GL1501 Based on Problem 15 4A LO P4 GL1501 Based on Problem 15 4A LO P4 JCW Corp had no short term investments prior to year 2017 It had the following transactions involving short term investments in available for sale securities during 2017 Apr 16 Purchased 5,500 shares of Barcelona Co stock at $25 per share July 7 Purchased 4,000 shares of Lafayette Co stock at $50 per share 20 Purchased 1,800 shares of Fields Co stock at $17 per share Aug 15 Received an $1 30 per share cash dividend on the Barcelona Co stock 28 Sold 3,300 shares of Barcelona Co stock at $28 per share Oct 1 Received a $2 90 per share cash dividend on the Lafayette Co shares Dec 15 Received a $1 60 per share cash dividend on the remaining Barcelona Co shares 31 Received a $2 30 per share cash dividend on the Lafayette Co shares Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact General Journal tab Prepare the required journal entries for each of the transactions of JCW Corp for the current year Prepare the adjustment to fair value for the available for sale portfolio General Ledger and Trial Balance tabs The cost of each of the available for sale securities can be found on the General Ledger and or Trial balance tabs Fair Value Adjustment tab Calculate the total cost and total fair value of the available for sale portfolio, and then use the 3 step adjusting entry process to calculate the amount of the year end adjustment to fair value Transaction Analysis tab For each transaction, indicate the total impact on assets and equity If equity changed, indicate whether the change was a component of income or a direct component of stockholders' equity Financial Statement Impact tab Prove the accuracy of the totals on the Transaction Analysis tab by selecting the account titles that report the total change in income and equity View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 Apr 16 Stock investments 137,500 Cash 137,500 2 Jul 07 Stock investments 200,000 Cash 200,000 3 Jul 20 Stock investments 30,600 Cash 30,600 4 Aug 15 Cash 7,150 Dividend revenue 7,150 5 Aug 28 Cash 92,400 Gain on sale of stock investments 9,900 Stock investments 82,500 6 Oct 01 Cash 11,600 Dividend revenue 11,600 7 Dec 15 Cash 3,520 Dividend revenue 3,520 8 Dec 31 Cash 9,200 Dividend revenue 9 200 9 Dec 31 Cash Fair Value Adjustment Stock Investments General Ledger Account Cash Accounts receivable No Date Debit Credit No Date Debit Credit Balance 100,000 Jan 01 1 2 137,500 200,000 30,600 3 Balance 1,045,000 907,500 707,500 676,900 684,050 776,450 788,050 791,570 800 770 Jan 01 Apr 16 Jul 07 Jul 20 Aug 15 Aug 28 Oct 01 Dec 15 Dec 31 4 5 6 7,150 92,400 11,600 3,520 9,200 7 8 Stock investments Inventory No Date Debit Credit No Date Debit Credit Balance 50 000 Jan 01 1 Jan 01 Apr 16 Jul 07 Jul 20 Aug 28 137,500 200,000 Balance 0 137,500 337,500 368,100 285,600 2 3 30,600 5 82,500 Accounts payable Long term notes payable No Date Debit Credit No Date Debit Credit Balance 60,000 Balance 280 000 Jan 01 Jan 01 Common stock Paid in capital in excess of par Common No Debit Credit No Date Debit Credit Date Jan 01 Balance 315,000 Balance 90,000 Jan 01 Retained earnings Dividend revenue No Date Debit Credit No Date Debit Credit Balance Balance 450,000 Jan 01 4 Jan 01 Aug 15 Oct 01 Dec 15 6 7,150 11,600 3,520 9 200 0 7,150 18,750 22,270 31 470 7 8 Dec 31 Gain on sale of stock investments No Date Debit Credit Balance Jan 01 Aug 28 0 9,900 5 9,900 Cost of investments at December 31 of Shares Cost Barcelona Company stock Lafayette Co stock Fields Co Total cost Fair value of investments at December 31 of Shares Fair value per share Fair Value Barcelona Company stock Lafayette Co stock Fields Co Total fair value Total unrealized gain loss as of December 31 Step 1 Determine what the unadjusted balance in the fair value adjustment equals Step 2 Determine what the adjusted balance in the fair value adjustment account should equal Determine the amount of the adjustment to the fair value adjustment account required to get from Step 1 to Step 2 Step 3 Change in Change in equity As a direct As a component of Total change component of stockholders' in equity net income equity Total assets $ 0 $ 0 Apr 16) Purchased 5,500 shares of Barcelona Co stock at $25 per share Jul 7) Purchased 4,000 shares of Lafayette Co stock at $50 per share 0 0 0 0 Jul 20) Purchased 1,800 shares of Fields Co stock at $17 per share Aug 15) Received an $1 30 per share cash dividend on the Barcelona Co stock 0 Aug 28) Sold 3,300 shares of Barcelona Co stock at $28 per share 0 O 0 Oct 1) Received a $2 90 per share cash dividend on the Lafayette Co shares Dec 15) Received a $1 60 per share cash dividend on the remaining Barcelona Co shares Dec 31) Received a $2 30 per share cash dividend on the Lafayette Co shares Dec 31) Adjusted the securities to year end fair value Totals 0 0 $ 0 $ 0 $ 0 $ 0 Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account title income statement or as a component of stockholders' equity $ 0 On the transaction analysis tab, you indicated that total income changed by Select the income statement account balances that prove this amount 0 0 0 Total net income On the transaction analysis tab, you indicated that total stockholders' equity changed by $ O Select the stockholders' equity account balance that proves this amount Change in Retained Earnings due to net income GL1501 Based on Problem 15 4A LO P4 JCW Corp had no short term investments prior to year 2017 It had the following transactions involving short term investments in available for sale securities during 2017 Apr 16 Purchased 5,500 shares of Barcelona Co stock at $25 per share July 7 Purchased 4,000 shares of Lafayette Co stock at $50 per share 20 Purchased 1,800 shares of Fields Co stock at $17 per share Aug 15 Received an $1 30 per share cash dividend on the Barcelona Co stock 28 Sold 3,300 shares of Barcelona Co stock at $28 per share Oct 1 Received a $2 90 per share cash dividend on the Lafayette Co shares Dec 15 Received a $1 60 per share cash dividend on the remaining Barcelona Co shares 31 Received a $2 30 per share cash dividend on the Lafayette Co shares Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact General Journal tab Prepare the required journal entries for each of the transactions of JCW Corp for the current year Prepare the adjustment to fair value for the available for sale portfolio General Ledger and Trial Balance tabs The cost of each of the available for sale securities can be found on the General Ledger and or Trial balance tabs Fair Value Adjustment tab Calculate the total cost and total fair value of the available for sale portfolio, and then use the 3 step adjusting entry process to calculate the amount of the year end adjustment to fair value Transaction Analysis tab For each transaction, indicate the total impact on assets and equity If equity changed, indicate whether the change was a component of income or a direct component of stockholders' equity Financial Statement Impact tab Prove the accuracy of the totals on the Transaction Analysis tab by selecting the account titles that report the total change in income and equity View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 Apr 16 Stock investments 137,500 Cash 137,500 2 Jul 07 Stock investments 200,000 Cash 200,000 3 Jul 20 Stock investments 30,600 Cash 30,600 4 Aug 15 Cash 7,150 Dividend revenue 7,150 5 Aug 28 Cash 92,400 Gain on sale of stock investments 9,900 Stock investments 82,500 6 Oct 01 Cash 11,600 Dividend revenue 11,600 7 Dec 15 Cash 3,520 Dividend revenue 3,520 8 Dec 31 Cash 9,200 Dividend revenue 9 200 9 Dec 31 Cash Fair Value Adjustment Stock Investments General Ledger Account Cash Accounts receivable No Date Debit Credit No Date Debit Credit Balance 100,000 Jan 01 1 2 137,500 200,000 30,600 3 Balance 1,045,000 907,500 707,500 676,900 684,050 776,450 788,050 791,570 800 770 Jan 01 Apr 16 Jul 07 Jul 20 Aug 15 Aug 28 Oct 01 Dec 15 Dec 31 4 5 6 7,150 92,400 11,600 3,520 9,200 7 8 Stock investments Inventory No Date Debit Credit No Date Debit Credit Balance 50 000 Jan 01 1 Jan 01 Apr 16 Jul 07 Jul 20 Aug 28 137,500 200,000 Balance 0 137,500 337,500 368,100 285,600 2 3 30,600 5 82,500 Accounts payable Long term notes payable No Date Debit Credit No Date Debit Credit Balance 60,000 Balance 280 000 Jan 01 Jan 01 Common stock Paid in capital in excess of par Common No Debit Credit No Date Debit Credit Date Jan 01 Balance 315,000 Balance 90,000 Jan 01 Retained earnings Dividend revenue No Date Debit Credit No Date Debit Credit Balance Balance 450,000 Jan 01 4 Jan 01 Aug 15 Oct 01 Dec 15 6 7,150 11,600 3,520 9 200 0 7,150 18,750 22,270 31 470 7 8 Dec 31 Gain on sale of stock investments No Date Debit Credit Balance Jan 01 Aug 28 0 9,900 5 9,900 Cost of investments at December 31 of Shares Cost Barcelona Company stock Lafayette Co stock Fields Co Total cost Fair value of investments at December 31 of Shares Fair value per share Fair Value Barcelona Company stock Lafayette Co stock Fields Co Total fair value Total unrealized gain loss as of December 31 Step 1 Determine what the unadjusted balance in the fair value adjustment equals Step 2 Determine what the adjusted balance in the fair value adjustment account should equal Determine the amount of the adjustment to the fair value adjustment account required to get from Step 1 to Step 2 Step 3 Change in Change in equity As a direct As a component of Total change component of stockholders' in equity net income equity Total assets $ 0 $ 0 Apr 16) Purchased 5,500 shares of Barcelona Co stock at $25 per share Jul 7) Purchased 4,000 shares of Lafayette Co stock at $50 per share 0 0 0 0 Jul 20) Purchased 1,800 shares of Fields Co stock at $17 per share Aug 15) Received an $1 30 per share cash dividend on the Barcelona Co stock 0 Aug 28) Sold 3,300 shares of Barcelona Co stock at $28 per share 0 O 0 Oct 1) Received a $2 90 per share cash dividend on the Lafayette Co shares Dec 15) Received a $1 60 per share cash dividend on the remaining Barcelona Co shares Dec 31) Received a $2 30 per share cash dividend on the Lafayette Co shares Dec 31) Adjusted the securities to year end fair value Totals 0 0 $ 0 $ 0 $ 0 $ 0 Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account title income statement or as a component of stockholders' equity $ 0 On the transaction analysis tab, you indicated that total income changed by Select the income statement account balances that prove this amount 0 0 0 Total net income On the transaction analysis tab, you indicated that total stockholders' equity changed by $ O Select the stockholders' equity account balance that proves this amount Change in Retained Earnings due to net income

Question

GL1501   Based on Problem 15 4A LO P4 GL1501   Based on Problem 15 4A LO P4 JCW Corp  had no short term investments prior to year 2017  It had the following transactions involving short term investments in available for sale securities during 2017  Apr  16 Purchased 5,500 shares of Barcelona Co  stock at $25 per share  July 7 Purchased 4,000 shares of Lafayette Co  stock at $50 per share  20 Purchased 1,800 shares of Fields Co  stock at $17 per share  Aug  15 Received an $1 30 per share cash dividend on the Barcelona Co  stock  28 Sold 3,300 shares of Barcelona Co  stock at $28 per share  Oct  1 Received a $2 90 per share cash dividend on the Lafayette Co  shares  Dec  15 Received a $1 60 per share cash dividend on the remaining Barcelona Co  shares  31 Received a $2 30 per share cash dividend on the Lafayette Co  shares  Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact General Journal tab   Prepare the required journal entries for each of the transactions of JCW Corp  for the current year  Prepare the adjustment to fair value for the available for sale portfolio  General Ledger and Trial Balance tabs  The cost of each of the available for sale securities can be found on the General Ledger and or Trial balance tabs  Fair Value Adjustment tab   Calculate the total cost and total fair value of the available for sale portfolio, and then use the 3 step adjusting entry process to calculate the amount of the year end adjustment to fair value  Transaction Analysis tab   For each transaction, indicate the total impact on assets and equity  If equity changed, indicate whether the change was a component of income or a direct component of stockholders' equity  Financial Statement Impact tab   Prove the accuracy of the totals on the Transaction Analysis tab by selecting the account titles that report the total change in income and equity  View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 Apr 16 Stock investments 137,500 Cash 137,500 2 Jul 07 Stock investments 200,000 Cash 200,000 3 Jul 20 Stock investments 30,600 Cash 30,600 4 Aug 15 Cash 7,150 Dividend revenue 7,150 5 Aug 28 Cash 92,400 Gain on sale of stock investments 9,900 Stock investments 82,500 6 Oct 01 Cash 11,600 Dividend revenue 11,600 7 Dec 15 Cash 3,520 Dividend revenue 3,520 8 Dec 31 Cash 9,200 Dividend revenue 9 200 9 Dec 31 Cash Fair Value Adjustment   Stock Investments General Ledger Account Cash Accounts receivable No Date Debit Credit No  Date Debit Credit Balance 100,000 Jan 01 1 2 137,500 200,000 30,600 3         Balance 1,045,000 907,500 707,500 676,900 684,050 776,450 788,050 791,570 800 770 Jan 01 Apr 16 Jul 07 Jul 20 Aug 15 Aug 28 Oct 01 Dec 15 Dec 31 4 5 6 7,150 92,400 11,600 3,520 9,200 7 8 Stock investments Inventory No  Date Debit Credit No  Date Debit Credit Balance 50 000 Jan 01 1 Jan 01 Apr 16 Jul 07 Jul 20 Aug 28 137,500 200,000 Balance 0 137,500 337,500 368,100 285,600 2 3 30,600 5 82,500 Accounts payable Long term notes payable No  Date Debit Credit No  Date Debit Credit Balance 60,000 Balance 280 000 Jan 01 Jan 01 Common stock Paid in capital in excess of par   Common No Debit Credit No  Date Debit Credit Date Jan 01 Balance 315,000 Balance 90,000 Jan 01 Retained earnings Dividend revenue No  Date Debit Credit No  Date Debit Credit Balance Balance 450,000 Jan 01 4 Jan 01 Aug 15 Oct 01 Dec 15 6 7,150 11,600 3,520 9 200 0 7,150 18,750 22,270 31 470 7 8 Dec 31 Gain on sale of stock investments No  Date Debit Credit Balance Jan 01 Aug 28 0 9,900 5 9,900 Cost of investments at December 31    of Shares Cost Barcelona Company stock Lafayette Co  stock Fields Co  Total cost Fair value of investments at December 31    of Shares Fair value per share Fair Value Barcelona Company stock Lafayette Co  stock Fields Co  Total fair value Total unrealized gain loss as of December 31  Step 1  Determine what the unadjusted balance in the fair value adjustment equals  Step 2  Determine what the adjusted balance in the fair value adjustment account should equal  Determine the amount of the adjustment to the fair value adjustment account required to get from Step 1 to Step 2  Step 3  Change in Change in equity  As a direct As a component of Total change component of stockholders' in equity net income equity Total assets $ 0 $ 0 Apr  16) Purchased 5,500 shares of Barcelona Co  stock at $25 per share  Jul  7) Purchased 4,000 shares of Lafayette Co  stock at $50 per share  0 0 0 0 Jul  20) Purchased 1,800 shares of Fields Co  stock at $17 per share  Aug  15) Received an $1 30 per share cash dividend on the Barcelona Co  stock  0 Aug  28) Sold 3,300 shares of Barcelona Co  stock at $28 per share  0 O 0 Oct  1) Received a $2 90 per share cash dividend on the Lafayette Co  shares  Dec  15) Received a $1 60 per share cash dividend on the remaining Barcelona Co  shares  Dec  31) Received a $2 30 per share cash dividend on the Lafayette Co  shares  Dec  31) Adjusted the securities to year end fair value  Totals 0 0 $ 0 $ 0 $ 0 $ 0 Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account title  income statement or as a component of stockholders' equity  $ 0 On the transaction analysis tab, you indicated that total income changed by  Select the income statement account balances that prove this amount  0 0 0 Total net income On the transaction analysis tab, you indicated that total stockholders' equity changed by  $ O Select the stockholders' equity account balance that proves this amount  Change in Retained Earnings due to net income GL1501   Based on Problem 15 4A LO P4 JCW Corp  had no short term investments prior to year 2017  It had the following transactions involving short term investments in available for sale securities during 2017  Apr  16 Purchased 5,500 shares of Barcelona Co  stock at $25 per share  July 7 Purchased 4,000 shares of Lafayette Co  stock at $50 per share  20 Purchased 1,800 shares of Fields Co  stock at $17 per share  Aug  15 Received an $1 30 per share cash dividend on the Barcelona Co  stock  28 Sold 3,300 shares of Barcelona Co  stock at $28 per share  Oct  1 Received a $2 90 per share cash dividend on the Lafayette Co  shares  Dec  15 Received a $1 60 per share cash dividend on the remaining Barcelona Co  shares  31 Received a $2 30 per share cash dividend on the Lafayette Co  shares  Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact General Journal tab   Prepare the required journal entries for each of the transactions of JCW Corp  for the current year  Prepare the adjustment to fair value for the available for sale portfolio  General Ledger and Trial Balance tabs  The cost of each of the available for sale securities can be found on the General Ledger and or Trial balance tabs  Fair Value Adjustment tab   Calculate the total cost and total fair value of the available for sale portfolio, and then use the 3 step adjusting entry process to calculate the amount of the year end adjustment to fair value  Transaction Analysis tab   For each transaction, indicate the total impact on assets and equity  If equity changed, indicate whether the change was a component of income or a direct component of stockholders' equity  Financial Statement Impact tab   Prove the accuracy of the totals on the Transaction Analysis tab by selecting the account titles that report the total change in income and equity  View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 Apr 16 Stock investments 137,500 Cash 137,500 2 Jul 07 Stock investments 200,000 Cash 200,000 3 Jul 20 Stock investments 30,600 Cash 30,600 4 Aug 15 Cash 7,150 Dividend revenue 7,150 5 Aug 28 Cash 92,400 Gain on sale of stock investments 9,900 Stock investments 82,500 6 Oct 01 Cash 11,600 Dividend revenue 11,600 7 Dec 15 Cash 3,520 Dividend revenue 3,520 8 Dec 31 Cash 9,200 Dividend revenue 9 200 9 Dec 31 Cash Fair Value Adjustment   Stock Investments General Ledger Account Cash Accounts receivable No Date Debit Credit No  Date Debit Credit Balance 100,000 Jan 01 1 2 137,500 200,000 30,600 3         Balance 1,045,000 907,500 707,500 676,900 684,050 776,450 788,050 791,570 800 770 Jan 01 Apr 16 Jul 07 Jul 20 Aug 15 Aug 28 Oct 01 Dec 15 Dec 31 4 5 6 7,150 92,400 11,600 3,520 9,200 7 8 Stock investments Inventory No  Date Debit Credit No  Date Debit Credit Balance 50 000 Jan 01 1 Jan 01 Apr 16 Jul 07 Jul 20 Aug 28 137,500 200,000 Balance 0 137,500 337,500 368,100 285,600 2 3 30,600 5 82,500 Accounts payable Long term notes payable No  Date Debit Credit No  Date Debit Credit Balance 60,000 Balance 280 000 Jan 01 Jan 01 Common stock Paid in capital in excess of par   Common No Debit Credit No  Date Debit Credit Date Jan 01 Balance 315,000 Balance 90,000 Jan 01 Retained earnings Dividend revenue No  Date Debit Credit No  Date Debit Credit Balance Balance 450,000 Jan 01 4 Jan 01 Aug 15 Oct 01 Dec 15 6 7,150 11,600 3,520 9 200 0 7,150 18,750 22,270 31 470 7 8 Dec 31 Gain on sale of stock investments No  Date Debit Credit Balance Jan 01 Aug 28 0 9,900 5 9,900 Cost of investments at December 31    of Shares Cost Barcelona Company stock Lafayette Co  stock Fields Co  Total cost Fair value of investments at December 31    of Shares Fair value per share Fair Value Barcelona Company stock Lafayette Co  stock Fields Co  Total fair value Total unrealized gain loss as of December 31  Step 1  Determine what the unadjusted balance in the fair value adjustment equals  Step 2  Determine what the adjusted balance in the fair value adjustment account should equal  Determine the amount of the adjustment to the fair value adjustment account required to get from Step 1 to Step 2  Step 3  Change in Change in equity  As a direct As a component of Total change component of stockholders' in equity net income equity Total assets $ 0 $ 0 Apr  16) Purchased 5,500 shares of Barcelona Co  stock at $25 per share  Jul  7) Purchased 4,000 shares of Lafayette Co  stock at $50 per share  0 0 0 0 Jul  20) Purchased 1,800 shares of Fields Co  stock at $17 per share  Aug  15) Received an $1 30 per share cash dividend on the Barcelona Co  stock  0 Aug  28) Sold 3,300 shares of Barcelona Co  stock at $28 per share  0 O 0 Oct  1) Received a $2 90 per share cash dividend on the Lafayette Co  shares  Dec  15) Received a $1 60 per share cash dividend on the remaining Barcelona Co  shares  Dec  31) Received a $2 30 per share cash dividend on the Lafayette Co  shares  Dec  31) Adjusted the securities to year end fair value  Totals 0 0 $ 0 $ 0 $ 0 $ 0 Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account title  income statement or as a component of stockholders' equity  $ 0 On the transaction analysis tab, you indicated that total income changed by  Select the income statement account balances that prove this amount  0 0 0 Total net income On the transaction analysis tab, you indicated that total stockholders' equity changed by  $ O Select the stockholders' equity account balance that proves this amount  Change in Retained Earnings due to net income

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GL1501 - Based on Problem 15-4A LO P4 GL1501 - Based on Problem 15-4A LO P4 JCW Corp. had no short-term investments prior to year

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