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.
Q: Please given answer general accounting
A: Step 1: Define Capital GainCapital gain is an appreciation in asset's market value over periods.…
Q: Please carefully give answer with proper way without using AI
A: Below is the solution of the questions one by one: Step 1: Accounting: Question: What governs the…
Q: Don't need ai answer accounting questions
A: To estimate the ending inventory using the Gross Profit Method, follow these steps: Step 1: Key…
Q: Assume that all materials are direct materials
A: Explanation of Direct Materials: Direct materials are raw materials that can be directly traced to…
Q: Buerhrle Cvp income statement included solve this accounting questions
A: Step 1:Contribution margin per unit is difference between sales price and variable cost per…
Q: Please provide answer the accounting question
A: Step 1: Annual depreciation expense Annual depreciation expense = (Original cost - Residual…
Q: Subject: Financial Accounting 3 PTS
A: Explanation of Risk-Pattern Mapping:Risk-pattern mapping is a process of identifying and analyzing…
Q: Financial accounting
A: To calculate the rate of interest earned, we use the formula for the rate of return:Rate of…
Q: ? @nswer
A: Step 1: Identify the estimated number of units sold (2,500 units).Step 2: Determine the variable…
Q: Hello expart Provide answer the general accounting question
A: Step 1: Define Reconciled Bank BalanceThe reconciled bank balance is the corrected balance after…
Q: Accounting
A: Step 1: Given Value for Calculation Purchase Price per share = $53.37Dividend Per share = $9.08 Step…
Q: Using the following data for Marigold, Inc., compute its asset turnover and the return on assets…
A: Asset Turnover Ratio:The asset turnover ratio measures how efficiently a company uses its assets to…
Q: HEllo please answer me. Tag. General Account
A: To compute the federal income tax liability for Pace Corporation with a taxable income of $300,000,…
Q: im not sure what is correct answer please help me
A: To prepare the journal entry for Shannon Polymers to record income taxes, we calculate the current…
Q: What is the required rate of return on this financial accounting question?
A: Step 1: Define Rate of returnThe rate of return measures an investment's success over time,…
Q: General accounting
A: Question 1: Compute the company's degree of operating leverage• Step 1: Identify the Contribution…
Q: Please provide this question solution general accounting
A: Step 1: Define Operating LeverageThe operating leverage is one of the measures that are employed in…
Q: Variable costing would be?
A: Step 1: Key Differences Between Variable and Absorption CostingVariable costing includes only…
Q: Need solution for this account Q
A: To compute the production cost per unit under variable costing, we will include all variable costs…
Q: I won't this correct answer general accounting question
A: Step 1: Define Payroll-Related ExpensesA company's payroll is the salaries and wages it pays to its…
Q: General accounting
A: Step 1: Define Straight-Line DepreciationAs its name implies, a straight-line method results in an…
Q: Blazer corporation had provided correct answer general accounting
A: Step 1: Define Rate of ReturnThe rate of return shows the net income generated as a percent of…
Q: Please given correct answer financial accounting
A: To calculate the interest rate (also known as the yield to maturity) for the bond, we use the…
Q: Financial accounting
A: Step 1: Define Total CostTotal cost indicates the entire costs incurred during the process of…
Q: General Account
A: To determine the ending merchandise inventory under the lower-of-cost-or-market (LCM) rule, we…
Q: Solve this accounting questions
A: Step 1: Definition of Installment Sale MethodThe Installment Sale Method is a tax reporting approach…
Q: The 2022 balance sheet of alpine sports solve this accounting questions
A: Step 1: Definition of Cash Flow to CreditorsCash flow to creditors refers to the net cash paid to…
Q: I need general accounting question answer
A: Step 1: Define Price-Earnings RatioThe price to earnings ratio is the ratio of the market price per…
Q: Please need answer the general accounting question without use Ai and chatgpt
A: Step 1: Define Interest on Note ReceivableThe note receivable is a current asset held by a firm…
Q: Shelby Industries is ready to launch next year's model of their best selling product. Unfortunately,…
A: I hope you are finding the material engaging and informative. If you have any questions or…
Q: Blue Spruce Corp. purchased 2,650 shares of its $10 par value common stock for $120,840 on August 1.…
A: When Blue Spruce Corp. buys 2,650 shares of its own $10 par common stock for a total of $120,840,…
Q: I need this financial accounting question answer
A: Step 1: Define Price Earnings RatioThe price earnings ratio is a valuation measure that gives the…
Q: Company abel has total sales solve this question not use chart gpt..
A: Step 1: Define SalesFirms in a monopoly market have the advantage of charging cash down payment on…
Q: Financial account expert help me to solve this
A: Step 1: Understand the Rules for LCMUnder LCM:Cost: Original cost of the inventory.Market Value: The…
Q: I need this question answer general accounting
A: Step 1: Define DepreciationA depreciation journal entry, which records the expense portion of the…
Q: Can you please give me true answer this general accounting question?
A: Step 1: Define Days sale uncollectedDays sale uncollected is a liquidity ratio. This ratio tells us…
Q: I need this general accounting question please not use gpt
A: Step 1: Define AmortizationAmortization distributes the cost of an intangible asset over its useful…
Q: I won't this solve and correct answer given general accounting question
A: Step 1: Define Days Sales OutstandingDays sales outstanding refers to the number of days a company…
Q: solution want
A: To determine the unit values for Herman Company's products under the Net Realizable Value (NRV)…
Q: Wildhorse Restaurant Supply Company had the following transactions: 1. Issued 5,100 shares of $100…
A: Transaction 1. When shares with a par value are sold, the proceeds will be debited to the cash…
Q: General accounting
A: FV = Future Value ($5,000)PVPVPV = Present Value ($3,000)rrr = Interest Rate (to solve for)ttt =…
Q: ??
A: Explanation of SalesSales represent the total revenue generated by a company from selling goods or…
Q: Provide answer general accounting
A: Step 1: Define Comprehensive Income statementComprehensive Income refers to those gains/losses or,…
Q: I don't need ai answer accounting questions
A: Final Answer:The percentage change in operating cash flow is 24.36%.
Q: General Accounting Subject
A: Given:production function: Q = 100KLPrice of capital (rent) = $120 Price of labor (wage) = $30Q =…
Q: Financial Account
A: To apply the Lower of Cost or Net Realizable Value (LCNRV) rule on an individual-item basis, follow…
Q: Hi expert please give me answer general accounting
A:
Q: What is the dollar amount of taxes paid on these financial accounting question?
A: Step 1: Define TaxesTaxes are the amount that a business or individual has to pay to the government…
Q: If a company has total liabilities accounting questions
A: Step 1: Definition of the Accounting EquationThe accounting equation…
Q: Hello teacher please help me Accounting question
A: Step 1: Identify the given valuesStep 2: Use the Ending Accounts Receivable formulaStep 3: Rearrange…
Financial Accounting
Step by step
Solved in 2 steps
- 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.Stuart Corp. purchased $80,000 of Dumb Co. bonds and $120,000 of Silly Inc. bonds. Both investments are classified as trading. As of December 31, the Dumb Co. bonds are selling for $90,000 and the Silly Inc. bonds are selling for $140,000 per share. Stuart had net income of $150,000 before reporting the impact of investment transactions. Required: a. Record the December 31 adjusting entries for investments. b. What is Stuart Corp.'s net income after adjusting for investments? c. What is the appropriate balance sheet presentation for these investments?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
- On July 1, Year 1, XYZ Corporation purchased as a long-term investment a $2 million face amountABC Co. 6% bond for $2,025,000 plus accrued interest to yield 5.75%. On December 31, Year 1,the bonds had a fair value of $1,850,000. What amount of income should XYZ report on its incomestatement for the year ended December 31, Year 1, related to this bond investment if it is classifiedas a held-to-maturity security?a. $120,000b. $116,438c. $121,500d. $115,000Crane Limited had $2.39 million of bonds payable outstanding and the unamortized premium for these bonds amounted to $44,600. Each $1,000 bond was convertible into 20 preferred shares. All bonds were then converted into preferred shares. The Contributed Surplus - Conversion Rights account had a balance of $21,500. Assume that the company follows IFRS. a. Assuming that the book value method was used, what entry would be made? Account Titles and Explanation Debit Credit b. Assume that Crane Ltd. offers $9,000 to induce early conversion. What journal entry would be made? Account Titles and Explanation Debit Creditkalim's co LTD invested in $30,000 in marketable securities on December 4. On December 9, it sold some of these investments for $10,000, and on December 18, it sold more of these investments for $5,000. The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000.a) Record the purchase of marketable securities on December 4.b) Record the sale of marketable securities on December 9.c) Record the sale of marketable securities on December 18.d) Record the necessary fair value adjustment on December 31, assuming that the market value of the company's remaining unsold securities was $20,000.
- On July 1, Year 2, San Benon Company purchased 4,000 of the P1,000 face amount, 8% bonds of Oat Corp. for 3,692,000 to yield a 10% per annum. The bonds, which mature on July 1, Year 5, pay interest semiannually on January 1 and July 1. San Benon classifies the securities as at amortized cost. What is the investment carrying value at December 31, Year 2?Champaign Corporation purchases 45% of the common stock of Rockville, Inc. at a purchase price of $17.3 million cash. During the year, Rockville reports net income of $2,368,000 and pays $435, 200 of cash dividends. At the end of the year, the market value of Champaign's investment is $19.0 million. What is the year-end balance of the equity investment in Rockville? Select one: a. $20, 103, 200 b. $18, 169, 760 c. None of these are correct d. $17,300,000 e. $ 20,932,800On December 30, Year 3, Varsity Corporation sold its investment in marketable equity securities costing $800,000 for $860,000 cash. The securities were purchased on January 2, Year 1, and the market value of the securities was $820,000 and $780,000 on December 31, Year 1 and Year 2, respectively. How much gain or loss will Varsity report in its income statement for the year ending December 31, Year 3? Multiple Choice A $40,000 gain. An $80,000 gain. A $20,000 loss. A $60,000 gain..
- Early in its 2023 fiscal year (December 31 year end). Whispering Winds Company purchased 10,700 Kenyon Corporation common shares for $26.18 per share, plus $1,800 in brokerage commissions. These securities were accounted for at FV-OCI (with no recycling). and transaction costs were capitalized. In September, Kenyon declared and paid a dividend of $1.02 per share, and on December 31. 2023, the fair value of these shares was $290,505. On April 13, 2024, Whispering Winds sold all the Kenyon shares at a price of $28.10 each, incurring $1.925 in brokerage commissions on the sale. (a) Prepare the entry to record the purchase of the Kenyon shares. (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 0 for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Creditconcum invested in $30,000 in marketable securities on December 4. On December 9, it sold some of these investments for $10,000, and on December 18, it sold more of these investments for $5,000. The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000.a) Record the purchase of marketable securities on December 4.b) Record the sale of marketable securities on December 9.c) Record the sale of marketable securities on December 18.d) Record the necessary fair value adjustment on December 31, assuming that the market value of the company's remaining unsold securities was $20,000.Storm, Inc. purchased the following available-for-sale securities during Year 1, its first year of operations: Please see the attachment for details: The market price per share for the available-for-sale security portfolio on December 31,Year 1, was as follows: Please see the attachment for details: a. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, Year 1.b. Describe the income statement impact from the December 31, Year 1, journal entry.