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1. 2016
Mar. 14
April 24
June 1
June 30
Dec. 31
Cost Fair Value
Wilkomm Inc.
McMarsh Inc.
Total
Increase (decrease) in fair value
2015
April 4
June 28
Sept. 9
Dec. 31
2.
SCOFIELD FINANCIAL CO.
Balance Sheet (selected items)
0%
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Problem 15-2A
Name:
Section:
Score:
Current assets:
Trading investments (at cost)
Plus valuation allowance for trading investments
Trading investments (at fair value)
3.
December 31, 2017
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1. 2016
Mar. 14 200,500
200,500
April 24 90,198
90,198
Cash
Cash
Cost Fair Value
Wilkomm Inc. 96,240$ 91,200$
McMarsh Inc. 90,198 88,200
2017
April 4 105,175
105,175
2.
Cash
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Investments – McMarsh Inc.
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Cash
Problem 15-2A
Name:
Section:
Solution
Investments – Wilkomm Inc.
Balance Sheet (selected items)
December 31, 2017
Cash
Investments – Daley Inc.
SCOFIELD FINANCIAL CO.
Cash
Loss on Sale of Investments
Cash
Unrealized Loss on Trading Investments
Current assets:
Trading investments (at cost)
270,578$
3.
Unrealized gains or losses are disclosed on the income statement, often as “Other Income (Losses).” For 2016,
Scofield Financial Co. would have disclosed an unrealized loss of $7,038 as “Other Loss.” For 2017, Scofield
[Key code here]
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1. 2016
Feb. 14
April 1
June 1
June 27
Dec. 31
Cost Fair Value
Apollo Inc.
Ares Co.
Total
Increase (decrease) in fair value
2017
Mar. 14
June 26
July 30
Dec. 31
2.
ZEUS INVESTMENTS INC.
Balance Sheet (selected items)
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Problem 15-2B
Name:
Section:
Score:
0%
Current assets:
Trading investments (at cost)
Trading investments (at fair value)
3.
December 31, 2017
(Key essay answer here)
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1. 2016
Feb. 14 124,992
124,992
June 27 840
Valuation Allowance for Trading Investments
Unrealized Gain on Trading Investments
Investments – Athena Inc.
Valuation Allowance for Trading Investments
Cash
Loss on Sale of Investments
840
2017
Mar. 14 78,120
78,120
June 26 882
882
2.
Instructions
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Dividend Revenue
Cash
Problem 15-2B
Name:
Section:
Solution
Score:
ON
Cash
Balance Sheet (selected items)
December 31, 2017
Cash
Investments – Athena Inc.
ZEUS INVESTMENTS INC.
Dividend Revenue
Investments – Apollo Inc.
Cash
Cash
Cash
Investments – Apollo Inc.
Gain on Sale of Investments
Current assets:
Trading investments (at cost)
200,032$
3.
Unrealized gains or losses are disclosed in the income statement, often as “Other Income (Losses).” For 2016, Zeus
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1. 2016
Jan. 22
Mar. 8
Sept. 8
Oct. 17
Dec. 31
2017
Jan. 10
Mar. 10
Sept. 12
Dec. 31
Dec. 31
Dec. 31
2.
Current assets:
Available-for-sale investments (at cost)
Plus valuation allowance for available-for-sale investments
December 31, 2017
FORTE INC.
Balance Sheet (selected items)
Problem 15-3A
Name:
Section:
Key Code:
0%
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Available-for-sale investments (at fair value)
Noncurrent assets:
Investments in Imboden Inc. stock
Stockholders’ equity
Retained earnings
Unrealized gain (loss) on available-for-sale investments
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1. 2016
Jan. 22 396,000
396,000
Mar. 8 4,840
4,840
Valuation Allowance for Available-for-Sale Investments
Cash
Income of Imboden Inc.
Investment in Imboden Inc. Stock
Investment in Imboden Inc. Stock
Unrealized Gain (Loss) on Available-for-Sale Investments
2017
Jan. 10 720,000
720,000
Mar. 10 5,700
5,700
Sept. 12 5,700
5,700
2.
Current assets:
Available-for-sale investments (at cost) 342,000$
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Cash
Investments – Sankal Inc.
Cash
Dividend Revenue
Score:
ON
Instructions
Problem 15-3A
Name:
Section:
Solution
Cash
Investment in Imboden Inc. Stock
Cash
Dividend Revenue
Balance Sheet (selected items)
December 31, 2017
Cash
Dividend Revenue
FORTE INC.
Valuation Allowance for Available-for-Sale Investments
Loss on Sale of Investments
Cash
Dividend Revenue
Unrealized Gain (Loss) on Available-for-Sale Investments
Investments – Sankal Inc.
Cash
Noncurrent assets:
Investments in Imboden Inc. stock 806,400$
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1. 2016
Jan. 18
July 22
Oct. 5
Dec. 18
Dec. 31
2017
Jan. 25
July 16
Dec. 16
Dec. 31
Dec. 31
Dec. 31
2.
Current assets:
Available-for-sale investments (at cost)
Plus valuation allowance for available-for-sale investments
December 31, 2017
GLACIER PRODUCTS, INC.
Balance Sheet (selected items)
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Score:
Problem 15-3B
Name:
Section:
0%
Available-for-sale investments (at fair value)
Noncurrent assets:
Investments in Helsi Co. stock
Stockholders’ equity
Retained earnings
Unrealized gain (loss) on available-for-sale investments
An asterisk (*) will appear to the right of an incorrect entry.
1. 2016
Jan. 18 360,000
360,000
Dec. 18 25,500
25,500
Dec. 31 34,000
Dividend Revenue
Cash
Dividend Revenue
Cash
Investment in Helsi Co. Stock
Cash
34,000
Dec. 31 38,000
38,000
Dec. 31 51,000
Dec. 31 68,000
Income of Helsi Co.
Valuation Allowance for Available-for-Sale Investments
Unrealized Gain (Loss) on Available-for-Sale Investments
Investment in Helsi Co. Stock
2.
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Investments – Malmo Inc.
Score:
ON
Instructions
Problem 15-3B
Name:
Section:
Solution
Cash
Balance Sheet (selected items)
December 31, 2017
Valuation Allowance for Available-for-Sale Investments
GLACIER PRODUCTS, INC.
Investment in Helsi Co. Stock
Cash
Dividend Revenue
Cash
Unrealized Gain (Loss) on Available-for-Sale Investments
Cash
Dividend Revenue
Gain on Sale of Investments
Cash
Investments – Malmo Inc.
Noncurrent assets:
Investments in Helsi Co. stock 813,000$
An asterisk (*) will appear to the right of an incorrect entry.
For items a – c and h, complete the table below to determine the amounts. Enter items d – g and i as formulas.
a. Available-for-sale investments at cost
b. Valuation allowance for available-for-sale investments
c. Available-for-sale investments (fair value)
d. Interest receivable
e. Investment in Jolly Roger Co. stock
f. Total assets
g. Retained earnings
h. Unrealized gain (loss) on available-for-sale investments
i. Total liabilities and stockholders’ equity
Market
Cost per Value per
No. of Share (or Share (or
Shares (or $100 of $100 of
Investments par value) of par value) of par value) Cost
Bernard Co. stock
Chadwick Co. stock
Gozar Inc. stock
Nightline Co. bonds
Totals
Increase (decrease) in fair value
0%
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Score:
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Problem 15-4A
Name:
Section:
An asterisk (*) will appear to the right of an incorrect entry.
For items a – c and h, complete the table below to determine the amounts. Enter items d – g and i as formulas.
a. Available-for-sale investments at cost 236,170$
b. Valuation allowance for available-for-sale investments (5,800)$
c. Available-for-sale investments (fair value) 230,370$
d. Interest receivable 600$
Market
Cost per Value per
No. of Share (or Share (or
Shares (or $100 of $100 of Fair
Investments par value) of par value) of par value) Cost Value
Bernard Co. stock 2,250 $17.00 $15.40 38,250$ 34,650$
Chadwick Co. stock 1,260 $52.00 $46.00 65,520 57,960
Gozar Inc. stock 3,080 $30.00 $32.00 92,400 98,560
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ON
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Problem 15-4A
Name:
Solution
Section:
Score:
Instructions
An asterisk (*) will appear to the right of an incorrect entry.
For items a – c and h, complete the table below to determine the amounts. Enter items d – g and i as formulas.
a. Available-for-sale investments (at cost)
b. Valuation allowance for available-for-sale investments
c. Available-for-sale investments (fair value)
d. Interest receivable
e. Investment in Wright Co. stock
f. Total assets
g. Retained earnings
h. Unrealized gain (loss) on available-for-sale investments
i. Total liabilities and stockholders’ equity
Market
Cost per Value per
No. of Share (or Share (or
Shares (or $100 of $100 of Total
Investments face amount) face amount) face amount) Cost
Alvaraz Inc. stock
Hirsch Inc. stock
Richter Inc.
Toon Co. bonds
Totals
Increase (decrease) in fair value
0%
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Score:
Key Code:
Instructions
Problem 15-4B
Name:
Section:
An asterisk (*) will appear to the right of an incorrect entry.
For items a – c and h, complete the table below to determine the amounts. Enter items d – g and i as formulas.
a. Available-for-sale investments (at cost) 147,200$
b. Valuation allowance for available-for-sale investments 4,680$
c. Available-for-sale investments (fair value) 151,880$
d. Interest receivable 240$
Market
Cost per Value per
No. of Share (or Share (or
Shares (or $100 of $100 of Total Fair
Investments face amount) face amount) face amount) Cost Value
Alvaraz Inc. stock 960 $38.00 $41.50 36,480$ 39,840$
Hirsch Inc. stock 1,900 $28.80 $26.00 54,720 49,400
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Problem 15-4B
Name:
Solution
Section:
Score:
Instructions