Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 01 Aug 2017 My Price 4.00

Makala Company

During 2012, its first year of operations, Makala Company purchased two available-for-sale investments as follows:

Security

Shares Purchased

Cost

Oceanna Company

700

$29,000

Rockledge, Inc.

1,900

41,000

 

34,3005,300

38,0003,000

Assume that as of December 31, 2012, the Oceanna Company stock had a market value of $49 per share and Rockledge, Inc. stock had a market value of $20 per share.

Makala had 10,000 shares of no par stock outstanding that was issued for $150,000. For the year ending December 31, 2012, Makala had a net income of $105,000. No dividends were paid.

Required:

(1)

Prepare the Current Assets section of the balance sheet presentation for the available-for sale securities as of December 31, 2012.

(2)

Prepare the Stockholders’ Equity section of the balance sheet as of December 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Aug 2017 10:08 PM My Price 4.00

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