Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you please check my numbers and tell me what ones are wrong? Problem 17-11 Culver Corp. invested its excess cash in securities during 2017.
Can you please check my numbers and tell me what ones are wrong?
Problem 17-11 Culver Corp. invested its excess cash in securities during 2017. As of December 31, 2017 the securities portfolio consisted of the following common stocks. Security Quantity Cost Fair Value $21,100 $15,100 Lindsay Jones, Inc. 1,000 shares 40,200 Poley Corp. 2,000 shares 42,200 59,900 71,900 Arnold Aircraft 2,000 shares Totals $127,200 $123,200 What should be reported on Culver's December 31, 2017, balance sheet relative to these securities? What should be reported on Fernandez's 2017 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Culver Corp. Balance Sheet (Partial) December 31, 2017 Equity Investments 135200 Debt Investments Income Statement For the Year Ended December 31, 2017 Net Sales 3800 Unrealized Holding Gair on December 31, 2018, Culver's securities portfolio consisted of the following common stocks. Securi Quantity Cost Fair Value $15,100 Lindsay Jones, Inc. 1,000 shares $20,000 33,000 Lindsay Jones, Inc. 2,000 shares 40,300 Duff Company 1,000 shares 16,000 11,900 71,900 22,000 Arnold Aircraft 2,000 shares Totals $136,000 $94,200 During the year 2018, Culver Corp. sold 2,000 shares of Poley Corp. for $38,400 and purchased 2,000 more shares of Lindsay Jones, Inc. and 1,000 shares of Duff CompanyStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started