The following information is available for Kinney Company at December 31, 2015, regarding its investments. Instructions (a)

Question:

The following information is available for Kinney Company at December 31, 2015, regarding its investments.

image text in transcribed

Instructions

(a) Prepare the adjusting entry (if any) for 2015, assuming the investments are classified as trading.

(b) Prepare the adjusting entry (if any) for 2015, assuming the investments are classified as non-trading.

(c) Discuss how the amounts reported in the financial statements are affected by the entries in

(a) and (b).

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

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

See More Books

Question Posted: Mar 23, 2024 08:01 AM

See More Questions

Entries for Available-for-Sale and Trading Securities the following information is available for Kinney Company at December 31, 2010, regarding its investments. (a) Prepare the adjusting entry (if...
The following information is available for Kinney plc at December 31, 2019, regarding its investments. Instructions a. Prepare the adjusting entry (if any) for 2019, assuming the investments are...
The following information is available for Quigley Company at December 31, 2014, regarding its investments. The company did not have any investments prior to 2014. Instructions (a) Prepare the...
Review the media landscape and system in The Bahamas. Which theories/typologies would fit the nation's media best? Explain your answer thoroughly using "Normative Theories of The Media Journalism and...
A subassembly for a model airplane is fabricated from three pieces of 1.5- mm plywood. Neglecting the mass of the adhesive used to assemble the three pieces, determine the mass moment of inertia of...
Have you experienced, or observed, the opposite a bureaucratic organization with poorly paid, boring and unskilled jobs that are controlled by autocratic managers?
(p. 348). Recall that the ratio of net operating income to property asset valuecalled the capitalization ratewas determined for a sample of 13 retail property tenants. Data on S&P credit ratings and...
On January 1, 2013, Peach Company issued 1,500 of its $20 par value common shares with a fair value of $60 per share in exchange for the 2,000 outstanding common shares of Swartz Company in a...
Let K = Q(x) be the field of rational functions in one variable x over Q. Let K1 K be the field K1 = Q(x^2 ) (of rational functions in x^2 ) and let K2 = Q(x^2 x). (a) Show that K is algebraic over...
On December 21, 2015, Zurich Company provided you with the following information regarding its trading investments. During 2016, Carolina Co. shares were sold for 9,500. The fair value of the shares...
Presented on page 865 is selected information related to the financial instruments of Dawson Company at December 31, 2015 (amounts in thousands). This is Dawson Companys first year of operations....
For a p-channel enhancement-mode MOSFET, $k_{p}^{\prime}=50 \mu \mathrm{A} / \mathrm{V}^{2}$. The device has drain currents of $I_{D}=0.225 \mathrm{~mA}$ at $V_{S G}=V_{S D}=2 \mathrm{~V}$ and...
Experiment 3 19. Now click on Circuit 5 and set the values for the Resistors and Voltage as follows: a. R1 =10.0 W, R2 = 20.0 W, R3 = 50.0 W, R4=50.0 W, V=10.0 V. b. Using the formula for adding...
This problem is based on the JA Tires data that was first introduced in problem 6-35. If you have not already accessed the data, it can be downloaded from the textbook website or from the attached...
Based in Miramichi, New Brunswick, Abenaki Associates Ltd. has been providing information and computer software technology to First Nation customers for more than thirty years. Abenaki Associates is...
a = [1,2,3,4] b= a -1 print(b) What is the output? The code does not make errors. Q3. (10 pts) What is the output? The code does not make errors. n=3 for k in range (n) : for m in range (k):...
Rodriguez Corporation issues 12,000 shares of its common stock for $62,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The...
Find two news stories reporting on the results of statistical studies with the following characteristics. First, find one that reports on a study that failed to find a relationship. Next, find one...
Uniform electric field in Figure a uniform electric field is directed out of the page within a circular region of radius R = 3.00 cm. The magnitude of the electric field is given by E = (4.50 x 10-3...
Q1) The equity of Washington Ltd at 1 July 2020 consisted of: Share capital 500 000 A ordinary shares fully paid $1 500 000 400 000 B ordinary shares issued for $2 and paid to $1.50 600 000 General...
out The following information relates to Questions 1 to 2. The management accountant of a furniture manufacturer is developing a standard for the labour cost of one massage chair. When operating at...
Exercise 10-8 Utilization of a constrained Resource [LO10-5, L010-6] Barlow Company manufactures three products: A, B, and C. The selling price, variable costs, and contribution margin for one unit...

The following information is available for Kinney Company at December 31, 2015, regarding its investments. Instructions (a)

Question:

Investments 3,000 ordinary shares of Petty Corporation 1,000 preference shares of Dowe Incorporated Cost Fair Value 40,000 46,000 25,000 22,000 65,000 68,000

Step by Step Answer:

Intermediate Accounting IFRS Edition

Students also viewed these Business questions