Please i need all questions to be answered. 6. Unrealized holding gains and losses for trading securities are:a) Reported as a separate com ponent of the shareholder's equity section of thebalance sheet, i.e., other comprehensive incomeb) Included in the determination of income from operations in the period of thechangec) Reported as extraordinary itemsd) Not reported in the income statement nor the balance sheet7. Level Company owns bonds of Leader Com pany classified as held to maturity. During2016, the fair value of those bonds increased by $4million. Interest was received for$3 million. What effect did the investment have on Level's 2016 financial statements:a) Total assets increased by $7 millionb) Total assets increased by $3 millionc) Net income increased by $7 milliond) Shareholder's equity increased by $4 million8. In the statement of cash flow, inflows and outflows of cash from buying and sellingtrading securities typically are considered:a) Investing activitiesb) Operating activitiesc) Financing activitiesd) Noncash financing activities9. Felix Ltd. uses the percentage-of-com pletion method to account for work performedon its contracts with a price of $3,000,000. Costs to date and total estim ated coststo com plete during the year were $1,000,000 and 1,750,000. How much gross profitshould Felix recognize in the year:a) 1,714,285.71b) 1,714,285.74c) 714,285.71d) 714,285.74e) None of the above10. Unrealized holding gains and losses on debt securities classified as available for salewould have the following effects on accum ulated other comprehensive income:a) Gains: Increase, Losses: Increaseb) Gains: Decrease, Losses: Decreasec) Gains: Decrease, Losses: Increased) Gains: Increase, Losses: Decrease

A security is a financial instrument, generally any financial asset that can be traded.…

Unrealized holding gains and losses for trading securities are: a) Reported as a separate com ponent of the shareholder's equity section of the balance sheet, i.e., other comprehensive income b) Included in the determination of income from operations in the period of the change c) Reported as extraordinary items d) Not reported in the income statement nor the balance sheet

Unrealized holding gains and losses for trading securities are: a) Reported as a separate com ponent of the shareholder's equity section of the balance sheet, i.e., other comprehensive income b) Included in the determination of income from operations in the period of the change c) Reported as extraordinary items d) Not reported in the income statement nor the balance sheet

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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