Required InformatlonUse the following informetion for the Exercises below. (Algo)[The following information applies to the questions displayed below.)On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had nostock investments in prior periods.Fair Value$ 8, 001, 18012, 200Stock InvestmentsCostApple stockChipotle stockUnder Armour stock$ 6,4083,20018,709Exercise 15-10 (Algo) Fair value adjustment to stock investments with Insignificant influence LO P4Prepare the December 31 adjusting entry to report these investments at fair value.View transaction listJournal entry worksheetRecord the year-end adjustment to fair value, if any.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember31Record entryClear entryView general journal

Fair value adjustment is gain when fair value exceed the costs . Fair value adjustment = Total Fair…

Answered: Requlred Informetion Use the following…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 4M

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Use the following information on a company’s investments in equity securities to answer questions 1- 2 below. The company’s accounting year ends December 31. Investment Date of acquisition Cost Fair value 12/31/16 Date sold Selling price Ajax Company stock 6/20/16 $40,000 $35,000 2/10/17 $32,000 Bril Corporation stock 5/1/16 20,000 N/A 11/15/16 26,000 Coy Company stock 8/2/16 16,000 16,500 1/17/17 23,000 1. If the above investments are categorized as trading securities, what amount is reported for gain or loss on securities, on the 2016 income statement?             2. If the above investments are categorized as trading securities, what amount is reported for gain or loss on securities, on the 2017 income statement?
PLEASE ANSWER THIS QUESTION ASAP. THANK YOU SO MUCH. 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 O/S, par value P75, SPIKES CO.                  VR-18             585,000 04/30   5,000 shares SPIKES Co. received as share div.     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…
PLEASE ANSWER THIS QUESTION ASAP. THANK YOU SO MUCH. 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 O/S, par value P75, SPIKES CO.                  VR-18             585,000 04/30   5,000 shares SPIKES Co. received as share div.     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…
PLEASE ANSWER THIS QUESTION ASAP. THANK YOU SO MUCH. 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 O/S, par value P75, SPIKES CO. VR-18 585,000 04/30 5,000 shares SPIKES Co. received as share div. 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…
The attached file contains hypothetical data for working this problem. Goodman Corporation’s and Landry Incorporated’s stock prices and dividends, along with the Market Index, are shown in the file. Stock prices are reported for December 31 of each year, and dividends reflect those paid during the year. The market data are adjusted to include dividends. On a stand-alone basis which corporation is the least risky?
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…
Walsh, Inc. began business on January 1, 2002, and at December 31, 2002, Walsh had the following investment portfolios of equity securities: FVPL FVOCI Aggregate cost ₱150,000 ₱225,000 Aggregate fair value 120,000 185,000 None of the declines is judged to be other than temporary. Unrealized losses at December 31, 2002, should be recorded with corresponding charges against Profit or loss Equity Profit or loss Equity 70,000 0 30,000 40,000 40,000 30,000 0 70,000
Can you help with the following? Storm, Inc. purchased the following available-for-sale securities during Year 1, its first year of operations: Name Number of Shares Cost Dust Devil, Inc. 1,880 $80,840 Gale Co. 800 64,000 Whirlwind Co. 2,850 111,150 Total $255,990 The market price per share for the available-for-sale security portfolio on December 31, Year 1, was as follows: Market Price per Share, Dec. 31, Year 1 Dust Devil, Inc. $39 Gale Co. 75 Whirlwind Co. 41 Required: A. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, Year 1. Refer to the Chart of Accounts for exact wording of account titles. B. Describe the income statement impact from the December 31, Year 1, journal entry.
Presented below is information relating to the purchase of common stock by Jamison Company December 31, 2016. Cost Fair Value Investment in Readfield Company common stock $125,000 $115,500 Investment in Lee Company common stock $100,000 $ 80,000 Investment in Stern Company common stock $250,000 $300,000 Investment in Jones Company common stock $180,000 $190,000 $655,000 $685,500 These investments are classified as trading security by Jamison who uses portfolio approach to account for those investments. During the year 2017, Lee Company’s stock was sold for $102,000. Jamison purchased common…
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…
Jaybu Company acquired the following portfolio of equity instruments held for trading during 2022 and reported the following balances at December 31, 2022. No sales occurred during 2022. Security / Cost / Market Value, 12/31/22 AAA Company Shares / 300,000 / 350,000 BBB Company Shares / 450,000 / 410,000 CCC Company Shares / 540,000 / 640,000 DDD Company Shares / 610,000 / 650,000 What is the carrying amount of the securities on December 31, 2022?
AUDIT OF MARKETABLE SECURITIES – TRADING The company’s equity portfolio as of year-end showed the following: Total Market Value Shares Cost per Share SCC 7,000 108,500 P16.00 PHA 10,000 195,000 19.75 PAL 2,400 49,200 24.00 EMP 2,000 67,000 26.00 DMC 8,000 31,600 1.20 UB 1,600 50,880 27.50 P502,180 The securities are listed in the stock exchange. The company follows the fair value accounting. Trading securities A. P403,640 B. P502,180 C. P491,240 D. P472,700

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