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ACCT 551 DeVry Complete Homework Package

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ACCT 551 DeVry Complete Homework Package

ACCT551

ACCT 551 DeVry Week 1 Homework

Exercise 12 – 6

Problem 12- 5

ACCT 551 DeVry Week 2 Homework

E 13-11, 13-12, 13-9

ACCT 551 DeVry Week 3 Homework

P 14-5, 14-6, 14-7

ACCT 551 DeVry Week 4 Homework

E 15-2, 15-5, 15-6,

ACCT 551 DeVry Week 5 Homework

E 15-15, 15-16, 15-17

ACCT 551 DeVry Week 6 Homework

E 16-1, 16-6, 16-8, 16-12, 16-25

ACCT 551 DeVry Week 7 Homework

E 17-1, E17-2, E17-9, E17-12, E17-16

E17-1 (Investment Classifications) for the following investments, identify whether they are:

·1. Trading

·2. Available-for-Sale

·3. Held-to-Maturity

Each case is independent of the other.

·(a) A bond that will mature in 4 years was bought 1 month ago when the price dropped. As soon as the value increases, which is expected next month, it will be sold.

·(b) 10% of the outstanding stock of Farm-Co was purchased. The company is planning on eventually getting a total of 30% of its outstanding stock.

·(c) 10-year bonds were purchased this year. The bonds mature at the first of next year.

·(d) Bonds that will mature in 5 years are purchased. The company would like to hold them until they mature, but money has been tight recently and they may need to be sold.

·(e) A bond that matures in 10 years was purchased. The company is investing money set aside for an expansion project planned 10 years from now.

(f) Preferred stock was purchased for its constant dividend. The company is planning to hold the preferred stock for a long time

E17-2 (Entries for Held-to-Maturity Securities) On January 1, 2012, Jennings Company purchased at par 10% bonds having a maturity value of $300,000. They are dated January 1, 2012, and mature January 1, 2017, with interest receivable December 31 of each year. The bonds are classified in the held-to-maturity category.

E17-9 (Available-for-Sale Securities Entries and Financial Statement Presentation) At

E17-12 (Journal Entries for Fair Value and Equity Methods) Presented on page 1032 are two independent situations.

E17-16 (Fair Value and Equity Method Compared) Gregory Inc. acquired 20% of the outstanding common stock of Handerson Inc. on December 31, 2012. The purchase price was $1,250,000 for 50,000 shares. Handerson Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2013. Handerson reported net income of $730,000 for 2013. The fair value of Handerson’s stock was $27 per share at December 31, 2013.