Maurice Tutor

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Category > Accounting Posted 20 Aug 2017 My Price 9.00

Galileo Company

Ex 13-23 Balance sheet presentation of available-for-sale investments              ObJ. 4 During 2016, its first year of  operations,  Galileo  Company  purchased  two  available-for- sale  investments  as  follows:

 

Security

Shares Purchased

Cost

Hawking Inc.

900

$44,000

Pavlov Co.

1,780

38,000

Assume that as of December 31, 2016, the Hawking Inc. stock had a market value of $50 per share, and the Pavlov Co. stock had a market value of $24 per share. Galileo Company had net income of $300,000, and paid no dividends for the year  ended December 31, 2016. All of the available-for-sale investments are classified as current assets.

a.     Prepare the Current Assets section of the balance sheet presentation for the available- for-sale investments.

b.    Prepare the Stockholders’ Equity section of the balance sheet to reflect the earnings and unrealized gain (loss) for the available-for-sale investments.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 08:08 PM My Price 9.00

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