None Requirea informationUse the following information for the Quick Study below. (Algo)[The following information applies to the questions displayed below.]Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. Theyear-end cost and fair values for its portfolio of these debt investments follow.Trading SecuritiesTesla BondsNike BondsFord BondsCost$ 15,60024,8006,200Fair Value$11,70026,0404,960QS C-5 (Algo) Reporting trading securities on financial statements LO P1(1) After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet.(2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported?Complete this question by entering your answers in the tabs below.Required 1 Required 2After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet.(Amounts to be deducted should be indicated with a minus sign.)KITTY COMPANYAssets Section of Balance SheetDecember 31Assets

Here's the Assets section of Kitty Company's December 31 classified balance sheet after the fair…

Answered: Requirea information Use the following…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 9E

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Use the following information on a company's investments in debt securities to answer the following question. The company's accounting year ends December 31. Investment Date of Acquisition 9/20/23 $38,000 Colt Compan y bonds Cost Fair Value Date Sold Selling 12/31/23 Price $37,000 2/10/24 $42,000 Dana Compan y bonds 10/2/23 14,000 14,200 1/17/24 13,000 If the above investments are categorized as available-for-sale securities, what is the net effect on 2024 other comprehensive income? Select one: a. $ 800 increase b. $0 c. $3,800 increase d. $ 800 decrease
Required information [The following information applies to the questions displayed below] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds View transaction list Cost $ 14,100 22,800 5,700 Journal entry worksheet < 1 Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities Fair Value $ 10,575 Record the year-end adjustment to fair value, if any. 23,940 4,560
Based on the numbers attatched, I need to show the balance sheet presentation at Deceber 31, 2022 after adjustment to fair value.
Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds View transaction list
Required information [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Fair Value $ 495,000 Company B notes Cost $530,500 159,080 663,000 Company C bonds 147,000 648,390 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Sold one-half of the Company B notes for $78,170. Purchased Company X bonds for $127,000. January 29 July 6 November 13 Purchased Company Z notes for $267,500. December 9 Sold all of the Company A bonds for $517,400. Fair values at December 31 are B, $80,600; C, $600,800; X, $120,000; and Z, $279,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports…
Required information [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Fair Value Company A bonds $ 495,000 Cost $530,700 159, 250 661,000 Company B notes Company C bonds 151,000 647,710 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,000. July 6 Purchased Company X bonds for $123,600. November 13 Purchased Company Z notes for $267,900. December 9 Sold all of the Company A bonds for $518,300. Fair values at December 31 are B, $84,300; C, $604,800, X, $100,000; and Z, $288,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports…
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The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1, 2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securities that is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be held until their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costing P29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, and treasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bond retirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds…
Required information [The following information applies to the questions displayed below.] Mead Incorporated began operations in Year 1. Following is a series of transactions and events involving its long-term debt investments in available-for-sale securities. Year 1 January 20 Purchased Johnson & Johnson bonds for $25,500. February 9 Purchased Sony notes for $59,940. June 12 Purchased Mattel bonds for $45,500. December 31 Fair values for debt in the portfolio are Johnson & Johnson, $29,500; Sony, $49, 350; and Mattel, $54,750. Year 2 April 15 July 5 Sold all of the Mattel bonds for $39,350. Sold all of the Johnson & Johnson bonds for $28,500. July 22 Purchased Sara Lee notes for $15,500. August 19 Purchased Kodak bonds for $18,800. December 31 Fair values for debt in the portfolio are Kodak, $19,075; Sara Lee, $17,000; and Sony, $62,000. Year 3 February 27 Purchased Microsoft bonds for $159,800. June 21 Sold all of the Sony notes for $61,600. June 30 Purchased Black & Decker bonds for…
Indicate the statement presentation of each class of securities and any related unrealized gain (loss) accounts.

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