help me general accounting questio Blue Sky Technologies purchased 3,000 shares of QuantumInnovations on July 15, Year 1, for $95 per share, includingbrokerage commission. The investment was classified asavailable-for-sale security. On December 31, Year 1, the fair valueof Quantum Innovations was $108 per share. Blue Sky's net incomefor Year 1 was $75,000.Required: Compute the comprehensive income for Blue SkyTechnologies for the year ended December 31, Year 1.

Step 1: Define Comprehensive IncomeComprehensive Income includes net income and other comprehensive…

Answered: Blue Sky Technologies purchased 3,000…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 28E

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On May 12, Year 1, Chewco Co. purchased 2,000 shares of Jedi Inc. for $112 per share, including the brokerage commission. The Jedi investment was classified as an available-for-sale security. On December 31, Year 1, the fair value of Jedi Inc. was $124 per share. The net income of Chewco Co. was $50,000 for Year 1.Compute the comprehensive income for Chewco Co. for the year ended December 31,Year 1.
On May 12, year 1, Chewco Co. Purchased... Please provide answer the general accounting question
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Financial Accounting
On July 1, 2021, JKJ Corporation purchased 100 common shares of JMK Ltd. at $20 per share. JKJ expected to be able to sell this investment within a year at $28 per share. Dividends of $1 per share were declared and paid on August 1, 2021. On December 31, 2021, the fair value of each share was $23. What balance was shown in the investment account on JKJ's balance sheet on December 31 (year end)? $2,300 $2,400 $2,000 $2,800
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Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31: Year 1 Feb. 14. Purchased 3,600 shares of Apollo Inc. as a trading security at $43 per share plus a brokerage commission of $720. Apr. 1. Purchased 1,700 shares of Ares Inc. as a trading security at $17 per share plus a brokerage commission of $340. June 1. Sold 900 shares of Apollo Inc. for $44 per share less an $120 brokerage commission. June 27. Received an annual dividend of $0.14 per share on Apollo Inc. stock. Dec. 31. The portfolio of trading securities was adjusted to fair values of $47 and $18 per share for Apollo Inc. and Ares Inc., respectively. Year 2 Mar. 14. Purchased 1,600 shares of Athena Inc. as a trading security at $50 per share plus a $240 brokerage commission. June 26. Received an annual dividend of $0.17 per…
Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31:Year 1Feb. 14. Purchased 4,800 shares of Apollo Inc. as a trading security at $26 per share plus a brokerage commission of $192.Apr. 1. Purchased 2,300 shares of Ares Inc. as a trading security at $19 per share plus a brokerage commission of $92.June 1. Sold 600 shares of Apollo Inc. for $32 per share less a $100 brokerage commission.27. Received an annual dividend of $0.20 per share on Apollo Inc. stock.Dec. 31. The portfolio of trading securities was adjusted to fair values of $33 and $18.50 per share for Apollo Inc. and Ares Inc., respectively.Year 2Mar. 14. Purchased 1,200 shares of Athena Inc. as a trading security at $65 per share plus a $120 brokerage commission.June 26. Received an annual dividend of $0.21 per share on Apollo Inc. stock.July 30.…
Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31: Year 1 Feb. 14. Purchased 3,400 shares of Apollo Inc. as a trading security at $38 per share plus a brokerage commission of $680. Apr. 1. Purchased 1,600 shares of Ares Inc. as a trading security at $15 per share plus a brokerage commission of $320. June 1. Sold 800 shares of Apollo Inc. for $39 per share less an $100 brokerage commission. June 27. Received an annual dividend of $0.11 per share on Apollo stock. Dec. 31. The portfolio of trading securities was adjusted to fair values of $42 and $16 per share for Apollo Inc. and Ares Inc., respectively. Year 2 Mar. 14. Purchased 1,500 shares of Athena Inc. as a trading security at $44 per share plus a $225 brokerage commission. June 26. Received an annual dividend of $0.14 per share…
Blue Spruce Corporation purchased 300 common shares of Burke Inc. for $22,830 and accounted for them using FV-OCI. During the year, Burke paid a cash dividend of $3.45 per share. At year end, Burke shares had a fair value of $72.50 per share. (a) Prepare Blue Spruce's journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
As a long-term investment at the beginning of the current fiscal year, Company A purchased 30% of Company B's 20 million shares for $60 million. The fair value and book value of the shares were the same at that time. During the year, Company B earned net income of $70 million and distributed cash dividends of $2.00 per share. At the end of the year, the fair value of the shares is $56 million. Required: Prepare the appropriate journal entries from the purchase through the end of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet < 1 2 3 Record the investor's share of net income. Note: Enter debits before credits. Transactions 2 General Journal Debit Credit Investment in equity affiliate 21 Retained earnings 21 Record entry Clear entry View general journal
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