Rios Co. is a regional insurance company that began operations on January 1, 2012. The following selected transactions relate to investments acquired by Rios Co., which has a fiscal year ending on December 31:Record these transactions on page 10:20Y2Feb.MayJuly1Purchased 7,400 shares of Caldwell Inc. common stock at $38 pershare plus a brokerage commission of $740. Caldwell has 100,000shares of common stock outstanding.1 Purchased securities of Holland Inc. as a trading investment for$93,687.1 Sold 3,850 shares of Caldwell Inc. for $36 per share less a $105brokerage commission.31 Received an annual dividend of $0.25 per share on 3,550 shares ofCaldwell Inc. stock.Nov. 15 Sold the remaining shares of Caldwell Inc. for $39 per share less a$85 brokerage commission.Dec. 31 The trading securities of Holland Inc. have a fair value on December31 of $84,345.Record these transactions on page 11:20Y3Apr.1 Purchased securities of Fuller Inc. as a trading investment for$75,150.Oct. 14Dec. 31Sold securities of Fuller Inc. that cost $15,030 for $16,140.The fair values of the Holland Inc. and Fuller Inc. securities are asfollows:Issuing Company Cost Fair ValueHolland Inc.Fuller Inc.Required:$93,687 $153,80760,12077,6011. Journalize the entries to record the preceding transactions, including any December 31adjusting entries. Refer to the chart of accounts for the exact wording of the account titles.CNOW journals do not use lines for journal explanations. Every line on a journal page is usedfor debit or credit entries. CNOW journals will automatically indent a credit entry when a creditamount is entered. Round your intermediate calculations to two decimal places andround your final answers to the nearest dollar.2. Prepare the Trading Investments section of the December 31, 20Y3, balance sheet for RiosCo. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list ofLabels and Amount Descriptions for the exact wording of the answer choices for text entries.Colons () will fill in where needed.3. How are unrealized gains or losses on trading investments presented on the financialstatements of Rios Co.?

Solution:-The inquiry pertains to the presentation of unrealized gains or losses on trading…

Required: 1. Journalize the entries to record the preceding transactions, including any December 31 adjusting entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your intermediate calculations to two decimal places and round your final answers to the nearest dollar. 2. Prepare the Trading Investments section of the December 31, 2013, balance sheet for Rios Co. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Colons () will fill in where needed. 3. How are unrealized gains or losses on trading investments presented on the financial statements of Rios Co.?

Required: 1. Journalize the entries to record the preceding transactions, including any December 31 adjusting entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your intermediate calculations to two decimal places and round your final answers to the nearest dollar. 2. Prepare the Trading Investments section of the December 31, 2013, balance sheet for Rios Co. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Colons () will fill in where needed. 3. How are unrealized gains or losses on trading investments presented on the financial statements of Rios Co.?

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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