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Category > Accounting Posted 26 Sep 2017 My Price 10.00

Fernandez Cor

(Available-for-Sale Securities—Statement Presentation) Fernandez Corp. invested its excess cash in available-for-sale securities during 2012. As of December 31, 2012, the portfolio of available-for-sale securities consisted of the following common stocks.

Security	Quantity		Cost	Fair Value
Lindsay Jones, Inc.	1,000 shares		$ 15,000	$ 21,000
Poley Corp.	2,000 shares		40,000	42,000
Arnold Aircraft	2,000 shares		72,000	60,000
		Total	$127,000	$123,000

Instructions

(a) What should be reported on Fernandez’s December 31, 2012, balance sheet relative to these securities? What should be reported on Fernandez’s 2012 income statement? On December 31, 2013, Fernandez’s portfolio of available-for-sale securities consisted of the following common stocks.

Security	Quantity		Cost	Fair Value
Lindsay Jones, Inc.	1,000 shares		$ 15,000	$20,000
Lindsay Jones, Inc.	2,000 shares		33,000	40,000
Duff Company	1,000 shares		16,000	12,000
Arnold Aircraft	2,000 shares		72,000	22,000
		Total	$136,000	$94,000

During the year 2013, Fernandez Corp. sold 2,000 shares of Poley Corp. for $38,200 and purchased 2,000 more shares of Lindsay Jones, Inc. and 1,000 shares of Duff Company.

(b) What should be reported on Fernandez’s December 31, 2013, balance sheet? What should be reported on Fernandez’s 2013 income statement? On December 31, 2014, Fernandez’s portfolio of available-for-sale securities consisted of the following common stocks.

Security	Quantity		Cost	Fair Value
Arnold Aircraft	2,000 shares		$72,000	$82,000
Duff Company	500 shares		8,000	6,000
		Total	$80,000	$88,000

During the year 2014, Fernandez Corp. sold 3,000 shares of Lindsay Jones, Inc. for $39,900 and 500 shares of Duff Company at a loss of $2,700.

(c) What should be reported on the face of Fernandez’s December 31, 2014, balance sheet? What should be reported on Fernandez’s 2014 income statement?

(d) What would be reported in a statement of comprehensive income at (1) December 31, 2012, and (2) December 31, 2013?

Answers

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Status NEW Posted 26 Sep 2017 07:09 PM My Price 10.00

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