ecurities would be classified as marketable securities in the 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 10 years.

ecurities would be classified as marketable securities in the 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 10 years.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 4C: Victoria Company has investments in marketable securities classified as trading and...

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The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1,2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securitiesthat is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be helduntil their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costingP29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, andtreasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bondretirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds payable…
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