Indicate how the "investment in equity securities -trading" would be classified on a balance sheet prepared on December 31, 2020. a) Current Assets b) Long-term Investments c) Property, Plant, and Equipment d) Intangible Assets e) Other Assets f) Current Liabilities g) Long-Term Liabilities h) Capital Stock i) Retained Earnings i) Notes to Financial Statements

Indicate how the "investment in equity securities -trading" would be classified on a balance sheet prepared on December 31, 2020. a) Current Assets b) Long-term Investments c) Property, Plant, and Equipment d) Intangible Assets e) Other Assets f) Current Liabilities g) Long-Term Liabilities h) Capital Stock i) Retained Earnings i) Notes to Financial Statements

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

5.17. A company's statement of financial position at the end of 2018 included the following items. 2018 Land Buildings Accum. Depr.-buildings Equipment Accum. Depr.- equipment Patents Long-term investment Current assets Total assets Bond payable Current liabilties Share capital -ordinary Treasury shares Retained earnings Total Liabilities and Equity The following information is available for 2019. 1. Net income was $55,000 30,000 120,000 (30,000) 90,000 (11,000) 40,000 Instructions: 235,000 474,000 a. Prepare a statement of cash flows for 2019. b. Prepare a statement of financial postiion at the end of 2019. 100,000 150,000 180,000 2. Equipment (cost $20,000 and accumulated depreciation 8,000) was sold for 9,000. 3. Depreciation expense was $4,000 on the building and $9,000 on equipment 44,000 474,000 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000. 6. An addition to the building was completed at a cost…
Balance Sheet Calculations. Fermer Company's balance sheet information at the end of 2019 and 2020 is as follows: 2019 Total shareholders' equity Accumulated other comprehensive income Current liabilities Intangible assets Property, plant, and equipment (net) Current assets Total contributed capital Long-term liabilities Retained earnings Total assets Common stock, $10 par Working capital Additional paid-in capital Long-term Investments Total liabilities Current accets Cong-term investments Property, plant, and equipment (net) Intangible assets ✓ Total assets $ (a) 4,800 (b) 12,600 (c) Current abilities Long-term abilities Total liabilities Common stock 10 par Additional paid-in capital Total contributed capital Retained earnings -V Accumulated other comprehensive income 18,000 51,000 (d) Total shareholders equity Total liabilities and shareholderslequity 40,900 (e) (1) 9,900 (0) (m) (n) Additional information: At the end of 2019, additional paid-in capital is twice the amount of…
. Which of the following securities would be classified as marketable securities inthe current asset section of the balance sheet?a) Commercial paper, U.S. Treasury bills, land held for investment.b) Commercial paper, U.S. Treasury bills, negotiable certificates of deposit.c) Commercial paper, land held for investment, bonds with maturities in 10 years.d) U.S. Treasury bills, long-term stock investment, bonds with maturities in 10years.*
Part c please
The summarized balance sheet of WIPRO Itd forthe year ended 31/03/2020 and 31/03/2021 are given below. Prepare funds flow statement. Liabilities Equity share capital General Reserve Pro fit&loss a/c Sundry Creditor Provision for Tax 2020 5,00,000 2,00,000 40,000 1,58,000 45,000 2021 Assets 2020 2021 Land & Building 6,00,000 2,20,000 1,32,000 1,72,000 30,000 1,80,000 Plant and Machinery 2,10,000 80,000 2,00,000 1,70,000 1,03,000 9,43,000 3,00,000 2,76,000 95,000 1,90,000 1,95,000 98,000 11,54,000 Other fixed Assets Stock Debtors Cash at bank Total 9,43,000 The following adjustment the company faces during the year. 11,54,000 Total Dividend Rs. 30,000 was paid during the year. An old machinery costing 1,20.000 was sold for 1,00,000 and the depreciation Rs 50,000.
Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31st December 2021 is presented below: Dr [£] Cr [£] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment 90,000 Vehicles 50,000 Premises 96,000 Sales 829,000 Sales returns 2,000 Purchases 335,000 Carriage in Wages and salaries Discounts allowed 15,000 114,000 4,500 Electricity costs Vehicle maintenance 37,500 2,500 8,000 Advertising and marketing 14,000 Irrecoverable debts 3,000 Allowance for receivables 1,500 Bank 19,200 Accounts payable 31,600 Accounts receivable 60,000 Inventory (1-1-21) Drawings Bank loan [10%] Capital (1-1-21) 91,700 60,000 150.000 324,900 1,594,700 1,594,700 Additional notes: 1) Inventory at 31st December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been…
Debt securities held to finance the future construction of additional manufacturing plants should be classified on the balance sheet as Select one: property, plant, and equipment. current assets. long-term investments. long-term liabilities.
Realized gains and losses are recorded on the incomestatement for which of the following transactions in trading securities and available-for-sale securities?a. When adjusting trading securities to fair value.b. When adjusting available-for-sale securities to fair value.c. Only when recording the sale of trading securities.d. When recording the sale of either trading securities oravailable-for-sale securities
Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 $546,242 328,838 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 418,466 263,634 2021 % 154,832 57,748 36,825 94,573 60, 259 12,353 $ 47,906 % $61,141 0 113,547…
Following are selected balance sheet accounts of Sheffield Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets Liabilities and stockholders' equity. Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: 1. 2. 3. (a) (b) (c) (d) 2020 $34,000 Proceeds from the sale of equipment. Cash dividends paid. 278,500 (176,300 ) (168,400) 2020 Redemption of bonds payable. $49,000 8,000 22,100 9,100 104,600 Selected income statement information for the year ended December 31, 2020: Sales revenue $154,400 38,100 2019 14,700 $24,100 30,900 249,400 2019 $45,900 5,100 18,900 3,000…
Pasta Corporation acquired 75% of Sauce Company on January 1, 2020 for $566,250 cash. The fair value of the other 25% ownership interest is estimated to be $188,750. ADDITIONAL INFORMATION: On the date of acquisition: * The Book Value of Sauce Company's net identifiable assets was $652,000. * Sauce's Company's Plant Assets were undervalued by $75,000 (remaining life was estimated to be 5 years). * Sauce's Company's Inventories were overvalued by $9,000 (all sold by year end). * New Goodwill was determined to be $37,000. At year-end, it was determined that the New Goodwill was impaired by $5,800. * For 2020, Sauce reported net income of $146,500 and paid dividends of $26,000. Assume that Pasta Company uses the fully adjusted equity method to account for its Investment in Sauce.