Accounting Adjusting Entries Question And Answers Homework Help Online
- November 7, 2017
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1. Identify the European countries with a public oversight body for auditing and name the country’s related body.
2. Adjusting Entries
The following accounts were taken from the trial balance as of December 31, 2015.
Accumulated Depreciation-Equipment 9,600
Advertising Expense 1,500
Selling Expense 7,500
Interest Expense 2,000
Given the information below, make the necessary adjusting entries.
(a) The equipment has an estimated useful life of 10 years and a savage value of $4,000. Depreciation is calculated using the straight-line method.
(b) Of selling expense, $1,500 has been paid in advance.
(c) Interest of $800 has accrued on notes receivable.
(d) Of advertising expense, $440 was incorrectly debited to Selling Expense.
3. Biomet Inc. provided the following disclosures in Note 4 of its 2012 annual report. It describes the company’s investments in available-for-sale equity securities (dollars in millions).
Unrealized
Cost | Gains | Losses | |
2012 | $16.2 | $0.0 | (0.2) |
2011 | 79.0 | 0.1 | (4.7) |
a. Compute the fair market value of Biomet’s available-for-sale equity portfolio for both 2012 and 2011.
b. What was the effect on the company’s comprehensive income amount associated with its available-for-sale securities?
c. Assume that Biomet sold its entire portfolio of available-for-sale securities at the end of 2012. How much income would be realized on the sale? Provide the journal entry.
4. On November 11, 2014, Wadsworth Company purchased twenty shares of ZZZ for $8 per share. Wadsworth held the investment for the remainder of 2014, and as of December 31, the per-share market value of ZZZ had risen to $10. During 2015, Wadsworth sold ten shares of ZZZ for $9 each, and at the end of 2015, the per-share market price of the remaining ten shares was $12. During 2016, the remaining shares of ZZZ were sold for $14 each. Assume that Wadsworth held no other equity investments during this time period.
a. Complete the following chart. The first column assumes that the investment was classified as trading securities; the second column assumes that the investment was classified as available-for-sale securities.
Trading Available-for-Sale
2014 income
12/31/14 balance sheet investment value
2015 income 12/31/15 balance sheet investment value
2016 income
Total income (’14 + ’15 + ’16)
b.Comment on the differences.
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5. The following information was extracted from the December 31, 2014, current asset section of the balance sheets of four different companies:
Wearever Fabrics Frames Corp. Pacific Transport Video Magic
Trading securities $800,000 $490,000 $645,000 $210,000
Available-for-sale-securities 130,000 40,000 250,000 85,000
Short-term equity invest. $930,000 $530,000 $895,000 $295,000
There were no transactions in short-term equity securities during 2015, and as of December 31, 2015, the controllers of each company collected the following information:
Wearever Fabrics Frames Corp. Pacific Transport Video Magic
Trading securities $820,000 $480,000 $625,000 $220,000
Available-for-sale securities 122,000 52,000 246,000 88,000
Short-term equity invest. $942,000 $532,000 $871,000 $308,000
Required
a. Compute the change in the wealth levels of each of the four companies due to the market value changes in their equity investments.
b. Compute the effect on 2015 reported income for each of the four companies due to the market value changes in their equity investments.
c. Explain why the answers to (a) and (b) are not the same.
d.How would 2015 reported income change for each company if each chose to use the fair market value option for the available-for-sale securities?
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