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Questions and Answers of Public Accounting

=+EX 15-19 Fair value journal entries, available-forsale investments objs. 3, 4 Chapter 15 Investments and Fair Value Accounting 695 Nantahla, Inc., purchased the following available-for-sale
=+On May 10, 2010, Lipscomb purchased 700 shares of Nova Inc. at $50 per share plus a $150 brokerage fee. On December 31, 2010, the available-for-sale security portfolio had the following cost and
=+EX 15-18 Fair value journal entries, available-forsale investments obj. 4✔b. Dec. 31, 2010, Unrealized gain (loss)on available-for-sale investments, ($70,000)Lipscomb Inc. purchased a portfolio
=+c. Where is Unrealized Gain (Loss) on Available-for-Sale Investments disclosed on the financial statements?
=+b. What is the balance of Unrealized Gain (Loss) on Available-for-Sale Investments for December 31, 2010, and December 31, 2011?
=+EX 15-17 Missing statement items, available-forsale securities obj. 4✔f. ($6,000)The investments of Charter Inc. include 10,000 shares of Wallace Inc. common stock purchased on January 10,
=+Available-for-sale investments, at cost $ 78,000 $ 68,000 $95,000 Valuation allowance for available-forsale investments 5,000 (6,000) h. ________ ________ _______ Available-for-sale investments,
=+Oceanic Airways Selected Income Statement Items For the Years Ended December 31, 2010 and 2011 2010 2011 Operating incomea. g.Gain (loss) from sale of investments $4,000 $ (8,000)Net incomeb.
=+EX 15-16 Financial statement disclosure, trading investments obj. 4 694 Chapter 15 Investments and Fair Value Accounting Oceanic Airways makes investments in available-for-sale securities. Selected
=+b. Determine the December 31, 2010, Valuation Allowance for Trading Investments balance.
=+a. Determine the December 31, 2010, Retained Earnings balance.
=+The balance sheet dated December 31, 2009, showed a Retained Earnings balance of $823,000 and a Valuation Allowance for Trading Investments debit balance of $68,000.The company paid $43,000 in
=+EX 15-15 Fair value journal entries, trading investments obj. 4✔a. 2. Dec. 31, 2010, Unrealized loss on trading investments, $4,900 The income statement for Harris Company was as follows:Harris
=+b. Describe the income statement impact from the December 31, 2010, journal entry.
=+a. Provide the journal entry to adjust the trading security portfolio to fair value on:1. December 31, 2009 2. December 31, 2010
=+The market price per share for the trading security portfolio on December 31, 2009, and December 31, 2010, was as follows:Market Price per Share Dec. 31, 2009 Dec. 31, 2010 B&T Transportation, Inc.
=+c. The adjustment of the trading securities portfolio to fair value on December 31, 2010.Union Financial Services, Inc., purchased the following trading securities during 2009, its first year of
=+b. The April 3, 2010, purchase of Cable, Inc., stock.
=+a. The adjustment of the trading security portfolio to fair value on December 31, 2009.
=+EX 15-14 Fair value journal entries, trading investments objs. 3, 4 Name Number of Shares Total Cost Total Fair Value Apex, Inc. 1,200 $16,000 $16,400 Cable, Inc. 500 15,100 17,500 Evans Company
=+On April 3, 2010, Horizon Bancorp Inc. purchased 500 shares of Cable, Inc., at $30 per share plus a $100 brokerage fee. On December 31, 2010, the trading security portfolio had the following cost
=+Horizon Bancorp Inc. purchased a portfolio of trading securities during 2009. The cost and fair value of this portfolio on December 31, 2009, was as follows:Name Number of Shares Total Cost Total
=+b. Where is the unrealized gain or unrealized loss for trading investments disclosed on the financial statements?Chapter 15 Investments and Fair Value Accounting 693
=+a. Journalize the entries to record the adjustment of the RadTek Inc. investment to fair value on December 31, 2010, and December 31, 2011.
=+EX 15-12 Missing statement items, trading investments obj. 4✔ g. $7,000 EX 15-13 Fair value journal entries, trading investments obj. 4 The investments of Commerce Bank Inc. include 12,000 shares
=+Trading investments, at cost $123,000 $146,000 $172,000 Valuation allowance for trading investments ________ ________ (6,000) 9,000 g. ________ Trading investments, at fair valued. f. h.Retained
=+EX 15-11 Equity method for stock investment obj. 3 Lydell Capital, Inc., makes investments in trading securities. Selected income statement items for the years ended December 31, 2010 and 2011,
=+Explain the change in the Investment in Mid-American Company Stock balance sheet account from December 31, 2010, to December 31, 2011.
=+EX 15-10 Equity method for stock investment obj. 3✔b. $4,565,760 Corvis Company’s balance sheet disclosed its long-term investment in Mid-American Company under the equity method for
=+b. Determine the December 31, 2010, balance of Investment in Krypton Labs Inc. Stock.
=+a. Provide the National Star Inc. journal entries for the transactions involving its investment in Krypton Labs Inc. during 2010.
=+EX 15-9 Equity method for stock investment obj. 3 692 Chapter 15 Investments and Fair Value Accounting On January 15, 2010, National Star Inc. purchased 80,000 shares of Krypton Labs Inc.directly
=+b. A cash dividend of $1.40 per common share is paid by Costello Corp. during the current period.
=+EX 15-8 Entries for available-for-sale stock investments and dividends obj. 3 At a total cost of $710,000, Abbott Corporation acquired 50,000 shares of Costello Corp.common stock as a long-term
=+During 2010, its first year of operations, LandStar Corporation purchased the following securities classified as available-for-sale securities:Cash Shares Dividends Security Purchased Cost
=+EX 15-7 Entries for stock investments, dividends, and sale of stock obj. 3✔ Nov. 14, Dividend revenue, $150 bonds acquired on May 1, plus one month accrued interest. On December 31, 2010, four
=+Nov. 14. Received dividends of $0.30 per share on Devon Inc. stock.
=+commission. Plumbline assumes that the first investments purchased are the first investments sold.
=+EX 15-6 Entries for investment in stock, receipt of dividends, and sale of shares obj. 3✔ June 3, Loss on sale of investments,$12,725 Plumbline Tech Corp. manufactures surveying equipment.
=+EX 15-5 Entries for investment in stock, receipt of dividends, and sale of shares obj. 3✔ c.Gain on sale of investments, $6,875 The following equity investment-related transactions were completed
=+EX 15-4 Interest on bond investments obj. 2 Chapter 15 Investments and Fair Value Accounting 691 On February 17, Asher Corporation acquired 3,000 shares of the 100,000 outstanding shares of Dan Co.
=+EX 15-3 Entries for investment in bonds, interest, and sale of bonds obj. 2 On May 1, 2010, Carly Company purchased $84,000 of 5%, 12-year Baltimore Company bonds at par plus 2 months’ accrued
=+b. Provide the December 31, 2010, adjusting journal entry for semiannual interest earned from the bond coupon.
=+EX 15-2 Entries for investment in bonds, interest, and sale of bonds obj. 2✔ Dec. 1, Loss on sale of investments,$20 The following bond investment transactions were completed during 2010 by
=+EX 15-1 Entries for investments in bonds, interest, and sale of bonds obj. 2 Lance Co. purchased $36,000 of 6%, 10-year Bergen County bonds on July 12, 2010, directly from the county at par value.
=+16. What are some potential disadvantages of fair value accounting?
=+15. What is the evidence of the trend toward fair value accounting?
=+12. Are held-to-maturity securities (a) equity investments,(b) debt investments,or (c) both?
=+11. If Valuation Allowance for Trading Investments has a credit balance, how is it treated on the balance sheet?
=+9. Google Inc.recently purchased all of the outstanding common stock of YouTube. Which is the parent company, and which is the subsidiary company in this transaction?
=+1. Why might a business invest in another company’s stock?
=+What was the unrealized gain or loss from available-for-sale securities reported on the income statement for 2011?A. $0 B. $15,000 unrealized gain C. $20,000 unrealized gain D. $55,000 unrealized
=+5. On December 31, 2010, Naples Company had investments in available-for-sale securities of$200,000 and a credit balance in Valuation Allowance for Available-for-Sale Investments of$20,000. On
=+the unrealized gain or loss on the trading investments reported on the income statement for 2011?A. $12,000 unrealized loss B. $12,000 unrealized gain C. $20,000 unrealized gain D. $52,000
=+4. On December 31,2010,Southern Life Insurance Co.had investments in trading securities of $450,000 and a debit balance in Valuation Allowance for Trading Investments of $32,000. On December 31,
=+3. Cole Company owns 40% of Barnwell Inc.During the current year, Barnwell reported net income of $200,000 and declared dividends of$60,000. How much would Cole Company increase Investment in
=+Dillon Company for $20 per share less a $50 brokerage commission. Determine the loss on sale of investment.A. $2,400 C. $2,490 B. $2,420 D. $2,520
=+2. On January 15 of the current year, Thomas Company purchased 1,400 shares of Dillon Company at a price of $23 per share plus a $70 brokerage commission. On April 10, Thomas Company subsequently
=+1. An investment is made on May 24 for $50,000, 5% bonds at par value. Interest is payable on March 31 and September 30. What is the accrued interest on the purchase date?A. $167 C. $625 B. $375 D.
=+May 12. Purchased 200,000 shares of Myers Company at $37 per share plus an $8,000 brokerage commission. Myers Company has 800,000 common shares issued and outstanding. The equity method was used
=+The following selected investment transactions were completed by Rosewell Company during 2010, its first year of operations: 2010 Jan. 11. Purchased 800 shares of Bryan Company stock as an
=+Altenburg Inc. is a lighting fixture wholesaler located in Arizona. During its current fiscal year, ended December 31, 2010, Altenburg Inc. completed the following selected transactions:Feb. 3.
=+v3. The Stockholders’ Equity section of the balance sheet may include:A. Common Stock.B. Stock Dividends Distributable.C. Preferred Stock.D. All of the above.
=+2. Why are most large businesses organized as corporations?
=+3. Of two corporations organized at approximately the same time and engaged in competing businesses, one issued $100 par common stock, and the other issued
=+$0.01 par common stock. Do the par designations provide any indication as to which stock is preferable as an investment? Explain.
=+10.a. Where should a declared but unpaid cash dividend be reported on the balance sheet?
=+b. Where should a declared but unissued stock dividend be reported on the balance sheet?
=+11.a. In what respect does treasury stock differ from unissued stock?
=+b. How should treasury stock be presented on the balance sheet?
=+12. A corporation reacquires 10,000 shares of its own $25 par common stock for$450,000, recording it at cost.
=+(a) What effect does this transaction have on revenue or expense of the period?
=+ (b) What effect does it have on stockholders’ equity?
=+14. What is the primary advantage of combining the retained earnings statement with the income statement?
=+17. When is a statement of stockholders’ equity normally prepared?
=+18. What is the primary purpose of a stock split?
=+Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Sixty thousand shares of common stock are authorized, and 4,000 shares have been
=+EX 13-1 Dividends per share obj. 3✔ Preferred stock, 1st year: $2.00 Michelangelo Inc., a software development firm, has stock outstanding as follows:20,000 shares of cumulative 1%, preferred
=+EX 13-2 Dividends per share obj. 3✔ Preferred stock, 1st year: $0.15 On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par common stock at $34, and on
=+b. What is the total amount invested (total paid-in capital) by all stockholders as of May 9?
=+EX 13-3 Entries for issuing par stock obj. 3 On June 4, Magic Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of nopar common stock (with a stated value of $3) at $12, and on
=+b. What is the total amount invested (total paid-in capital) by all stockholders as of October 9?
=+EX 13-4 Entries for issuing no-par stock obj. 3 On January 30, Lift Time Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 18,000 shares of $10 par common stock with a
=+Journalize the entry to record the transaction.
=+EX 13-5 Issuing stock for assets other than cash obj. 3 Rocky Mountain Sounds Corp., an electric guitar retailer, was organized by Cathy Dewitt, Melody Leimbach, and Mario Torres. The charter
=+b. Issued 750 shares of stock at par to Mario Torres for promotional services provided in connection with the organization of the corporation, and issued 20,000 shares of stock at par to Mario
=+c. Purchased land and a building from Melody Leimbach. The building is mortgaged for $400,000 for 20 years at 7%, and there is accrued interest of $7,000 on the mortgage note at the time of the
=+EX 13-6 Selected stock transactions obj. 3 602 Chapter 13 Corporations: Organization, Stock Transactions, and Dividends Chapter 13 Corporations: Organization, Stock Transactions, and Dividends 603
=+All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.
=+Journalize the two entries to record the transactions summarized in the trial balance.
=+EX 13-7 Issuing stock obj. 3 Newgen Products Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 75,000 shares of 2% preferred stock,
=+Mar. 6. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $50,000, $275,000, and $60,000, respectively.
=+Apr. 30. Issued 20,000 shares of preferred stock at $60 for cash.Journalize the transactions.
=+EX 13-8 Issuing stock obj. 3 The important dates in connection with a cash dividend of $69,500 on a corporation’s common stock are May 3, June 17, and August 1. Journalize the entries required on
=+EX 13-9 Entries for cash dividends obj. 4 Organic Health Co. is an HMO for businesses in the Chicago area. The following account balances appear on the balance sheet of Organic Health Co.: Common
=+a. Journalize the entries to record (1) the declaration of the dividend, capitalizing an amount equal to market value, and (2) the issuance of the stock certificates.
=+b. Determine the following amounts before the stock dividend was declared: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity.
=+c. Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: (1) total paid-in capital, (2) total retained earnings, and (3)
=+EX 13-10 Entries for stock dividends obj. 4✔b. (1) $12,000,000(3) $57,000,000 Beaverhead Creek Inc. bottles and distributes spring water. On March 4 of the current year, Beaverhead Creek
=+b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?

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