NEED BALANCE SHEET AND INCOME STATEMENT (INCOME STATEMENT IS NOT SHOWN BUT I NEED IT) PART C AND D D IS NOT SHOWN BECAUSE C NEEDS TO BE CORRECT BUT D IS ASKING FOR INCOME STATEMENT I HAVE PROVIDED ALL DATA
Problem 16-02A a-d (Part Level Submission) (Video) In January 2020, the management of Sheridan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 Aug. 1 Sept. 1 Oct. 1 Oct. 1 Purchased 600 shares of Muninger common stock for $30,000. Purchased 800 shares of Tatman common stock for $20,000. Purchased 60 $1,160, 7% Yoakem bonds for $69,600. Interest is payable semiannually on April 1 and October 1. Received a cash dividend of $0.70 per share on the Muninger common stock. Sold 200 shares of Muninger common stock at $65 per share. Received a $1 per share cash dividend on the Tatman common stock. Received the semiannual interest on the Yoakem bonds. Sold the Yoakem bonds for $68,600. At December 31, the fair value of the Muninger common stock was $51 per share. The fair value of the Tatman common stock was $24 per share. (a) r answer is correct. Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Record journal entries in the order presented in the problem. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Stock Investments 30,000 I Cash 30,000 T Mar. 1 A stock Investments 20,000 Feb. 1 1 Stock Investments 30,000 Cash 30,000 Mar. 1 1 Stock Investments Cash 20,000 Apr. 1 Debt Investments Cash 69,600 July 1 A Cash IT Dividend Revenue TAug. 1 A Cash 000 Stock Investments 10000 Gain on Sale of Stock Investments 3000 Sept. 1 - Cas Dividend Revenue 800 Oct. 1 A Cash 2436 Dividend Revenue 800 Oct. 1 AN Cash 2436 Interest Revenue 2436 (To record the receipt of semiannual interest on Yoakem bonds) Oct. 1 Tcash 68600 Loss on Sale of Debt Investments 1000 Debt Investments IL 69,600 (To record the sale of Yoakem bonds) Stock Investments Feb. 1 30,000 Aug. 1 10000 Mar. 1 20,000 Dec. 31 Bal. 40000 || Debt Investments Apr. 1 69,600 ITT Oct. 1 69,600 Dec. 31 Bal. SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 4 of 5 used (b) Your answer is partially correct. Try again. Prepare the adjusting entry at December 31, 2020, to report the investment securities at fair value. All securities are considered to be trading securities. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit 69,600 - Dec. 31 Unrealized Gain or Loss-Income 69,600 Fair Value Adjustment-Trading 69,600 Click if you would like to Show Work for this question: Open Show Work (c) Your answer is partially correct. Try again. Show the balance sheet presentation of investment securities at December 31, 2020. Sheridan Company Balance Sheet (Partial) December 31, 2020 Current Assets Short-term Investments, at fair value ta Click if you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 1 of 5 used
