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 Cost $ 6,200 Apple stock Chipotle stock Fair Value $ 8,500 1,200 3,400 Under Armour stock 10,800 12,200 epare the December 31 adjusting entry to report these investments at fair value.

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 Cost $ 6,200 Apple stock Chipotle stock Fair Value $ 8,500 1,200 3,400 Under Armour stock 10,800 12,200 epare 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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On January 1, 20Y3, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y3, the cost of the trading securities portfolio was $346,000, and the fair value was $309,000. Required: Journalize the December 31, 20Y3, adjusting entry to record the unrealized gain or loss on trading investments. 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. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 121 Allowance for Doubtful Accounts 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 161 Trading Investments 162 Available-for-Sale Investments 165 Valuation Allowance for Trading Investments 166 Valuation…
pp. Subject :- Accounting
Journalizing issuance of stock Steller Systems completed the following stock issuance transactions: Requirements Journalize the transactions. Explanations are not required. How much paid-in capital did these transactions generate for Steller Systems?
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These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating expenses Salaries expense Deferred revenue Utilities expense Equipment Accounts payable Service revenue Rent revenue Common shares Cash Accounts receivable D Accumulated depreciation-equipment $32,500 46,700 12,000 2,600 70,200 5,020 116,100 19,000 27,500 5,560 16,100 5,800 Interest payable Supplies expense Dividends declared Depreciation expense Retained earnings, August 1, 2020 Rent expense Income tax expense Supplies Trading investments Bank loan payable (due December 31, 2021) Interest expense O $900 777891 700 14,500 3,500 22,940 11,500 5,700 2,100 20,500 24,800 Additional information: Sunland started the year with $14,000 of common shares and issued additional shares for $13,500 during the year. 1,900 O W
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The statement of changes in equity, from the financial statements of Forte Corp., for the year ended 31 December 20X1, is as follows (in thousands): Opening balance Comprehensive income Transfer on realization Cash dividends Stock dividend Share issuance; options Options recorded Share retirement Closing balance Common shares. $1,500 Category 490 190 (55) $ 2,125 Contributed capital: options $270 (85) 115 Retained earnings $7,000 Description 750 75 (145) (490) AOCI: pension $(1,700) (150) (235) $300 $6,955 $(1,850) AOCI: investments $550 Required: List the items that would be included in the SCF from these accounts for 20X1. Include the appropriate section (operating, investing, or financing). List the non-cash item disclosure. Assume that FVTOCI investments were sold for $90; carrying value was $90 on this date, but the original cost had been $40. The realized gain was transferred to retained earnings. (Enter your answers in thousands.) Amount 450 (75) $925