Mizzou ACCTCY 2037 - open ended problems practice blank 22, 23, appendix (37 pages)
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open ended problems practice blank 22, 23, appendix
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- Pages:
- 37
- School:
- University of Missouri
- Course:
- Acctcy 2037 - Accounting II
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At the beginning of January 2011 Belford Buckle Company held 500 shares of Wirl common stock in its investment portfolio of available for sale securities These shares had cost 9 000 and had a market value of 9 500 on January 1 2011 During 2011 Belford had several other transactions relating to its investments in available for sale securities as follows On January 7 Belford purchased 400 shares of Nirt common stock for 6 000 and on July 1 Belford purchased 10 10 000 bonds of Fess Company for 10 000 The bonds pay interest on June 30 and December 31 On August 5 Belford sold the 500 shares of Wirl common stock for 9 900 On December 15 Belford received cash dividends of 1 per share on the Nirt common stock and on December 31 it received the interest on the Fess bonds At the end of December the Nirt shares had a market value of 5 700 and the Fess Bonds had a market value of 10 200 Required 1 Record the 2011 investment transactions and events for Belford Keep track of the balance in the Investments account 2 Show how Belford would report the results of the investment transactions and events on its 2011 income statement and on its December 31 2011 balance sheet assuming it expects to sell the investments in 2012 1 Assets Cash 1 1 1 07 7 01 8 05 12 15 12 31 12 31 Endin g Bal 2 Investmen ts in Availablefor Sale Securities Liabiliti es Stockholders Equity Unrealize d Change In Market Value Of Investmen ts Gai n On Sal e Los s On Sal e Dividen Intere d st Rev Rev 2011 Income Statement 2011 Balance Sheet On January 1 2011 Foley Aircraft Company purchased on the stock market 25 of Pet Helicopter Inc s 80 000 shares of common stock paying 5 25 per share On that date the book value of Pet s stockholders equity was 420 000 On December 31 2011 Foley reported a balance in its investment account for Pet of 120 000 Pet did not pay dividend in 2011 Required 1 How much did Foley pay for its investment in Pet 2 How much did Foley report as its 2011 income in regard to its investment in Pet
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ACCTCY 2037: Appendix A Notecards
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