- adjusted total current liabilities
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A:
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A: A liability is a financial responsibility that a firm has to other entities or enterprises in…
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A: 1.Goods on Shipping Point Basis: It means Goods leaves the Place of supplier and are in transit and…
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- Solve and explain why it is the answer.please help meDuring the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $70,000 cost. At its December 31 year-end, these securities had a fair value of $58,000. This is the first and only time the company purchased such securities. 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities.
- Gard Company completes the following transactions related to its short-term debt investments. May 8 Purchased FedEx notes as a short-term investment in available-for-sale securities for $12,975. Sep. 2 Sold part of its investment in FedEx notes for $4,475, which had cost $4,325. Oct. 2 Purchased Ajay bonds for $25,600 as a short-term investment in available-for-sale securities.Give me correct answer with explanation.In its first year of operations, Wildhorse Corporation purchased, available-for-sale debt securities costing $65.000 as a long-term investment. At December 31, 2022, the fair value of the securities is $60,500. Show the financial statement presentation of the securities and related accounts. Assume the securities are noncurrent. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) WILDHORSE CORPORATION Balance Sheet 4 $
- In its first year of operations, Carla Vista Corporation purchased, available-for-sale debt securities costing $64,000 as a long-term investment. At December 31, 2027, the fair value of the securities is $59,600. Show the financial statement presentation of the securities and related accounts. Assume the securities are noncurrent. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CARLA VISTA CORPORATION Balance Sheet AA A CARLA VISTA CORPORATION Comprehensive Income Statement $During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $76,000 cost. At its December 31 year-end, these securities had a fair value of $63,400. This is the first and only time the company purchased such securities. 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities. View transaction list Journal entry worksheet 1 2 Record purchase of available-for-sale securities. Note: Enter debits before credits. Date July 01 Record entry General Journal Clear entry Debit Credit View general journalYour accounting firm was engaged as the auditor of Chismosa Company for the examination of its financial statements for the year ended December 31, 2022. In the course of your review, you gathered the following information: a. On May 1, 2021, Chismosa Company acquired P400,000 of Chismis Corporation 9% bonds for P440,000, inclusive of accrued interest. Interest on bonds is payable semiannually on June 30 and December 31, and bonds mature on December 31, 2026. The Chismis bonds belong to portfolio of Chismosa’s investments intended for profit taking opportunities, and this, are held for trading. b. On October 1, 2022, Chismosa Company sold bonds of P100,000 for P109,000 inclusive of accrued interest. c. On November 30, 2022, bonds of P120,000 were exchanged for 1,000 shares of Chismis Corporation P100 par ordinary share as held for trading. Interest was received on the date of exchange. d. You obtained the following quoted prices of the securities: December 31,…
- 9. On August 20, 2025, Micco Co. decides to invest excess cash of $3,200 by purchasing Finch, Inc. bonds. At year-end, December 31, 2025, the market price of the bonds was $2,600. The investment is categorized as available-for-sale debt. Journalize the adjusting entry needed at December 31, 2025. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31, 2025In its first year of operations, Sandhill Corporation purchased, as a long-term investment, available-for-sale debt securities costing $70,000. At December 31, 2020, the fair value of the securities is $65,000.Prepare the adjusting entry to record the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31On December 31, Lujack Company held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period. Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities. Complete this question by entering your answers in the tabs below. Fair Value AdjustmentGeneral Journal Computation of fair value adjustment. Computation of Fair Value Adjustment Available-for-Sale Securities Cost Fair Value Unrealized Amount Gain or Loss? Nintendo Company notes $74,400 $81,096 Atlantic bonds 29,760 27,677 Kellogg Company notes 53,568 50,354 McDonald's Corporation bonds 100,440 95,418 Totals $258,168 $254,545