Five methods of measuring values of individual assets are listed below, followed by a series of...
Five methods of measuring values of individual assets are listed below, followed by a series of balance sheet accounts.
a. Historical Cost
b. Present Value Cost
c. Net realizable value
d. Current Replacement Cost
e. Fair Value
Match the appropriate method to each account.
1. Receivables net of allowance for doubtful accounts.
2. Bonds Payable
3. Prepaid Expenses
4. Financial Instruments
5. Property, plant, and equipment
6. Investment securities available for sale
7. Capital Lease obligations
8.Raw materials inventory adjusted downward to lower of cost or market
9. Patents
10. Trading securities
Homework Answers
Answer
--Requirements asked
| 1. Receivables net of allowance for doubtful accounts. | c. Net realizable value |
| 2. Bonds Payable | b. Present Value Cost |
| 3. Prepaid Expenses | a. Historical Cost |
| 4. Financial Instruments | e. Fair Value |
| 5. Property, plant, and equipment | a. Historical Cost |
| 6. Investment securities available for sale | e. Fair Value |
| 7. Capital Lease obligations | e. Fair Value |
| 8.Raw materials inventory adjusted downward to lower of cost or market | d. Current Replacement Cost |
| 9. Patents | a. Historical Cost |
| 10. Trading securities | e. Fair Value |
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Five methods of measuring values of individual assets are listed
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December 31, 2017, included the following accounts.
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Allowance for doubtful accounts
$7,880
Net sales
$1,262,100
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