PR 15-4A Luminous Publishing, Inc., is a book publisher. The following selected
ID: 2366745 • Letter: P
Question
PR 15-4A
Luminous Publishing, Inc., is a book publisher. The following selected investment transactions occurred during 2013:
Note 1. Investments are classified as available for sale. The investments at cost and fair value on December 31, 2012, are as follows:
Note 2. The investment in Quest Co. stock is an equity method investment representing 32% of the outstanding shares of Quest Co.
The comparative unclassified balance sheets for December 31, 2013 and 2012 are provided below. Selected balances are missing. Determine the missing amounts. Enter all amounts as positive numbers. Do not round interim calculations. Round final answers to nearest dollar.
The comparative unclassified balance sheets for December 31, 2013 and 2012 are provided below. Selected balances are missing. Determine the missing amounts. Enter all amounts as positive numbers. Do not round interim calculations. Round final answers to nearest dollar.
Luminous Publishing, Inc. Balance Sheet December 31, 2013 and 2012 Dec. 31, 2013 Dec. 31, 2012 Cash $178,000 $157,000 Accounts receivable (net) 106,000 98,000 Available-for-sale investments (at cost)-Note 1 $ Correct 13 $ 53,400 Less valuation allowance for available-for-sale investments Correct 16 3,900 Available-for-sale investments (fair value) $ Correct 19 49,500 Interest receivable $ Correct 22 Investment in Quest Co. stock-Note 2 Correct 24 $ 55,000 Office equipment (net) 90,000 95,000 Total assets $ Correct 30 $454,500 Accounts payable $ 56,900 $ 51,400 Common stock 50,000 50,000 Excess of issue price over par 160,000 160,000 Retained earnings Correct 42 197,000 Unrealized gain (loss) on available-for-sale investments Correct 45 (3,900) Total liabilities and stockholders' equity $ Correct 48 $454,500
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