Midterm+Review+Class - MidtermReviewClassQuestions...

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1 Midterm Review Class Questions Midterm Review Class Questions Investments E 9-7 E 9-9 E 9-23 Leases E 20-14 E 20-17 E 20-18 E 20-19 Pensions E 19-5 E 19-9 E 19-12 E 19-14 E 19-22 Split up into groups, have 15 minutes to prepare to present responses Group 1 Group 2 Group 3
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2 Investments E 9-7 Investments E 9-7 (a) Investment Income/Loss (FV-NI) . .......... 8,900 Investments . ........................................ 8,900 ($313,500 – $304,600) (b) Cash . ....................................................... 61,750* Investment Income/Loss (FV-NI) . .......... 6,750 Service Fee Expense . ............................. 500 Investments . .................................. 69,000 *(1,500 X $41.50) – $500 (c) Investments (700 X $75) . ........................ 52,500 Service Fee Expense . ............................. 1,300 Cash . .............................................. 53,800 (d) Securities Carrying Amount Fair Value Hearn Corp., Common Oberto Ltd., Common Alessandro Inc., Preferred Total portfolio Adjustment needed - credit $174,000 52,500 61,600 $288,100 $175,000 50,400 57,000 $282,400 $5,700 Cr Investment Income/Loss (FV-NI) . .......... 5,700 Investments . ....................................... 5,700
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3 Investments E 9-9 Investments E 9-9 (a) January 15, 2011 Investments (10,000 X $33.50) . .................... 335,000 Commissions Expense . ............................... 1,980 Cash . ...................................................... 336,980 April 1, 2011 Investments (5,000 X $52.00) . ...................... 260,000 Commissions Expense . ............................... 3,370 Cash . ...................................................... 263,370 September 10, 2011 Investments (7,000 X $26.50) . ...................... 185,500 Commissions Expense . ............................... 4,910 Cash . ...................................................... 190,410 (b) May 20, 2011 Cash [(4,000 X $35) – $3,850] . ...................... 136,150 Commissions Expense . ............................... 3,850 Investments (4,000 X $33.50) . .............. 134,000 Investment Income/Loss (FV-NI) . ......... 6,000 (c) Shares Cost Fair Value Nirmala Corp. Oxana Corp. WTA Corp. Total portfolio $201,000 260,000 185,500 $646,500 $180,000 275,000 196,000 $651,000 December 31, 2011 Investments . .................................................. 4,500 Investment Income/Loss (FV-NI) . ........ 4,500
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4 Investments E 9-23 Investments E 9-23 (a) Investment in Novotna Corp. . ....................... 355,000 Cash . ........................................................ 355,000 Cash ($120,000 X .25) . .................................... 30,000 Investment in Novotna Corp. . ............... 30,000 Investment in Novotna Corp. . ........................ 67,500 Investment Income (ordinary) . ............... 50,000* * Investment Income (disc. operations) . .. 17,500** * *$200,000 X .25
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This note was uploaded on 12/16/2011 for the course ACTG 3P33 taught by Professor N-a during the Fall '08 term at Brock University, Canada.

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Midterm+Review+Class - MidtermReviewClassQuestions...

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