What amount of unrealized gain or (loss) should be reported in the statement of comprehensive income for the year ended December 31, 2022?

Q: During 2022, Merry Co. purchased the following shares which it classified as FVPL investment:…

A: Ans. Shares should be valued at Fair value on 31st December 2022: To value the shares we will look…

Q: change during 2019 in the composition of the portfolio of trading securities. On December 31, 2020…

A: Unrealized income is an income that has been earned but not received as the asset through which it…

Q: Sandhill Company's equity securities portfolio which is appropriately included in current assets is…

A: Since the given securities are trading securities hence any unrealized gain or loss in respect of…

Q: On January 1, 2016, an entity purchased marketable equity securities not qualifying as financial…

A: Journal entries are the transactions that are recorded in the primary book. They are chronological…

Q: MEME Corporation's Retained Earnings at December 31, 2021 amounted to P2,000,000 On that date, the…

A: Dividends are paid to shareholders of the company as a part of profit distribution. It can be cash…

Q: orporation has income from continuing operations of $319,000 for the year ended December 31, 2022.…

A: Income Statement -The income statement shows a company's financial performance over a certain time…

Q: unrealized gain or loss?

A: During 2020 , Boston Company purchased marketable securities as a trading investment. At the end of…

Q: At December 31, 2018, Stone Co. reported an unrealized loss of P1,500 to reduce investments to…

A: The unrealized gain or loss is computed by deducting the cost (or beginning balance) of investment…

Q: Company acquired equity securities during the year 2018 and designated as fair value to other…

A: Investment in shares is the investment which is done by the investor to get gain by the increase in…

Q: Hobson Company bought the securities listed below during 2020. These securities were classified as…

A: An unrealized loss is a decrease in the value of an ongoing investment.

Q: The following selected transactions relate to investment activities of Ornamental Insulation…

A: 1. Journal Entries:

Q: MEME Corporation’s Retained Earnings at December 31, 2021 amounted to P2,000,000.  On that date, the…

A: The dividend is declared to the shareholders from the retained earnings of the business. The assets…

Q: This period, Amadeus Co. purchased its only available-forsale investment in the notes of Bach Co.…

A: Investments are classified as Available for sale when such investments held by the company with a…

Q: On March 1, ABC Inc acquired equity securities at the market value of P1,200,000. Broker fees of…

A: If investment in equity shares are accounted using fair value through profit or loss , then…

Q: On January 1,2021 Hubalde Company purchased training equity investments which are irrevocably…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Gable Inc. provided you with the following information for the year ended December 31, 2021: Sales…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: During 2019, XYZ Co. purchased marketable equity securities to be measured at fair value thru other…

A: Fair value through other comprehensive income represents the unrealized profit or loss from the…

Q: On October 2020, X Corporation purchased a financial instrument that qualifies as a derivative and…

A: Other comprehensive income is the statement which is prepared to record the gain or losses, revenue…

Q: As of 12/31/24, XYZ Inc. had available-for-sale debt investments wi cost of $525,000, and a credit…

A: Unrealized gain or loss on available-for-sale securities is calculated as the difference between the…

Q: Difficult Company acquiredan equity instrument for P3,600,000 on March 31, 2020 to be measured at…

A: Given that: Acquisition costs = P3,600,000 Direct costs incurred = P630,000 At the end, Fair value…

Q: On its December 31, 2020, balance sheet, Post Co. reported its investment in financial asset @ fair…

A: Following will be posted in the income statement at year end

Q: Some of Ivanhoe Corporation's investments in debt securities are classified as trading securities…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Strawberry Corp. has various equity investment at fair value through profit or loss transactions…

A: As per IFRS 9, Financial instruments, those investments for which fair value through profit or loss…

Q: Novak Company has the following investments as of December 31, 2020: Investments in common stock of…

A: Solution a:  Journal entry to record the impairment of the debt securities at December 31, 2021 is…

Q: Assume that the debt investment in FourSquare Company was available-for-sale and the expected credit…

A: Bonds receivable: It is an investment in bonds of an organization which pays a fixed rate of…

Q: The following selected transactions relate to investment activities of Ornamental Insulation…

A: Journal Entry: Method of recording financial transactions in the book of original entry by debiting…

Q: Pacific Fishing Inc.'s actively traded non-strategic investments as of December 31, 2023, are as…

A: Under fair value adjustment we need to record investment at fair value. If there is any gain or loss…

Q: For the year ended December 31, 2019, WQA Company reported opening retained earnings of P1,850,000…

A: Calculation of reserve balance at December 31 2021:       Unrealized gain from half old…

Q: Five Co. holds debt securities within a business model whose objective is achieved both by collec…

A: Solution: Accumulated other comprehensive income on Dec 31, 2016 = Fair value - Amortized costs =…

Q: On January 1, 2021, Jeremiah Company purchased trading equity investments which are irrevocably…

A: Financial assets are recognized at their historical costs in initial measurement and the difference…

Q: Rolling Hills Productions held investments in equity securities (in Elban Company)with a fair value…

A: Correct option is “a”: $68,000 In the balance sheet of the year 2018, the equity investments are…

Q: Sunland Technologies Inc. held a portfolio of shares and bonds that it accounted for using the fair…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Debits revenue est revenue on sale of investments on debt securities on projected benefit obligation…

A: Step 1: Introduction to statement of comprehensive incomeThe statement of income is produced at year…

Q: During 2021, Lavida Loca Company purchased trading securities with the following cost and market…

A: Total cost of trading securities = 300,000 + 1,500,000 + 3,800,000 = 5,600,000 Total market value of…

Q: On December 12, 2021, an equity investment costing $99,000 was sold for $138,000. The investment was…

A: The accounting entry have been made:     General Journal Debit Credit Cash $1,38,000…

Q: Problem 3. On January 1, 2023, Prudent & Cautious Company purchased equity securities for…

A: When a company has FVOCI investments in its portfolio, these investments are initially recorded at…

Q: On its December 31, 2024, balance sheet, Pharoah Company reported it value of $592000. At December…

A: When reporting equity securities classified as available-for-sale, any unrealized gains or losses…

Q: Bonita Industries reported net income of $537000 for the year ended 12/31/21. Included in the…

A: The question is based on the concept of Cashflow statements.