Missing Statement Items, Available-for-Sale Securities Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows: There were no dividends. Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account. Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year 3 Operating Income (Loss) $fill in the blank a4e4cbfe902c023_1 $fill in the blank a4e4cbfe902c023_2 Gain (Loss) from Sale of Investments 6,250 (12,500) Net Income (Loss) $fill in the blank a4e4cbfe902c023_3 $(17,190) Feedback Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Assets Available-for-Sale Investments, at Cost $121,880 $106,250 $148,440 Valuation Allowance for Available-for-Sale Investments 7,810 (9,380) fill in the blank 7ded2b07c04b01e_1 Available-for-Sale Investments, at Fair Value fill in the blank 7ded2b07c04b01e_2 fill in the blank 7ded2b07c04b01e_3 fill in the blank 7ded2b07c04b01e_4 Stockholders' Equity Unrealized Gain (Loss) on Available-for-Sale Investments fill in the blank 7ded2b07c04b01e_5 fill in the blank 7ded2b07c04b01e_6 (10,940) Retained Earnings $256,250 $362,500 $fill in the blank 7ded2b07c04b01e_7

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Missing Statement Items, Available-for-Sale Securities

Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows:

There were no dividends.

Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account.

Highland Industries Inc.
Selected Income Statement Items
For the Years Ended December 31, Year 2 and Year 3
	Year 2	Year 3
Operating Income (Loss)	$fill in the blank a4e4cbfe902c023_1	$fill in the blank a4e4cbfe902c023_2
Gain (Loss) from Sale of Investments	6,250	(12,500)
Net Income (Loss)	$fill in the blank a4e4cbfe902c023_3	$(17,190)

Feedback

Highland Industries Inc.
Selected Balance Sheet Items
December 31, Year 1, Year 2, and Year 3
	Dec. 31, Year 1	Dec. 31, Year 2	Dec. 31, Year 3
Assets
Available-for-Sale Investments, at Cost	$121,880	$106,250	$148,440
Valuation Allowance for Available-for-Sale Investments	7,810	(9,380)	fill in the blank 7ded2b07c04b01e_1
Available-for-Sale Investments, at Fair Value	fill in the blank 7ded2b07c04b01e_2	fill in the blank 7ded2b07c04b01e_3	fill in the blank 7ded2b07c04b01e_4
Stockholders' Equity
Unrealized Gain (Loss) on Available-for-Sale Investments	fill in the blank 7ded2b07c04b01e_5	fill in the blank 7ded2b07c04b01e_6	(10,940)
Retained Earnings	$256,250	$362,500	$fill in the blank 7ded2b07c04b01e_7

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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