Answered: Thyme Investments Balance Sheet…

Thyme Investments Balance Sheet (Partial) December 31, 2018 Current Assets: Long-term Assets: Stockholders' Equity Accumulated Other Comprehensive Income:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 76E

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Question

Requirement 2. Prepare a partial balance sheet for Thyme's Vince investment as of December 31, 2018. Use the partial balance sheet below to show how to report the investment on Thyme's balance sheet at December 31, 2018. (Use a minus sign or parentheses to enter a loss. If a box is not used in the balance sheet, leave the box empty; do not sect a label or enter a zero.)

Thyme Investments
Balance Sheet (Partial)
December 31, 2018
Current Assets:
Long-term Assets:
Stockholders' Equity
Accumulated Other Comprehensive Income:

2018
Purchased Vince Company's $525,000 bond at face value. Thyme classified the
investment as available-for-sale. The Vince bond pays interest at the annual rate of 6%
on June 30 and December 31 and matures on December 31, 2021. Management's intent
is to keep the bonds for several years.
Jan. 5
Jun. 30
Received an interest payment from Vince.
Dec. 31
Received an interest payment from Vince.
Dec. 31
Adjusted the investment to its current market value of $518,500.

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