At December 31, 2024, Hull-Meyers Corporation had the following investments that were purchased during 2024, its first year of operations: Trading Securities: Amortized cost Fair Value Security A Totals Security B Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals $ 960,000 165,000 $ 1,125,000 $760,000 960,000 $ 1,720,000 $ 550,000 675,000 $ 1,225,000 $ 975,000 159,400 $ 1,134,400 $ 834,000 977,400 $ 1,811,400 $ 561,200 669,800 $ 1,231,000 No investments were sold during 2024. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required: Complete the following table. Note: Amounts to be deducted should be indicated with a minus sign. Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to- Answer is not complete. Reported on Balance Sheet as: Unrealized gain (loss) included in: Current assets Noncurrent assets Net Income Other Comprehensive Income (OCI) Total Comprehensive Income $ 960,000 $ 960,000 $ 165,000 $ 165,000X $ 0 $ 0 $760,000 $ 760,000x Maturity Security E Security F Totals SSS $ 550,000 $675,000 $ $ 3,110,000 555 550,000 675,000 3,110,000 $ 0 $ 0 $ 0 $ 0 555 100
At December 31, 2024, Hull-Meyers Corporation had the following investments that were purchased during 2024, its first year of operations: Trading Securities: Amortized cost Fair Value Security A Totals Security B Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals $ 960,000 165,000 $ 1,125,000 $760,000 960,000 $ 1,720,000 $ 550,000 675,000 $ 1,225,000 $ 975,000 159,400 $ 1,134,400 $ 834,000 977,400 $ 1,811,400 $ 561,200 669,800 $ 1,231,000 No investments were sold during 2024. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required: Complete the following table. Note: Amounts to be deducted should be indicated with a minus sign. Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to- Answer is not complete. Reported on Balance Sheet as: Unrealized gain (loss) included in: Current assets Noncurrent assets Net Income Other Comprehensive Income (OCI) Total Comprehensive Income $ 960,000 $ 960,000 $ 165,000 $ 165,000X $ 0 $ 0 $760,000 $ 760,000x Maturity Security E Security F Totals SSS $ 550,000 $675,000 $ $ 3,110,000 555 550,000 675,000 3,110,000 $ 0 $ 0 $ 0 $ 0 555 100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:At December 31, 2024, Hull-Meyers Corporation had the following investments that were purchased during 2024, its first year of
operations:
Trading Securities:
Amortized cost
Fair Value
Security A
Totals
Security B
Securities Available-for-Sale:
Security C
Security D
Totals
Securities to Be Held-to-Maturity:
Security E
Security F
Totals
$ 960,000
165,000
$ 1,125,000
$760,000
960,000
$ 1,720,000
$ 550,000
675,000
$ 1,225,000
$ 975,000
159,400
$ 1,134,400
$ 834,000
977,400
$ 1,811,400
$ 561,200
669,800
$ 1,231,000
No investments were sold during 2024. All securities except Security D and Security F are considered short-term investments. None of
the fair value changes is considered permanent.
Required:
Complete the following table.
Note: Amounts to be deducted should be indicated with a minus sign.
Trading Securities
Security A
Security B
Securities Available-for-Sale
Security C
Security D
Securities to be Held-to-
Answer is not complete.
Reported on Balance Sheet as:
Unrealized gain (loss) included in:
Current
assets
Noncurrent
assets
Net Income
Other
Comprehensive
Income (OCI)
Total
Comprehensive
Income
$ 960,000 $
960,000
$ 165,000 $
165,000X
$
0
$
0
$760,000 $
760,000x
Maturity
Security E
Security F
Totals
SSS
$ 550,000
$675,000 $
$ 3,110,000
555
550,000
675,000
3,110,000 $
0
$
0
$
0
$
0
555
100
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