33. L Company purchased the following securities during 2013: Classification Cost Market value 12/31/2013 Security A Security B Trading Trading 900,000 1,000,000 1,000,000 1,600,000 On July 31, 2014, the entity sold all of the shares of Security B for P1,100,000. On December 31, 2014, the shares of Security A had a market value of P600,000. No other activity occurred during 2014 in relation to the trading security portfolio. What is the gain or loss on the sale of Security B on July 31, 2014? a. 500,000 gain b. 500,000 loss 100,000 gain d. 100,000 loss C.

33. L Company purchased the following securities during 2013: Classification Cost Market value 12/31/2013 Security A Security B Trading Trading 900,000 1,000,000 1,000,000 1,600,000 On July 31, 2014, the entity sold all of the shares of Security B for P1,100,000. On December 31, 2014, the shares of Security A had a market value of P600,000. No other activity occurred during 2014 in relation to the trading security portfolio. What is the gain or loss on the sale of Security B on July 31, 2014? a. 500,000 gain b. 500,000 loss 100,000 gain d. 100,000 loss C.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give answer in image formate
In 2019, Edward Company purchased equity securities as a trading investment. For the year ended December 31, 2019, the entity recognized an unrealized holding loss of P230,000. There were no security transactions during 2020. Pertinent information on December 31, 2020 is as follows: Security Cost Market Value A 2,450,000 2,300,000 B 1,800,000 1,820,000 4,250,000 4,120,000 In the 2020 income statement, what amount should be reported as unrealized holding gain or loss?
company's accounting year ends December 31. Date of Acquisition Cost 9/20/23 $38,000 10/2/23 14,000 Investment Colt Company stock Dana Company stock What amount is reported for gain or loss on these securities in 2023 income? Select one: O a. $800 loss O Fair Value 12/31/23 Date Sold Selling Price $37,000 2/10/24 $42,000 14,200 1/17/24 13,000 b. $1,000 loss c. No gain or loss d. $3,000 gain ہے
Loreal-American Corporation purchased several marketable securities during 2024. At December 31, 2024, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2023, and all are considered securities available-for-sale. Cost Fair Value Unrealized Holding Gain (Loss) Short term: Blair, Incorporated $ 502,000 $ 394,000 $ (108,000) ANC Corporation 461,000 502,000 41,000 Totals $ 963,000 $ 896,000 $ (67,000) Long term: Drake Corporation $ 502,000 $ 571,000 $ 69,000 Aaron Industries 709,000 671,000 (38,000) Totals $ 1,211,000 $ 1,242,000 $ 31,000 Required: Prepare appropriate adjusting entry at December 31, 2024. What amount would be reported in the income statement at December 31, 2024, as a result of the adjusting entry?
On November 1, 2015, Journeyman, LLC purchased 900 of the $1,000 face value, 9% bonds of Celebration Incorporated, for $948,000, including accrued interest of $13,500. The bonds matured on January 1, 2017, and interest was paid on March 1 and September 1. If Journeyman uses the straight-line method of amortization and the bonds are classified as available-for-sale, how should the net carrying value of the bonds be shown on Journeyman’s December 31, 2015 balance sheet?
Subject: acounting
“IFRS 10 Consolidated Financial Statements states that there are few ways to ascertain if the investor ‘controls’ and ‘influences’ its investees.”
On December 31, 2024, Oriole Company purchased debt securities as trading securities. Pertinent data are as follows: Fair Value Security Cost At 12/31/25 A $128400 $114500 B 167500 182400 C 284400 258500 On December 31, 2025, Oriole transferred its investment in security Ċ from trading to available-for-sale because Oriole intends to retain security C as a long-term investment. What total amount of gain or loss on its securities should be reported in Oriole's income statement for the year ended December 31, 2025? O $24900 loss O $1000 gain O $25900 loss O $39800 loss
The solution must be under the GAAP standards
Ashvin
Pine Company makes an investment in Holt Company. Journalize the following transactions assuming that Pine Company uses (a) the fair value method and (b) the equity method for its investment in Holt Company: 1) On Jan. 1, 2017, Pine bought 30% of Holt's common stock. Total book value of all Holt's common stock was $800,000 on this date. 2) During 2017, Holt reported $40,000 of net income. 3) During 2017, Holt paid $20,000 of dividends
Loreal-American Corporation purchased several marketable securities during 2024. At December 31, 2024, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2023, and all are considered securities available-for-sale. Short term: Blair, Incorporated ANC Corporation Totals Long term: Drake Corporation Aaron Industries Totals Required 1 Required 2 Cost $ 516,000 468,000 $984,000 View transaction list Fair Value 1 " $ 387,000 516,000 $ 903,000 $ 516,000 702,000 $ 578,000 678,000 $ 1,218,000 $ 1,256,000 Journal entry worksheet Required: 1. Prepare appropriate adjusting entry at December 31, 2024. 2. What amount would be reported in the income statement at December 31, 2024, as a result of the adjusting entry? Complete this question by entering your answers in the tabs below. Unrealized Holding Gain (Loss) $ (129,000) 48,000 $ (81,000) Prepare appropriate adjusting entry at December 31, 2024. Note: If no entry is required for a…