Problem 3 On December 31, 2020, Fay Company appropriately reported a P100,000 unrealized loss. There was no change in 2021 in the composition in the portfolio of marketable equity securities held as financial asset at fair value through other comprehensive income. Pertinent data are as of follows: Market value Security Cost December 31, 2021 1,300,000 500,000 1,500,000 A 1,200,000 В 900,000 1,600,000 3,700,000 3,300,000 What amount of loss on these securities should be included in the statement of comprehensive income for the year ended December 31, 2021 as component of other comprehensive income? 400,000 b. 300,000 a. 100,000 d. 0 C.

Problem 3 On December 31, 2020, Fay Company appropriately reported a P100,000 unrealized loss. There was no change in 2021 in the composition in the portfolio of marketable equity securities held as financial asset at fair value through other comprehensive income. Pertinent data are as of follows: Market value Security Cost December 31, 2021 1,300,000 500,000 1,500,000 A 1,200,000 В 900,000 1,600,000 3,700,000 3,300,000 What amount of loss on these securities should be included in the statement of comprehensive income for the year ended December 31, 2021 as component of other comprehensive income? 400,000 b. 300,000 a. 100,000 d. 0 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

Provide Answer for A and B
Which of the following accurately refelects how this event affects the company’s finanacial statements? Which option is the best, A, B, C, D
Asap solve 37
Fnanciol ACCOunting Chapter 11 Page 32 12. On Juy 1,2020, Ward Company purchased 5,000 of the P1000 face value,o bonds of Jury Company for P4,614,000 to yiekd 10% per annum. The bonds,WN mature on JUly 1,2025, poy interest semiannually on Janvary 1 and JDIY 1. Wara Uses the interest method of amortization and the bonds are appropriarey Tecorded as an investment at amortized cost. The bonds should be reponed i Ward's December31,2020 statermentof financialpositionnat Q. 4,583,300 b,4న44,700 C. 4,675400 d. 4,969,300 106 0000 foce voue of Show
6. An entity provided the fo:louingdata for the year ended December 31. 2019:Retained earnings unappropriated. Januar> Overdepreciation of20i 8 due to prior period error. net oftax 400.000Net incomeRetained earning; appropriated for treasury (original balance is 3,000,000but reduced S) P200,000 by reason of reissuance of the treasury Shares)Retained earnings eppropria:ed for contingencies (begirråpg balance P70C,OOO. 300,000but increased by current appropriation ofP 100,000) 800,000Cash dividends paid to shareholders 1000.000Change in accounting policy from FIFO to a average — credit, net OftaxWhat is the balance of unappropriated retained earnings on December 31, 2019? 4,500.000 300.000b. 4,800,000
What am I missing ?
Q14: The following are the Condensed statement of Financial Position of Company A and on december 31,2020. A В Current Assets. 2562500 7639375 Plant and Equipment 768500 22918125 Current liability 555000 300,000 long Term Debt. 2220000. 500,000 Share Premium 1250,000 100,000 Retained Earning. 1609000. 425000 Additional Paid-in 1516000. 437500 Сapital 79 Company C acquires the Net Asset of Both A and B. Paying Cash in Amount of 185000 and by issuing 198500 shares to A, Paying of 72000 and by issuing 54350 shares is 30 to B' Par cash in the amount by issuing 54350 Shares value of Share is 30 and market value on acquisition is 40. Requirments: a) Entry that made in the Book of A. b) Entry that made in the Book of B. c) Entry that made in the Book of C.
Trend Company reported the following investment in equity through other comprehensive income in its December 31, 2020 statement of financial position: Brand Company, equity instrument, at fair market value PI,200,000 Unrealised loss reported in OC1 200 000 0n December 31,2021, there was objective evidence that came to the attention of Trend Company that the investment in Brand Company is impaired. Market value of the investment was established at P800,000. What amount of impairment loss should Trend Company recognize on the investment as of December 31, 2019?
Please do not give solution in image format thanku
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.
Problem 7: In January 2020, Golden Company invested in P900,000 equity securities representing 15% interest in Rings Company. Golden Company incurred transaction cost of P100,000. On December 31, 2020, this investment has a market value of P950,000. On July 1, 2021, Golden Company sold all the investments for P1,200,000. 7.1 What amount of gain on sale should Golden Company recognize in profit or loss assuming the security was classified as Investment at FVPL? 7.2 How much is the amount transferred to Retained earnings upon sale assuming the security was classified as Investment at FVOCI? 7.3 Prepare all the necessary journal entries.
Qd 34.