Cullumber Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security
Quantity
Cost
Fair Value
Lindsay Jones, Inc. 1,000 shares $15,100 $21,100
Poley Corp. 2,000 shares 39,700 41,700
Arnold Aircraft 2,000 shares 71,300 59,500
Totals $126,100 $122,300
What should be reported on Cullumber’s December 31, 2020, balance sheet relative to these securities? What should be reported on Cullumber’s 2020 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Cullumber Corp.
Balance Sheet (Partial)
December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
Current AssetsCurrent LiabilitiesIntangible AssetsEquity InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
$
Income Statement
December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
DividendsExpensesNet Income / (Loss)Retained Earnings – January 1, 2022Retained Earnings – December 31, 2022Sales RevenuesTotal ExpensesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes
On December 31, 2021, Kingbird’s securities portfolio consisted of the following common stocks. Security Quantity Cost Fair Value Lindsay Jones, Inc. 1,000 shares $15,000 $19,800 Lindsay Jones, Inc. 2,100 shares 32,700 39,700 Duff Company 1,000 shares 15,800 12,000 Arnold Aircraft 2,100 shares 71,400 21,800 Totals $134,900 $93,300 During the year 2021, Kingbird Corp. sold 2,100 shares of Poley Corp. for $38,300 and purchased 2,100 more shares of Lindsay Jones, Inc. and 1,000 shares of Duff Company.
What should be reported on Cullumber’s December 31, 2021, balance sheet? What should be reported on Cullumber’s 2021 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Cullumber Corp.
Balance Sheet (Partial)
December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021
Current AssetsCurrent LiabilitiesIntangible AssetsEquity InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
$
Cullumber Corp.
Income Statement (Partial)
December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021
DividendsExpensesNet Income / (Loss)Retained Earnings – January 1, 2019Retained Earnings – December 31, 2019Sales RevenuesTotal ExpensesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes
$
On December 31, 2022, Cullumber’s securities portfolio consisted of the following common stocks.
Security
Quantity
Cost
Fair Value
Arnold Aircraft 2,000 shares $71,300 $82,000
Duff Company 500 shares 8,100 5,900
Totals $79,400 $87,900
During the year 2022, Cullumber Corp. sold 3,000 shares of Lindsay Jones, Inc. for $40,100 and 500 shares of Duff Company at a loss of $2,700.
What should be reported on the face of Cullumber’s December 31, 2022, balance sheet? What should be reported on Cullumber’s 2022 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Cullumber Corp.
Balance Sheet (Partial)
December 31, 2022For the Year Ended December 31, 2022For the Quarter Ended
December 31, 2022
Current AssetsCurrent LiabilitiesIntangible AssetsEquity InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
$
Cullumber Corp.
Income Statement (Partial)
December 31, 2022For the Year Ended December 31, 2022For the Quarter Ended December 31, 2022 DividendsExpensesNet Income / (Loss)Retained Earnings – January 1, 2020Retained Earnings – December 31, 2020Sales RevenuesTotal ExpensesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and LossesIncome Before Income Taxes
$