At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations:Trading Securities:Security ASecurity BTotalsSecurities Available-for-Sale:Security CSecurity DTotalsSecurities to Be Held-to-Maturity:Security ESecurity FTotalsTrading SecuritiesSecurity ASecurity BSecurities Available-for-SaleSecurity CSecurity DSecurities to be Held-to-MaturitySecurity ESecurity FTotalsAmortized costReported on Balance Sheetas:Current assets$ 905,000110,000$1,015,000Noncurrentassets$ 705,000905,000$1,610,000$ 495,000620,000$1,115,000No investments were sold during 2021. All securities except Security D and Security F are considered short-term investments. None ofthe fair value changes is considered permanent.Required:Complete the following table. (Amounts to be deducted should be indicated with a minus sign.)Fair Value$915,500104,900$1,020,400$ 784,500920, 200$1,704,700Net Income(I/S)$ 505,200614,900$1,120,100Unrealized gain (loss) included in:OtherTotalComprehensive ComprehensiveIncome (OCI) Income

Securities held-to-maturity -Securities that businesses buy to hold onto until they mature are…

ng Securities: ity A ity B tals rities Available-for-Sale: rity C ity D tals ities to Be Held-to-Maturity: -ity E -ity F tals Amortized cost $ 905,000 110,000 $1,015,000 $ 705,000 905,000 $1,610,000 $ 495,000 620,000 $1,115,000 Fair Value $ 915,500 104,900 $1,020,400 $ 784,500 920, 200 $1,704,700 $ 505,200 614,900 $1,120,100 estments were sold during 2021. All securities except Security D and Security F are considered short-term investments value changes is considered permanent. ed:

ng Securities: ity A ity B tals rities Available-for-Sale: rity C ity D tals ities to Be Held-to-Maturity: -ity E -ity F tals Amortized cost $ 905,000 110,000 $1,015,000 $ 705,000 905,000 $1,610,000 $ 495,000 620,000 $1,115,000 Fair Value $ 915,500 104,900 $1,020,400 $ 784,500 920, 200 $1,704,700 $ 505,200 614,900 $1,120,100 estments were sold during 2021. All securities except Security D and Security F are considered short-term investments value changes is considered permanent. ed:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
At December 31, 2022, available-for-sale debt securities for Pharoah, Inc. are as follows. The securities are considered to be a long-term investment. Security (a) A B C Total Cost $16,985 12,930 21,760 $51,675 Fair Value $16.030 15,179 18,160 $49,369 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit
At December 31, 2024, Hull-Meyers Corporation had the following Investments that were purchased during 2024, its first year of operations: Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to-Maturity Security E Security F Required: Complete the following table. Note: Amounts to be deducted should be indicated with a minus sign. Totals Amortized cost Reported on Balance Sheet as: No Investments were sold during 2024. All securities except Security D and Security F are considered short-term Investments. None of the fair value changes is considered permanent. Current assets Noncurrent assets $ 0 $ $ 965,000 170,000 $ 1,135,000 $ 765,000 965,000 $ 1,730,000 0 $ 555,000 680,000 $ 1,235,000 Net Income $ Fair Value $ 979,500 164, 600 $ 1,144,100 0 $ 838,500…
At December 31, 2022, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment. Security. Cost. Fair Value A $17,500 16,000 B 12,500 14,000 C 23,000 21,000 53,000 51,000 A. Prepare the adjusting entry at December 31, 2022 to report the securities at fair value. B- Show the statement presentation at December 31,2022, after adjustment to fair value. C- E. Kretsinger, a member of the board of directors, does not understand the reporting of the unreal- ized gains or losses. Write a letter to Ms. Kretsinger explaining the reporting and the purposes that it serves.
At December 31, 2018, Hull-Meyers Corp. had the following investments that were purchased during 2018, itsfirst year of operations:Cost Fair ValueTrading Securities:Security A $ 900,000 $ 910,000Security B 105,000 100,000Totals $ 1,005,000 $ 1,010,000 Securities Available-for-Sale:Security C $ 700,000 $ 780,000Security D 900,000 915,000Totals $ 1,600,000 $ 1,695,000Securities to Be Held-to-Maturity:Security E $ 490,000 $ 500,000Security F 615,000 610,000Totals $ 1,105,000 $ 1,110,000No investments were sold during 2018. All securities except Security D and Security F are considered shortterminvestments. None of the fair value changes is considered permanent.Required:Determine the following amounts at December 31, 2018.1. Investments reported as current assets2. Investments reported as noncurrent assets3. Unrealized gain (or loss) component of income before taxes4. Unrealized gain (or loss) component of accumulated other comprehensive income in shareholders’ equity
In 2019, Mickey Mouse Company purchased trading securities for P2,000,000. In the year ending 2019, Mickey Mouse recognized unrealized gain of 300,000.Below is the composition of the composition of the portfolio of trading securities in December 2020. security cost market a 400,000 700,000 b 850,000 1,000,000 c 750,000 500,000 What amount of unrealized gain or loss should be reported by Mickey Mouse Company in the year 2020?
Can you help me to calculate adjusted net income, adjusted net income if FV of security B were 285,000, value of held for trading securities as of 12/31/2020 and assuming these securities at measured at FVOCI, calculate the value of these financial assets as of 12/31/2020 Problem: ABC Corporation buys and sells securities expecting to earn profits on short term differences in price. during 2020, ABC Corporation purchased the following held for trading securities. Security A: Cost- 195,000; FV at 12/31/2020- 225,000 Security B: Cost- 300,000; FV at 12/31/2020- 162,000 Security C: Cost- 678,000; FV at 12/31/2020- 660,000 Before any adjustments related to these securities, ABC Corporation had net income of 900,000
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1 During 2020, LOVE Company purchased marketable equity securities for P1,850,000 to be held as trading investments. In 2020, the entity appropriately reported an unrealized loss of 200,000 in the income statement. There was no change during 2021 in the composition of the portfolio of trading securities. Pertinent data on December 31, 2021 are: Security Cost Market A 600,000 700,000 B 450,000 400,000 C 800,000 900,000o What amount of unrealized gain on these securities should be included in the 2021 income statement? a. 350,000 b. 150,000 c. 550,000 d. 0
Please help with problem. At the beginning of 2019, Ace Company had the following portfolio of investments in available-for-sale debt securities (all of which were acquired at par value): Security Cost 1/1/19 Fair Value A $25,000 $31,000 B 38,000 36,000 Totals $63,000 $67,000 During 2019, the following transactions occurred: Transactions: May 3 Purchased C debt securities at their par value for $50,000. July 1 Sold all of the A securities for $31,000 plus interest of $1,000. Dec. 31 Received interest of $1,000 on the B and C securities. Additionally the following information was available: Security 12/31/19 Fair Value B $42,000 C 53,000 Required: 1. Prepare journal entries to record the preceding information. 2. What is the balance in the Unrealized Holding Gain/Loss account on December 31, 2019? 3. Next Level What justification does the FASB give for its treatment of unrealized holding gains and losses…
Pharoah Company has these data at December 31, 2022, the end of its first year of operations. Debt Securities Trading Available-for-sale (a) Cost $119,700 100,300 The available-for-sale securities are held as a long-term investment. Fair Value $125,700 98,300 Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation (1) Debit Credit
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Amortized cost Fair Value Trading Securities: Security A $ 980,000 $ 993,000 Security B 185,000 180,200 Totals $ 1,165,000 $ 1,173,200 Securities Available-for-Sale: Security C $ 780,000 $ 852,000 Security D 980,000 998,200 Totals $ 1,760,000 $ 1,850,200 Securities to Be Held-to-Maturity: Security E $ 570,000 $ 581,600 Security F 695,000 689,400 Totals $ 1,265,000 $ 1,271,000 No investments were sold during 2021. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required:Complete the following table. (Amounts to be deducted should be indicated with a minus sign.)