Current Attempt in ProgressWildhorse Co.owns the following investments:Tradhig securities (fair value)$151500Available-for-sale securities (fairvalue)69500Held-to-maturity securities (amortized cost)94500Wildhorse will report investments in its current assets section ofO 50.O $151500 or an amount greater than $ 151500, depending on the circumstances.O exactly $ 221000.O exactly $ 151500.Save for LaterAttemp

Introduction: Balance sheet: All Assets and liabilities are to be shown in Balance sheet. It tells…

Answered: Wildhorse Co. owns the following…

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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uses the effective interest method of amortization. In its December 31, 2003 balance sheet, what amount should York report as investment in bonds? a. 911,300 b. 916,600 c. 953,300 d. 960,600 (AICPA) Use the following information for the next three questions: On Jan. 1, 20x1, Koong Co. acquired 100, P5,000 face amount, 10%, 3-year 'term' bonds of King Co. for P428,567. Koong incurred transaction costs of P25,000 on the acquisition. The effective interest rate adjusted for the transaction costs is 14%. The bonds were quoted at 102 on Dec. 31, 20x2. 2. How much are the interest income in 20x2 and the carrying amount of the bonds on Dec. 31, 20x2 if the bonds are held under a “hold to collect" business model? a. 65,389; 482,455 b. 65,389; 510,000 c. 55,276; 472,834 d. 50,000; 453,567 3. How much are the interest income in 20x2 and the carrying amount of the bonds on Dec. 31, 20x2 if the bonds are held under a “hold to collect and sell" business model? a. 65,389; 482,455 c. 50,000; 428,567…
Brief Exercises Journalize entries for debt investments. BEH.1 (LO 1), AP Craig Corporation purchased debt investments for $40,800 on January 1, 2022. On July 1, 2022, Craig received cash interest of $1,660. Journalize the purchase and the receipt of interest. Assume no interest has been accrued. Journalize entries for stock investments. GRANT Docombor 1 the
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At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $17,500 $15,000 $(2,500) B 12,500 14,000 1,500 C 23,000 25,500 2,500 Total $53,000 $54,500 1,500 Previous fair value adjustment balance-Dr 400 Fair value adjustment-Dr $1,100 On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees. A. Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair value. B. Show the balance sheet presentation of the investment-related accounts at December 31, 2017.
! Required information [The following information applies to the questions displayed below.] On December 31, Reggit Company held the following short-term investments in its portfolio of available-for-sale debt securities. Reggit had no short-term investments in its prior accounting periods. Available-for-Sale Securities Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Prepare the December 31 adjusting entry to report these investments at fair value. General Journal Complete this question by entering your answers in the tabs below. Fair Value Adjustment Computation of fair value adjustment. Cost $ 68,000 49,000 64,000 Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Total Fair Value Adjustment Computation - Available for Sale Portfolio Unrealized Amount Cost Fair Value $ 66,640 43,610 61,440 Fair Value $ 68,000 $ 66,640 49,000 43,610 64,000 61,440 $ 181,000 $ 171,690 Unrealized Loss
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
Loreal-American Corporation purchased several marketable securities during 2024. At December 31, 2024, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2023, and all are considered securities available-for-sale. Short term: Blair, Incorporated ANC Corporation Totals Long term: Drake Corporation Aaron Industries Totals Required 1 Required 2 Cost $ 516,000 468,000 $984,000 View transaction list Fair Value 1 " $ 387,000 516,000 $ 903,000 $ 516,000 702,000 $ 578,000 678,000 $ 1,218,000 $ 1,256,000 Journal entry worksheet Required: 1. Prepare appropriate adjusting entry at December 31, 2024. 2. What amount would be reported in the income statement at December 31, 2024, as a result of the adjusting entry? Complete this question by entering your answers in the tabs below. Unrealized Holding Gain (Loss) $ (129,000) 48,000 $ (81,000) Prepare appropriate adjusting entry at December 31, 2024. Note: If no entry is required for a…
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.
Q1: How much should Bleed recognize as income from this investment for the year 2018? Q2: How much is the remeasurement gain (loss) reported in P/L for 2019?
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…

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Wildhorse Co. owns the following investments: Tradig securities (fair value) $151500 Available-for-sale securities (fair value) 69500 Held-to-maturity securities (amortized cost) 94500 Wildhorse will report investments in its current assets section of