Maurice Tutor

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Category > Accounting Posted 20 Aug 2017 My Price 9.00

Copernicus Corporation

Ex 13-24 Balance sheet presentation of available-for-sale investments              ObJ. 4 During  2016,  Copernicus  Corporation  held  a  portfolio  of  available-for-sale  securities  having a  cost  of  $185,000.  There  were  no  purchases  or  sales  of  investments  during  the  year.   The

market  values  at the  beginning  and  end  of the  year  were  $225,000  and  $160,000, respec-

tively. The net income for 2016 was $180,000, and no dividends were paid during the year. The Stockholders’ Equity section of the balance sheet was as follows on December 31, 2015:

Copernicus Corporation Stockholders’ Equity December 31, 2015

 

Common stock

$  50,000

Paid-in capital in excess of par

250,000

Retained earnings

340,000

Unrealized gain (loss) on available-for-sale investments

     40,000

Total

$680,000

 

Prepare the Stockholders’ Equity section of the balance sheet for December 31,  2016.

 

Answers

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

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