Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 20 Aug 2017 My Price 14.00

Zeus Investments Inc

PR 13-2b  Stock investment transactions, trading securities                             ObJ. 3, 4 Zeus Investments Inc. is a regional investment company that began operations on January 1, 2016. The following transactions relate to trading securities acquired by Zeus  Investments

Inc., which has a fiscal year ending on December 31:

2016

Feb. 14. Purchased 4,800 shares of Apollo Inc. as a trading security at $26 per share plus a brokerage commission of $192.

Apr. 1. Purchased 2,300 shares of Ares Inc. as a trading security at $19 per share plus a brokerage commission of $92.

June   1.   Sold 600 shares of Apollo Inc. for $32 per share less a $100 brokerage commission.

27.   Received an annual dividend of $0.20 per share on Apollo Inc. stock.

Dec. 31. The portfolio of trading securities was adjusted to fair values of $33 and $18.50 per share for Apollo Inc. and Ares Inc., respectively.

2017

Mar. 14. Purchased 1,200 shares of Athena Inc. as a trading security at $65 per share plus a $120 brokerage commission.

June 26.   Received an annual dividend of $0.21 per share on Apollo Inc. stock.

July   30.   Sold 480 shares of Athena Inc. for $60 per share less a $50 brokerage commission.

Dec. 31.  The portfolio of trading securities had a cost of $200,032 and a fair value of $188,000, requiring a credit balance in Valuation Allowance for Trading

Investments of $12,032 ($200,032 2 $188,000). Thus, the debit balance from

December 31, 2014, is to be adjusted to the new  balance.

Instructions

1.     Journalize the entries to record these transactions.

2.     Prepare the investment-related current asset balance sheet presentation for Zeus Investments Inc. on December 31, 2017.

3.     How are unrealized gains or losses on trading investments presented in the financial statements of Zeus Investments Inc.?

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 08:08 PM My Price 14.00

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