Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Splish Corp. invested its excess cash insecurities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security Quantity
Splish Corp. invested its excess cash insecurities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security Quantity Lindsay Jones, Inc. 1,000 shares Poley Corp. 2,000 shares Arnold Aircraft 2.000 shares Cost $15,200 10.300 72,100 Totals $127.600 Fair Value $21.200 12.100 60,200 $123,800 Your answer is correct. What should be reported on Splish's December 31, 2020. balance shect relative to these securities? What should be reported on Splish's 2020 income statement? (If no entry is required, select "No Entry for the account titles and enter for the amounts.) Splish Corp. Balance Sheet (Partial) December 31, 2020 Current Assets Fiquity Investments Equity Investments 193.800 Income Statement For the Year Ended December 31, 2020 T Other Expenses and losses Unrealized Holding Gain or Loss-Income 3,900 Splish Corp. invested its excess cash insecurities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security Quantity Lindsay Jones, Inc. 1,000 shares Poley Corp. 2,000 shares Arnold Aircraft 2.000 shares Cost $15,200 10.300 72,100 Totals $127.600 Fair Value $21.200 12.100 60,200 $123,800 Your answer is correct. What should be reported on Splish's December 31, 2020. balance shect relative to these securities? What should be reported on Splish's 2020 income statement? (If no entry is required, select "No Entry for the account titles and enter for the amounts.) Splish Corp. Balance Sheet (Partial) December 31, 2020 Current Assets Fiquity Investments Equity Investments 193.800 Income Statement For the Year Ended December 31, 2020 T Other Expenses and losses Unrealized Holding Gain or Loss-Income 3,900 On December 31, 2022, Splish's securities portfolio consisted of the following common stocks. tity_ Security Quantity Arnold Aircraft 2,000 shares Duff Company 500 shares Cost $72,100 7,950 Totals $80.050 Fair Value $82,800 5,900 $88.700 During the year 2022, Splish Corp. sold 3,000 shares of Lindsay Jones, Inc. for $40,000 and 500 shares of Duff Company at a loss of $2,600. What should be reported on the face of Splish's December 31, 2022, balance sheet? What should be reported on Splish's 2022 income statement? Splish Corp. Balance Sheet (Partial) December 31, 2022 Current Assets Equity Investments $ 88,700 Splish Corp. Income Statement (Partial) For the Year Ended December 31, 2022 Other Expenses and Losses Loss on Sale of Investments 38,100 Unrealized Holding Gain or Loss -Income 12,450 Splish Corp. invested its excess cash insecurities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security Quantity Lindsay Jones, Inc. 1,000 shares Poley Corp. 2,000 shares Arnold Aircraft 2.000 shares Cost $15,200 10.300 72,100 Totals $127.600 Fair Value $21.200 12.100 60,200 $123,800 Your answer is correct. What should be reported on Splish's December 31, 2020. balance shect relative to these securities? What should be reported on Splish's 2020 income statement? (If no entry is required, select "No Entry for the account titles and enter for the amounts.) Splish Corp. Balance Sheet (Partial) December 31, 2020 Current Assets Fiquity Investments Equity Investments 193.800 Income Statement For the Year Ended December 31, 2020 T Other Expenses and losses Unrealized Holding Gain or Loss-Income 3,900 Splish Corp. invested its excess cash insecurities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security Quantity Lindsay Jones, Inc. 1,000 shares Poley Corp. 2,000 shares Arnold Aircraft 2.000 shares Cost $15,200 10.300 72,100 Totals $127.600 Fair Value $21.200 12.100 60,200 $123,800 Your answer is correct. What should be reported on Splish's December 31, 2020. balance shect relative to these securities? What should be reported on Splish's 2020 income statement? (If no entry is required, select "No Entry for the account titles and enter for the amounts.) Splish Corp. Balance Sheet (Partial) December 31, 2020 Current Assets Fiquity Investments Equity Investments 193.800 Income Statement For the Year Ended December 31, 2020 T Other Expenses and losses Unrealized Holding Gain or Loss-Income 3,900 On December 31, 2022, Splish's securities portfolio consisted of the following common stocks. tity_ Security Quantity Arnold Aircraft 2,000 shares Duff Company 500 shares Cost $72,100 7,950 Totals $80.050 Fair Value $82,800 5,900 $88.700 During the year 2022, Splish Corp. sold 3,000 shares of Lindsay Jones, Inc. for $40,000 and 500 shares of Duff Company at a loss of $2,600. What should be reported on the face of Splish's December 31, 2022, balance sheet? What should be reported on Splish's 2022 income statement? Splish Corp. Balance Sheet (Partial) December 31, 2022 Current Assets Equity Investments $ 88,700 Splish Corp. Income Statement (Partial) For the Year Ended December 31, 2022 Other Expenses and Losses Loss on Sale of Investments 38,100 Unrealized Holding Gain or Loss -Income 12,450
Step 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