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 2,800 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 plus a $375 commission. | ||
| Dec. | 31 | Per share fair values for stocks in the portfolio are Johnson & Johnson, $23.30; Mattel, $32.70; and Sony, $39.80. |
2018
| Apr. | 15 | Sold 2,800 shares of Johnson & Johnson at $25.30 per share less a $705 commission. | ||
| July | 5 | Sold 3,300 shares of Mattel at $25.70 per share less a $415 commission. | ||
| July | 22 | Purchased 2,400 shares of Sara Lee at $24.30 per share plus a $660 commission. | ||
| Aug. | 19 | Purchased 2,700 shares of Eastman Kodak at $18.80 per share plus a $378 commission. | ||
| Dec. | 31 | Per share fair values for stocks in the portfolio are: Kodak, $21.05; Sara Lee, $21.80; and Sony, $36.80. |
2019
| Feb. | 27 | Purchased 4,200 shares of Microsoft at $68.80 per share plus a $705 commission. | ||
| June | 21 | Sold 3,000 shares of Sony at $49.80 per share less a(n) $1,060 commission. | ||
| June | 30 | Purchased 3,200 shares of Black & Decker at $37.80 per share plus a $615 commission. | ||
| Aug. | 3 | Sold 2,400 shares of Sara Lee at $18.05 per share less a $615 commission. | ||
| Nov. | 1 | Sold 2,700 shares of Eastman Kodak at $24.55 per share less a(n) $805 commission. | ||
| Dec. | 31 | Per share fair values for stocks in the portfolio are: Black & Decker, $40.80; and Microsoft, $70.80. |
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) | |||||
i do not have any soloution for 1 or 2. this a quiz question please answer
Solutions
Expert Solution
|
Purchase |
||||
|
Johnson and Johnson shares |
||||
|
Sony shares |
||||
|
Mattel shares |
||||
|
Sara lee shares |
||||
|
Eastman Kodak shares |
||||
|
Microsoft |
||||
|
Black Decker shares |
||||
|
Realized gain / (Losses) |
||||
|
Johnson and Johnson shares |
7,275.00 |
|||
|
Sony shares |
3,935.00 |
|||
|
Mattel shares |
(11,020.00) |
|||
|
Sara lee shares |
(16,275.00) |
|||
|
Eastman Kodak shares |
65,480.00 |
|||
|
Microsoft |
||||
|
Black Decker shares |
||||
|
Unrealized gains / (losses) |
||||
|
Number of shares |
||||
|
Johnson and Johnson shares |
2,380.00 |
|||
|
Sony shares |
12,495.00 |
(46,500.00) |
110,400.00 |
|
|
Mattel shares |
(25,005.00) |
|||
|
Sara lee shares |
(6,660.00) |
|||
|
Eastman Kodak shares |
6,453.00 |
|||
|
Microsoft |
7,695.00 |
|||
|
Black Decker shares |
8,985.00 |
|||
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 2,600
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 2,600 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...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Why would UnderArmour want to be sure that consumers can clearly see different models ( about...
- Five years ago, Miguel invested a stock with price $35 per share. The stock price at...
- You are touring a distant planet on which the magnitude of the gravitational acceleration is 65%...
- GDP increased from $16.55 trillion to $17.28 trillion. What was the growth rate of GDP? The...
- Forming an Accountable Care Organization in a hospital setting What is an ACO and its reimbursement?...
- Implement a method that meets the following requirements: (a) Has the same requirements as the above...
- The Good’n’Fresh Grocery Store has two checkout lanes and four employees. Employees are equally skilled, and...
ADVERTISEMENT