1 During 2020, LOVE Company purchased marketable equity securities for P1,850,000 to be held as trading investments. In 2020, the entity appropriately reported an unrealized loss of 200,000 in the income statement. There was no change during 2021 in the composition of the portfolio of trading securities. Pertinent data on December 31, 2021 are: Security Cost Market A 600,000 700,000 B 450,000 400,000 C 800,000 900,000 What amount of unrealized gain on these securities should be included in the 2021 income statement? a 350,000 b. 150,000 C 550,000 d.o

1 During 2020, LOVE Company purchased marketable equity securities for P1,850,000 to be held as trading investments. In 2020, the entity appropriately reported an unrealized loss of 200,000 in the income statement. There was no change during 2021 in the composition of the portfolio of trading securities. Pertinent data on December 31, 2021 are: Security Cost Market A 600,000 700,000 B 450,000 400,000 C 800,000 900,000 What amount of unrealized gain on these securities should be included in the 2021 income statement? a 350,000 b. 150,000 C 550,000 d.o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is available for Sheridan Company at December 31, 2020, regarding its investments. Securities Cost Fair Value 2,600 shares of Myers Corporation Common Stock $ 36,900 $ 46,200 1,200 shares of Cole Incorporated Preferred Stock 23,600 21,100 $ 60,500 $ 67,300 (a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Sheridan’s investments result in significant influence. (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.) Account Titles and Explanation Debit Credit
XYZ Co. had the following activities in 2020 :Issuance of common stock 350000 Payment of dividends 164000 Issuance of bonds payable 50000 Sale of long Term Assets 24000 Bank loan repaid 125000 Purchase of equipment 53000 Purchase of available-for-sale securities 43000 Purchase of treasury stock 15000 Prepare the cash flows from Financing a. 96000 OMR b. None of the options c. 96000 OMR d. 10000OMR
Please answer required 1,2
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XYZ Co. had the following activities in 2020 Issuance of common stock 98000 Payment of dividends 164000 Issuance of bonds payable 25000 Sale of long Term Assets 24000 Bank loan repaid 23000 Purchase of equipment 53000 Purchase of available-for- sale securities 43000 Purchase of treasury stock 15000 Prepare the cash flows from Financing 170000OMR Ob. 146000 OMR O C. None of the options O d. 164000 OMR
DO NOT GVIE SOUTION IN IMAGE
Weed Company prepared a draft of its 2020 Statement of Financial Position. The draft statement reported current liabilities totaling P2,000,00O. However, none of the following items were included in this preliminary total at December 31, 2020. At which amount should Weed Company's current liabilities be correctly reported in the December 31, 2020 Statement of Financial Position? * Bank overdraft 45,000.00 Advances from customers 185,000.00 Share dividends payable Accrued interest on bonds payable 300,000.00 170,000.00 Unearned rent income 450,000.00 Mortgage Payable 800,000.00 Bonds payable due 2021 500,000.00 Discount on bonds payable due 2021 50,000.00 Bond issue costs 10,000.00
At December 31, 2020, the end of its first year of operations, the non-trading securities for Oriole AG are as follows. They have the same cost and fair value. The securities are considered to be a long-term investment. Security A B C Date Cost CHF17,800 Dec. 31 12,900 22,700 CHF53,400 Fair Value CHF15,800 14,500 18,600 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 enter O for the amounts.) CHF48,900 Account Titles and Explanation Unrealized Gain or Loss-Equity Fair Value Adjustment-Non-Trading Debit Credit
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