As of December 31, the Church's investment portfolio, which does not include the donated stock, is worth $427,500. Prepare any necessary journal entries in order to record the change in the portfolio's value. DO NOT GIVE SOLUTION IN IMAGE FORMAT
Q: Prepare the December 31 entry for Pronghorn Corporation to record amortization of intangibles. The…
A: Amortization is the expense which is written in the imcome statement as the decrease in the value of…
Q: On January 1, 2020, Vaughn Manufacturing issued 15,000 shares of $4 par value common stock for…
A: The journal entries are the first step of accounting to record the transactions on the regular…
Q: During its first year of operations, Vader Corp. issued 15,000 shares of its $1 par common stock f…
A: Common stock account is based on the par value of common shares issued. Common stock is not reduced…
Q: The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of…
A: Trial balance is the statement that records balances of all the accounts from the general ledger.…
Q: Bazzi et al (2019) study the American frontier and make clever use of names data from the census.…
A: Bazzi et al (2019) measure the ethnic diversity of the American frontier using names data from the…
Q: When there is a net profit in a merchandising entity, which of the following accounts may not be…
A: The closing entries are prepared to close the temporary accounts of the business. The temporary…
Q: Sammy's Service Center currently employs six technicians. The entire shop is organized to pay the…
A: The question has given to compute the missing figures. The labor cost is maintained based on the…
Q: Hadden Corporation is evaluating a capital investment opportunity. This project would require an…
A: Net present value method :- It is defined as the difference between the present value of cash…
Q: ETFs are the most popular investment instruments for individual and institutional investors. You are…
A: My approach to designing Equity Sector ETFs that stand out in the crowd would involve leveraging AI…
Q: Emma Systems, Inc. declared and issued a 11 percent stock dividend. The company has 720,000 shares…
A: Dividend is the return given by the company to its shareholder's for investing their money in the…
Q: Marigold Corp. is considering the purchase of a piece of equipment and has complied the following…
A: The question is based on the concept of Cost Accounting. Payback period is the period in which the…
Q: Case 3: Support Group Too Much Motors' service department is organized using the support group…
A: Labour pay is the concept through which labour are paid at pre determined rates per hour. Then the…
Q: Voice Com, Inc. uses the product cost method of applying the cost-plus approach to product pricing.…
A: MARKUP PERCENTAGE Markup Percentage is Computed :— = (Profit ÷ Cost) * 100 Markup percentage is a…
Q: rance carrier used by Sharma Kennels specifies 90% coinsurance. The company recently incurred…
A: The insurance is quite necessary now days because of huge risk involved today but by insurance some…
Q: After the end of fieldwork for Andy Tan and his team on February 8, 2026, fraud was discovered on…
A: Date of audit report is the date which cannot be prior to the date on which auditor have obtained…
Q: Sabik Corporation has 10.500 shares of 8%. $50 par value, cumulative preferred stock outstan as well…
A: Annual preferred dividend is based on number of preferred shares and par value and dividend…
Q: Emilio is purchasing homeowner's insurance. His house was recently appraised at $266,000. Emilio…
A: A house owner's coverage normally covers 4 styles of incidents on the insured property: indoors…
Q: 4. Prepare a cash budget by quarter and in total for next year.
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: The following data regarding purchases and sales of a commodity were taken from the related…
A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…
Q: A Three-year property type class equipment was bought for $35,000. The first year 40% bonus was…
A: The depreciation is the amount of decrease in the value of assets due to the use of equipment and…
Q: Under AASB 119, leave entitlements that may be carried forward to a future financial period if…
A: Leave entitlement is the number of paid holidays allowed to an employee in that year. Accumulative…
Q: The data for an investment center is as follows: Current Assets Plant Assets January 1, 2022 $…
A: Current assets are assets in the form of cash or can be converted into cash within a year. Total…
Q: Note Your answers may differ from those offered below due to rounding error in all cases, select the…
A: Pariculars Actual units % of completion Equivalent units Completed during the period 4400 100%…
Q: What does a manufacturing overhead budget tell us?
A: A manufacturing overhead budget tells us how much money a company plans to spend on overhead costs…
Q: Required information [The following information applies to the questions displayed below.] Julio and…
A: The income statement is the financial document that shows the incomes or expenses for the period by…
Q: A restaurant granted a 25% discount to senior citizens in excess of the 20% mandatory requirement.…
A: Given data is as follows: Discount granted = 25%Excess percentage = 20%Receipts report = P108,000
Q: How much is the accounts payable credited if the company purchased merchandise on February 23, 2020,…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: In 2022, Royal Flush Plumbers reported net income equal to $1,000. The company reported Depreciation…
A: CASHFLOW STATEMENT A cash flow statement explains the reasons for change in the cash and cash…
Q: A machine with a cost of $62,300 has an estimated residual value of $4,031 and an estimated life of…
A: Depreciation means the expenses written off from value of fixed assets due to natural wear and tear…
Q: A-$1,500 unfavorable. B-$3,300 unfavorable. C-$1,500 favorable. D-$3,300 favorable. E-$4,200…
A: Introduction:- Standard costs are estimates of the actual costs in a company’s production process…
Q: from income? Answer area C
A: It is necessary for any one to pay the proper amount of taxes and by paying taxes one can have good…
Q: Willard Co. acquired a 30% interest in Diltronics for $420,000 and appropriately applied the equity…
A: Answer:- Income statement meaning:- Income statement is one of the most important financial…
Q: You are an investor looking to buy an ownership interest in a business. One company is a…
A: Cash flow statement records the cash inflow and cash outflow transactions of the business during…
Q: What is Xi's net cash inflow for March? 1. Prepare a cash flow statement 2. Calculate the cash…
A: Cash flow budget is an estimated statement of all cash receipts and all cash payments that are…
Q: Emley Company has been using the average cost method of inventory valuation for 10 years, since it…
A: FIFO is the method under which inventory is valued on the basis of recent purchase prices whereas…
Q: Ralph Corporation accepted a $15,000, 11%, 120-day note dated August 19 from Jay Company in…
A: Answer = $15249.37 Explanation : Calculation of number of days passed In month October 20 -…
Q: Income Statement Net Sales Cost of Goods Sold Gross Profit Marketing General & Administrative…
A: Statement of Cash Flow - Statement of Cash Flow is a Statement that shows inflow and outflow of cash…
Q: ETFs are the most popular investment instruments for individual and institutional investors. You are…
A: My approach to designing bond ETFs that stand out in the crowd would be to focus on creating…
Q: :K 1 Terminology Matching Continued Auditor's Report Net Income Net Loss Sarbanes-Oxley Act…
A: The audit report is prepared by the auditor of the company in order to comply the rules and…
Q: Assume a company has two divisions, Division A and Division B. Division A has provided the following…
A: Transfer price means the price charged by one department from other department of the same company…
Q: If the balance in prepaid expenses increases during the year, what action should be taken on the…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Salah Global Products (SGP) is a manufacturer of sporting trophies and has factories across the…
A: Budget is a written plan covering projected activities of a firm for a defined period of time…
Q: Phil took $60,000 coronavirus -related distribution from his qualified retirement plan in 2020…
A: Any person who withdraws funds from coronavirus related distribution from a qualified retirement…
Q: Blanca Company has the following independent bond issuances. a.) Issues $600,000 bonds at 96. b.)…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: What is the amount of state income taxes Joyce may include as an itemized deduction for 2021? b.…
A:
Q: Brief Exercise 10-11 (Algo) Calculate retained earnings (LO10–5) Diamond Dresses began the year with…
A: In this question, we need to compute the ending balance of Retained Earnings Account assuming there…
Q: Identify who, in the labor market, would be considered in demand of and in supply of labor: A.…
A: Demand is an economic concept that relates to a consumer's desire to purchase goods and services…
Q: Question 1 The following costs were extracted from Red's company book at the end of December 2014…
A: Prime cost means the addition of direct material consumed and direct labour incurred. Factory…
Q: Santana Rey has consulted with her local banker and is considering financing an expansion of her…
A: A debt-to-equity ratio is a type of ratio that shows the financing pattern of the company based on…
Q: The restaurant projected 3,000 lunches to be sold for September at an average price of $5.50. The…
A: The variance arises when there is difference between actual results and budgeted results. The result…
As of December 31, the Church's investment portfolio, which does not include
the donated stock, is worth $427,500. Prepare any necessary
record the change in the portfolio's value.
DO NOT GIVE SOLUTION IN IMAGE FORMAT
Step by step
Solved in 2 steps
- Prepare entries to record the following non-strategic investment transactions of Arrowhead Investment Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 2023 Mar. 1 Paid $67,980 to purchase a $67,000, two-year, 7.0% bond payable of Action Corporation dated March 1. There was a $95 transaction fee included in the above - noted payment amount. Interest is paid quarterly beginning June 1. Management intends to actively trade bond purchases. Apr. 16 Bought 2,700 common shares of Brandon Motors at $27.00. There was a $95 transaction fee included in the above-noted payment amount. May 2 Paid $52,968 to purchase a five-year, 4.50%, $ 54,000 bond payable of Collingwood Corporation. There was a $95 transaction fee included in the above-noted payment amount. Interest is paid annually each April 30. June 1 Received a…On December 12, 2021, an investment in equity securities costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment in equity securities account.Required:1. Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2021. (Ignore income taxes.)2. Prepare the journal entry to correct the error assuming it is not discovered until early 2022. (Ignore income taxes.)On December 12, 2024, an Investment in equity securities costing $84,000 was sold for $108,000. The total of the sale proceeds was credited to the Investment in equity securities account Required: 1. Prepare the Journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2024. (Ignore Income taxes.) 2. Prepare the journal entry to correct the error assuming It is not discovered until early 2025. (Ignore income taxes.)
- On January 1, the Valuation Allowance for Trading Investments account has a zero balance. On December 31, the cost of trading securities portfolio was $64,200, and the fair value was $67,000. Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments (you can attach Excel or Word rather than typing in answer box).Mary T. Lincoln works for the City of Columbus. She volunteered to work over the 2013 Christmas break to earn a short vacation during the first week of January 2014. She earns three vacation days and will be paid $400 per day. She takes her vacation in January and is paid for those days. a. Prepare the journal entries on the government-wide financial statements for 2013 and 2014 because of these events. Government-Wide Financial Statements Date Dec 31, 2013 Jan 2014 Date Dec 31, 2013 General Journal Jan 2014 (Click to select) (Click to select) (Click to select) (Click to select) b. Assume that Lincoln works in an activity reported within the General Fund. Prepare journal entries for the fund financial statements for 2013 and 2014 because of these events. Fund Financial Statements General Journal (Click to select) (Click to select) (Click to select) Debit (Click to select) Credit Debit Crediti More Info Purchased 1,000 shares of Microscape stock, paying $52 per share. The investment represents 45% ownership in Microscape's voting stock and Raider has significant influence over Microscape. Raider intends to hold Jan. 14 the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.28 per share on the Microscape stock. Dec. 31 Microscape's current market value of $50 per share. Dec. 31 Microscape reported net income of $120,000 for the year ended 2018. Print Done
- The Revenue Account of a life insurance company shows the life assurance fund on 31st March, 2020 at $5,000,000 before taking into account the following items: -Claims covered under re-insurance $12,000.- Bonus utilized in reduction of life insurance premium $4,500. -Interest accrued on securities $8,000.-Outstanding premium $5,000-Claims intimated but not admitted ` $26,000. What is the life assurance fund after taking into account the above omissions?Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5] [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2021 in the investment portfolio. Exercise 12-17 (Algo) Part 1 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,187,00 no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 $1,395,000 (150,000) $1,245,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,187,000.On December 25, 2019, Ms. Smith gives Charity Z 1,000 shares of stock that she bought originally for $9,000. No restrictions were placed on this donation. The governing board does not want to speculate on investments. Thus, it has a policy to sell all donated investments as soon as received. These 1,000 shares are sold on December 26, 2019 for their fair value of $28,000. How does Charity Z report these events on a statement of cash flows? Select one: a.As a $28,000 cash inflow from an investing activity. b.As a $28,000 cash inflow from an operating activity. c.As a $9,000 cash inflow from a financing activity and a $19,000 cash inflow from an investing activity. d.As a $9,000 cash inflow from an operating activity and a $19,000 cash inflow from an investing activity.
- (a.) Prepare any journal entries you consider necessary, including year end entries (December 31), assuming these investments are managed to profit from changes in market interest rates (held for trading). Mayor Company doesn’t have debt investment before 2020. (b.) Prepare a partial statement of financial position showing the Investment account at December 31, 2020. (c.) If Mayor Company purchase the debt investment to collect the contractual cash flow (held the debt investment to maturity), explain how the journal entries would differ from those in part (a).Prepare journal entries to record the following transactions and events, based on the assumption that the nonprofit, with a June 30 fiscal year-end, uses a single account to record all unrealized and realized investment gains and losses. Then, prepare journal entries for Events 2 and 3, based on the assumption that the nonprofit separates unrealized from realized investment gains and losses. 1. On July 15, a nonprofit received a donation of Apple stock that had a fair value of $75,000 at the time of the donation. The donor told the nonprofit that the stock could be sold and used only to finance a particular research project. 2. On December 31, when the nonprofit closed its books, the stock had a fair value of $76,500. 3. On February 15, the nonprofit sold the stock for $76,000. 4. On March 15, the nonprofit spent the entire $76,000 on the research project for which the donor made the gift.Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 Cost $ 13,000 20,000 23,000 16,500 December 31, Year 3 December 31, Year 4 Complete this question by entering your answers in the tabs below. Prepare journal entries to record each year-end fair value adjustment for these securities. Adjustment General Journal Calculation Calculation adjustment required to fair value adjustment. 12/31/Year 1 Existing balance in Fair Value Adjustment-AFS (LT) Required balance in Fair Value Adjustment-AFS (LT) Adjustment required to Fair Value Adjustment-AFS (LT) 12/31/Year 2 Existing balance in Fair Value Adjustment-AFS (LT) Required balance in Fair Value Adjustment-AFS (LT) Adjustment required to Fair Value Adjustment-AFS (LT) 12/31/Year 3 Existing balance in Fair Value…