Data regarding Rock Corp.'s available-for-sale securities follows: Cost December 31, year 8 $80,000 December 31, year 9 $80,000 Differences between cost and market values are considered temporary. Rock does not elect the fair value option of accounting for available-for-sale securities. Rock's accumulated other comprehensive income for Year 9 would be Multiple Choice O O $0 $10,000 $25,000 Market Value $65,000 $90,000 $15,000

Data regarding Rock Corp.'s available-for-sale securities follows: Cost December 31, year 8 $80,000 December 31, year 9 $80,000 Differences between cost and market values are considered temporary. Rock does not elect the fair value option of accounting for available-for-sale securities. Rock's accumulated other comprehensive income for Year 9 would be Multiple Choice O O $0 $10,000 $25,000 Market Value $65,000 $90,000 $15,000

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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Kramer Company's trading debt investments portfolio is as follows: Catlett Corp. Lyman, Inc. OGOO Cost €250,000 245,000 A. €0. B. €30,000 Loss. C. €10,000 Gain. D. €10,000 Loss. €495,000 December 31, 2022 Fair Value €200,000 265,000 €465,000 Unrealized Gain (Loss) ? ? What amount should be reported as a loss or gain in Kramer's 2022 income statement, if the old balance of unrealized gain or loss in the previous year december 31, 2021 was €40,000 loss? ?
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Under the accumulated other comprehensive income in stockholders’ equity section of its December 31, year 2 balance sheet, what amount should Stone report? *
At December 31, 2020, the available-for-sale debt portfolio for Crane, Inc. is as follows. Security A B C Total Previous fair value adjustment balance-Dr. Fair value adjustment- Dr. Cost $17,500 12,200 500 Fair Value $1,300 $15,000 23,400 25,700 $53,100 $54,900 14,200 Unrealized Gain (Loss) $(2,500 2,000 2,300 1,800 ) On January 20, 2021, Crane, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees. Crane, Inc. reports net income in 2020 of $118,000 and in 2021 of $143,000. Total holding gains (including any realized holding gain or loss) equal $49,000 in 2021. Prepare a statement of comprehensive income for 2020, starting with net income. Prepare a statement of comprehensive income for 2021, starting with net income. Please show underlying calculations (especially for reclassification adjustment for 2021). I correctly identified the statement of income for 2020, but am stuck on the one for 2021. Thank you!
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TB MC Qu. 15-99 (Algo) Carpark Services... 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 debt securities follows. Available-for-Sale Securities December 31, 20X1 December 31, 20X2 Cost $ 340,000 $ 412,000 Multiple Choice Fair Value $ 344,600 $ 429, 200 The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X2 is: Debit Unrealized Gain - Equity $17,200; Credit Fair Value Adjustment - Available-for-Sale $17,200. Debit Fair Value Adjustment - Available-for-Sale $12,600; Credit Unrealized Loss - Equity $4,600; Credit Unrealized Gain - Equity, $8,000. Debit Fair Value Adjustment - Available-for-Sale $17,200; Credit Unrealized Gain - Equity, $17,200. Debit Fair Value Adjustment - Available-for-Sale $17,200; Credit Unrealized Loss - Equity $17,200. Debit Fair Value Adjustment - Available-for-Sale $12,600; Credit Unrealized Gain Equity $12,600.
• The following information is available for Alpha's investments: Fair Value Market Original Adjustment Value Investment Cost 12/31/2020 Classification 12/31/2021 Available for Beta bonds $80,000 $6,000 dr. $78,000 Sale Gamma bonds $60,000 $4,000 cr. Trading $66,000 The journal entries on 12/31/21 for Beta will include: O Debit to Unrealized Loss - OCI for $8,000 O Debit to Unrealized Loss - NI for $2,000 O Debit to Unrealized Loss - NI for $6,000 O Debit to Unrealized Loss - NI for $8,000
Brooks Company purchases debt investments as trading securities at a cost of $56,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $63,000. Exercise 15-3 (Algo) Financial statement impact of trading securities LO P1 Brooks sells a portion of its trading securities (costing $28,000) for $29,750 cash. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or −) for each transaction. 1. 1. 2. 3. 3. Debt Investments - Trading Cash Assets (+) increase (-) decrease (+) increase 56,000 56,000 = = = = = X Answer is not complete. Liabilities + + + + + Retained earnings Equity X (+) increase × 1,750 X
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