Homework Answers
C) Balance sheet as an adjustment to the asset account.
As the trading investments are held as a short - term investments, due to this, they are reported as a current asset in balance sheet.
And the valuation allowance is shown as an adjustment to the asset account because, these investments are held for sale/ realization in short term, show the value reported in the balance sheet should reflect the fair value of the investments. Hence, by adjusting the valuation allowance with the asset, we report the value of investment at the fair value.
Add Answer to:
QUESTION 21 The Valuation Allowance for Trading Investments account is found on the O a. statement...
2 points Question 1.24 The valuation allowance for trading investments account is found on the o...
2 points Question 1.24 The valuation allowance for trading investments account is found on the o income statement as other revenve (expense) balance sheet as an adjustment to the asset account o statement of retained eamings O balance sheet as an adustment to stockholders' equity 2 points Question 1.25 Trading securities are reported at fair value on the balance sheet and as unrealized gains or losses on the income statement o not reported on the balance sheet reported as unrealized...
36. On January 1, 2017, Blanton Company's Valuation Allowance for Trading Investments! account has a debit...
36. On January 1, 2017, Blanton Company's Valuation Allowance for Trading Investments! account has a debit balance of $22,500. On December 31, 2017, the cost of the trading securities portfolio was $80,000. The fair value was $98,000. Which of the following would Blanton report on the income statement for 2017? a. an Unrealized Loss on Trading Investments of $4,500. b. an Unrealized Gain on Trading Investments of $4.500. c. an Unrealized Gain on Trading Investments of S18,000. d. an Unrealized...
On January 1, 20Y9, Valuation Allowance for Trading Investments had a zero balance
On January 1, 20Y9, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y9, the cost of the trading securities portfolio was $379,100, and the fair value was $348,000. Journalize the December 31, 2019, adjusting journal entry to record the unrealized gain or loss on trading investments Refer to the Chart of Accounts for exact wording of account titles.Fair Value Journal Entries, Trading Investments The investments of Charger Inc. include a single investment: 14,000 shares of Raiders Inc. common...
Account Title Balance Sheet or Income Statement account? (mark B/S or l/S) Asset, Liability, or Does...
Account Title Balance Sheet or Income Statement account? (mark B/S or l/S) Asset, Liability, or Does account increase Equity Account? on the Debit or the (A,L, or E) Credit? (mark DR or CR) Payroll Taxes Payable Premium on Bond Payable Sales Returns & Allowances Depreciation Expense Account Receivable Common Stock par Supplies Expense Dividends Payable Dividend Revenue Interest Expense Allowance for Doubtful Accounts Equity investments (trading) Franchise Brand Names Unearned Revenue Interest Revenue Gain from disposal of discontinued operation Accounts...
Listed below are a number of financial statement captions. Indicate the following for each item: (1)...
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
1-If the Fair Value Adjustment minus trading account for trading debt investments has a debit balance,...
1-If the Fair Value Adjustment minus trading account for trading debt investments has a debit balance, it a. Added to the trading debt investment account to determine carrying value b. Considered to be a contra account C. Subtracted from the trading debt investment account to determine carrying value d. Reported in the other income and expenses section of the income statement. 2-when a trading debt security is disposed of, the amount of gain or loss is calculated as the difference...
Balance Sheet Presentation, Trading Investments The income statement for Delta-tec, Inc., for the year ended December...
Balance Sheet Presentation, Trading Investments The income statement for Delta-tec, Inc., for the year ended December 31, Year 2, was as follows: Delta-tec, Inc. Income Statement (selected items) For the Year Ended December 31, Year 2 Income from operations $146,000 Gain on sale of investments 12,000 Unrealized loss on trading investments (34,000) Net income $124,000 The balance sheet dated December 31, Year 1, showed a Retained Earnings balance of $604,000. During Year 2, the company purchased trading investments for the...
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019....
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Account Title: Balance: Balance: 1,660 Interest Expense Interest Payable Accounts Payable Accounts Receivable 560 2,580 80 Accum. Amort. - Copyright 420 Interest Receivable 10 Accum. Amort. - Patent Accum. Depl. - Gold Mine Accum. Depr. - Bldngs. Accum. Depr. - Equip. Adjustment to Market (debit balance) Administrative Expenses Interest...
Integrative Exercise 01 The Accounting Cycle Begin with the following account balances for University Street Parking...
Integrative Exercise 01 The Accounting Cycle Begin with the following account balances for University Street Parking Garage (assume all accounts have normal balances) at December 31, 2019 Accounts payable $16,700 Accounts receivable 39,200 Accumulated depreciation (equipment) 36,800 Cash 6,700 Common stock (20,000 shares) 100,000 Depreciation expense (equipment) 12,300 Dividends 6,300 Equipment 269,500 Income taxes expense 2,700 Income taxes payable 1,100 Interest expense 16,500 Interest payable 0 Interest income 4,100 Inventory 4,900 Investments 35,000 Notes payable (due May 2, 2025) 160,000...
Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At...
Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2021, the company reports the following amounts: Advertising expense Buildings Salaries expense Accounts payable Cash $ 32,800 Service revenue 143,000 Interest expense 64,400 Utilities expense 5,700 Equipment 4,800 Notes payable $124,100 2,800 14,800 23,500 26,500 In addition, the company had common stock of $110,000 at the beginning of the year and issued an additional $10,000 during...
2 points Question 1.24 The valuation allowance for trading investments account is found on the o income statement as other revenve (expense) balance sheet as an adjustment to the asset account o statement of retained eamings O balance sheet as an adustment to stockholders' equity 2 points Question 1.25 Trading securities are reported at fair value on the balance sheet and as unrealized gains or losses on the income statement o not reported on the balance sheet reported as unrealized...
36. On January 1, 2017, Blanton Company's Valuation Allowance for Trading Investments! account has a debit balance of $22,500. On December 31, 2017, the cost of the trading securities portfolio was $80,000. The fair value was $98,000. Which of the following would Blanton report on the income statement for 2017? a. an Unrealized Loss on Trading Investments of $4,500. b. an Unrealized Gain on Trading Investments of $4.500. c. an Unrealized Gain on Trading Investments of S18,000. d. an Unrealized...
Account Title Balance Sheet or Income Statement account? (mark B/S or l/S) Asset, Liability, or Does account increase Equity Account? on the Debit or the (A,L, or E) Credit? (mark DR or CR) Payroll Taxes Payable Premium on Bond Payable Sales Returns & Allowances Depreciation Expense Account Receivable Common Stock par Supplies Expense Dividends Payable Dividend Revenue Interest Expense Allowance for Doubtful Accounts Equity investments (trading) Franchise Brand Names Unearned Revenue Interest Revenue Gain from disposal of discontinued operation Accounts...
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
1-If the Fair Value Adjustment minus trading account for trading debt investments has a debit balance, it a. Added to the trading debt investment account to determine carrying value b. Considered to be a contra account C. Subtracted from the trading debt investment account to determine carrying value d. Reported in the other income and expenses section of the income statement. 2-when a trading debt security is disposed of, the amount of gain or loss is calculated as the difference...
Balance Sheet Presentation, Trading Investments The income statement for Delta-tec, Inc., for the year ended December 31, Year 2, was as follows: Delta-tec, Inc. Income Statement (selected items) For the Year Ended December 31, Year 2 Income from operations $146,000 Gain on sale of investments 12,000 Unrealized loss on trading investments (34,000) Net income $124,000 The balance sheet dated December 31, Year 1, showed a Retained Earnings balance of $604,000. During Year 2, the company purchased trading investments for the...
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Account Title: Balance: Balance: 1,660 Interest Expense Interest Payable Accounts Payable Accounts Receivable 560 2,580 80 Accum. Amort. - Copyright 420 Interest Receivable 10 Accum. Amort. - Patent Accum. Depl. - Gold Mine Accum. Depr. - Bldngs. Accum. Depr. - Equip. Adjustment to Market (debit balance) Administrative Expenses Interest...
Integrative Exercise 01 The Accounting Cycle Begin with the following account balances for University Street Parking Garage (assume all accounts have normal balances) at December 31, 2019 Accounts payable $16,700 Accounts receivable 39,200 Accumulated depreciation (equipment) 36,800 Cash 6,700 Common stock (20,000 shares) 100,000 Depreciation expense (equipment) 12,300 Dividends 6,300 Equipment 269,500 Income taxes expense 2,700 Income taxes payable 1,100 Interest expense 16,500 Interest payable 0 Interest income 4,100 Inventory 4,900 Investments 35,000 Notes payable (due May 2, 2025) 160,000...
Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2021, the company reports the following amounts: Advertising expense Buildings Salaries expense Accounts payable Cash $ 32,800 Service revenue 143,000 Interest expense 64,400 Utilities expense 5,700 Equipment 4,800 Notes payable $124,100 2,800 14,800 23,500 26,500 In addition, the company had common stock of $110,000 at the beginning of the year and issued an additional $10,000 during...
Most questions answered within 3 hours.
-
7. The term Six Sigma refers to:
Select one:
a. The control limits established in a...
asked 6 minutes ago -
Wildhorse Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis....
asked 8 minutes ago -
For the following reaction: A(g) + 2 B(g) ⇌ 2 C(g) Calculate the
equilibrium constant K...
asked 9 minutes ago -
Which of the following best describes tidal volume? options:
1.The amount of oxygen in the air...
asked 25 minutes ago -
1. Smaller cost distortions occur when the traditional systems'
single indirect-cost rate and the activity-cost-driver rates:...
asked 33 minutes ago -
Using either a FMECA approach or some other appropriate RCA
tool, identify five risk treatment actions...
asked 33 minutes ago -
If for a test the P-value is between 0.0025 and 0.005, what
conclusion can you draw?...
asked 46 minutes ago -
Using Python. Write a function clean2(aList) that takes a list
of integers aList as argument, and...
asked 51 minutes ago -
Intrapreneurship is defined as the
development of an enterprise culture with an existing (Nandan,
2009). An...
asked 1 hour ago -
QUESTION 1 Tamiflu is a drug used to treat influenza. A study
found that Tamiflu reduced...
asked 1 hour ago -
Which of the following would be less likely to be used to
allocate factory overhead when...
asked 1 hour ago -
Transverse pulses travel with a speed of 195 m/s along a taut
copper wire whose diameter...
asked 1 hour ago