Trading Securities: The short-term securities which bought with trading purpose and gain some profit from the appreciation of share price is called trading securities. It is reported at fair market value in the financial statement. Available-For-Sale: Investment in securities with the purpose of neither trading nor holding it till maturity is called available for sale securities. It is reported at fair market value. Held-To-Maturity: The long-term or short-term securities which are held till the date of maturity are called Held-To-Maturity securities. Held-To-Maturity securities are reported cost with the discount or premium. Determine: 1. Splitting the contents of the two lists into separate cells using LEFT, MID, RIGHT and VALUE. 2. Add a column to list 2 and Compute the lower of cost or fair value of securities using MIN function. 3. Create a new list of securities with columns of Description, Category, Short-term or Long-term and sort by category in reverse alphabetical order. 4. Copy the new list to a new location and sort securities as to whether they are short-term or long-term and then sort by category. 5. Subtotal the securities first by time and then by category. 6. Compress the information so that only the subtotals appear.

Question

Want to see the full answer?

Answer 1

Question

Chapter 15, Problem P15.24CT

To determine

Trading Securities:

The short-term securities which bought with trading purpose and gain some profit from the appreciation of share price is called trading securities. It is reported at fair market value in the financial statement.

Available-For-Sale:

Investment in securities with the purpose of neither trading nor holding it till maturity is called available for sale securities. It is reported at fair market value.

Held-To-Maturity:

The long-term or short-term securities which are held till the date of maturity are called Held-To-Maturity securities. Held-To-Maturity securities are reported cost with the discount or premium.

Determine:

1. Splitting the contents of the two lists into separate cells using LEFT, MID, RIGHT and VALUE.

2. Add a column to list 2 and Compute the lower of cost or fair value of securities using MIN function.

3. Create a new list of securities with columns of Description, Category, Short-term or Long-term and sort by category in reverse alphabetical order.

4. Copy the new list to a new location and sort securities as to whether they are short-term or long-term and then sort by category.

5. Subtotal the securities first by time and then by category.

6. Compress the information so that only the subtotals appear.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,420,000, $144,000 in the common stock account, and $2,690,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,620,000, $154,000 in the common stock account and $2,990,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $96,000 and the company paid out $149,000 in cash dividends during 2022. The firm’s net capital spending for 2022 was $1,000,000, and the firm reduced its net working capital investment by $129,000. What was the firm's 2022 operating cash flow, or OCF?

River is a salaried exempt worker who earns $73,630 per year for a 35-hour workweek. During a biweekly pay period, River worked 105 hours. What is the gross pay?

The industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero. For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017. As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device. The company also paid €5,000 to an…