intermediate accounting ii

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2 Excel Spreadsheet

 

You have just joined a CPA firm. Your manager is impressed with the recommendations that you provided on the reporting of securities for the client. He comes in and says “You did a great job! The client was thrilled with the recommendations.”

Your manager has another consulting assignment. He asked you to prepare for him the entries and financial statement presentation for both of the following situations:

  • The new client has the following securities on his or her books on Dec 31, 2011:

Available-for-sale securities

Cost

Fair Value

2,000 shares of ABC stock

$30,000

$35,000

1,000 shares of XYZ stock

$20,000

$18,000

Total

$50,000

$53,000
    • Prepare the adjusting entry required for 2010 under available-for-sale securities.
    • How are the amounts reported in the financial statements?
  • The client has the following portfolio for trading securities as of Dec 31, 2011:

Available for trading securities

Cost

Fair Value

4,000 shares of ABC stock

$40,000

$35,000

2,000 shares of XYZ stock

$30,000

$20,000

Total

$70,000

$55,000
    • Prepare the adjusting entry required for 2010 under trading securities.
    • How are the amounts reported in the financial statements?

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