In January 2013, Pennington Bancorp acquired $100,000 of marketable securitie. and classified them as Available for Sale. On March 31, 2013, Pennington prepared its 10- Q and marked the securities down to their market value of $85,000. On April 4, 2013, Pennington sold the securities for $93,000 cash. Which of the following items would be increased by the sale of the marketable securities? (check all that apply) Cash from Investing Activities Marketable Securities Cash from Financing Activities Net Income Accumulated Other Comprehensive Income

In January 2013, Pennington Bancorp acquired $100,000 of marketable securitie. and classified them as Available for Sale. On March 31, 2013, Pennington prepared its 10- Q and marked the securities down to their market value of $85,000. On April 4, 2013, Pennington sold the securities for $93,000 cash. Which of the following items would be increased by the sale of the marketable securities? (check all that apply) Cash from Investing Activities Marketable Securities Cash from Financing Activities Net Income Accumulated Other Comprehensive Income

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

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 8P

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10 A dealer in securities has the following for the year 2018: Sale of securities held for sale in the ordinary course P4,000,000 Cost of securities held for sale in the ordinary course 2,500,000 Supplies expense, net of VAT 300,000 Rent expense, net of VAT 500,000 The OUTPUT VAT shall be:
On January 1, 2015, LK Co purchased 5000, 5year, 9% Bonds from HM Co. at 96. Each bond costs P1000. Commission paid is P22,000. On December 31, 2015, the bonds are quoted @98, December 31, 2016, @ 102, December 31, 2017 @99 , December 31 2018 @ 101. ¼ of the bonds are sold on December 31, 2016 and the remaining on December 2018.Prepare all journal entries related to this investment assuming LK classified it as Trading Securities.Prepare all journal entries related to this investment assuming LK classified it as Available for sale Securities.How much is recognized in equity related on this investment each year assuming these are trading securities?How much is recognized in Profit or Loss related on this investment each year assuming these are available for sale securities? All data are the same as Problem 3 except that the bonds have no purchase price but a market interest of 12% on 12/31/2015.Prepare all journal entries related to this investment assuming LK classified it as Trading…