FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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Students have asked these similar questions
22
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 Vat payable shall be:
Current Attempt in Progress
Oriole Company has these data at December 31, 2022, the end of its first year of operations.
Debt Securities
Trading
Available-for-sale
(a)
Cost
$120,900
(1)
100,400
The available-for-sale securities are held as a long-term investment.
(2)
Fair Value
$125,900
98,400
Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (List all
debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no
entry is required, select "No entry" for the account titles and enter O for the amounts.)
No. Account Titles and Explanation
Debit
Credit
FEE
(e) At December 31, 2017, the trading securities for Storrer, Inc. are as follows.
Cost
Tk. 17,500 Tk.16,000
12,500
23,000
Tk. 53,000 Tk. 51,000
Security
Fair Value
в
14,000
21,000
Instructions
(a) Prepare the adjusting entry at December 31, 2017, to report the securities at fair value.
(b) Show the balance sheet and income statement presentation at December 31, 2017, after
adjustment to fair value.
Chapter C Solutions
FINANCIAL ACCT-CONNECT
Ch. C - Under what two conditions should investments be...Ch. C - Prob. 2DQCh. C - Prob. 3DQCh. C - Identify the three classes of debt investments and...Ch. C - Prob. 5DQCh. C - Prob. 6DQCh. C - Prob. 7DQCh. C - Prob. 8DQCh. C - Prob. 9DQCh. C - Prob. 10DQ
Ch. C - Prob. 11DQCh. C - Prob. 12DQCh. C - Prob. 13DQCh. C - Prob. 14DQCh. C - Prob. 15DQCh. C - Prob. 16DQCh. C - Prob. 17DQCh. C - Which of the following statements a through g are...Ch. C - Prob. 2QSCh. C - Prob. 3QSCh. C - Prob. 4QSCh. C - Prob. 5QSCh. C - Prob. 6QSCh. C - Prob. 7QSCh. C - Prob. 8QSCh. C - Prob. 9QSCh. C - Prob. 10QSCh. C - Prob. 11QSCh. C - Prob. 12QSCh. C - Prob. 13QSCh. C - Prob. 14QSCh. C - Prob. 15QSCh. C - Prob. 16QSCh. C - Prob. 17QSCh. C - Prob. 1ECh. C - Prob. 2ECh. C - Prob. 3ECh. C - Prob. 4ECh. C - Prob. 5ECh. C - Prob. 6ECh. C - Prob. 7ECh. C - Prob. 8ECh. C - Prob. 9ECh. C - Prob. 10ECh. C - Prob. 12ECh. C - Prob. 13ECh. C - Prob. 14ECh. C - Prob. 15ECh. C - Prob. 16ECh. C - Prob. 2PSACh. C - Prob. 6PSACh. C - Prob. 2PSBCh. C - Prob. 3PSBCh. C - Prob. 5PSBCh. C - Prob. 6PSBCh. C - Prob. CSPCh. C - Prob. 4BTNCh. C - Prob. 9BTN
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