Reference no: EM131203335
Loreal-American Corporation purchased several marketable securities during 2016. At December 31, 2016, the company had the investments in common stock listed below. None was held at the last reporting date, December 31, 2015, and all are considered securities available-for-sale. Unrealized Holding Gain (Loss) Short term: Blair, Inc. $ 492,000 $ 399,000 $ (93,000 ) ANC Corporation 456,000 492,000 36,000 Totals $ 948,000 $ 891,000 $ (57,000 ) Long term: Drake Corporation $ 492,000 $ 566,000 $ 74,000 Aaron Industries 714,000 666,000 (48,000 ) Totals $ 1,206,000 $ 1,232,000 $ 26,000 Prepare the appropriate adjusting entry at December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) What amounts would be reported in the income statement at December 31, 2016, as a result of the adjusting entry?
|
Demand-supply conditions in competitive market for product
: Refer to the above diagram, which shows demand and supply conditions in the competitive market for product X. Other things equal, a shift of the supply curve from S0 to S1 might be caused by a(n): government subsidy per unit of output paid to firms p..
|
|
Impact of cheaper memory chips on the computer market
: Refer to the graphs shown. The market is computers. Which graph best represents the impact of cheaper memory chips on the computer market?
|
|
How should they share the costs of the housekeeper
: Explain the importance of separation of duties to a system of internal controls. Three students share a house. Having better things to do than clean house, they hire someone to come in and clean once each week. How should they share the costs of the ..
|
|
Separate performance obligations in the contract
: Creative Computing sells a tablet computer called the Protab. The $780 sales price of a Protab Package includes the following: One Protab computer. A 6-month limited warranty. Indicated below whether each item is a separate performance obligation and..
|
|
Considered securities available-for-sale
: Loreal-American Corporation purchased several marketable securities during 2016. At December 31, 2016, the company had the investments in common stock listed below. None was held at the last reporting date, December 31, 2015, and all are considered s..
|
|
Provided maintenance services for elevators
: Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2016, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $91,000. wh..
|
|
Record both depreciation expense
: On January ?2, 2014?, Royal Pet purchased fixtures for $33,700 ?cash, expecting the fixtures to remain in service for nine years. Royal Pet has depreciated the fixtures on a? straight-line basis, with $4,000 residual value. On June 30, 2016?, Royal P..
|
|
The proper journal entry to record
: Baker Corporation has 500,000 shares of common stock outstanding. On May 10, the board of directors declared a $0.60 per share cash dividend, to be paid to stockholders of record on May 25. The dividend was distributed on June 6. The proper journal e..
|
|
Stamp service revenue and provides for cost of redemptions
: Flipper Trading Stamp Co. records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Flipper's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Flipper's l..
|