Homework Answers
A)
| Date | General Journal | Debit | Credit |
| Dec 31 | Unrealized gain or loss - Income | 2,000 | |
| Fair value adjustment - Trading (53,000-51,000) | 2,000 | ||
| (to report securities at the fair value) |
B)
Balance sheet as on December 31,2020
| CURRENT ASSETS | |
| Short term investments | 51,000 |
Income statement for the year ended December 31, 2020
| OTHER REVENUES AND EXPENSES | |
| Loss on sale of investments | 2,000 |
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At December 31, 2020, the trading debt securities for Storrer, E16.10 (LO 3) Financial Statement Inc....
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...
At December 31, 2020, the available-for-sale debt securities for Storrer, Inc. are as follows. The securities...
At December 31, 2020, the available-for-sale debt securities for
Storrer, Inc. are as follows. The securities are considered to be a
long-term investment.
Security
Cost
Fair Value
A
$17,500
$16,000
B
12,500
14,000
C
23,000
21,000
$53,000
$51,000
Prepare the adjusting entry at December 31, 2020, to report the
securities at fair value. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and...
12:19 PM Sun Feb 9 C16 #2 At December 31, 2020, the trading securities for Sandhill,...
12:19 PM Sun Feb 9 C16 #2 At December 31, 2020, the trading securities for Sandhill, Inc. are as follows. Security Cost Fair Value $16,300 13,800 $17,100 12,800 22,600 $52,500 $49.000 Your answer is partially correct. Try again. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and...
Exercise 16-10 a-b (Part Level Submission) (Video) At December 31, 2020, the trading securities for Blossom,...
Exercise 16-10 a-b (Part Level Submission) (Video) At December 31, 2020, the trading securities for Blossom, Inc. are as follows. Security Cost $17,000 12,000 22,500 $51.500 Fair Value $15,500 13,500 18,500 $47.500 Your answer is partially correct. Try again Prepare the adjusting entry of December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Il ne entry is require select "Moetry for the account titles and...
At December 31, 2020, the trading securities for Paul Company are as follows: Security ...
At December 31, 2020, the trading securities for Paul Company are as follows: Security Cost Fair Value AXZ $116,000 $120,000 BKY 134,000 132,000 $250,000 $252,000 Prepare the adjusting entry at December 31, 2020, to report the securities at fair value (show the steps please)
Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading...
Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading Available-for-sale Cost $121,500 101,100 Fair Value $125,000 93,800 The available-for-sale securities are held as a long-term investment. Your answer is correct. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit acc entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (1) Fair Value Adjustment-Trading...
Exercise 16-11 a-b (Part Level Submission) At December 31, 2020, the available-for-sale debt securities for Sandhill,...
Exercise 16-11 a-b (Part Level Submission) At December 31, 2020, the available-for-sale debt securities for Sandhill, Inc. are as follows. The securities are considered to be a long-term investment. Security Cost Fair Value $17,300 12,500 22,500 $52,300 $16,400 14,100 18,700 $49,200 (a) Your answer is partially correct. Try again. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
ClB GRADED HV x Exercise 17-9 At urses/28520/assignments/3247325 x C Sign In or Sign U x...
ClB GRADED HV x Exercise 17-9 At urses/28520/assignments/3247325 x C Sign In or Sign U x G At December 31 x At December 31, 2020, the available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment Security Cost Fair Value A $17,500 $16,000 12,500 14,000 C 23,000 21,000 $53,000 $51,000 B Your answer is partially correct. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit...
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...
16.10 102,3/ d 10% of the 200,000 shares of common stock of Nevins Fashion at on...
16.10
102,3/ d 10% of the 200,000 shares of common stock of Nevins Fashion at on March 18, 2020. On June 30, Nevins declared and paid a $60,000 31. Nevins reported net income of $122,000 for the year. At December 31, Cosmetics acquired 109 cost of $13 per share on d. On December 31. Nevi Jour and es Can Alcatel dendo ce of Nevins Fashion was $15 per share, the market price of N K . Inc., obtained signifi 200...
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...
At December 31, 2020, the available-for-sale debt securities for
Storrer, Inc. are as follows. The securities are considered to be a
long-term investment.
Security
Cost
Fair Value
A
$17,500
$16,000
B
12,500
14,000
C
23,000
21,000
$53,000
$51,000
Prepare the adjusting entry at December 31, 2020, to report the
securities at fair value. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and...
12:19 PM Sun Feb 9 C16 #2 At December 31, 2020, the trading securities for Sandhill, Inc. are as follows. Security Cost Fair Value $16,300 13,800 $17,100 12,800 22,600 $52,500 $49.000 Your answer is partially correct. Try again. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and...
Exercise 16-10 a-b (Part Level Submission) (Video) At December 31, 2020, the trading securities for Blossom, Inc. are as follows. Security Cost $17,000 12,000 22,500 $51.500 Fair Value $15,500 13,500 18,500 $47.500 Your answer is partially correct. Try again Prepare the adjusting entry of December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Il ne entry is require select "Moetry for the account titles and...
Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading Available-for-sale Cost $121,500 101,100 Fair Value $125,000 93,800 The available-for-sale securities are held as a long-term investment. Your answer is correct. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit acc entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (1) Fair Value Adjustment-Trading...
Exercise 16-11 a-b (Part Level Submission) At December 31, 2020, the available-for-sale debt securities for Sandhill, Inc. are as follows. The securities are considered to be a long-term investment. Security Cost Fair Value $17,300 12,500 22,500 $52,300 $16,400 14,100 18,700 $49,200 (a) Your answer is partially correct. Try again. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
ClB GRADED HV x Exercise 17-9 At urses/28520/assignments/3247325 x C Sign In or Sign U x G At December 31 x At December 31, 2020, the available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment Security Cost Fair Value A $17,500 $16,000 12,500 14,000 C 23,000 21,000 $53,000 $51,000 B Your answer is partially correct. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit...
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...
16.10
102,3/ d 10% of the 200,000 shares of common stock of Nevins Fashion at on March 18, 2020. On June 30, Nevins declared and paid a $60,000 31. Nevins reported net income of $122,000 for the year. At December 31, Cosmetics acquired 109 cost of $13 per share on d. On December 31. Nevi Jour and es Can Alcatel dendo ce of Nevins Fashion was $15 per share, the market price of N K . Inc., obtained signifi 200...
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