Homework Answers
Partial Balance sheet
| Investments | |
| Stock investments (At fair value) | 102180 |
| Debt investments (at fair value) | 145600 |
| Stock investments (At equity) | 245830 |
| Total investment) | 493610 |
Add Answer to:
Your answer is partially correct. Try again. Sunland Corporation has these long-term investments: common stock of Vejas Co. (10% ownership), cost $108,650, fair value $102,180; common stock of Penn I...
Your answer is partially correct. Try again. The following accounts appear in the ledger of Sunland...
Your answer is partially correct. Try again. The following accounts appear in the ledger of Sunland Company after the books are closed at December 31, 2019: Common Stock, no par, $2 stated value, 390,000 shares authorized; 275,000 shares issued Common Stock Dividends Distributable Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock, $6 par value, 8%, 41,000 shares authorized; 25,400 shares issued Retained Earnings Treasury Stock (12,400 common shares) Paid-in Capital in Excess of Par-Preferred Stock Accumulated Other Comprehensive...
Trading securities (at cost) Short-term stock investments (at cost) Equity method investments Held-to-naturity securities (long-tern) $...
Trading securities (at cost) Short-term stock investments (at cost) Equity method investments Held-to-naturity securities (long-tern) $ 5,200 23.500 70.500 13.500 Cash Fair value adjustment-stock Accounts receivable Fair value adjustment-trading $ 10.500 (-1.100) 2.500 600 Prepare the assets section of a classified balance sheet. Hint Fair Value Adjustment-Trading increases trading securities; Fair Value Adjustment-Stock decreases Stock investments (Amounts deducted should be indicated by a minus sign.) GERMX CO. Assets Section of Balance Sheet December 31 Assets Current assets Cash Stock investments...
Your answer is partially correct. Try again. The following stockholders' equity accounts, arranged alphabetically, are in...
Your answer is partially correct. Try again. The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Bridgeport Corporation at December 31, 2020. Common Stock ($6 stated value) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock (8%, 5104 par) Retained Earnings Treasury Stock (12,000 common shares) $2,028,000 280,000 946,000 535,600 1,150,000 144,000 Study Prepare the stockholders' equity section of the balance sheet at December 31, 2020. (Enter the annua...
Exercise 2-07 Your answer is partially correct. Try again. Suppose the following items were taken from...
Exercise 2-07 Your answer is partially correct. Try again. Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock Prepaid rent Equipment Stock investments (long-term) Debt investments (short-term) Income taxes payable Cash $3,420 Accumulated depreciation-equipment $2,690 175 Accounts payable 1,080 6,110 Patents 2,120 670 Notes payable (long-term) 850 1,680 Retained earnings 160 Accounts receivable 1,740 1,060 Inventory 1,020 6,375 TEXAS INSTRUMENTS, INC. Balance Sheet December 31, 203 (in...
Problem 5-2 Your answer is partially correct. Try again. Presented below are a number of balance...
Problem 5-2 Your answer is partially correct. Try again. Presented below are a number of balance sheet items for Whispering, Inc., for the current year, 2017. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 126,320 Accumulated Depreciation Equipment 178,911 Inventory 301,320 Rent payable (short-term) 15,490 Income taxes payable 361,320 Rent payable (long-term) 481,320 Common stock, $1 par value 447,020...
Your answer is partially correct. Presented below is the balance sheet of Grouper Corporation for the...
Your answer is partially correct. Presented below is the balance sheet of Grouper Corporation for the current year, 2020. GROUPER CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 489,990 Current liabilities Investments 644,990 Long-term liabilities Property, plant, and equipment 1,724,990 Stockholders' equity Intangible assets 305,000 $3,164,970 $ 384,990 1,004,990 1,774,990 $3,164,970 2. The following information is presented. 1. The current assets section includes cash $154,990, accounts receivable $174,990 less $14,990 for allowance for doubtful accounts, inventories $184,990, and unearned...
Exercise 5-5 Your answer is partially correct. Try again. Nash Company has decided to expand its...
Exercise 5-5 Your answer is partially correct. Try again. Nash Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion. $242,500 352,500 413,500 152,500 NASH COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (trading) at cost (fair value $132,500) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash...
Your answer is partially correct. Try again. Suppose the following items were taken from the 2022 financial statements...
Your answer is partially correct. Try again. Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock Prepaid rent Equipment Stock investments (long-term) Debt investments (short-term) Income taxes payable Cash $2,850 Accumulated depreciation equipment $2,680 165 Accounts payable 1,340 6,650 Patents 2,380 600 Notes payable (long-term) 870 1,860 Retained earnings 8,315 110 Accounts receivable 1,920 1,290 Inventory 1,300 Prepare a classified balance sheet in good form as of...
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. Post to the investment accounts. (Use T-accounts.) (Post entries...
Your answer is partially correct. Try again. Post to the investment accounts. (Use T-accounts.) (Post entries in the order of journal Stock Investments 1/1 Bal. 18790011/1 Bal. 1/20 327600 1/20 71500 9/6 6806011 9/6 35200 12/31 Bal, Y 352 2/31 Bal. ▼ 182020 SHOW LIST OF ACCOUNTS LINKTO TEXT LINK TO TEXT 回Your ans wer is correct. Prepare the adjusting entry at December 31, 2018 to report the portfolio at fair value. (Credit acco entry for the account titles and...
Your answer is partially correct. Try again. The following accounts appear in the ledger of Sunland Company after the books are closed at December 31, 2019: Common Stock, no par, $2 stated value, 390,000 shares authorized; 275,000 shares issued Common Stock Dividends Distributable Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock, $6 par value, 8%, 41,000 shares authorized; 25,400 shares issued Retained Earnings Treasury Stock (12,400 common shares) Paid-in Capital in Excess of Par-Preferred Stock Accumulated Other Comprehensive...
Trading securities (at cost) Short-term stock investments (at cost) Equity method investments Held-to-naturity securities (long-tern) $ 5,200 23.500 70.500 13.500 Cash Fair value adjustment-stock Accounts receivable Fair value adjustment-trading $ 10.500 (-1.100) 2.500 600 Prepare the assets section of a classified balance sheet. Hint Fair Value Adjustment-Trading increases trading securities; Fair Value Adjustment-Stock decreases Stock investments (Amounts deducted should be indicated by a minus sign.) GERMX CO. Assets Section of Balance Sheet December 31 Assets Current assets Cash Stock investments...
Your answer is partially correct. Try again. The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Bridgeport Corporation at December 31, 2020. Common Stock ($6 stated value) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock (8%, 5104 par) Retained Earnings Treasury Stock (12,000 common shares) $2,028,000 280,000 946,000 535,600 1,150,000 144,000 Study Prepare the stockholders' equity section of the balance sheet at December 31, 2020. (Enter the annua...
Exercise 2-07 Your answer is partially correct. Try again. Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock Prepaid rent Equipment Stock investments (long-term) Debt investments (short-term) Income taxes payable Cash $3,420 Accumulated depreciation-equipment $2,690 175 Accounts payable 1,080 6,110 Patents 2,120 670 Notes payable (long-term) 850 1,680 Retained earnings 160 Accounts receivable 1,740 1,060 Inventory 1,020 6,375 TEXAS INSTRUMENTS, INC. Balance Sheet December 31, 203 (in...
Problem 5-2 Your answer is partially correct. Try again. Presented below are a number of balance sheet items for Whispering, Inc., for the current year, 2017. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 126,320 Accumulated Depreciation Equipment 178,911 Inventory 301,320 Rent payable (short-term) 15,490 Income taxes payable 361,320 Rent payable (long-term) 481,320 Common stock, $1 par value 447,020...
Your answer is partially correct. Presented below is the balance sheet of Grouper Corporation for the current year, 2020. GROUPER CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 489,990 Current liabilities Investments 644,990 Long-term liabilities Property, plant, and equipment 1,724,990 Stockholders' equity Intangible assets 305,000 $3,164,970 $ 384,990 1,004,990 1,774,990 $3,164,970 2. The following information is presented. 1. The current assets section includes cash $154,990, accounts receivable $174,990 less $14,990 for allowance for doubtful accounts, inventories $184,990, and unearned...
Exercise 5-5 Your answer is partially correct. Try again. Nash Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion. $242,500 352,500 413,500 152,500 NASH COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (trading) at cost (fair value $132,500) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash...
Your answer is partially correct. Try again. Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock Prepaid rent Equipment Stock investments (long-term) Debt investments (short-term) Income taxes payable Cash $2,850 Accumulated depreciation equipment $2,680 165 Accounts payable 1,340 6,650 Patents 2,380 600 Notes payable (long-term) 870 1,860 Retained earnings 8,315 110 Accounts receivable 1,920 1,290 Inventory 1,300 Prepare a classified balance sheet in good form as of...
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. Post to the investment accounts. (Use T-accounts.) (Post entries in the order of journal Stock Investments 1/1 Bal. 18790011/1 Bal. 1/20 327600 1/20 71500 9/6 6806011 9/6 35200 12/31 Bal, Y 352 2/31 Bal. ▼ 182020 SHOW LIST OF ACCOUNTS LINKTO TEXT LINK TO TEXT 回Your ans wer is correct. Prepare the adjusting entry at December 31, 2018 to report the portfolio at fair value. (Credit acco entry for the account titles and...
Most questions answered within 3 hours.
-
The financial statements of Apple Inc. show the following
numbers for fiscal year 2017 ($000,000):
Revenue...
asked 1 minute ago -
Suppose that you are given the following results. Find the
correlation coefficient of the data.
sx...
asked 10 minutes ago -
The width of a tool used for semiconductor manufacturing
is assumed to be normally distributed with...
asked 12 minutes ago -
A
runaway train car that has a mass of 1,400 kg travels at a speed of...
asked 16 minutes ago -
The expected abnormal earnings of a firm that has earnings of
$40,000 with a required equity...
asked 15 minutes ago -
A spherical surface completely surrounds a collection of
charges. Find the electric flux through the surface...
asked 30 minutes ago -
Two capacitors with capacitances of 12 and 18.1 µF,
respectively, are connected in parallel. The system...
asked 17 minutes ago -
Let's say you are a small business owner that provides
business-to-business software-as-a-service to non-profit
organizations. Your...
asked 22 minutes ago -
A circuit is constructed with five resistors and a battery as
shown. The battery voltage is...
asked 30 minutes ago -
A. What is the U.S.
economic system and what do you think are the advantages and...
asked 30 minutes ago -
A student measures the following data in a calorimetry
experiment designed to determine the specific heat...
asked 44 minutes ago -
1) 2H2O(g) → 2H2 (g) + O2 (g) DH = 483.6 kJ
If 5 moles of...
asked 49 minutes ago