The cost of the trading securities of Munoz Company at December 31, 2017, is $64,000. At December

Question:

The cost of the trading securities of Munoz Company at December 31, 2017, is $64,000. At December 31, 2017, the fair value of the securities is $59,000. Prepare the adjusting entry to record the securities at fair value.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

See More Books

Question Posted: Apr 23, 2020 07:24 AM

See More Questions

The cost of the trading securities of Hardy Company at December 31, 2012, is $62,000. At December 31, 2012, the fair value of the securities is $59,000. Prepare the adjusting entry to record the...
The Mago Company at December 31 has cash $50,000, noncash assets $250,000, liabilities $138,000, and the following capital balances: Gonzalez $112,000 and Maldonado $50,000. The firm is liquidated,...
Larkspur Corporation?s post-closing trial balance at December 31, 2017, is shown as follows. LARKSPUR CORPORATIONPOST-CLOSING TRIAL BALANCEDECEMBER 31, 2017 Dr. Cr. Accounts payable $ 273,600...
Measured along the surface of the water, a rectangular swimming pool has a length of 15 m. along this length, the flat bottom of the pool slopes downward at an angle of 11 below the horizontal, from...
Among American women aged 20 to 29 years, 10% are less than 60.8 inches tall, 80% are between 60.8 and 67.6 inches tall, and 10% are more than 67.6 inches tall. Assuming that the height distribution...
Provide an example of a noncriminal homicide.
Assume the same information as in question 4. Also assume that beginning work in process had $$6,000$ in conversion cost and that $$84,000$ in conversion is added during this period. What is the...
The West End Boutiques company was founded by Libbie Williams in 1990 with a single store in College Station, Texas, and the company now has 21 shops located in the triangle of Dallas, San Antonio,...
Convert the following Conceptual Model to Relational Model. STUDENT *student_id student_name student_address fills SEAT *seat_no seat position K takes COURSE *course_name *course_number has CLASS...
An exercise advocate wants to determine the effect that walking rigorously has on weight loss. The researcher recruits participants to engage in a weeklong study. The researcher instructs...
Ownbey Corporation purchased debt investments for $52,000 on January 1, 2017. On July 1, 2017, Ownbey received cash interest of $2,340. Journalize the purchase and the receipt of interest. Assume...
Godfrey Corporation holds, as a long-term investment, available-for-sale securities costing $72,000. At December 31, 2017, the fair value of the securities is $68,000. Prepare the adjusting entry to...
AgriGrow can invest in a 100-day short-term project with similar cash flows to those in problem 23 costing $$90,000$ to improve customer service. They believe the return on the project will be a...
Una empresa elabora calzado utilizando procesos de produccin semiautomticos, sin embargo, ltimamente sus ventas han cado hasta en un 30%, en diferentes encuestas los clientes manifiestan que los...
Where can borrowers determine if their conventional loan will contain a prepayment penalty? Unset starred question A credit report The assurances of their underwriter The deed of trust The Loan...
Which one of these types of investments is best suited for matching the maturity value of the investment portfolio with the expected loss payments? Available answer options Select only one option A...
The company Furniture ABC offers credit to its customers at a rate of 1.4 percent per month. What is the effective annual rate and the annual percentage rate of this credit offer? Based on your...
The Savings and Loan failures can be directly linked to: Jimmy Carter's tax hikes a 1982 bill increasing the amount of insurance available to S&L depositors the continued increase of the interest...
Why does the auditor need to know how to audit an IFRS conversion?
The following exercises are not grouped by type. Solve each equation. x610x -9
Data for investments in stock classified as trading securities are presented in EE-6. Assume instead that the investments are classified as available-for-sale securities with the same cost and fair...
For the data presented in BEE-4, show the financial statement presentation of the trading securities and related accounts.
Bates Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $78,000. The deposits are made at the end of each year into an account paying 5% annual interest....
Explain various mapping procedures of cache memory with an example.?
4. The period of Jupiters moon lo is 1.5 x 10's and has a radius of orbit of 4.2 x 108 m calculate the mass of Jupiter using this information (1.9 x 1027 kg) 5. A lunar lander is to be placed in...
A diver explores a shallow reef off the coast of Belize. She initially swims d11 = 79.3 m north, makes a turn to the east, and continues for d22 = 154 m, then follows a big grouper (a kind of fish)...

The cost of the trading securities of Munoz Company at December 31, 2017, is $64,000. At December

Question:

Step by Step Answer:

This journal entry can be solved in two ways As there is a loss in the value of the ass...View the full answer

Accounting Principles

Students also viewed these Business questions