Preparing financial statements for investment securities
Wright, Inc., began 2012 with $100,000 in both cash and common stock. The company engaged in the following investment transactions during 2012:
1. Purchased $20,000 of marketable investment securities.
2. Earned $600 cash from investment revenue.
3. Sold investment securities for $14,000 that cost $10,000.
4. Purchased $7,000 of additional marketable investment securities.
5. Determined that the investment securities had a fair value of $22,000 at the end of 2012.
Required
Use a vertical statements model to prepare income statements, balance sheets, and statements of cash flow for Wright, Inc., assuming the securities were (a) held to maturity, (b) trading, and (c) available for sale.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.