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Determine the missing amounts in unclassified balance sheet

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Reference no: EM131760126

Question: Luminous Publishing, Inc., is a book publisher.

Note 1. Investments are classified as available for sale. The investments at cost and fair value on December 31, 2016, are as follows:


     No. of Shares     Cost per Share     Total Cost     Total Fair Value
Barns Co. Stock 2,700
$11
$29,700
$27,000
Dynasty Co. Stock 1,000
40
40,000
37,400





$69,700
$64,400

Note 2. The investment in Quest Co. stock is an equity method investment representing 32% of the outstanding shares of Quest Co.

The following selected investment transactions occurred during 2017:

2017
May 5. Purchased 3,200 shares of Gypsy, Inc., at $20 per share including brokerage commission. Gypsy, Inc., is classified as an available-for-sale security.
Sept. 1. Purchased $42,000 of Norton Co. 5%, 10-year bonds at 100. The bonds are classified as available for sale. The bonds pay interest on September 1 and March 1.
Sept. 9. Dividends of $11,600 are received on the Quest Co. investment.
Dec. 31. Quest Co. reported a total net income of $100,000 for 2017. Luminous recorded equity earnings for its share of Quest Co. net income.
Dec. 31. Accrued four months of interest on the Norton bonds.
Dec. 31. Adjusted the available-for-sale investment portfolio to fair value using the
following fair value per-share amounts:
Available-for-Sale Investments Fair Value
Barns Co. stock $10 per share
Dynasty Co. stock $35 per share
Gypsy Inc. stock $21 per share
Norton Co. bonds 98 per $100 of face amount
Dec. 31. Closed the Luminous Publishing Inc. net income of $148,100 for 2017. Luminous paid no dividends during 2017.

Required: The comparative unclassified balance sheets for December 31, 2017 and 2016 are provided below. Determine the missing amounts in the unclassified balance sheet. Do not round interim calculations. Round final answers to nearest dollar.

Luminous Publishing, Inc.
Balance Sheet
December 31, 2017 and 2016

Dec. 31, 2017 Dec. 31, 2016
Cash $216600 $192400
Accounts Receivable (Net) 135500 125500
Available-for-Sale Investments (at Cost) - Note 1
69700
Less Valuation Allowance for Available-for-Sale Investments
5300
Available-for-Sale Investments (Fair Value) $ $64400
Interest Receivable $
Investment in Quest Co. Stock - Note 2
$ 68500
Office Equipment (Net) 113800 119800
Total Assets $ $570600
Accounts Payable $ 72800 $ 65600
Common Stock 62800 62800
Excess of Issue Price Over Par 199700 199700
Retained Earnings
247800
Unrealized Gain (Loss) on Available-for-Sale Investments
(5300)
Total Liabilities and Stockholders' Equity $ $570600

Reference no: EM131760126

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