User Account

All Pages

Prepare the adjusting journal entry needed on December

Assignment Help Accounting Basics
Reference no: EM132283991

Question - On December 21, 2017, Ivanhoe Company provided you with the following information regarding its equity investments.

Clemson Corp. stock $19,400 $18,500 $(900)

Colorado Co. stock 10,600 9,600 (1,000)

Buffaloes Co. stock 19,400 19,990 590

Total of portfolio $49,400 $48,090 (1,310)

Previous fair value adjustment balance 0

Fair value adjustment-Cr. $(1,310)

During 2018, Colorado Company stock was sold for $10,140. The fair value of the stock on December 31, 2018, was Clemson Corp. stock-$18,610; Buffaloes Co. stock-$19,900. None of the equity investments result in significant influence.

(a) Prepare the adjusting journal entry needed on December 31, 2017.

(b) Prepare the journal entry to record the sale of the Colorado Co. stock during 2018.

(c) Prepare the adjusting journal entry needed on December 31, 2018.

Reference no: EM132283991

Questions Cloud

What is the margin of safety in dollars and as a ratio : Felde Bucket Co., a manufacturer of rain barrels, had the following data for 2016: What is the margin of safety in dollars and as a ratio
What is the net effect on the fund balance : Issued purchase orders totaling $25,000 for various supplies. What is the net effect on the fund balance after accounting for these transactions
Find the flag that will also display data-link headers : Enterprise Application Security - you will have to download and install a well known security (software) tool -Snort - on your own computer
Determine the amount at which the bond was issued : Consider a bond issue as follows: Face $100,000. Maturity in five years. Determine the amount at which the bond was issued/sold for
Prepare the adjusting journal entry needed on December : During 2018, Colorado Company stock was sold for $10,140. Prepare the journal entry to record the sale of the Colorado Co. stock during 2018
What dollar value of supplies expense will be reported : Bravo Company had $5,100 of supplies on hand at the beginning of 2016. What dollar value of Supplies Expense will be reported in the annual financial statements
Essay on any one health assessment using gibbs reflective : Reflect on what you have learnt this semester related to a specific aspect of health assessment - what this will mean for you as a student on clinical
What is enlightened self-interest explain : Accounting Ethics and Governance - What is 'enlightened self-interest'? Explain. What is 'de-professionalisation' of accounting? Explain
What amount of installment accounts receivable : What amount of installment accounts receivable should be presented in Gamgee's 12/31/19 balance sheet

Reviews

Write a Review

Accounting Basics Questions & Answers

  What transactions might fall under a dual method

Which method is approved by GAAP? Why? What are the positives and negatives of each? Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual me..

  Record the events under an accounting equation

Record the events under an accounting equation and after all events have been recorded, Lang's obligations to creditors represents what percent of total assets?

  What amount of consolidated net income will be assigned

Based on the information given above, what amount of consolidated net income will be assigned to the controlling shareholders for 20X8?

  How much would kennedy report for cost

If beginning finished goods inventory was $10,000 and COGS was $50,000, how much would Kennedy report for cost of goods manufactured

  What justification is there for valuing available

What justification is there for valuing available-for-sale securities at fair value and reporting the unrealized gain or loss as part of stockholders' equity?

  Determine the dollar amount of property

Prepare an income statement, statement of retained earnings and a balance sheet for each year and determine the missing values and determine the dollar amount of Property, plant and equipment that must have been purchased during 2014.

  Fogelberg corporation is a regional company which is an sec

fogelberg corporation is a regional company which is an sec registrant. the corporations securities are thinly traded

  Last year wyeth company recorded an impairment on an asset

Last year Wyeth Company recorded an impairment on an asset held for use. Recent appraisals indicate that the asset has increased in value. Should Wyeth record this recovery in value?

  What the act prohibits

How the Act impacts businesses nationally, and internationally - The penalties that are imposed for violating the Act

  Prepare single continuous statement of income

Prepare a 2016 single, continuous statement of income and comprehensive income for Kroeger Inc., using a multiple-step income statement format

  A business is operating at 90 of capacity and is currently

a business is operating at 90 of capacity and is currently purchasing a part used in its manufacturing operations for

  Computing payback period and unadjusted rate of return

Determine the payback period and unadjusted rate of return (use average investment) for each alternative. Indicate which investment alternative you would recommend. Explain your choice.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd