On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had nostock investments in prior periods.Stock InvestmentsApple stockChipotle stockUnder Armour stockCost$ 6,4003,80012,700Fair Value$ 9,6002,90014,800Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4Prepare the December 31 adjusting entry to report these investments at fair value.View transaction listJournal entry worksheet>1Record the year-end adjustment to fair value, if any.7

Adjusting entries are those which are reported by the entity at the end of the period in order to…

On December 31, Mars Company had the following portfolio of stock investments with insignificant inf stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 6,400 3,800 12,700 Fair Value $ 9,600 2,900 14,800 e. Mars ha Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4 Prepare the December 31 adjusting entry to report these investments at fair value.

On December 31, Mars Company had the following portfolio of stock investments with insignificant inf stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 6,400 3,800 12,700 Fair Value $ 9,600 2,900 14,800 e. Mars ha Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4 Prepare the December 31 adjusting entry to report these investments at fair value.

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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13-If a provision is made for an impairment of 4,000 TL in stocks, which account should be credited? a) 119 Provisions for Impairment of Securities (-) 4.000 TL B) 649 Other Ordinary Income and Profits Hs. 4,000 TL NS) 659 Other Ordinary Expenses and Losses 4,000 TL D) 654 Provision Expenses Hs. 4,000 TL TO) 110 Stocks Hs. 4,000 TL
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pp. Subject :- Accounting
INVESTMENT PORTFOLIO General Corporation has the following investments in equity securities at December 31, 2002 (there are no existing balances in the market adjustment account): Percentage of Shares Owned Market Price at 12/31/02 Company Classification Shares Cost Clarke Corporation Trading Available-for-sale 1,000 2% S75 S78 Marlin Company 4,000 15 34 32 Air Products, Inc. Available-for-sale 3,000 10 46 43 Required: 1. Prepare any adjusting entries required at December 31, 2002. 2. Illustrate how these investments would be presented on General Corporation's balance sheet at December 31, 2002. The available-for-sale securities are expected to be held for two to five years. 3. Prepare the journal entry on April 10, 2003, when General Corporation sold the Clarke Corporation investment for $72 per share. 4. Assume that General Corporation still owns its investment in Marlin Company and Air Products at December 31, 2003; the market prices on that date are $37 for Marlin and $44 for Air…
The Investments and Dividends Income accounts of Babe Time Company are shown below: Trading Securities Date Description Ref. Debit Credit 06/22/14 5,000 ordinary shares, par value P100, Bebe Co. CD – 28 520,000 12/31/14 Adjustment to fair value 80,000 05/31/15 500 shares Bebe Co. received as bonus issue GJ – 10 12,000 07/10/15 Sold 1,000 shares @ P130 net of transaction cost CR – 21 130,000 12/04/15 Sold 1,000 shares @ P140 CR – 40 140,000 Dividend Income Date Description Ref. Debit Credit 05/31/15 Bonus issue (stock dividend) GJ – 10 12,000 08/01/15 Cash dividend on Bebe Co ordinary shares CR – 22 22,500 The following information was obtained during your examination: The December 31, 2014 statement of financial position of Babe time Company showed, among current assets, Trading Securities of P600,000. You obtained the following…
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Problem 6 (Adapted)Anna company presented the following account balances in the shareholders’ equity section for the year ended December 31, 2018: Preference share capital, 12% P50 par, P3,000,000, Ordinary share capital, P100 par, P6,000,000 and deficit, (P1,350,000). No dividends have been paid on the preference share since 2016. Determine the book value per share under the following conditions:a. Preference share is preferred as to assetsb. Preference share is preferred as to dividend
8b
Required information [The following information applies to the questions displayed below] On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Fair Value Apple stock Cost $ 6,200 $ 8,500 Chipotle stock 3,400 1,200 Under Armour stock 10,800 12,200 Prepare the December 31 adjusting entry to report these investments at fair value.
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