Homework Answers
b. Trading Securities
Generally securities in which we trade or hold for short term to sell for profit/loss is shown as a current asset as it will be held for short term.
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In applying the presentation and disclosure assertion, you verify that the following portfolio of debt and...
Which of the following is not a management assertion about inventory related to "presentation and disclosure?"...
Which of the following is not a management assertion about inventory related to "presentation and disclosure?" Select one: a. Major inventory categories and their valuation basis are adequately disclosed in the notes. b. Inventory is properly stated at cost. c. Pledge or assignment of inventory as collateral is appropriately shown in notes. d. Inventory is properly classified as a current asset.
Accumulated other comprehensive income in stockholders' equity shows the difference between historical cost and market for...
Accumulated other comprehensive income in stockholders' equity shows the difference between historical cost and market for which account(s)? Select one: A. Trading securities and available-for-sale securities B. Available-for-sale securities C. Trading securities and held-to-maturity securities D. Trading securities E. Held-to-maturity securities
For which of the following securities are any increases or decreases in value reported as a...
For which of the following securities are any increases or decreases in value reported as a separate change in Stockholders' Equity for the period? - -- O A. Held - to - maturity securities O B. Trading securities O C. Trading and held - to - maturity securities O D. Available - for sale securities
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its...
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Trading Securities: Security A $ 950,000 $ 965,000 Security B 155,000 149,000 Totals $ 1,105,000 $ 1,114,000 Securities Available-for-Sale: Security C $ 750,000 $ 825,000 Security D 950,000 967,000 Totals $ 1,700,000 $ 1,792,000 Securities to Be Held-to-Maturity: Security E $ 540,000 $ 551,000 Security F 665,000 659,000 Totals $ 1,205,000 $ 1,210,000 No investments were sold during 2021. All...
gy.com/assigny 2332078316/assessment Question 10 Short-term investments 0 а 0 b are investments in debt securities or...
gy.com/assigny 2332078316/assessment Question 10 Short-term investments 0 а 0 b are investments in debt securities or equity securities in which the investor holds less than 50 percent of the voting stock and that the investor plans to sell in the very near future are debt and equity Securities that the investor expects to hold for more than a year are investments in debt and equity securities that are highly liquid and that the investor intends to convert to cash within...
In footnotes to its 2016 annual report, Bancfirst Corp. reported that held-to-maturity debt securities with an...
In footnotes to its 2016 annual report, Bancfirst Corp. reported that held-to-maturity debt securities with an amortized cost of $4,365 thousand had an estimated fair value of $4,403 thousand. a. What amount does Bancfirst report on its 2016 balance sheet for these held-to-maturity securities? b. If these debt securities had instead been classified as available-for-sale securities, how would Bancfirst’s pretax income have been affected
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale...
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) $17,500 $15,000 152,500) 12,500 14,000 1,500 23,000 25,500 2,500 Total $53,000 $54,500 Previous fair value adjustment balance-Dr. Fair value adjustment--Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are not of brokerage fees Instructions (a) Prepare the adjusting entry at December...
On its December 31, 2017 balance sheet, Free Company appropriately reported a $10,000 debit balance in...
On its December 31, 2017 balance sheet, Free Company appropriately reported a $10,000 debit balance in its Fair Value Adjustment (available-for-sale) account. There was no change during 2018 in the composition of Free’s portfolio of debt investments held as available-for-sale securities. The following information pertains to that portfolio: Security Cost Fair value at 12/31/18 X $125,000 $160,000 Y 100,000 85,000 Z 175,000 125,000 $400,000 $370,000 What is the balance of the AOCI account due to debt investments in Stockholder's Equity...
In a continuation of their efforts to explore the financial condition of ABC Company, the Board...
In a continuation of their efforts to explore the financial
condition of ABC Company, the Board of Directors has now started to
explore the various investment strategies of the company. They
would like to understand more about the differences between debt
versus equity investments. They also wish to learn more about the
various types of investments reported on the Balance Sheet. Using
your text and outside sources, explain the following:
(1) debt versus equity securities;
(2) various types of investments...
The following information shows Carperk Company's individual Investments in securities during its current year, along with...
The following information shows Carperk Company's individual Investments in securities during its current year, along with the December 31 fair values a. Investment in Brava Company bonds: $420,500 cost: $457000 fair value Carperk intends to hold these bonds until they mature in 5 years. b. Investment in Baybridge common stock: 29,500 shares; $362,450 cost: $391,375 fair value. Carperk owns 32% of Baybridge's voting stock and has a significant influence over Baybridge. C. Investment in Duffa bonds: $165,500 cost; $178,000 fair...
For which of the following securities are any increases or decreases in value reported as a separate change in Stockholders' Equity for the period? - -- O A. Held - to - maturity securities O B. Trading securities O C. Trading and held - to - maturity securities O D. Available - for sale securities
gy.com/assigny 2332078316/assessment Question 10 Short-term investments 0 а 0 b are investments in debt securities or equity securities in which the investor holds less than 50 percent of the voting stock and that the investor plans to sell in the very near future are debt and equity Securities that the investor expects to hold for more than a year are investments in debt and equity securities that are highly liquid and that the investor intends to convert to cash within...
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) $17,500 $15,000 152,500) 12,500 14,000 1,500 23,000 25,500 2,500 Total $53,000 $54,500 Previous fair value adjustment balance-Dr. Fair value adjustment--Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are not of brokerage fees Instructions (a) Prepare the adjusting entry at December...
In a continuation of their efforts to explore the financial
condition of ABC Company, the Board of Directors has now started to
explore the various investment strategies of the company. They
would like to understand more about the differences between debt
versus equity investments. They also wish to learn more about the
various types of investments reported on the Balance Sheet. Using
your text and outside sources, explain the following:
(1) debt versus equity securities;
(2) various types of investments...
The following information shows Carperk Company's individual Investments in securities during its current year, along with the December 31 fair values a. Investment in Brava Company bonds: $420,500 cost: $457000 fair value Carperk intends to hold these bonds until they mature in 5 years. b. Investment in Baybridge common stock: 29,500 shares; $362,450 cost: $391,375 fair value. Carperk owns 32% of Baybridge's voting stock and has a significant influence over Baybridge. C. Investment in Duffa bonds: $165,500 cost; $178,000 fair...
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