What is the unrealized gain (loss) reported in profit or loss for the year 2021? A. P31,000 B. (P31,000) C. P43,000 D. (P43,000) - How much was the gain or loss on the sale of CD shares?
Q: Blue Wave Company budgets the following unit sales for the next four months: September, 4,000 units;…
A: Here in this question, we are required to prepare a production budget. Budget is an estimation made…
Q: For periods of time beginning after December 31, 2008, which of the following is most likely to be…
A: For periods of time beginning after December 31, 2008, a period of nonqualified use generally…
Q: Some practical techniques to improve profitability: Focus decision-making on the most profitable…
A: Both profitability and cost are important component for any firm to grow and achieve certain heights…
Q: Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic…
A: Static budget is prepared for a single planned level of activity. But flexible budget is prepared…
Q: Calculate the balancing adjustment.
A: The initial allowance is an allowance given in the tax code for qualifying assets in the first year…
Q: Compute consolidated land at the date of the acquisition.
A: The consolidated land value is the value which has been valued by the companies which are…
Q: The Tax Administration has the right to refuse to provide evidence of the source (s) of income used…
A: Tax Administration refers to the government agency or department responsible for administering and…
Q: Which of the following does NOT accurately describe related parties, as generally defined under IRC…
A: IRC 267(b) defines related parties as: Members of a family, including only brothers and sisters…
Q: Flexible Budget for Varying Levels of Activity Nashler Company has the following budgeted variable…
A: The revenue and spending variance is calculated as difference between actual results and flexible…
Q: The date of death for a widow was 2008. If the estate was valued at $2,129,000 and the estate was…
A: The estate tax liability is a tax imposed on the transfer of the property of a deceased person,…
Q: Why would a company use budgeting? List 4 reasons.
A: Budgeting is an essential tool for businesses to plan and manage their finances effectively. It…
Q: property
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: Vigour Pharmaceuticals Ltd. is considering investing in a new production line for its pain-reliever…
A: The initial cash flow of a project refers to the amount of money that is required to start the…
Q: On January 1, Sheffield Corporation had 213000 shares of $10 par value common declared a 14% stock…
A: The dividend is distributed to shareholders from the retained earnings of the business. The stock…
Q: Deferred tax accounting adjustments are recorded at what point in time? a. At the end of each month…
A: Deferred tax is the tax effect of timing differences. A deferred tax liability is reported on a…
Q: Bonita Landscaping Limited has determined that its lawn maintenance division is a cash-generating…
A: Impairment loss refers to an amount which is exceeding the recoverable amount represented as the…
Q: journal entry for the declaration and payment of this liquidating dividend
A: A type Of Dividend that is paid to shareholders when the company is partially or fully Liquidated is…
Q: Admission by Purchase with the computation of capital balances of the old partners after admission.…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Give typing answer with explanation and conclusion Come into being when the trustor dies. They do…
A: A testamentary trust is a type of trust that is created through a person's will and only comes into…
Q: Kirby Health Care Center, Inc. has three clinics servicing the Seattle metropolitan area. The…
A: The cost allocation is the process of allocating the cost of one department to another department,…
Q: 4. Prepare a budgeted income statement for May. 5. Prepare a budgeted balance sheet as of May 31.…
A: A financial statement called an income statement, also known as a profit and loss statement,…
Q: In 2018 an asset was purchased for $2,000,000. Initial Allowance (I.A) Rate was 20%. Annual…
A: The initial allowance is an allowance given in the tax code for qualifying assets in the…
Q: Requirements 1. 2. Journalize the transactions of Lamire Communications, Inc. At December 31, 2018,…
A: An entity's interest expenditure is the cost of borrowing money. On the income statement, interest…
Q: The answers to choose from are A. No gain or loss B. $5,000 loss C. $2,000 gain or D. $21.000 gain.
A: Capital gain or loss arises when selling or disposed off capital assets.
Q: RS for financial statement purposes.
A: Answer : (a) Date Account title Dr. Cr. No entry 0 No entry 0 No entry required.…
Q: On March 5, Jamie's Ice Cream Parlour ordered a shipment of peppermint chip ice cream from Udderly…
A: •FOB (Free on Board) Destination: Under such terms of sale, the seller is responsible to pay the…
Q: a Trader performs the followong transactions. Identify the cashflow and margin A/C balance arising…
A: In forward and future contracts trading is done on margin account and not whole amount amount is…
Q: Lynch Company manufactures and sells a single product. The following costs were incurred during the…
A: Income statement is the one which is prepared in order to determine the profits of the entity. In…
Q: aughn Music produces 60800 blank CDs on which to record music. The CDs have the following costs…
A: Overheads are the indirect costs of making or producing the product which can not be directly…
Q: TB MC Qu. 22-120 (Static) A company's history indicates that... A company's history indicates that…
A: Credit sales refer to sales made to customers who are allowed to pay for the goods or services at a…
Q: work for a nuclear research laboratory that is contemplating leasing a diagnostic scanner (leasing…
A: Net advantage to leasing (NAL) is a term use to determine net profit over and above instead of…
Q: The information that follows relates to equipment owned by Sweet Acacia Limited at December 31,…
A: Impairment is recognized when the recoverable amount of an asset is less than its current…
Q: Egyptian Spa produces two different spa products: Relax and Refresh. The company uses three…
A: Activity-based costing is a costing approach in which a company's activities are identified and the…
Q: apply: payi was Federal and state income tax withheld Health insurance premiums paid by employer…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Bistro Company incurred a permanent inventory loss of $80,000 in April 2010 after the March 31, 2010…
A: Inventory losses occur when the cost of inventory exceeds its market value, resulting in a permanent…
Q: elanie‚Äôs taxable profits from self-employment for 22/23 are ¬£62,000. What is Melanie‚Äôs total…
A: In UK there are contributions required for NIC national insurance Contributions that is collected…
Q: Dodge Company produces a single product. The company has set the ollowing standards for materials…
A: Standard costing is a method of costing where the cost of each product is estimated as part of…
Q: Requirement 1 Requirement 2 Chapter 10: Applying Excel Data Exhibit 10-1: Standard Cost Card Direct…
A: Variance analysis is the measurement of the deviation or change between actual and intended…
Q: Rod Ramos Distributors is registered as a single proprietorship with DTI permit as Rodolfo Ramos. 1…
A: In accounting, journal entries are a record of financial transactions that a business has made. Each…
Q: XYC Co had the following income statements numbers. Calculate the EBIT you would use for a valuation…
A: EBIT is profit before interest and tax and also called as operating income available for the company…
Q: rosewood company made a loan of $12,600 to one of the company's employees on april 1, year 1. the…
A: The interest revenue is the revenue earned during the period. The accrued interest revenue is the…
Q: Give your answer as a rate, accurate to five decimal places. What discount would exactly offset a…
A: Discount rate refers to the interest rate used to determine the present value of future cash flows.…
Q: World Inc. has provided the following data concerning one of the products in its standard cost…
A: The Standard material allowed for actual output is the input of material which is needed to produce…
Q: George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,120. He has…
A: Payroll taxes are defined as the amounts collected by the government or revenue collection authority…
Q: Record-keeping and Auditing How often does each County agency audit the training conducted?
A: Auditing is the process of examining financial statements, records, and other financial information…
Q: Prepare the budgeted mul le-step income statement for the year. (Note: income taxes are not…
A: Given in the question: Sales Budget Anticipated Volume in units are as follows Product JB 50 =…
Q: oshi Company completed the following transactions and events involving its delivery trucks. Year 1…
A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…
Q: Lock & Key Inc. began operations on January 1, 2022. Its post-closing trial balance at December 31,…
A: Cashflow statement It shows the source of cash and helps us to monitor incoming and outgoing cash.…
Q: In the queston you didn't answer the ones for August 3, could you do it and use formulas for the one…
A: Let's start with the Jan. 31 transaction : Note : Since, No information about cells' rows and…
Q: Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan…
A: BS stands for balance sheet which one of the financial statements of the company along with cash…
- What is the unrealized gain (loss) reported in profit or loss for the year 2021?
A. P31,000
B. (P31,000)
C. P43,000
D. (P43,000)
Step by step
Solved in 3 steps
- During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossWaseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.During 2021, Opulence Company purchased marketable equity securities as short-term investment to be measured at fair value through other comprehensive income. The cost and market value on December 31, 2021 were: Security Cost Market value A 1,000 shares 300,000 350,000 B 10,000 shares 1,700,000 1,550,000 C 20,000 shares 3,150,000 2,950,000 The entity sold 10,000 shares of B on January 5, 2022 for P 1,450,000 What total amount should be charged to Retained Earnings as a result of the sale of equity securities in 2022?
- During 2020, Strawberry Corporation purchased several equity securities, all of which are designated as equity investments at fair value through profit or loss. The cost and market values at December 31,2020 were as follows:SecurityAB Company ordinary - Cost -P28,000 ; Market -P34,000 ; 200 sharesCD Company ordinary - Cost -P 170,000 ; Market -P 153,000 ; 1000 shares EF Company ordinary - Cost- P315,000 ; Market - P295,000 ; 2000 sharesAppropriate valuation entry was made on December 31, 2020. On January 31, 2021, Strawberry sold 1,000 ordinary shares of CD Company at P155 per share, incurring P900 in broker's commission and taxes.On December 31, 2021, the market values of the ordinary shares of AB Company and EF Company were P150 and P153 per share, respectively. What is the equity Investment at FVPL balance reported at December 31, 2021 statement of financial position? a. P239,000 b. P329,000 c. P336,000 d. P343,000During 2020, Strawberry Corporation purchased several equity securities, all of which are designated as equity investments at fair value through profit or loss. The cost and market values at December 31,2020 were as follows:SecurityAB Company ordinary - Cost -P28,000 ; Market -P34,000 ; 200 sharesCD Company ordinary - Cost -P 170,000 ; Market -P 153,000 ; 1000 shares EF Company ordinary - Cost- P315,000 ; Market - P295,000 ; 2000 sharesAppropriate valuation entry was made on December 31, 2020. On January 31, 2021, Strawberry sold 1,000 ordinary shares of CD Company at P155 per share, incurring P900 in broker's commission and taxes.On December 31, 2021, the market values of the ordinary shares of AB Company and EF Company were P150 and P153 per share, respectively. 1. What Is the unrealized gain (loss) reported in profit or loss for the year 2020? a P31,000 b. P(31,000) c. P43,000 d.P(43,000) 2. How much was the gain or loss on the sale of CD shares? a. P1,100 gain…In 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVPL, how much is the unrealized gain in 2021?
- During 2021, Barto Company purchased marketable equity securities as short-term investment to be measured at fair value through other comprehensive income. The cost and market value on December 31, 2021 were as follows: Security No. of Shares Cost Market Value A 5,000 500,000 550,000 B 25,000 2,800,000 2,650,000 C 40,000 2,150,000 3,950,000 The entity sold 10,000 shares of B on January 5, 2022 for P150 per share. The market price per share of Security A and Security C is P320 and P150 respectively, as of December 31, 2022. What amount should be recognized in the Profit or Loss Statement as realized gain or loss on sale of equity securities during 2022?During 2021, Lavida Loca Company purchased trading securities with the following cost and market value on December 31, 2021. Cost Market value A 300,000 400,000 B 1,500,000 1,700,000 C 3,800,000 3,900,000 The entity sold Investment C on January 10, 2022 for P 4,000,000 What is the unrealized gain or loss should be reported in the income statement for 2021? a. 100,000 gain b, 100,000 loss c. 400,000 gain d. 400,000 lossCloud 9 Inc. has equity securities designated as at fair value through profit or loss that were purchased during 2020. At the end of 2020, the securities had a total fair value of P525,000. As of December 31, 2021, the cost and fair values are as follows: Investment Cost Fair Value 1 P100,000 P 90,000 2 190,000 210,000 3 250,000 235,000 The gain or loss that would be reported in profit or loss as a result of the valuation of the securities at the end of 2021 is? A P5,000 B P25,000 c) P10,000 D P20,000
- At December 31, 2018, Hull-Meyers Corp. had the following investments that were purchased during 2018, itsfirst year of operations:Cost Fair ValueTrading Securities:Security A $ 900,000 $ 910,000Security B 105,000 100,000Totals $ 1,005,000 $ 1,010,000 Securities Available-for-Sale:Security C $ 700,000 $ 780,000Security D 900,000 915,000Totals $ 1,600,000 $ 1,695,000Securities to Be Held-to-Maturity:Security E $ 490,000 $ 500,000Security F 615,000 610,000Totals $ 1,105,000 $ 1,110,000No investments were sold during 2018. All securities except Security D and Security F are considered shortterminvestments. None of the fair value changes is considered permanent.Required:Determine the following amounts at December 31, 2018.1. Investments reported as current assets2. Investments reported as noncurrent assets3. Unrealized gain (or loss) component of income before taxes4. Unrealized gain (or loss) component of accumulated other comprehensive income in shareholders’ equity4. The following investment portfolio of equity securities (all acquired during 2019) accounted for as fair value through other comprehensive income are held by JKL Corporation on December 31, 2020: Acquisition Cost P2,200,000 700,000 2,000,000 Fair value, 12/31/20 P1,200,000 2,000,000 2,500,000 Investment Ivan Company shares Jericho, Inc. shares Kent Co. shares During 2021, one-fourth of the Ivan Company shares were sold at its fair value of P230,000 while one- half of the Kent Co. shares were sold at its fair value of P700,000. Had no shares been sold by JKL Corporation in 2021, the fair value of the equity securities at year-end are as follows: Investment Ivan Company shares Jericho, Inc. shares Kent Co. shares Fair value, 12/31/21 P1,900,000 1,100,000 1,200,000 What is the balance of Unrealized Gain or Loss - Other Comprehensive Income on December 31, 2021? (Indicate if debit or credit)Cariston, Inc. has equity securities designated as at fair value through profit or loss that were purchased during 2020. At the end of 2020, the securities had total market value of P525,000. As of December 31, 2021, the records show cost and market value as follows: Investment Cost Market Value 1 P100,000 P90,000 2 190,000 210,000 3 250,000 235,000 The gain or loss that would reported in profit or loss as a result of the valuation of the securities at the end of 2021 is