Heritage insurance co is a regional insurance company that

Reference no: EM13483641

Heritage Insurance Co. is a regional insurance company that began operations on January 1,2012. The following transactions relate to trading securities acquired by Heritage Insurance Co., which has a fiscal year ending on December 31:

Feb. 21. Purchased 4,000 shares of Astor Inc. as a trading security at $30 per share plus a brokerage commission of $600

Mar. 9. Purchased 800 shares of Millsaps Inc. as a trading security at $41 per share plus a brokerage commission of $160

May 3. Sold 600 shares of Astor Inc. for 27.50 per share less a $80 brokerage commission.

June 8. Received an annual dividend of $0.22 per share on Astor Inc. stock.

Dec. 31. The portfolio of trading securities was adjusted to fair values of $32 and $30 per share for Astor Inc. and Millsaps Inc., respectively.

May 21. Purchased 2,000 shares of Essex Inc. as a trading security at $21 per share plus a $200 brokerage commission.

June 11. Received an annual dividend of $0.25 per share on Astor Inc. stock.

Aug. 16. Sold 400 shares of Essex Inc. for $25 per share less an $80 brokerage commission.

Dec. 31. The portfolio of trading securities had a cost of $169,230 and fair value of $170,560, requiring a debit balance in Valuation Allowance for Trading Investments of !,330. Thus, the credit balance from December 31, 2012, is to be adjusted to the new balance.

1. Journalize the entries to record these transactions.

2. Prepare the investment-related current asset balance sheet disclosures for Heritage Insurance Co. on December 31, 2013.

Reference no: EM13483641

Questions Cloud

Test can you answer for these : can you answer for these

Parenting practices over generations assignment 3 parenting : assignment 3 parenting practices over generations ltbrgt ltbrgtyou learned in your readings that parenting practices

Sue jaski supervisor of the karaki corporations machining : sue jaski supervisor of the karaki corporations machining department was visibly upset after being reprimanded for her

What would the companys monthly net operating income be if : perkins company produces and sells a single product. the companys income statement for the most recent month is given

Heritage insurance co is a regional insurance company that : heritage insurance co. is a regional insurance company that began operations on january 12012. the following

Air meals is a company that prepares in-flight meals for : air meals is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. the

Examine the segment-disclosure totals for revenues profits : 1.what are heinzs business segments? are heinzs operating segments based on productindustry or geographic

How does the use of financial leverage effect a firms : the effect of leverage on firm earnings a firm needs 100 to start and has the following expectations

Assume that apple has received a special order from a : assume that apple has received a special order from a retailer for 1000 specially outfitted imacs. this is a one-timer

User Account

All Pages