A a-d (Video) In January 2020, the management of Oriole Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 Purchased 700 shares of Muninger common stock for $38,500. Purchased 900 shares of Tatman common stock for $22,500. Purchased 40 $1,140, 8% Yoakem bonds for $45,600. Interest is payable semiannually on April...
NEED BALANCE SHEET AND INCOME STATEMENT (INCOME STATEMENT IS NOT SHOWN BUT I NEED IT) PART...
NEED BALANCE SHEET AND INCOME STATEMENT (INCOME
STATEMENT IS NOT SHOWN BUT I NEED IT) PART C AND D D IS
NOT SHOWN BECAUSE C NEEDS TO BE CORRECT BUT D IS ASKING FOR INCOME
STATEMENT I HAVE PROVIDED ALL DATA
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ProBLEM 2. In January 2012, the management of Gina Company concludes that it has sufficienn purchase...
ProBLEM 2. In January 2012, the management of Gina Company concludes that it has sufficienn purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred. Purchased 500 shares of Joy common stock for $30,000, plus brokerage fees of $800. Purchased 600 shares of Aurelius common stock for $20,000, plus brokerage fees of $300. Feb. 1 Mar. 1 Purchased 40 $1,000, 9% Sikich bonds for $40,000, plus $1,200 brokerage fees. Interest Is payable semiannually on...
2. On December 31, 2020 Woods International owned the following securities held as a long-term investment....
2. On December 31, 2020 Woods International owned the following securities held as a long-term investment. The securities were not held for influence or control of the investee. Common Stock Shares Cost Trevino Co. 2,000 $60,000 Player Co. 5,000 45,000 Palmer Co. 1,500 30,000 On December 31, 2020, the total fair value of the securities was equal to their cost. In 2021 the following transactions occurred. July 1 Received $1 per share semiannual dividend on Player Co. common stock. Aug....
In January 2019, the management of Crane Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions...
In January 2019, the management of Crane Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 1,250 shares of LAF common stock for $50,000. Mar. 1 Purchased 480 shares of NCL common stock for $16,800. Apr. 1 Purchased 75 $1,000, 8% TRC bonds for $75,000. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of...
and show m investments in debt and equity securities. - GLS any unrealized gain or loss is reported in the financial statements. P10.2 (LO 2, 3) Financial Statement In January 2020 the management of Kinzie Compas cludes that it has sufficient cash to permit some short term investments in debt and equity se During the year, the following transactions occurred. Feb. 1 Purchased 600 shares of Muninger common stock for $32,400. Mar. 1 Purchased 800 shares of Thaiman common stock...
P16-2A In January 2017, the management of Kinzie Company concludes that it has suffi. Jo cient cash to permit some short-term investments in debt and stock securities. During the tra year, the following transactions occurred. ad! Feb. 1 Purchased 600 shares of Muninger common stock for $32,400. (LO Mar. 1 Purchased 800 shares of Tatman common stock for $20,000 Apr. 1 Purchased 50 $1,000,7% Yoakem bonds for $50,000. Interest is payable semiannually on April 1 and October 1. July |...
Current Attempt in Progress In January 2020, the management of Ivanhoe Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 700 shares of Muninger common stock for $38,500. Purchased 900 shares of Tatman common stock for $22,500. Mar. 1 Apr. 1 July 1 Aug Purchased 50 $1,050,6% Yoakem bonds for $52,500. Interest is payable semiannually on April 1 and October 1. Received...
Problem 12-2A (Part Level Submission) In January 2015, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 600 shares of Muninger common stock for $31,200 Mar. 1 Purchased 810 shares of Tatman common stock for $21,870. Apr. 1 Purchased 50 $1,100, 8% Yoakem bonds for $55,000. Interest is payable semiannually on April 1 and October 1 July 1...
Prepare the adjusting entry at December 31, 2020 to report the
investment securities at fair value. All securities are considered
to be trading securities.
* (c) Show the balance sheet
presentation of investment securities at December 31, 2020.
* (d)
Identify the income statement accounts and give the statement
classi cation of each
account.
ES Problem 16-02A a-d (Part Level Submission) (Video) In January 2020, the management of Wildhorse Company concludes that it has sufficient cash to permit some short-term...
9:15 PM Wed Feb 5 C16 #1 Problem 16-02A a-d (Video) In January 2020, the management of Oriole Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 Purchased 700 shares of Muninger common stock for $38,500. Purchased 900 shares of Tatman common stock for $22,500. Purchased 40 $1,140, 8% Yoakem bonds for $45,600. Interest is payable semiannually on April...
NEED BALANCE SHEET AND INCOME STATEMENT (INCOME
STATEMENT IS NOT SHOWN BUT I NEED IT) PART C AND D D IS
NOT SHOWN BECAUSE C NEEDS TO BE CORRECT BUT D IS ASKING FOR INCOME
STATEMENT I HAVE PROVIDED ALL DATA
Problem 16-02A a-d (Part Level Submission) (Video) In January 2020, the management of Sheridan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb....
ProBLEM 2. In January 2012, the management of Gina Company concludes that it has sufficienn purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred. Purchased 500 shares of Joy common stock for $30,000, plus brokerage fees of $800. Purchased 600 shares of Aurelius common stock for $20,000, plus brokerage fees of $300. Feb. 1 Mar. 1 Purchased 40 $1,000, 9% Sikich bonds for $40,000, plus $1,200 brokerage fees. Interest Is payable semiannually on...
2. On December 31, 2020 Woods International owned the following securities held as a long-term investment. The securities were not held for influence or control of the investee. Common Stock Shares Cost Trevino Co. 2,000 $60,000 Player Co. 5,000 45,000 Palmer Co. 1,500 30,000 On December 31, 2020, the total fair value of the securities was equal to their cost. In 2021 the following transactions occurred. July 1 Received $1 per share semiannual dividend on Player Co. common stock. Aug....
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