The accountant preparing the financial statements has asked you to provide the fair value as of...
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The accountant preparing the financial statements has asked you to provide the fair value as of the end of the year for the investments. Present the information as it would be shown on the financial statements. Last year, The Wellington Company reported costs of $68,000 in trading investments and $82,000 in available-for-sale investments. Refer to the journal entries shown on The Wellington Company panel. Assume that all investments sold during this year were trading investments and that purchases during the year were new investments. 1. Select the correct label for each line and fill in the amount. In classifying the investments, choose a categorization which seems most likely, given the pattern of transactions in the journal entries. Enter all amounts as positive numbers. If an amount box does not require an entry, leave it blank. Trading Securities 2$ Trading investments at cost v X Plus valuation allowance for trading investments v 2,150 Trading investments at fair value v Journal Date Description Debit Credit Jan. 17 Investments-Red Rock Co. Stock 37,400 Cash 37,400 Feb. 5 Investments-Sunset Village Bonds 34,000 Interest Receivable 290 Cash 34,290 Feb. 23 Investments-Mays and Co. Stock 25,500 Cash 25,500 Mar. 31 Cash 340 Interest Receivable 290 Interest Revenue 50 Apr. 6 Investment in Minions Corp. Stock 170,000 Cash 170,000 Apr. 30 Cash 750 Dividend Revenue 750 Jul. 1 Cash 20,230 Loss on Sale of Investment 190 Interest Revenue 20 Investments-Sunset Village Bonds 20,400 Aug. 14 Cash 41,300 Gain on Sale of Investments 1,800 Investments-Harding Construction Stock 39,500 Aug. 27 Cash 3,400 Investment in Minions Corp. Stock 3,400 Sep. 22 Cash 29,000 Gain on Sale of Investments 3,500 Investments-Mays and Co. Stock 25,500 Sep. 30 Cash 130 Interest Revenue 130 Nov. 1 Investment in Minions Corp. Stock 15,300 Income of Minions Corp. 15,300 Dec. 31 Unrealized Loss on Available-For-Sale Investments 3,275 Valuation Allowance for Available-For-Sale Investments 3,275 Dec. 31 Valuation Allowance for Trading Investments 2,150 Unrealized Gain on Trading Investments 2,150 The accountant preparing the financial statements has asked you to provide the fair value as of the end of the year for the investments. Present the information as it would be shown on the financial statements. Last year, The Wellington Company reported costs of $68,000 in trading investments and $82,000 in available-for-sale investments. Refer to the journal entries shown on The Wellington Company panel. Assume that all investments sold during this year were trading investments and that purchases during the year were new investments. 1. Select the correct label for each line and fill in the amount. In classifying the investments, choose a categorization which seems most likely, given the pattern of transactions in the journal entries. Enter all amounts as positive numbers. If an amount box does not require an entry, leave it blank. Trading Securities 2$ Trading investments at cost v X Plus valuation allowance for trading investments v 2,150 Trading investments at fair value v Journal Date Description Debit Credit Jan. 17 Investments-Red Rock Co. Stock 37,400 Cash 37,400 Feb. 5 Investments-Sunset Village Bonds 34,000 Interest Receivable 290 Cash 34,290 Feb. 23 Investments-Mays and Co. Stock 25,500 Cash 25,500 Mar. 31 Cash 340 Interest Receivable 290 Interest Revenue 50 Apr. 6 Investment in Minions Corp. Stock 170,000 Cash 170,000 Apr. 30 Cash 750 Dividend Revenue 750 Jul. 1 Cash 20,230 Loss on Sale of Investment 190 Interest Revenue 20 Investments-Sunset Village Bonds 20,400 Aug. 14 Cash 41,300 Gain on Sale of Investments 1,800 Investments-Harding Construction Stock 39,500 Aug. 27 Cash 3,400 Investment in Minions Corp. Stock 3,400 Sep. 22 Cash 29,000 Gain on Sale of Investments 3,500 Investments-Mays and Co. Stock 25,500 Sep. 30 Cash 130 Interest Revenue 130 Nov. 1 Investment in Minions Corp. Stock 15,300 Income of Minions Corp. 15,300 Dec. 31 Unrealized Loss on Available-For-Sale Investments 3,275 Valuation Allowance for Available-For-Sale Investments 3,275 Dec. 31 Valuation Allowance for Trading Investments 2,150 Unrealized Gain on Trading Investments 2,150 The accountant preparing the financial statements has asked you to provide the fair value as of the end of the year for the investments. Present the information as it would be shown on the financial statements. Last year, The Wellington Company reported costs of $68,000 in trading investments and $82,000 in available-for-sale investments. Refer to the journal entries shown on The Wellington Company panel. Assume that all investments sold during this year were trading investments and that purchases during the year were new investments. 1. Select the correct label for each line and fill in the amount. In classifying the investments, choose a categorization which seems most likely, given the pattern of transactions in the journal entries. Enter all amounts as positive numbers. If an amount box does not require an entry, leave it blank. Trading Securities 2$ Trading investments at cost v X Plus valuation allowance for trading investments v 2,150 Trading investments at fair value v Journal Date Description Debit Credit Jan. 17 Investments-Red Rock Co. Stock 37,400 Cash 37,400 Feb. 5 Investments-Sunset Village Bonds 34,000 Interest Receivable 290 Cash 34,290 Feb. 23 Investments-Mays and Co. Stock 25,500 Cash 25,500 Mar. 31 Cash 340 Interest Receivable 290 Interest Revenue 50 Apr. 6 Investment in Minions Corp. Stock 170,000 Cash 170,000 Apr. 30 Cash 750 Dividend Revenue 750 Jul. 1 Cash 20,230 Loss on Sale of Investment 190 Interest Revenue 20 Investments-Sunset Village Bonds 20,400 Aug. 14 Cash 41,300 Gain on Sale of Investments 1,800 Investments-Harding Construction Stock 39,500 Aug. 27 Cash 3,400 Investment in Minions Corp. Stock 3,400 Sep. 22 Cash 29,000 Gain on Sale of Investments 3,500 Investments-Mays and Co. Stock 25,500 Sep. 30 Cash 130 Interest Revenue 130 Nov. 1 Investment in Minions Corp. Stock 15,300 Income of Minions Corp. 15,300 Dec. 31 Unrealized Loss on Available-For-Sale Investments 3,275 Valuation Allowance for Available-For-Sale Investments 3,275 Dec. 31 Valuation Allowance for Trading Investments 2,150 Unrealized Gain on Trading Investments 2,150 The accountant preparing the financial statements has asked you to provide the fair value as of the end of the year for the investments. Present the information as it would be shown on the financial statements. Last year, The Wellington Company reported costs of $68,000 in trading investments and $82,000 in available-for-sale investments. Refer to the journal entries shown on The Wellington Company panel. Assume that all investments sold during this year were trading investments and that purchases during the year were new investments. 1. Select the correct label for each line and fill in the amount. In classifying the investments, choose a categorization which seems most likely, given the pattern of transactions in the journal entries. Enter all amounts as positive numbers. If an amount box does not require an entry, leave it blank. Trading Securities 2$ Trading investments at cost v X Plus valuation allowance for trading investments v 2,150 Trading investments at fair value v Journal Date Description Debit Credit Jan. 17 Investments-Red Rock Co. Stock 37,400 Cash 37,400 Feb. 5 Investments-Sunset Village Bonds 34,000 Interest Receivable 290 Cash 34,290 Feb. 23 Investments-Mays and Co. Stock 25,500 Cash 25,500 Mar. 31 Cash 340 Interest Receivable 290 Interest Revenue 50 Apr. 6 Investment in Minions Corp. Stock 170,000 Cash 170,000 Apr. 30 Cash 750 Dividend Revenue 750 Jul. 1 Cash 20,230 Loss on Sale of Investment 190 Interest Revenue 20 Investments-Sunset Village Bonds 20,400 Aug. 14 Cash 41,300 Gain on Sale of Investments 1,800 Investments-Harding Construction Stock 39,500 Aug. 27 Cash 3,400 Investment in Minions Corp. Stock 3,400 Sep. 22 Cash 29,000 Gain on Sale of Investments 3,500 Investments-Mays and Co. Stock 25,500 Sep. 30 Cash 130 Interest Revenue 130 Nov. 1 Investment in Minions Corp. Stock 15,300 Income of Minions Corp. 15,300 Dec. 31 Unrealized Loss on Available-For-Sale Investments 3,275 Valuation Allowance for Available-For-Sale Investments 3,275 Dec. 31 Valuation Allowance for Trading Investments 2,150 Unrealized Gain on Trading Investments 2,150
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Elementary Statistics Picturing the World
ISBN: 978-0321911216
6th edition
Authors: Ron Larson, Betsy Farber
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