What is balance of the ugl-oci-equity account as of december

Assignment Help Financial Accounting
Reference no: EM132907606

Turny Co. acquired $6,000,000 12% bonds with 10% effective rate on January 1, 2009 for $6,400,000 plus transaction costs of $54,894.41 to be held as financial assets at fair value through other comprehensive income or FVTOCI. The bonds pay interest annually on Dec . 31 and mature on Jan. 1, 2014.

Below are the fair value of the bond each year:

December 31, 2009: 98;

December 31, 2010: 97;

December 31, 2011: 103;

December 31, 2012: 101

Problem 1: What is the balance of the UGL-OCI-Equity account as of December 31, 2010? Is it a debit or credit balance?

Problem 2: Look for the unrealized gain or loss reported in the 2011 statement of comprehensive income related to the investment. Is it a debit or credit balance?

Reference no: EM132907606

Questions Cloud

Construct a relative frequency table with six classes : A university collected some data on the amount of money that students spend on textbooks in a typical semester. Here are the dollar amounts: (n = 42)
Compute the effect of the given transactions on net income : How do Determine the effect of the given transactions on the net income or loss for 2008. DeMarco Company had the selected transaction in FVTPL bond
Qualitative and quantitative data : Explain why it is important to evaluate the effectiveness of proposed solutions using both qualitative and quantitative data.
Create proposed healthcare delivery model : Create a proposed healthcare delivery model based on a combination of developed nations' health systems
What is balance of the ugl-oci-equity account as of december : Turny Co. acquired $6,000,000 12% bonds with 10% effective rate, What is the balance of the UGL-OCI-Equity account as of December 31, 2010?
What is the probability of non-smokers : At a local college, 19 of the male students are smokers and 171 are non-smokers. Of the female students, 90 are smokers and 210 are non-smokers.
Find the probability of randomly selected house : If the mean is 138. And standard deviation is 46. Find the probability that a randomly selected house hold in North America uses greater than 161 gallons of wat
What is nature and role of bargaining : Compare union relations in two countries i.e., Nepal and United States of America. What is the nature and role of bargaining?
Confidence interval for the proportion of students : A student was asked to find a 98% confidence interval for the proportion of students who take notes using data from a random sample of size n = 75.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find the simple interest and future value

Nick borrowed P6000 at 9% simple interest fro 1 ½ years to repair his rice threshing-machine. Find the simple interest, future value

  Accounting basics about closing process in accounting cycle

The question is on accounting basics about closing process in accounting cycle. Show which of the following accounts will be closed to Income Summary at year-end.

  Total sales and total cost of merchandise sold for period

The beginning inventory of Merchandise at Waldo Co. and data on purchases and sales for a three-month period are as follows: Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustr..

  What is financial accounting

What is financial accounting. - What are the methods of computing accounting ratios. -Prepare financial statement and ratios for the firm.

  Is profit maximization the proper goal of the firm

Which strategy should the firm pursue? What are total profits, total number of shares, and profit per share under each strategy? Why?

  Create a flowchart or logic diagram

Create a flowchart or logic diagram to represent the flow of transactions from the raising of purchase order to cash payment

  What is the interest rate on the annuity option

You have just won the lottery! You can either receive $5,000 a year for 15 years or $50,000 as a lump sum payment today. What is the interest rate on the annuity option?

  Did the business incur a net income or a net loss for period

Cash sales of $25,000, sales on account of $30,000, and expenses paid in cash of $50,000, did the business incur a net income or a net loss for the period?

  What is the current bond price for thatcher corporation

The bonds are callable in 12 years at a 9 percent call premium. What is the current bond price? What is the investor's yield to call?

  Discuss various production processes

why the costs of some materials that do not actually become part of the finished product

  How many hats must ford sell each quarter to break even

Ford Tops manufactures hats for baseball teams. Ford has fixed costs of $89,700 per quarter and sells each hat for $46. If the variable cost per hat is $41.40, how many hats must Ford sell each quarter to break even?

  Minimize or eliminate these impediments

Exhibit 18.2 of your textbook lists a number of impediments to project success. How might you minimize or eliminate these impediments?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd