Finance Accounting Income Statement Problems Homework Help
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Glaser Company had the following transactions pertaining to debt securities held as a short-term investment.
Jan. 1 Purchased 40, 8%, $1,000 Cotter Company bonds for $40,000 cash plus brokerage fees of $800. Interest is payable semiannually on July 1 and January 1.
July 1 Received semiannual interest on Cotter Company bonds.
Oct. 1 Sold 30 Cotter Company bonds for $32,000 plus accrued interest less $500 brokerage fees.
(a) Journalize the transactions.
(b) Prepare the adjusting entry for the accrual of interest on December 31.
The following transactions were made by Waite Company. Assume all investments are short-term and are readily marketable.
June 2 Purchased 300 shares of Beaty Corporation common stock for $45 per share.
July 1 Purchased 200 Meng Corporation bonds for $220,000.
30 Received a cash dividend of $2 per share from Beaty Corporation.
Sept. 15 Sold 90 shares of Beaty Corporation stock for $50 per share.
Dec. 31 Received semiannual interest check for $11,000 from Meng Corporation.
31 Received a cash dividend of $2 per share from Beaty Corporation.
Journalize the transactions.
Stine Corporation’s balance sheet at December 31, 2007, showed the following:
Short-term investments, at fair value $46,500
Stine Corporation’s trading portfolio of stock investments consisted of the following at December 31, 2007:
Stock Number of Shares Cost
Dooley Common Stock 200 $30,000
Adler Preferred Stock 400 6,000
Griggs Common Stock 300 9,000
During 2008, the following transactions took place:
Feb. 5 Sold 50 shares of Dooley common stock for $8,000.
Mar. 30 Purchased 25 shares of Griggs common stock for $950.
Sept. 9 Purchased 50 shares of Griggs common stock for $2,000.
At year end on December 31, 2008, the market values per share were:
Market Value Per Share
Dooley Common Stock $158.00
Adler Preferred Stock $14.00
Griggs Common Stock $25.00
(a) Prepare the journal entries to record the 2008 stock transactions.
(b) On December 31, 2008, prepare any adjusting entry that might be necessary relative to the trading portfolio.
(c) Show how the stock investments will appear on Stine Corporation’s balance sheet at December 31, 2008.
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Seely Company purchased 42,000 shares of common stock of Otto Corporation as a long-term investment for $1,000,000. During the year, Otto Corporation reported net income of $300,000 and paid dividends of $100,000.
(a) Assuming that the 42,000 shares represent a 15% interest in Otto Corporation:
1. Prepare the journal entry to record the investment in Otto stock.
2. Prepare any entries that Seely Company should make in accounting for its investment in Otto stock during the year.
3. What is the balance of the Stock Investments account on Seely Company’s books at the end of the year?
(b) Repeat requirement (a) above except assume that the 42,000 shares represent a 25% interest in Otto Corporation.
Rison Corporation has the following trading portfolio of stock investments as of December 31, 2008.
Security Cost Fair Value
A $19,000 $16,000
B 22,000 26,000
C 34,000 31,000
On January 22, 2009, Rison Corporation sold security C for $30,000.
(a) Prepare the adjusting entry for Rison Corporation on December 31, 2008, to report the portfolio at fair value.
(b) Indicate the balance sheet and income statement presentation of the fair value data for Rison Corporation at December 31, 2008.
(c) Prepare the journal entry for the 2009 sale.
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