Securities fair value adjustment account, Accounting Basics

+44 141 628 6080
[email protected]

Securities fair value adjustment account

Presented below is information taken from a bond investmentamortization schedule with related fair values provided. These bonds are classified as available-for-sale.

12/31/10 12/31/11 12/3/12

Amortizedcost $491,150 $519,442 $550,000

Fairvalue $497,000 $509,000 $550,000

Instructions:

Prepare the adjusting entry to record the bonds at fairvalue at December 31, 2010. The securities Fair Value Adjustment account has a debit balance of $1,000 prior to adjustment.

Prepare the adjusting entry to record the bonds at fairvalue at December 31, 2011.

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Securities fair value adjustment account

Reference No:- TGS0555310

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : What is the required journal entry

If inventory in the beginning of the period is 2700 and at the ened of the period it is estimated that 2430 is left. we know that purchases of 10265 of inventory were made in cash and 1287 were made on account. what are the required journal entrie

Q : Describe the accounting controls

Describe the accounting controls you would expect to find in the purchasing system of a "high street retail" company, and discuss how the failure of such accounting controls could potentially affect the valuation and security of company assets and

Q : Explain the process-baking department for a period

The charges to Work in Process-Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method.

Q : Explain bondholders are crditors of issuing corporation

Bondholders are crditors of the issuing corporation. Bondholders claims on the assets of the corporation rank ahead of stockholders

Q : Securities fair value adjustment account

Prepare the adjusting entry to record the bonds at fairvalue at December 31, 2010. The securities Fair Value Adjustment account has a debit balance of $1,000 prior to adjustment.

Q : Broadcasting company

A broadcasting company failed to make a year-end accrual of $200,000 for fines due to a violation of FCC rules. Its tax rate is 40%. As a result of this error, net income was:

Q : What is the expected contribution margin ratio

Blythe Industries Inc. expects to maintain the same inventories at the end of 2012 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold.

Q : What was consolidated cost of goods sold

Gentry Inc. acquired 100% of Gaspard Farms on January 5, 2010. During 2010, Gentry sold Gaspard Farms for $625,000 goods which had cost $425,000. Gaspard Farms still owned 12% of the goods at the end of the year.

Q : Compute the current and quick ratios

Given the following information, compute the current and quick ratios:

1945188

Questions
Asked

3,689

Active Tutors

1447727

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Securities fair value adjustment account

Reference No:- TGS0555310

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What is the required journal entry

Q : Describe the accounting controls

Q : Explain the process-baking department for a period

Q : Explain bondholders are crditors of issuing corporation

Q : Securities fair value adjustment account

Q : Broadcasting company

Q : What is the expected contribution margin ratio

Q : What was consolidated cost of goods sold

Q : Compute the current and quick ratios

How sociological models help understand mental illness

Which is a criticism of marxist/conflict theories

Discuss statements about sociological approaches

How does the pyramid change

Statement about political systems controlled by men

Review the real-life cat and mouse chase

Which are forms of media bias

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Securities fair value adjustment account

Reference No:- TGS0555310

Recent Questions Asked Accounting Basics

Q : What is the required journal entry

Q : Describe the accounting controls

Q : Explain the process-baking department for a period

Q : Explain bondholders are crditors of issuing corporation

Q : Securities fair value adjustment account

Q : Broadcasting company

Q : What is the expected contribution margin ratio

Q : What was consolidated cost of goods sold

Q : Compute the current and quick ratios

Asked Questions