Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 11.00

Acker Inc.

On January 1, 2012, Acker Inc. had the following balance sheet.


The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of Acker Inc.’s available-for-sale securities at December 31, 2012, was $190,000; its cost was $140,000. No securities were purchased during the year. Acker Inc.’s income statement for 2012 was as follows. (Ignore income taxes.)
ACKER INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2012
Dividend revenue ……………………….$ 5,000
Gain on sale of investments ……………..30,000
Net income ……………………………..$35,000
Instructions
(Assume all transactions during the year were for cash.)
(a) Prepare the journal entry to record the sale of the available-for-sale securities in 2012.
(b) Prepare a statement of comprehensive income for 2012.
(c) Prepare a balance sheet as of December 31,2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 06:07 PM My Price 11.00

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