User Account

All Pages

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

Assignment Help Financial Accounting
Reference no: EM132906296

Turny Co. acquired $6,000,000 12% bonds with 10% effective rate on January 1, 2009 for $6,400,000 plus transaction costs of $454,894.41 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

Show solutions, and explain:

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

Problem b.) 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: EM132906296

Questions Cloud

What percent of the taxpayer taxable income derived : What percent of the taxpayer's taxable income derived from the natural resource for the year before deducting the depletion deduction
Hofstede cultural dimensions and globe studies : Hostage and manager. These are not two words that you would usually expect to hear spoken in the same breath. However, during the first Few months oF 2009, work
Indigenous condition that must be met by international : 1.Which of the following has had the most impact on job loss in the U.S.?
How a responsible person behave : How a Responsible person behave? Give an example How a Deliberative person behave? Give an example
What is the balance of the ugl-oci-equity account : 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?
What amount should be recorded as sales revenue in January : The prevailing rate of interest for this type of note at date of issuance was 10%. What amount should be recorded as sales revenue in January
What kind of moral hazard problems do banks worry about : Why do large corporations find it easier to raise funds in securities markets while small businesses rely mostly on bank loans
Design of organizational structures for twitter ghana : 1. Discuss two factors that should be considered in the design of organizational structures for Twitter Ghana , in light of your understanding of organizational
Discuss public law 87-653 : Discuss Public Law 87-653, the Truth in Negotiations Act (TINA) in 1962 and what data can be used to ensure that the proposed prices are reasonable.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What was the amount of depreciation and amortization expense

What was the amount of depreciation and amortization expense for each of the three years 2012-2014? (Hint: Use the statement of cash flows).

  What is the meaning of negative residual income or eva

What is residual income? What is EVA? How does EVA differ from the general definition of residual income? Can residual income or EVA ever be negative? What is the meaning of negative residual income or EVA?

  Compute how much final tax will be withheld by wise ventures

Compute How much final tax will be withheld by Wise Ventures? Teddy is a venturer sharing 50% in the profits of Wise Ventures, an unincorporated joint

  Calculation of ending cost of inventory

Calculation of ending cost of inventory and Calculation of cost per unit

  Determine the budgeted selling expense

Shipping expenses were estimated at 1% of sales and miscellaneous selling expenses estimated at $1000 plus 0.5% of sales. Determine budgeted selling expense

  Prepare journal entries for the transactions

Prepare journal entries for the following transactions:

  Compute the weighted-average cost of capital for a firm

Compute the weighted-average cost of capital for a firm with the following sources of funds and corresponding required rates of return

  Identify three programs or services where funds are allocate

Analyze the documents and notate changes between them. Identify the top three programs or services where funds are allocated on an annual basis.

  What is the stock expected total rate of return

What is this stock's expected total rate of return (assume market is in equilibrium with the required rate of return equal to the expected return)?

  Variance that may occur in debbie budget

Debbie is reviewing her monthly financial data. Discuss one potential variance that may occur in Debbie budget?

  Pension obligation is considered a long-term liability

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $163,760 and for the equipment, $108,760. The allowance for doubtful accounts has a balance of $20,760. The pension..

  Calculate total dividends and per-share dividends declared

Calculate the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears on January 1, 2009.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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