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15-2A_23e - 11,735 Valuation Allowance for Trading...

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Problem 15-2A Name: Angie Sparling Section: ACCT 212 Enter the appropriate account titles and amounts in the shaded cells below. A red asterisk (*) will appear to the right of an incorrect amount in the outlined cells. a. 1. 2010 Feb. 3 Trading Investments-Titan Inc 88,000 Cash 88,000 Mar. 12 Trading Investments-Quick Tyme Inc 17,040 Cash 17,040 May 15 Cash 21,520 Gain on Sale of Investments 400 Trading Investments-Titan Inc 21,120 June 12 Cash 228 Dividend Revenue 228 Dec. 31 Valuation Allowance for Trading Investments 8,180 Unrealized Gain on Trading Investments 8,180 Investment Total Cost Quick Tyme Inc. 1200 $14.20 $15.00 $17,040 $18,000 Titan Inc. 1900 $35.20 $39.00 66,880 74,100 Total $83,920 $92,100 2011 Apr. 9 Trading Investments-Aspire Inc. 45,265 Cash 45,265 June 15 Cash 285 Dividend Revenue 285 Aug. 20 Cash 6,940 Loss on Sale of Investments 1,290 Trading Investments-Aspire Inc. 8,230 Dec. 31 Unrealized Loss on Trading Investments
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Unformatted text preview: 11,735 Valuation Allowance for Trading Investments 11,735 Number of Shares Cost Per Share Fair Value per Share Total Fair Value Investment Total Cost Aspire Inc. 900 $41.15 $31.00 $37,035 $27,900 Quick Tyme Inc. 1,200 $14.20 $16.00 17,040 19,200 Titan Inc. 1,900 $35.20 $37.00 66,880 70,300 Total $120,955 $117,400 2. WESTERN CAPITAL INC. Balance Sheet (selected items) December 31, 2011 Current assets: Trading investments (at cost) $120,955 Less valuation allowance for trading investments 3,555 Trading investments (at fair value) $117,400 3. Number of Shares Cost Per Share Fair Value per Share Total Fair Value The unrealized loss on trading investments are disclosed on the financial statements of Western Capital Inc, by it is reported on the income statement as other income. Other income: unrealized loss on trading investments $11,735...
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