No. 18 Silahis Trading made investments in non-trading equitysecurities. The cumulative “Holding Gain or Loss" account hasa debit balance of P12,900 at December 31, Year 1. An analysisof the investments on December 31, Year 1 showed the following:No. of Sharesor Face Value600 shares225 sharesFair ValueAsia Textile ordinaryS-Mart, Inc. ordinaryRJ Company ordinary 2,000 sharesCostP307,500 P270,00076,500269,500P653,500 P640,60090,000280,600On July 1, Year 2, the shares of S-Mart were sold for P70,000.The balance of the equity pertaining to these shares wastransferred to the retained earnings account.On December 31, Year 2, Asia Textile shares were quoted atP440 per share; RJ shares were quoted at P138 per share.How much is the required debit to other comprehensive incomeaccount at the end of Year 2 to bring the investment account toits correct valuation?P43,500P37,000Р30,600P10,600а.b.С.d.

Answer - Calculation of amount required to debit to other comprehensive income account at the end…

Answered: Silahis Trading made investments in…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 94.1C

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trading securities account has an unadjusted balance of P483,640 as of December 31, 20X1.\\nThe company's equity portfolio as of year-end showed the following:\\nTotal No. of Shares\\nCost\\nMarket Price per Share\\n Baclaran Cement\\nFil-Estate lonics\\nLa Tondena\\nSelecta\\nUnion Bank\\n7.000\\nP108.500\\nP16.00\\ n10.000\\n195.000\\n19.75\\n2,400\\ n49,200\\n24.00\\n2.000\\n67,000\\ n26.00\\n8,000\\n31,600\\n1.20\\n1. 600\\n50.880\\n27.50\\nP502,180\\n The securities are listed on the stock exchange. The company follows the fair value model in accounting for its investments. What is the adjusted trading securities balance as of December 31, 20X1?\\nA. P403.640\\nC. P491,240\\nB. P502,180\\nD. P472,700
In connection with your audit of the financial statements of the Pin Shop Company for the year 2020, the following Investment in Ordinary Shares and Dividend Income accounts were presented to you: Investment in Ordinary Shares Date Description Ref. Debit Credit 01/15 10,000 ordinary shares, par value P50, SPIKES Co. VR-18 390,000 04/30 5,000 shares SPIKES Co. received as share dividend CJ-7 250,000 05/20 Sold 5,000 shares @ P25 CR-21 125,000 12/10 Sold 2,000 shares @ P60 CR-S2 120,000 Dividend Income Date Description Ref. Debit Credit 04/30 Share dividend SJ-7 250,000 11/30 SPIKES Company ordinary CR-22 50,000 The following information was obtained during your examination: From independent sources, you determine the following dividend information: Type of Dividend Date Declared Date of Record Date of Payment Rate Share Cash Cash…
These account balances at December 31 relate to Sportaid Inc.: Accounts Payable... Accounts Receivable. Common Shares... Bonds Payable ... What is the total share capital for Sportaid Inc.? OA. $694,445 OB. $701,345 C. $753,800 D. $682,000 E. None of the above $ 51,700 Preferred Shares, $0.01, 81,350 890,000 shares issued 593,000 Retained Earnings. . 3,400 Notes Receivable .. 89,000 71,800 12,500
In connection with your audit of the financial statements of the Lovely Company for the year 2020, the following Investment in Ordinary Shares and Dividend Income accounts were presented to you: Investment in Ordinary Shares Date Description Ref. Debit Credit 01/15 10,000 ordinary shares, par value P75, SPIKES Co. VR-18 585,000 04/30 5,000 shares SPIKES Co. received as share dividend CJ-7 375,000 05/20 Sold 5,000 shares @ P37.5 CR-21 187,500 12/10 Sold 2,000 shares @ P90 CR-S2 180,000 Dividend Income Date Description Ref. Debit Credit 04/30 Share dividend SJ-7 375,000 11/30 SPIKES Company ordinary CR-22 75,000 The following information was obtained during your examination: From independent sources, you determine the following dividend information: Type of Dividend Date Declared Date of Record Date of Payment Rate Share Cash Cash 03/15/20…
The equity section of Whispering Inc. at January 1, 2022, was as follows. Share capital-ordinary $390,000 Accumulated other comprehensive income Unrealized holding gain on equity securities designated at fair value through other comprehensive income 65,000 Retained earnings 26,000 During the year, the company had the following transactions. 1. Issued 13,000 shares at $3 per share. 2. Dividends of $12.200 were declared and paid. 3. Net income for the year was $130,000. Unrealized holding loss of $6,500 occurred on its equity securities designated at fair value through other comprehensive 4. income. Prepare a statement of changes in equity for Whispering Inc. WHISPERING INC.
Template Company provided the following concerning marketable equity securities held as "trading." 1. The entity carried the following securities on December 31, 2022: 2. On June 30, 2023, the entity sold all the B ordinary shares for P140,000. 3. On December 31, 2023, the securities are quoted as follows: A ordinary - 4,000 shares B ordinary - 1,000 shares C preference - 2,000 shares A ordinary - 4,000 shares C preference -2,000 shares Requirement: Complete the table below. Write zero (0) if it is not applicable. Statement of Financial Position Investments - FVPL Statement of Changes in Equity Retained earnings Statement of Income Unrealized gain/(loss) Realized gain/(loss) Acquisition Date [a] [d] [9] 0] Cost 330,000 200,000 300,000 830,000 Market P80 per share P180 per share December 31, 2022 300,000 160,000 310,000 770,000 [b] [e] [h] [k] December 31, 2023 [c] [U] 0 [0]
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On 5 March 20X7, Marchant Ltd issued 200,000 5% irredeemable GHS 1 preference shares. In accordance with IAS 32 Financial Instruments: Presentation, how will these shares and their related dividend be shown in Marchant Ltd’s financial statements for the year ended 31 March 20X7? Shares Dividend A Non-current liabilities Income statement B Non-current liabilities Statement of changes in equity C Equity Income statement D Equity Statement of changes in equity
Subject: Financial Accounting and Reporting Required:a. Determine the number of shares issued and outstanding on: Jan1  Mar31  Jun30  Sep30 b. Prepare the journal entries for the above transactions
At the end of the accounting year, December 31, 2007, Emme’s records reflected the following: (Compute for the total stockholders' equity) A. 120,000 B. 121,000 C. 125,000
(Statement Presentation of Transactions—Equity Accounts) The following selected account balances are taken from the financial statements of Mandrich Inc. at its calendar year end prepared using IFRS: The following selected account balances are taken from the financial statements of Mandrich Inc. at its calendar year end prepared using IFRS: 2020 2019 Preferred shares classified as equity $145,000 $145,000 Common shares: 9,000 shares in 2020, 10,000 shares in 2019 142,000 160,000 Contributed surplus—reacquisition of common shares 3,500 –0– Cash dividends—preferred 6,250 6,250 Stock dividends—common 14,000 –0– Retained earnings (balance after closing entries) 300,000 240,000 At December 31, 2020, the following information is available: Mandrich Inc. repurchased 2,000 common shares during 2020. The repurchased shares had a weighted average cost of $32,000.During 2020, 1,000 common shares were issued as a stock dividend.Mandrich…
SW Company provides the Equity & Liability information below for analysis. SW Company had net income of $400,700 in 2023 and $335,800 in 2022. Equity and Liabilities 2023 Share capital-common (136,400 shares issued) $ Retained earnings (Note 1) Accrued liabilities Notes payable (current) Accounts payable Total equity and liabilities $ 1,242,000 417,700 9,100 76,600 63,300 1,808,700 2022 $ 1,242,000 300,000 6,100 66,700 182,500 $ 1,797,300 Note 1: Cash dividends were paid at the rate of $1 per share in 2022 and $2 per share in 2023. Required: 1. Calculate the return on common share equity for 2022 and 2023. (Assume total equity was $1,439,000 at December 31, 2021.) (Round your answers to 1 decimal place.) 2. Calculate the book value per shares for 2022 and 2023. (Round your answers to 2 decimal places.)

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