Home / Questions / Entries for Available-for-Sale and Trading Securities The following information is availab...
(Entries for Available-for-Sale and Trading Securities) The following information is available for Kinney Company at December 31, 2012, regarding its investments.
|
Securities |
Cost |
Fair Value |
|
3,000 shares of Petty Corporation Common Stock |
$40,000 |
$46,000 |
|
1,000 shares of Dowe Incorporated Preferred Stock |
25,000 |
22,000 |
|
$65,000 |
$68,000 |
Instructions
(a) Prepare the adjusting entry (if any) for 2012, assuming the securities are classified as trading.
(b) Prepare the adjusting entry (if any) for 2012, assuming the securities are classified as available-for-sale.
(c) Discuss how the amounts reported in the financial statements are affected by the entries in (a) and (b).
Jun 18 2020 View more View Less
Forex DerivativesSuppose the current dollar-pound exchange rate is 1.60 and a US firm expects payment for a shipment of goods to the United Kingdom in 6 months of GBP 2.4...
Jun 26 2021If total cost is given by TC = 0.82 + 0.03X + 0.3X^2, what is the marginal cost?
May 25 2021Brain Size A data set in Appendix B includes brain volumes from 10 pairs of monozygotic (identical) twins. The data were collected by researchers at Harvard University,...
May 18 2021Add any necessary punctuation, including end punctuation, to the following sentences. If a sentence is correct, write CWe're expanding marketing efforts in China France and the U K
Jul 14 2021Chrysler and General Motors vigorously compete with each other in many automobile and truck markets. When Jose Ignacio Lopez was vice president of purchasing for GM, he m...
Aug 05 2020The most widely used conceptual model is the ______________. (a) E-R model (b) Chen model (c) Ext...
Dec 27 2017Your firm has the option of making an investment in new software that will cost $130,000 today and is estimated to provide the savings shown in the following table over i...
Apr 06 2020Martin, a motel housekeeper, has finished cleaning about 40% ofthe 32 rooms he
Aug 23 20211 What is the maximum price that you would be willing to pay for a non-constant growth stock that has the following characteristics: (a) Non-Constant Growth Rate: 20%, (b...
Jun 10 2021When Cheryl Smith, the new CIO, arrived at WestJet, she was asked by the CEO to advise whether or not the company had an adequate IT infrastructure. What aspects of the W...
Mar 17 2020