In what account would it be classified: Posted checks (if collection expected beyond one year) choose...
Homework Answers
Postdated checks (if collection expected beyond one year) are classified under the heading:
Other Assets.
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In
what account would it be classified:
Posted checks (if collection expected beyond one year)
choose...
You are working for The Wellington Company on temporary assignment while one of the accountants is...
You are working for The Wellington Company on temporary assignment while one of the accountants is on family leave. You have been asked to review the company’s investment journal entries and provide necessary information to the accountant preparing the financial statements. PAGE 8 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 17 Investments-Red Rock Co. Stock 37,400.00 ↑ 2 Cash 37,400.00 ↓ 3 Feb. 5 Investments-Sunset Village Bonds 34,000.00 ↑ 4 Interest Receivable 290.00...
Need help in analysis the below Debt Investment paragraph. DEBT INVESTMENTS We consider all highly liquid...
Need help in analysis the below Debt Investment paragraph. DEBT INVESTMENTS We consider all highly liquid debt investments with original maturities from the date of purchase of three months or less as cash equivalents. Cash equivalents can include investments such as corporate debt, financial institution instruments, government debt,and reverse repurchase agreements.Marketable debt investments are generally designated as trading assets when a market risk is economically hedged at inception with a related derivative instrument, or when the marketable debt investment itself...
For each account listed, identify the category that it would appear on a classified balance sheet....
For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Properly, Plant, and Equipment; Intangible Assets; Current Liabilities: Long- term Liabilities, and Stockholders' Equity. If the item does not belong on the classified balance sheet, put an X. Account Category Current Assets Long-term Investments Property, Plant, and Equipment Intangible Assets Current Liabilities Long-term Liabilities Stockholders' Equity a. Land (used in operations) b. Accumulated Depreciation-Equipment C. Common...
Indicate how each of the following items would be classified on a balance sheet prepared at...
Indicate how each of the following items would be
classified on a balance sheet prepared at December 31, 2020. If a
contra account, or any amount that is negative or opposite the
normal balance, use the term with parentheses.
1
Accrued salaries and wages
OPTIONS BELOW:
2
Rent revenues for 3 months collected in advance
3
Land used as plant site
4
Equity securities classified as trading
5
Cash
6
Accrued interest payable due in 30 days
7
Premium on...
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...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
The investments of Charger Inc. include a single investment: 18,440 shares of Raiders Inc. common stock...
The investments of Charger Inc. include a single investment: 18,440 shares of Raiders Inc. common stock purchased on February 24, Year 1, for $37 per share including brokerage commission. These shares were classified as trading securities. As of the December 31, Year 1, balance sheet date, the share price had increased to $45 per share. Required: A. Journalize the entries to acquire the investment on February 24, and record the adjustment to fair value on December 31, Year 1. Refer...
2. EXPECTED INTEREST RATE The real risk-free rate is 3%. Inflation is expected to be 2% this year and 4% during the next 2 years. Assume that the maturity risk premium is zero. What is the yield o...
2. EXPECTED INTEREST RATE The real risk-free rate is 3 %. Inflation is expected to be 2 % this year and 4 % during the next 2 years. Assume that the maturity risk premium is zero. What is the yield on 2-year Treasury securities? What is the yield on 3 -year Treasury securities?3. MATURITY RISK PREMIUM The real risk-free rate is 3 %, and inflation is expected to be 3 % for the next 2 years. A 2-year Treasury security...
are equity securities in which the investor owns between 20% and 50% of the investee's voting...
are equity securities in which the investor owns between 20% and 50% of the investee's voting stock. 5-Securities are represented by a certificate and are commonly traded on an exchange. • • True False 6-When a company receives interest revenue on a bond investment, total stockholders' equity remains unchanged. • • True False 7-When a company collects the face value of a bond investment at maturity, total assets increase. • • True False 8-Creditors invest in a company and hope...
15&16) Question 15 2 pts A $150 petty cash fund has cash of $54 and receipts...
15&16)
Question 15 2 pts A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include credit to Petty Cash for $29 debit to Cash for $83 debit to Cash Short and Over for $13 credit to Cash for $54 Question 16 2 pts If collection of an other receivable is expected beyond one year, it is classified as a noncurrent asset and reported under Other Receivables O current...
For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Properly, Plant, and Equipment; Intangible Assets; Current Liabilities: Long- term Liabilities, and Stockholders' Equity. If the item does not belong on the classified balance sheet, put an X. Account Category Current Assets Long-term Investments Property, Plant, and Equipment Intangible Assets Current Liabilities Long-term Liabilities Stockholders' Equity a. Land (used in operations) b. Accumulated Depreciation-Equipment C. Common...
Indicate how each of the following items would be
classified on a balance sheet prepared at December 31, 2020. If a
contra account, or any amount that is negative or opposite the
normal balance, use the term with parentheses.
1
Accrued salaries and wages
OPTIONS BELOW:
2
Rent revenues for 3 months collected in advance
3
Land used as plant site
4
Equity securities classified as trading
5
Cash
6
Accrued interest payable due in 30 days
7
Premium on...
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...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
are equity securities in which the investor owns between 20% and 50% of the investee's voting stock. 5-Securities are represented by a certificate and are commonly traded on an exchange. • • True False 6-When a company receives interest revenue on a bond investment, total stockholders' equity remains unchanged. • • True False 7-When a company collects the face value of a bond investment at maturity, total assets increase. • • True False 8-Creditors invest in a company and hope...
15&16)
Question 15 2 pts A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include credit to Petty Cash for $29 debit to Cash for $83 debit to Cash Short and Over for $13 credit to Cash for $54 Question 16 2 pts If collection of an other receivable is expected beyond one year, it is classified as a noncurrent asset and reported under Other Receivables O current...
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