Carpark Services began operations in 20X1 and maintains investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these debt securities follows. Available-for-Sale Securities December 31, 20x1 December 31, 20x2 Cost $ 250,000 Fair Value $ 251,000 $ 340,000 $ 350,000 The year-end adjusting entry to record the unrealized gain/loss at December 31, 2011 is
Q: Retro reported the following transactions for the month of December. The company uses a perpetual…
A: FIFO stands for First-In, First-Out. It is a method used for cost flow assumption purposes in the…
Q: On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects to reach…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Myriad Solutions, Incorporated issued 12% bonds, dated January 1, with a face amount of $480 million…
A: Note: As per our guidelines only the first question shall be answered.Bond: It is one of the types…
Q: E9-10 (Algo) Calculating Variable Overhead Variances [LO 9-5) Parker Plastic, Incorporated,…
A: The variance is the difference between the actual and standard cost of production data. The variance…
Q: Required: Prepare Shadee's budgeted Income statement for the months of May and June. Note: Do not…
A: Contribution means the difference between the sale and variable cost. Net operating income means the…
Q: Michael Smith, a dealer in securities b
A: A “realized gain” occurs when the sales price is greater than the cost basis. A “recognized gain” is…
Q: Kathy is 60 years of age and self-employed. During 2023, she reported $504,000 of revenues and…
A: For the tax year 2023, the maximum contribution by self-employed as a profit sharing contribution is…
Q: Pharoah Music Shop gives its customers coupons redeemable for a poster plus a Bo Diddley CD. One…
A: The practice of accounting for discounts or coupons that a business offers to clients is known as…
Q: Windhoek Mines, Limited, of Namibia, is contemplating the purchase of equipment to exploit a mineral…
A: Net present value is the present value of cash flow minus initial investment.
Q: a) Complete the table b) Record the above transactions in the appropriate ledger accounts. (You are…
A: Lets understand the basics.Journal entries are required to make to record event and transaction in…
Q: Ginsberg Company installs a computerized manufacturing machine in its factory at the beginning of…
A: The objective of this question is to calculate the depreciation expense for the first and second…
Q: Keyser Corporation, which has only one product, has provided the following data concerning its most…
A: The gross profit is calculated as the difference between the sales and cost of goods sold. The…
Q: Gupta Industries received a $300,000 prepayment from Packard Associates for the sale of new…
A: Liabilities are the future monetary obligations of a business to individuals or businesses. This…
Q: Crane Company issued $830,000, 8%, 20-year bonds on January 1, 2025 at 103. Interest is payable…
A: The bonds are issued at a premium when the market date is lower than the coupon rate of bonds…
Q: The following data relate to product number 33 of Volusia Corporation: Direct labor standard: 4…
A: Direct labor efficiency variance = Standard rate * ( Standard hours - Actual Hours )
Q: Oriole Company has been operating for several years, and on December 31, 2025, presented the…
A: CURRENT RATIOCurrent Ratio is the ratio between current assets & current liabilities. DEBT TO…
Q: Inc. repurchased 15,000 shares of stock when the market price was $1 per share. Dec 5: ABC Inc.…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: ntory ince ion ble tal ving e se = Expense Unadj Trial Balance Dr Cr 4,600.00 7,850.00 3,600.00…
A: A 10 column worksheet shows the transition of financial information from the unadjusted trial…
Q: Taylor's tractor-trailer rigs sell for $150,000. A customer wishes to buy a rig on a dease purchase…
A: Annual Lease Payment: The annual lease payment is the fixed amount paid by the lessee each year to…
Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the…
A: Book value of assets = Cost of assets - Accumulated DepreciationTotal accumulated depreciation for…
Q: TB MC Qu. 8-176 (Algo) Caspion Corporation makes and sells... Caspion Corporation makes and sells a…
A: Direct material budget :— This budget is prepared to estimate the number of units and cost of…
Q: On December 31, 2022, Sunland Corp. leased a machine from Eastern Star Ltd. for a five-year period.…
A: Lease Liability represents the amount recognized by a lessee in its statement of financial position…
Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Required information [The following information applies to the questions displayed below.] O'Brien…
A: LIFO is an accounting technique which is used to value the inventory at last in first out basis. It…
Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: The Long Term Care Plus Company has two service departments - actuarial and premium rating, and two…
A: The reciprocal method is an algebraic method that considers the inter-service departments' cost…
Q: Exercise 14-45 (Algo) Compare Historical Cost, Net Book Value to Gross Book Value (LO 14-2, 5) The…
A: ROI stands for "Return on Investment." It is a financial metric used to evaluate the efficiency or…
Q: Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts…
A: Budgeted merchandise purchase is the amount of purchases made on credit during the period. It is…
Q: un mo [The following information applies to the questions displayed below] Sweeten Company had no…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based…
A: Under Activity Based Costing, the overhead costs are assigned to different products on the basis…
Q: In fiscal 2023, Swifty Realty Corporation purchased unimproved land for $57,000. The land was…
A: According to the question, we need to compute the year-end inventory and net income.Sales…
Q: Richard Ryder has the following current - year passive income and loss amounts: $ 10,000 ABC…
A: Passive income refers to income that is unearned and regular. In other words, a passive income is…
Q: Pronghorn Industries changed from the double-declining-balance to the straight-line method in 2021…
A: Depreciation: It is often defined as a gradual reduction in the cost of fixed assets that are used…
Q: incorrect
A: When a note payable is issued, the borrowing entity is legally obligated to return the borrowed…
Q: Presented below is selected information for Sandhill Company for the month of March 2024. Cost of…
A: Income statement is the financial statement prepared by the entity for the purpose of determining…
Q: Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on…
A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…
Q: Sheridan Company receives a three-year, $9,200, zero-interest-bearing note, and the related present…
A: When a bond is issued or purchased below its face, the bond is said to be issued or purchased at a…
Q: Monty Company is a leading manufacturer of sunglasses. One of Monty's products protects the eyes…
A: Operating income is the amount of income earned by an entity from the business operations. It is…
Q: A company reported the following information: Accounts receivable, December 31, 2023: $122,000…
A: Cash collected from customers represents the amount collected by the company from the accounts…
Q: How can fraud be prevented in the making use of accounting information systems? How do ethics and…
A: The objective of this question is to understand the measures that can be taken to prevent fraud in…
Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions…
A: Specific identification method is the method which is related to the valuation of the inventory…
Q: Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021.…
A: A cash flow statement is a financial statement that provides data regarding all cash inflows that a…
Q: Required information [The following information applies to the questions displayed below.) Sweeten…
A: The overhead rate is a cost that is allocated to the product or service at the time of production.…
Q: The following bond transactions occurred during 2024 for the YU Institute of Higher Learning (YU)…
A: The bond interest is computed as cash interest and interest expense if a bond is issued at a premium…
Q: 1. Writing in slang is appropriate: A. Slang is not appropriate on résumés or cover letters B. Only…
A: The objective of these questions is to understand the appropriate use of language and layout in…
Q: Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2.3.5.…
A: It is an agreement between two or more parties to conduct the business and share the profits and…
Q: Pricing: meteor model retails for 840€, Moonlight Model retails 1485€ The company incurs overheads…
A: The objective of the question is to calculate the full cost for each bicycle model (Meteor and…
Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…
A: The treasury stock includes the own shares of the company purchased from the shareholders. The…
Q: at the Bank of bank p ne Fitzgerald Company maintains a checking acc anceled checks on the last day…
A: Disparities between the amount indicated in the account holder's records and the cash balance…
Q: On December 31, 2023, the City of Oliver leases a large piece of construction equipment with a…
A: Written records that describe a company's financial performance and business operations are called…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossCarpark Services began operations in 20X1 and maintains investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these debt securities follows. Available-for-Sale Securities Fair Value $ 323,800 December 31, 20x1 December 31, 20x2 $ 411,600 The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X1 is: Cost $ 320,000 $ 396,000 A
- Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 View transaction list View journal entry worksheet Prepare journal entries to record each year-end fair value adjustment for these securities. No 3 Cost $11,000 18,900 20,600 14,800 Date Dec. 31, Year 3 No Transaction Recorded Fair Value $17,500 28,000 30, 200 19,700 General Journal Debit Credit ⒸCarpark Services began operations in 20X1 and maintains long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of debt securities follows. The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X2 is: Available-for-Sale Securities Cost Fair Value December 31, 20X1 $ 305,000 $ 300,000 December 31, 20X2 $ 384,000 $ 390,000Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Cost Fair Value $ 15,600 24,800 6,200 $ 11,700 26,040 4,960 Ford Bonds Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities. View transaction list Journal entry worksheet 1 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
- Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds View transaction listRequired information [The following information applies to the questions displayed below] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds View transaction list Cost $ 14,100 22,800 5,700 Journal entry worksheet < 1 Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities Fair Value $ 10,575 Record the year-end adjustment to fair value, if any. 23,940 4,560Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $15,900 25,200 6,300 Fair Value $11,925 26,460 5,040 Prepare journal entry to record the December 31 year-end fair value adjustment for the debt securities. View transaction list View journal entry worksheet No Date General Journal 1 Dec. 31 Unrealized gain - Income Fair value adjustment - AFS Debit Credit ×
- During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $76,000 cost. At its December 31 year-end, these securities had a fair value of $63,400. This is the first and only time the company purchased such securities. 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities. View transaction list Journal entry worksheet 1 2 Record purchase of available-for-sale securities. Note: Enter debits before credits. Date July 01 Record entry General Journal Clear entry Debit Credit View general journalPharoah Company has these data at December 31, 2022, the end of its first year of operations. Debt Securities Trading Available-for-sale (a) Cost $119,700 100,300 The available-for-sale securities are held as a long-term investment. Fair Value $125,700 98,300 Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (List all debit entries before credit entries. 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 enter 0 for the amounts.) No. Account Titles and Explanation (1) Debit CreditKitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds (1) After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet. (2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported? Required 1 Cost $ 12,900 21, 200 5,300 Complete this question by entering your answers in the tabs below. Required 2 Fair Value $ 9,675 22,260 4,240 KITTY COMPANY Assets Section of Balance Sheet December 31 Assets After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet. Note: Amounts to be deducted should be indicated with a minus sign.