The following information relates to Crane Company for 2022:Realized gain on sale of available-for-sale securitiesUnrealized holding gains arising during the period on available-for-sale securities 109500Reclassification adjustment for gains included in net income30200$46800The amounts to add to or subtract from Crane's 2022 net income to determine comprehensive income areO $126100.O $156300.O $186500.O $79300.

To calculate comprehensive income for Crane Company for 2022, we need to consider the realized and…

The following information relates to Crane Company for 2022: Realized gain on sale of available-for-sale securities Unrealized holding gains arising during the period on available-for-sale securities Reclassification adjustment for gains included in net income $46800 O $126100. O $156300. O $186500. O $79300. 109500 30200 The amounts to add to or subtract from Crane's 2022 net income to determine comprehensive income are

The following information relates to Crane Company for 2022: Realized gain on sale of available-for-sale securities Unrealized holding gains arising during the period on available-for-sale securities Reclassification adjustment for gains included in net income $46800 O $126100. O $156300. O $186500. O $79300. 109500 30200 The amounts to add to or subtract from Crane's 2022 net income to determine comprehensive income are

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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At December 31, 2020, the available-for-sale debt portfolio for Crane, Inc. is as follows. Security A B C Total Previous fair value adjustment balance-Dr. Fair value adjustment- Dr. Cost $17,500 12,200 500 Fair Value $1,300 $15,000 23,400 25,700 $53,100 $54,900 14,200 Unrealized Gain (Loss) $(2,500 2,000 2,300 1,800 ) On January 20, 2021, Crane, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees. Crane, Inc. reports net income in 2020 of $118,000 and in 2021 of $143,000. Total holding gains (including any realized holding gain or loss) equal $49,000 in 2021. Prepare a statement of comprehensive income for 2020, starting with net income. Prepare a statement of comprehensive income for 2021, starting with net income. Please show underlying calculations (especially for reclassification adjustment for 2021). I correctly identified the statement of income for 2020, but am stuck on the one for 2021. Thank you!
company's accounting year ends December 31. Date of Acquisition Cost 9/20/23 $38,000 10/2/23 14,000 Investment Colt Company stock Dana Company stock What amount is reported for gain or loss on these securities in 2023 income? Select one: O a. $800 loss O Fair Value 12/31/23 Date Sold Selling Price $37,000 2/10/24 $42,000 14,200 1/17/24 13,000 b. $1,000 loss c. No gain or loss d. $3,000 gain ہے
Provide Answer for A and B
Carpark Services began operations in 2001 and maintains investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these debt securities follows. Available-for-Sale Securities December 31, 20x1 December 31, 20x2 Cost $ 250,000 $ 340,000 Fair Value $ 251,000 $ 350,000 The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X1 is: Debit Unvealed Gain-Equity $1000; Credit Fair Value Adjustment-Available for Sale $1.000 Debit Uzed Loss-Equity $1,000, Credit Fair Value Adjustment-Available-for-Sale $1.000 Detit Realized Loss-Income $1,000: Creat Fair Value Adjustment-Available for Sale $1,000 Debat Far Value Adjustment-Available for Sale $1.000 Credit Unrealized Loss-Equity $1,000
The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from…
At December 31, 2025, Pharoah Company has a portfolio of equity securities valued at $136000. Its cost was $116000. If the Fair Value Adjustment has a debit balance of $7200, which of the following journal entries is required at December 31, 2025? O Unrealized Holding Gain or Loss-Income Fair Value Adjustment Fair Value Adjustment Unrealized Holding Gain or Loss-Income Fair Value Adjustment Unrealized Holding Gain or Loss-Income Unrealized Holding Gain or Loss-Income Fair Value Adjustment 12800 12800 20000 20000 12800 12800 20000 20000
At December 31, 2024, Hull-Meyers Corporation had the following investments that were purchased during 2024, its first year of operations: Trading Securities: Amortized cost Fair Value Security A Totals Security B Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals $ 960,000 165,000 $ 1,125,000 $760,000 960,000 $ 1,720,000 $ 550,000 675,000 $ 1,225,000 $ 975,000 159,400 $ 1,134,400 $ 834,000 977,400 $ 1,811,400 $ 561,200 669,800 $ 1,231,000 No investments were sold during 2024. 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. Note: Amounts to be deducted should be indicated with a minus sign. Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to- Answer is not complete. Reported on Balance Sheet as: Unrealized gain…
Ee.105.
Carpark Services began operations in 20X1 and maintains long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of debt securities follows. The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X2 is: Available-for-Sale Securities Cost Fair Value December 31, 20X1 $ 305,000 $ 300,000 December 31, 20X2 $ 384,000 $ 390,000
At December 31, 2024, Hull-Meyers Corporation had the following Investments that were purchased during 2024, 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 Required: Complete the following table. Note: Amounts to be deducted should be indicated with a minus sign. Totals Amortized cost Reported on Balance Sheet as: No Investments were sold during 2024. All securities except Security D and Security F are considered short-term Investments. None of the fair value changes is considered permanent. Current assets Noncurrent assets $ 0 $ $ 965,000 170,000 $ 1,135,000 $ 765,000 965,000 $ 1,730,000 0 $ 555,000 680,000 $ 1,235,000 Net Income $ Fair Value $ 979,500 164, 600 $ 1,144,100 0 $ 838,500…