Question
At December 31, 2018, Hull-Meyers Corp. had the following investments that were purchased during 2018, its...
At December 31, 2018, Hull-Meyers Corp. had the following investments that were purchased during 2018, its first year of operations: Cost Fair Value $ 985,000 $ 997,500 190,000 185,400 $1,175,000 $1,182,900 Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals $ 785,000 $ 856,500 985,000 1,003,400 $1,770,000 $1,859,900 $ 575,000 $ 586,700 700,000 694,300 $1,275,000 $1,281,000 No investments were sold during 2018. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required: Compute the below table to calculate the following (Amounts to be deducted should be indicated with a minus sian.)
,000 $1,859,900 Totals Securities to Be Held-to-Maturity: Security E Security F Totals $ 575,000 $ 586,700 700,000 694,300 $1,275,000 $1,281,000 No investments were sold during 2018. All securities except Security D and Security F are considered short-term investments. the fair value changes is considered permanent. Required: Compute the below table to calculate the following. (Amounts to be deducted should be indicated with a minus sign.) ok ht Reported on Balance Sheet as: Current assets Noncurrent assets Unrealized gain (loss) included in: Other Total Net Income Comprehensive Comprehensive (I/S) Income (OCI) Income nces $ 0 S 0 Trading Securities Security A Security B Securities Available for Sale Security C Security D Securities to be Held-to-Maturity Security E Security F 0 $ $ 0 $ 0 $ 0 Totals $ 0 $ 0 $ 0 $ 0 $ 0
Answers
Particulars Reported on Balance Sheet as: Unrealized gain (loss) Included in: Current Assets Non Current Assets Net Income (I/S) Other Comprehensive Income (OCI) Total Comprehensive Income Trading Securities: Security A $997,500.00 $12,500.00 $12,500.00 Security B $185,400.00 -$4,600.00 -$4,600.00 Securities Available for sale: Security C $856,500.00 $0.00 $71,500.00 $71,500.00 Security D $$1,003,400.00 $18,400.00 $18,400.00 Securities to be Held to Maturity: Security E $575,000.00 Security F $700,000.00 Totals $7,900.00 $89,900.00 $97,800.00 Working:
Income = Fair value – book value
Net Income:
Security A = 997,500 – 985,000 = 12,500
Security B = 185,400 – 190,000 = -4,600
Other Comprehensive Income (OCI)
Security C = 856,500 – 785,000 = 71,500
Security D = 1,003,400 – 985,000 = 18,400
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