Listed below in random order are the items to be included in the balance sheet of Rocky Mountain Lodge at December 31, 2015: Equipment $39,200 Land 425,000 Accounts Payable 54,800 Accounts Receivable 10,600 Salaries Payable 33,500 Interest Payable 12,000 Building $500,000 Capital Stock 135,000 Cash 31,400 Furnishings 58,700 Snowmobiles 15,400 Notes Payable 620,000 Retained Earnings ? Prepare a balance sheet at December 31, 2015. Under IFRS, the unrealized loss on trading investments should be reported: a. as part of other comprehensive loss, reducing net income. b. on the income statement, reducing net income. c. as part of other comprehensive loss, not affecting net income. d. directly to stockholders' equity, bypassing the income statement.
Listed below in random order are the items to be included in the balance sheet of Rocky Mountain Lodge at December 31, 2015: Equipment $39,200 Land 425,000 Accounts Payable 54,800 Accounts Receivable 10,600 Salaries Payable 33,500 Interest Payable 12,000 Building $500,000 Capital Stock 135,000 Cash 31,400 Furnishings 58,700 Snowmobiles 15,400 Notes Payable 620,000 Retained Earnings ? Prepare a balance sheet at December 31, 2015. Under IFRS, the unrealized loss on trading investments should be reported: a. as part of other comprehensive loss, reducing net income. b. on the income statement, reducing net income. c. as part of other comprehensive loss, not affecting net income. d. directly to stockholders' equity, bypassing the income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Listed below in random order are the items to be included in the balance sheet of Rocky
Mountain Lodge at December 31, 2015:
Equipment
$39,200
Land
425,000
Accounts Payable
54,800
Accounts Receivable 10,600
Salaries Payable
33,500
Interest Payable
12,000
Building
$500,000
Capital Stock
135,000
Cash
31,400
Furnishings
58,700
Snowmobiles
15,400
Notes Payable
620,000
Retained Earnings
?
Prepare a balance sheet at December 31, 2015.
Under IFRS, the unrealized loss on trading investments should be
reported:
a. as part of other comprehensive loss, reducing net income.
b. on the income statement, reducing net income.
c. as part of other comprehensive loss, not affecting net income.
d. directly to stockholders' equity, bypassing the income statement.
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