Question
In: Accounting
Required information [The following information applies to the questions displayed below.] Grass Security, which began operations...
Required information
[The following
information applies to the questions displayed below.]
Grass Security, which began operations in 2017, invests in
long-term available-for-sale securities. Following is a series of
transactions and events determining its long-term investment
activity.
2017
| Jan. | 20 | Purchased 2,600 shares of Johnson & Johnson at $22.10 per share plus a $400 commission. | ||
| Feb. | 9 | Purchased 2,800 shares of Sony at $47.80 per share plus a $385 commission. | ||
| June | 12 | Purchased 3,100 shares of Mattel at $28.60 per share plus a $355 commission. | ||
| Dec. | 31 | Per share fair values for stocks in the portfolio are Johnson & Johnson, $23.10; Mattel, $32.50; and Sony, $39.60. |
2018
| Apr. | 15 | Sold 2,600 shares of Johnson & Johnson at $25.10 per share less a $685 commission. | ||
| July | 5 | Sold 3,100 shares of Mattel at $25.50 per share less a $395 commission. | ||
| July | 22 | Purchased 2,200 shares of Sara Lee at $24.10 per share plus a $640 commission. | ||
| Aug. | 19 | Purchased 2,500 shares of Eastman Kodak at $18.60 per share plus a $358 commission. | ||
| Dec. | 31 | Per share fair values for stocks in the portfolio are: Kodak, $20.85; Sara Lee, $21.60; and Sony, $36.60. |
2019
| Feb. | 27 | Purchased 4,000 shares of Microsoft at $68.60 per share plus a $685 commission. | ||
| June | 21 | Sold 2,800 shares of Sony at $49.60 per share less a(n) $1,040 commission. | ||
| June | 30 | Purchased 3,000 shares of Black & Decker at $37.60 per share plus a $595 commission. | ||
| Aug. | 3 | Sold 2,200 shares of Sara Lee at $17.85 per share less a $595 commission. | ||
| Nov. | 1 | Sold 2,500 shares of Eastman Kodak at $24.35 per share less a(n) $785 commission. | ||
| Dec. | 31 | Per share fair values for stocks in the portfolio are: Black & Decker, $40.60; and Microsoft, $70.60. |
Complete the following table that summarizes (a) the realized gains and losses and (b) the unrealized gains or losses for the portfolio of long-term available-for-sale securities at each year-end. (Do not round your intermediate calculations. Losses should be indicated by a minus sign. )
| Realized Gains (Losses) | |||||
| 2017 | 2018 | 2019 | |||
| Sale of Johnson & Johnson shares | |||||
| Sale of Mattel shares | |||||
| Sale of Sara Lee shares | |||||
| Sale of Sony shares | |||||
| Sale of Eastman Kodak shares | |||||
| Realized Gains (Losses) | $0 | $0 | $0 | ||
| Unrealized Gains (Losses) | |||||
| 2017 | 2018 | 2019 | |||
| Balance in the Fair Value Adjustment AFS account | |||||
| Beginning of year - Debit (Credit) | |||||
| Required balance - End of year Debit (Credit) | |||||
| Required adjustment Unrealized Gain (Loss) | $ | ||||
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Required information [The following information applies to the questions displayed below.] Grass Security, which began operations...
Required information
[The following
information applies to the questions displayed below.]
Grass Security, which began operations in 2017, invests in
long-term available-for-sale securities. Following is a series of
transactions and events determining its long-term investment
activity.
2017
Jan.
20
Purchased 2,800
shares of Johnson & Johnson at $22.30 per share plus a $420
commission.
Feb.
9
Purchased 3,000
shares of Sony at $48.00 per share plus a $405 commission.
June
12
Purchased 3,300
shares of Mattel at $28.80 per share...
Required information [The following information applies to the questions displayed below.] Grass Security, which began operations...
Required information
[The following information applies to the questions
displayed below.]
Grass Security, which began operations in 2017, invests in
long-term available-for-sale securities. Following is a series of
transactions and events determining its long-term investment
activity.
2017
Jan.
20
Purchased 2,600 shares of Johnson
& Johnson at $22.10 per share plus a $400 commission.
Feb.
9
Purchased 2,800 shares of Sony at
$47.80 per share plus a $385 commission.
June
12
Purchased 3,100 shares of Mattel at
$28.60 per share...
Required information [The following information applies to the questions displayed below.] Grass Security, which began operations...
Required information
[The following
information applies to the questions displayed below.]
Grass Security, which began operations in 2017, invests in
long-term available-for-sale securities. Following is a series of
transactions and events determining its long-term investment
activity.
2017
Jan.
20
Purchased 2,900
shares of Johnson & Johnson at $22.40 per share plus a $430
commission.
Feb.
9
Purchased 3,100
shares of Sony at $48.10 per share plus a $415 commission.
June
12
Purchased 3,400
shares of Mattel at $28.90 per share...
Required information [The following information applies to the questions displayed below.] Ferris Company began January with...
Required information
[The following information applies to the questions
displayed below.]
Ferris Company began January with 6,000 units of its principal
product. The cost of each unit is $6. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$
7
$
35,000
Jan. 18
6,000
8
48,000
Totals
11,000
83,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan....
[The following information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations...
[The following information applies to the questions
displayed below.]
Brothers Harry and Herman Hausyerday began operations of their
machine shop (H & H Tool, Inc.) on January 1, 2016. The annual
reporting period ends December 31. The trial balance on January 1,
2018, follows (the amounts are rounded to thousands of dollars to
simplify):
Account Titles
Debit
Credit
Cash
$
3
Accounts Receivable
5
Supplies
12
Land
0
Equipment
58
Accumulated Depreciation
$
6
Software
16
Accumulated Amortization
7
Accounts...
[The following information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations...
[The following information applies to the questions
displayed below.]
Brothers Harry and Herman Hausyerday began operations of their
machine shop (H & H Tool, Inc.) on January 1, 2016. The annual
reporting period ends December 31. The trial balance on January 1,
2018, follows (the amounts are rounded to thousands of dollars to
simplify):
Account Titles
Debit
Credit
Cash
$
3
Accounts Receivable
5
Supplies
12
Land
0
Equipment
58
Accumulated Depreciation
$
6
Software
16
Accumulated Amortization
7
Accounts...
[The following information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations...
[The following information applies to the questions displayed
below.] Brothers Harry and Herman Hausyerday began operations of
their machine shop (H & H Tool, Inc.) on January 1, 2016. The
annual reporting period ends December 31. The trial balance on
January 1, 2018, follows (the amounts are rounded to thousands of
dollars to simplify): Account Titles Debit Credit Cash $ 2 Accounts
Receivable 6 Supplies 13 Land 0 Equipment 57 Accumulated
Depreciation $ 5 Software 18 Accumulated Amortization 8 Accounts...
[The following information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations...
[The following information
applies to the questions displayed below.]
Brothers Harry and Herman Hausyerday began operations of their
machine shop (H & H Tool, Inc.) on January 1, 2013. The annual
reporting period ends December 31. The trial balance on January 1,
2015, follows (the amounts are rounded to thousands of dollars to
simplify):
Account Titles
Debit
Credit
Cash
$
3
Accounts
Receivable
5
Supplies
12
Land
0
Equipment
60
Accumulated
Depreciation
$
6
Software
15
Accumulated
Amortization
5
Accounts...
Required information [The following information applies to the questions displayed below.] The following are the transactions...
Required information [The following information applies to the
questions displayed below.] The following are the transactions for
the month of July. Units Unit Cost Unit Selling Price July 1
Beginning Inventory 45 $ 10 July 13 Purchase 225 13 July 25 Sold
(100 ) $ 15 July 31 Ending Inventory 170 Calculate cost of goods
available for sale and ending inventory, then sales, cost of goods
sold, and gross profit, under LIFO. Assume a periodic inventory
system is used.
LIFO...
Required information [The following information applies to the questions displayed below.] The following are the transactions...
Required information
[The following information applies to the questions
displayed below.]
The following are the transactions for the month of July.
Units
Unit Cost
Unit Selling Price
July 1
Beginning Inventory
54
$
10
July 13
Purchase
270
12
July 25
Sold
(100
)
$
16
July 31
Ending Inventory
224
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under weighted
average cost. Assume a periodic inventory system is...
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