Tara-Anderson-week 3 excell assignment

Tara-Anderson-week - 14–47 a Week 3 Excel Assignment Please use only this template for your work Tara Anderson 2008 Nov 1 Investment in Trading

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Unformatted text preview: 14–47. a) Week 3 - Excel Assignment - Please use only this template for your work! Tara Anderson 2008 Nov. 1 Investment in Trading Securities—Treasury Bonds Interest Revenue Cash b) Dec. 31 Unrealized Loss on Trading Securities Market Adjustment—Trading Securities Cost Market Dec. c) Jan. (d) (e) July Dec. (f) Dec. Balance required in market adjustment account—credit Balance in market adjustment before —credit before adjusting entry Credit to market adjustment account Adjusting entry for accrued interest: 31 Interest Receivable Interest Revenue 1 Cash Interest Receivable 1 Entry given is correct. 6 Investment in Available-for-Sale Securities—Fleming Co. Market Adjustment—Trading Securities Investment in Trading Securities—Fleming Co. Unrealized Gain on Transfer of Securities 31 Market Adjustment—Available-for-Sale Securities Unrealized Increase/Decrease in Value of Available-for-Sale Securities Unrealized Loss on Trading Securities Market Adjustment—Trading Securities Interest Receivable Interest Revenue Fleming Co. stock Dobson Co. stock 10% U.S. Treasury bonds Totals mplate for your work! 103,550 3,333 106,883 450 450 161,250 160,300 950 500 Please Complete Shaded Areas - (some areas may not require a numb 450 3,333 3,333 5,000 5,000 24,500 1,900 25,250 1,150 450 450 800 800 5,000 5,000 Cost 24,500 32,450 103,550 $136,000 Market 24,950 32,650 103,500 $136,150 Market Amount in Adjustment Account 450 0 200 50 $150 Dr. $950 Dr. Adjustment Required 450 $800 Cr. ay not require a number) 14–48. 1 Dec. 2007 Tara Anderson 31 Debit 2000 Unrealized Loss on Trading Securities Market Adjustment—Trading Securities 2007 Debit Unrealized Increase/Decrease in Value of Available-for-Sale Securities Market Adjustment—Available-for-Sale Securities Trading Securities 17500 Cost 100000 Opus Co. common Garrod Inc. preferred Totals Available-for-Sale Securities Jennings Co. Common 40000 $140,000 Cost 67500 Hint - No valuation adjustment is necessary for Sherrill Inc. common stock because an influencing investment is held by Morris; therefore, the investment will be accounted for with the equity method. 2 Dec. 2007 31 Permanent Loss on Securities Debit 17500 Investment in Available-for-Sale Securities— Jennings Co. 3 Dec. 2008 31 Market Adjustment—Trading Securities Unrealized Gain on Trading Securities Debit 7,000 Debit Unrealized Increase/Decrease in Value of Available-for-Sale Securities Market Adjustment—Available-for-Sale Securities Trading Securities Opus Co. common Garrod Inc. preferred Totals 5000 Cost 100000 40000 140000 Balance in Market Adjustment—Trading Securities before valuation adjustment Balance required at Dec. 31, 2008, per above computation Adjustment required at Dec. 31, 2008 Available-for-Sale Securities Cost Jennings Co. Common Hint ~ Again, no valuation adjustment is necessary for Sherrill Inc. common stock at year-end 2008 because the equity method applies to this investment. 50000 Credit Please Complete Shaded Areas - (some areas may not require a number) 2000 Credit 17500 Dec. 31, 2007 95,000 43,000 Market Adjustment 5000 3000 $138,000 $2,000 Cr Dec. 31, 2007 Market Adjustment 50,000 17500 Credit 17500 Credit 7000 Credit 5000 Market Adjustment 102,000 $2,000 Dr. 43,000 3,000 Dr. 145,000 $5,000 Dr. Dec. 31, 2008 Market Adjustment 2,000 5,000 Dr. 7,000 Market Adjustment 45,000 5,000 Cr. Dec. 31, 2008 a number) 14–55. 1 2006 (Equity Method) 2 Investment in Caldecott Stock Jan. Cash Hint 31 Cash Oct. Investment in Caldecott Stock 31 Investment in Caldecott Stock Dec. Income from Investment in Caldecott Stock 2007 (Equity Method) 31 Cash Oct. Investment in Caldecott Stock 31 Investment in Caldecott Stock Dec. Income from Investment in Caldecott Stock 2008 (Equity Method) Jan. 2 Cash Realized Gain on Sale of Caldecott Stock Investment in Newberry Stock Investment in Available-for-Sale Securities—Caldecott Investment in Caldecott Stock To reclassify stock because ownership is now only Hint Oct. 31 Cash Dividend Revenue Dec. 31 Unrealized Increase/Decrease in Value of Available-for-Sale Securities Market Adjustment—Available-for-Sale Securities 2 Cost Method 2006 Dec. 2007 Dec. 2008 Dec. 31 Market Adjustment—Available-for-Sale Securities Unrealized Increase/Decrease in Value of Available-for-Sale Securities Hint ($25 – $20) ´ 20,000 = $100,000 31 Unrealized Increase/Decrease in Value of Available-for-Sale Securities Market Adjustment—Available-for-Sale Securities 31 Unrealized Increase/Decrease in Value of Available-for-Sale Securities Market Adjustment—Available-for-Sale Securities HINT ~ COMPUTATIONS: Original cost (20,000 shares ´ $20) Less: Cost of sale on Jan. 2, 2008 (5,000 shares ´ $20) Cost on Dec. 31, 2008 Less: Market on Dec. 31, 2008 (15,000 shares ´ $15) Balance required in market adjustment account Balance in market adjustment account before 2008 adjustment Adjustment required Tara Anderson tment in Caldecott Stock Debit 400,000 Credit Please Complete Sh 400,000 (100,000 ´ 0.20 ´ $20) 6000 6000 tment in Caldecott Stock tment in Caldecott Stock e from Investment in Caldecott Stock 15000 15000 Debit Credit 64000 64000 tment in Caldecott Stock tment in Caldecott Stock e from Investment in Caldecott Stock 18000 18000 Debit 120,000 zed Gain on Sale of Caldecott Stock tment in Newberry Stock tment in Available-for-Sale rities—Caldecott tment in Caldecott Stock classify stock because ownership is now only 15% ($420,600 – $105,150). Credit 14,850 105,150 47317.5 47318 Debit Credit 3000 3000 end Revenue lized Increase/Decrease in Value of able-for-Sale Securities et Adjustment—Available-for-Sale Securities Debit Credit 90450 90450 Debit et Adjustment—Available-for-Sale Securities lized Increase/Decrease in Value of able-for-Sale Securities $25 – $20) ´ 20,000 = $100,000 Credit 100000 100000 lized Increase/Decrease in Value of able-for-Sale Securities et Adjustment—Available-for-Sale Debit lized Increase/Decrease in Value of able-for-Sale Securities et Adjustment—Available-for-Sale Credit Debit 20000 20000 Credit 155000 155000 ~ COMPUTATIONS: al cost (20,000 shares ´ $20) Cost of sale on Jan. 2, 2008 (5,000 shares ´ $20) on Dec. 31, 2008 Market on Dec. 31, 2008 (15,000 shares ´ $15) ce required in market adjustment account ce in market adjustment account before 2008 adjustment tment required $ 400,000 $ 100,000 $ 300,000 $ 225,000 $ 75,000 Cr. $ 80,000 Dr. $ 155,000 Cr. lease Complete Shaded Areas - (some areas may not require a number) 14–57. 1 2 3 Tara Anderson Please post only an alpha-numerical number - Example A, B, C, D….. D B B ...
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This note was uploaded on 05/29/2011 for the course EC 2011 taught by Professor Johnson during the Spring '11 term at FIT.

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