Securities Cost Fair Value No. Account Titles and Explanation Debit Credit Uttin
ID: 2467631 • Letter: S
Question
Securities
Cost
Fair Value
No.
Account Titles and Explanation
Debit
Credit
Uttinger Company
Balance Sheet
December 31, 2014
Uttinger Company
Income Statement (Detailed)
For the year ended December 31, 2014
$
Uttinger Company has the following data at December 31, 2014.Securities
Cost
Fair Value
Trading $119,990 $124,020 Available-for-sale 100,590 91,890The available-for-sale securities are held as a long-term investment. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(1) (2) Indicate the statement presentation of each class of securities.Uttinger Company
Balance Sheet
December 31, 2014
Current AssetsCurrent LiabilitiesIntangible AssetsInvestment in Stock of Less Than 20% Owned CompaniesInvestmentsLong-term LiabilitiesProperty, Plant and EquipmentShort-term InvestmentsStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityUnrealized Loss on Available-for-sale Securities
Current Assets Current Liabilities Intangible Assets Investment in Stock of Less Than 20% Owned Companies Investments Long-term Liabilities Property, Plant and Equipment Short-term Investments Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Unrealized Loss on Available-for-sale Securities
$
Current AssetsCurrent LiabilitiesIntangible AssetsInvestment in Stock of Less Than 20% Owned CompaniesInvestmentsLong-term LiabilitiesProperty, Plant and EquipmentShort-term InvestmentsStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityUnrealized Loss on Available-for-sale Securities
Current Assets Current Liabilities Intangible Assets Investment in Stock of Less Than 20% Owned Companies Investments Long-term Liabilities Property, Plant and Equipment Short-term Investments Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Unrealized Loss on Available-for-sale Securities
Current AssetsCurrent LiabilitiesIntangible AssetsInvestment in Stock of Less Than 20% Owned CompaniesInvestmentsLong-term LiabilitiesProperty, Plant and EquipmentShort-term InvestmentsStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityUnrealized Loss on Available-for-sale Securities
Add Less : Current AssetsCurrent LiabilitiesIntangible AssetsInvestment in Stock of Less Than 20% Owned CompaniesInvestmentsLong-term LiabilitiesProperty, Plant and EquipmentShort-term InvestmentsStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityUnrealized Loss on Available-for-sale Securities
$
Indicate the related unrealized gain (loss) accounts.
Uttinger Company
Income Statement (Detailed)
For the year ended December 31, 2014
DividendsExpensesGross Profit / (Loss)Income Before Income TaxesIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal Operating ExpensesTotal RevenuesOperating ExpensesOther Expenses and LossesOther Revenues and GainsUnrealized Gain on Trading Securities
Dividends Expenses Gross Profit / (Loss) Income Before Income Taxes Income From Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Sales Revenues Total Expenses Total Operating Expenses Total Revenues Operating Expenses Other Expenses and Losses Other Revenues and Gains Unrealized Gain on Trading Securities
$
Explanation / Answer
1
Adjusting entries to report: (1) Trading securities at fair value:
No.
Account Titles and Explanation
Debit
Credit
1)
Trading securities
$ 4,030.00
Unrealized gain on trading securities (124020-119990)
$4,030.00
(Being unrealized gain recongnised)
2)
Unrealized loss on available-for-sale securities (100590-91890)
$ 8,700.00
Available-for-sale securities
$8,700.00
(Being unrealized loss recongnised)
2
Uttinger Company
Balance Sheet
December. 31, 2014
Investment in Stock of Less Than 20% Owned Companies
$119,990.00
1
Adjusting entries to report: (1) Trading securities at fair value:
No.
Account Titles and Explanation
Debit
Credit
1)
Trading securities
$ 4,030.00
Unrealized gain on trading securities (124020-119990)
$4,030.00
(Being unrealized gain recongnised)
2)
Unrealized loss on available-for-sale securities (100590-91890)
$ 8,700.00
Available-for-sale securities
$8,700.00
(Being unrealized loss recongnised)
2
Uttinger Company
Balance Sheet
December. 31, 2014
Investment in Stock of Less Than 20% Owned Companies
$119,990.00
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