Do the "Trading Securities" entries on the given tab...it's one big project due in few weeks but that "trading securities tab" my professor wants to see that part completed only within the deadline of...

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Do the "Trading Securities" entries on the given tab...it's one big project due in few weeks but that "trading securities tab" my professor wants to see that part completed only within the deadline of 24-32 hours,,..
Answered Same DayApr 05, 2021

Answer To: Do the "Trading Securities" entries on the given tab...it's one big project due in few weeks but...

Akshay Kumar answered on Apr 05 2021
148 Votes
Trial Balance
    JKL, Inc.
    Trial balances
                                    Final Adj.        Unadjusted                    Adjusted
                                    12/31/2019        12/31/2020    Ref    DR    Ref    CR    12/31/2020
            Cash                        580,000        724,000
            Investment in trading securities                        64,000        64,000    1    19,000.00            83,000.00
            Accounts receivable                        138,000        35,000
            Allowance for doubtful accounts                        (2,000)        (2,000)

            Interest receivable                        - 0        - 0
            Inventory                        60,000        40,000
            Current portion of notes receivable                        - 0        - 0
            Prepaid expenses                        4,000        3,000
            Allowance for change in fair value of securities                        - 0        - 0
            Term portion of note receivable                        - 0        - 0
            Investment in DFE Corp.                        - 0        - 0
            Machine A                        72,000        72,000
            Machine B                        68,000        68,000
            Building                        676,000        676,000
            Other depreciable assets                        992,000        992,000
            Machine D                        92,000        92,000
            Outdoor rigging                        288,000        288,000
            Electronic Equipment E (related to outdoor rigging venture)                        92,000        92,000
            Accumulated depreciation                        (1,300,000)        (1,300,000)
            Patent                        - 0        - 0
            Goodwill -- DFE Corp.                        128,000        128,000
            Accounts payable                        (1,020,000)        (320,000)
            Taxes payable                        (36,000)        (36,000)
            Accrued expenses                        (4,000)        (32,000)
            Preferred dividends payable                        - 0        - 0
            Pension liability                        - 0        - 0
            Bonds payable, 6%, due 2034                        (360,000)        (360,000)
            suspense                        - 0        1,084,000
            Preferred non-cumulative, 6%, $500 par, 3616 shares outstanding                        (1,808,000)        (1,808,000)
            Common stock, $10 par, 9,000 shares outstanding                        (360,000)        (360,000)
            Paid in capital in excess of par, common                        (272,000)        (272,000)
            Accumulated other comprehensive income                        - 0        - 0
                                    - 0        - 0
            Treasury stock                        - 0        - 0
            Retained earnings                        1,908,000        1,908,000
            Sales                        - 0        (5,428,000)
            Cost of goods sold                        - 0        3,170,000
            Selling, general and administrative expense                        - 0        482,000
            Interest income                        - 0        - 0
            Interest expense                        - 0        - 0
            Depreciation expense                        - 0        - 0
            Federal income tax expense                        - 0        - 0
            Tax expense or benefit re: discontnued sale                        - 0        - 0
            Tax expense or benefit re: discontnued operation                        - 0        - 0
            Results from discontinued operations--disposition                        - 0        - 0
            Results from discontinued operations--operation                        - 0        - 0
            Extraordinary gains or losses                        - 0        - 0
                                    - 0        - 0
            Balances at 12/31/18 are needed for the cash flow worksheet.
            Balances at 12/31/19 are the ending balances for 2019 before your adjustments.
            Get your trial balance worksheet 2018 beginning balances from the 2018 column above.
            You can add accounts as needed.
Journal Entries
    Put a copy of all your journal entries for 2020 here on this tab.
    You are not making ANY prior year entries. Any prior year information is just that--information.
    No.    Events    Journal Entry Account    Debit    Credit
    1    Trading securities    Investment in trading securities    19,000.00
             Unrealized gains (losses) on trading securities        19,000.00
            To mark trading securities to market (83,000-64,000)
Given
    JKL, Inc. presents the preliminary trial balance at 12/31/20 and the related information set out below. Entries for the related information have not been recorded, but routine transactions for operation of the company during the year have been recorded. Accordingly, you have an unadjusted trial balance at 12/31/20 . The trial balance for 12/31/19, also called the prior year trial balance, is a post-closing trial balance. The following...
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