The cost of the trading securities of Cepeda Company at December 31, 2011, is $62,000. At December 31, 2011, the fair value of the securities is $59,000. Prepare the adjusting entry to record the securities at fair value.
Q: 13. Which of the following best describes a plant operating at capacity? Select one: a. Managers…
A: d. Every machine and person in the plant is working at the maximum possible rate. This statement…
Q: not use ai please
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: Employee net pay Lindsey Vater's weekly gross earnings for the week ended March 9 were $2,080, and…
A: Step 1: Introduction to payroll taxesPayroll taxes refer to those taxes paid by both employer and…
Q: Dropping Unprofitable Department Thomas Corporation has four departments, all of which appear to be…
A: a. Calculating Gross Profit PercentageGross profit percentage tells us how much of each dollar of…
Q: Need help
A: Calculating NPV for Projects A and BFormula:NPV = ∑(CFt / (1+r)^t) - Initial InvestmentWhere:CFt =…
Q: None
A: I'd be happy to help you prepare Perreth Dry Cleaners' projected income statement using both the…
Q: Don't use Ai and chatgpt. Answer in step by step with explanation.
A:
Q: Hi expart Provide solution
A: Step 1: Introduction to the Inventory TurnoverInventory turnover is used to determine the frequency…
Q: Business 123 Introduction to Investment May I please have the solution for the following question?…
A: The goal is to set up a diversified portfolio using the $20,000 lump sum from your grand-aunt and…
Q: Calculate this Question
A: To calculate the profit percentage for each year, use this formula: Profit Percentage = (Gross…
Q: Question: Alpha Company is preparing its cash budget for the month of May. The company estimated…
A: Explanation of Credit SalesCredit sales refer to sales where the customer is allowed to purchase a…
Q: Need help with this question
A: To determine the total assets, we use the accounting equation: Assets=Liabilities+Equity Given: •…
Q: 4 Perry Corporation uses the retail method to value its inventory. The following information is ava…
A: CostRetailBeginning inventory$300,000$417,000Net purchases343,460500,400Freight-in6,000 Net…
Q: Jugo Company produces apple juice sold in gallons. Recently, the company adopted the following…
A: 1. Materials Price Variance:Formula:Materials Price Variance = (Actual Price - Standard Price) *…
Q: Exercise 6-22 (Algo) Long-term contract; revenue recognition upon project completion; loss projected…
A: 1. Calculation of Revenue and Gross Profit/Loss for the Three Years:2024:Costs incurred:…
Q: ghj
A: LEUCOTHEA CO.To determine the amount of accrued liability that Leucothea Co. should report in its…
Q: Don't use ai i will report you answer solve it as soon as possible with proper explanation
A: Detailed explanation:Cash paid for the assets acquired, $ 300,000Assets acquiredBook ValueFair…
Q: Ababout introduction or overview,tell me which is correct option and with reason why ? tell me which…
A: 1. Understanding the Question:The question is asking for the estimated global loss businesses face…
Q: None
A: Step 1: Initial Equity InvestmentThe investor's equity investment is 25% of the investee's…
Q: Question: The current asset section of Sanford & Son, CPA's balance sheet consists of cash, accounts…
A: AMOUNTS AND RATIOS FOR SANFORD & SON, CPA'S 2013 BALANCE SHEETStep 1: Determine Total…
Q: Evanson Company expects to produce 532,000 units during the year. Monthly production is expected to…
A: Step 1: Determine the production levels in 20,000 unit incrementsThe production levels range from…
Q: help please, step by step
A: The first step in the high-low method is to identify the highest and lowest levels of activity and…
Q: Victory Company uses weighted average process costing. The company has two production processes.…
A: Step 1: Calculate the Equivalent Units of Production (EUP)The equivalent units need to be calculated…
Q: 9. The pharmacy receives a 10% discount if a case of 12 ammonium lactate lotion, 365 mL, is ordered…
A: Step 1: Determine the total cost before any discountsThe AWP (Average Wholesale Price) per unit is…
Q: None
A: Step 1: define Current LiabilitiesCurrent liabilities are the obligations that a business incurs…
Q: The Inn occasionally hires Maria Sostenuto, a local pianist, to entertain the guests during…
A: 1. If Maria plays for three hours:Total cost to the Inn:Maria charges $300 for the appearance and…
Q: Current Attempt in Progress Assume the following sales data for a company: 2026 $966000 2025 862500…
A: Feel free to ask for clarification if you have any questions or if you need additional answers.Feel…
Q: 5. Which of the following best describes the direct materials purchase budget? Select one: a. It…
A: Option a: This option incorrect because It is not the beginning point in the budget process. First…
Q: Current Attempt in Progress Give an example of a transaction that results in: (a) a decrease in an…
A: Approach to Solving the Question1. Understand the Accounting EquationAssets = Liabilities +…
Q: None
A: STATE FAIR COMPANYApril 1 - Borrowed $700,000 from Borlaug Bank (Note Payable)On April 1, the State…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt.
A: The provided information relates to two income statements for Alexis Company for the year ending…
Q: Don't use Ai and chatgpt. Answer in step by step with explanation.
A: Problem Overview:WCC Corporation has a **$115,000 Net Operating Loss (NOL) carryover** from a…
Q: find out solutions for multiple questions
A: Hiram's Case:Hiram, a CPA licensed in Virginia, is suing Jeremy, a DC-based client, for unpaid fees…
Q: None
A: Step 1: Introduction to the Discounted Payback PeriodUnlike the normal payback period, the…
Q: Need help
A: To calculate the return on equity (ROE) for Home Depot for the year ended January 31, 2016, we need…
Q: Give me answer in human language
A: Here's a step-by-step explanation to help guide you through the process of solving the Great…
Q: Open the datafile named StartSalary (attached). Follow the instructions under “using Excel’s…
A: Assume, The dataset will include starting salaries (in thousands) of a sample of employees from…
Q: not use ai please don't
A:
Q: Need help
A: The profit margin can be calculated using the DuPont formula, which breaks down the Return on Equity…
Q: What is the fixed cost per month?
A: To find the fixed cost per month, we can use the high-low method. The high-low method helps us…
Q: Creative thinkers recognize that they don't know everything and will:A , Refuse different ideas and…
A: The question is asking about the characteristics of creative thinkers, specifically how they…
Q: Chapter 3 Homew X b Home | bartleby x + using a washer or dryer? Please call 1-800-762-3452 and…
A: Step 1:Income statement, cash flow statement and balance sheet is financial statements prepared at…
Q: EA7. LO 10.2Prepare journal entries to record the following transactions, assuming periodic…
A: On January 2, the company purchased 300 units of merchandise at $21 per unit. The total cost of this…
Q: 23. Ironman Inc. is a retail distributor for MZB-33 computer hardware and related software. Ironman…
A: 1. Cash Collections in AprilTo calculate the cash Ironman can expect to collect during April, we…
Q: None
A: Detailed explanation: Question a)In the table, the "Debit" column increases assets, the "Credit"…
Q: 3. Which of the following is defined as the ratio of fixed expenses to the unit contribution margin?…
A: The break-even point in unit sales is calculated by dividing total fixed expenses by the unit…
Q: Use the fist information. Below for sundar company to determine the total manufacturing costs added…
A: To calculate the total manufacturing added for the current year to Sundar Company, you can use the…
Q: Record the general journal entries that would be made to record the transactions. DATE TRANSACTIONS…
A: General Journal Entries: These are the records of financial transactions in the accounting system.…
Q: check all que and give proper ans
A: QUESTION 45When issuing a report on the compilation of financial statements for a nonpublic entity,…
Q: The following selected transactions were taken from the books of Ripley Company for Year 1: On…
A: The interest paid on the first loan is calculated by multiplying the principal amount of the loan by…
Ans
Step by step
Solved in 2 steps
- Prepare adjusting entry using fair value. BEH.4 (LO 3), AP Cost and fair value data for the trading debt securities of Lecler Company at December 31, 2022, are $62,000 and $59,600, respectively. Prepare the adjusting entry to record the securities at fair value. Indicate statement presentation using fair value.Oriole Company has these data at December 31, 2027, the end of its first year of operations. Debt Securities Trading Cost Fair Value $120,900 $125,900 Available-for-sale 100,400 98,400 The available-for-sale securities are held as a long-term investment. (a) Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (1) (2) 5月 70 Rusiness Debit Credit Accounting stv all APharoah Company has these data at December 31, 2022, the end of its first year of operations. Debt Securities Trading Available-for-sale (a) Cost $119,700 100,300 The available-for-sale securities are held as a long-term investment. Fair Value $125,700 98,300 Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation (1) Debit Credit
- At December 31, 2022, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment. Security. Cost. Fair Value A $17,500 16,000 B 12,500 14,000 C 23,000 21,000 53,000 51,000 A. Prepare the adjusting entry at December 31, 2022 to report the securities at fair value. B- Show the statement presentation at December 31,2022, after adjustment to fair value. C- E. Kretsinger, a member of the board of directors, does not understand the reporting of the unreal- ized gains or losses. Write a letter to Ms. Kretsinger explaining the reporting and the purposes that it serves.At December 31, 2027, available-for-sale debt securities for Sunland, Inc. are as follows. The securities are considered to be a long- term investment. Security Cost Fair Value A $17,200 $16,500 B 12,000 13,700 C 23,500 19,000 $52,700 $49,200 (a) Prepare the adjusting entry at December 31, 2027, to report the securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31At December 31, 2020, the cost and fair value trading securities for Crane, Inc. are as follows. Security Cost Fair Value A $18,800 $17,800 B 13,100 14,800 C 22,400 19,700 $54,300 $52,300 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)
- At December 31, 2022, available-for-sale debt securities for Pharoah, Inc. are as follows. The securities are considered to be a long-term investment. Security (a) A B C Total Cost $16,985 12,930 21,760 $51,675 Fair Value $16.030 15,179 18,160 $49,369 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Debit CreditAt December 31, 2027, the trading debt securities for Wildhorse, Inc. are as follows. Security Cost Fair Value A $17,900 $15,900 B 12,300 13,900 C 22,600 18,500 $52,800 $48,300 (a) Prepare the adjusting entry at December 31, 2027, to report the securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Debit CreditOn January 1, 2021, an entity purchased marketable equity securities for P5,000,000. The equity securities qualify as a financial asset held for trading. The entity also paid P50,000 as commission to the broker. At year-end, the trading securities have a fair value of P6,000,000. The increase in fair value should be recorded with: a.A credit to Financial asset - FVPL, P1,000,000 b.A debit to Unrealized gain - OCI, P1,000,000 c.A debit to Financial asset - FVPL, P1,000,000 d.A debit to Unrealized gain - P/L, P1,000,000
- At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to-Maturity Security E Security F Totals Amortized cost Reported on Balance Sheet as: Current assets $ 905,000 110,000 $1,015,000 Noncurrent assets $ 705,000 905,000 $1,610,000 $ 495,000 620,000 $1,115,000 No investments were sold during 2021. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required: Complete the following table. (Amounts to be deducted should be indicated with a minus sign.) Fair Value $915,500 104,900 $1,020,400 $ 784,500 920, 200 $1,704,700 Net Income (I/S) $…Based on the information below, I have to prepare the adjusting entry at December 31, 2022 to report the securities at fair value. Thank you in advance!Weaver Company has the following data at December 31, 2015 for its securities: Securities COST FAIR VALUE Debt Investments - Trading 90,000 87,000 Debt Investments - Available for sale 74,000 75,000 Stock Investments 80,000 76,000 Prepare the adjusting entries to report the securities at fair value. On what financial statement and in what section of that statement would each of the above accounts be reported. (6 all together) a Date Account Title Debit Credit