2. Where on the balance sheet do trading securities appear?
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. Select the correct label for each line and fill in the amount. In classifying the investments, choose a categorization which seems most likely, given the pattern of transactions in the
Trading Securities | |
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$fill in the blank 73dda2069024015_2 |
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fill in the blank 73dda2069024015_4 |
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$fill in the blank 73dda2069024015_6 |
Available-For-Sale Securities | |
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$fill in the blank 73dda2069024015_8 |
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fill in the blank 73dda2069024015_10 |
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$fill in the blank 73dda2069024015_12 |
2. Where on the
.
3. Where on the financial statements do available-for-sale securities NOT appear?
.
4. Where are held-to-maturity securities reported?
. Based on the journal entries for this year, does the company have any held-to-maturity securities?
.
5. Where are securities held for strategic reasons reported on the financial statements when using the equity method?
. Based on the journal entries for this year, does The Wellington Company have any equity securities?
.
6. Which of the following items does not affect net income?
.
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- 9. It is an investment certified by a certificate with a holding period of at least 30 days. yunsup obio oimono ods no 1ols on .d a. stock b. bonds owing results are onfar C. savings account d. time deposit 10. It is a long-term obligation issued by a public or private corporation to raise money for the purpose of expansion, capital expenditures, or payoff obligation. gnblasd basilnuns 2xodbol d a. stock b. bondsnnd rh dyuod 1sab or borb s nol 25alsi ai 1ers omin lo nnoms ods ai l roh lism C. savings account gnineso d. time deposit off covilob b 2soll gnizessongdIdentifying why companies invest and classifying investments Garden Haven has excess cash of $15,000 at the end of the harvesting season. Garden Haven will need this cash in four months for normal operations. Requirements 1. What are some reasons why Garden Haven may choose to invest in debt or equity securities? 2. What type of classification would Garden Haven’s investment fall within— short-term or long-term? Why?You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…
- You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…Give the normal Balances of the following. 1. Three-month redeemable preference share 2. Dividend fund 3. Bank overdraft 4. Three-month time deposit 5. Three- month Equity securities 6. Deferred expenses 7. Cash 8. Receivable I hope you will answer it completely. Thanks tutor. If you don't answer it completely, just don't answer it. Thanks tutor.You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…
- You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…Exercise No.(7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016 prepare income statement and Balance Sheet OMR OMR ('000) 3,250 ('000) 2,500 Share Capital Statutory Reserves 2 Profit (previous year) Bills Payable Sundry Creditors General reserve Fixed Deposit Savings Deposit Current Accounts 3 17,750 1,500 38,750 100 Money at call and short notice 3. 2,400 4,000 15,500 1,000 Investments 250 Interest accrued 700 General Expenses 16 50 Borrowed from other banks 4 4,800 Dividend 11 Non-Banking assets Interest and Discount 3 250 1,200 Cash in hand 750 3,250 Premises 10 6,500 Unclaimed Dividends 5 50 Cash at Central Bank 6 7,050 Loans, Overdrafts 35,000 Cash at Other Banks 5,200 Payment to Employees (6 400 Bills Discounted and Deposits from other banks 3 1,000 Purchased 141 2,500 Rent, taxes 16 100 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debtsInstruction: Write the solution of the problems below (in good form): Problem 1. The ledger of COVID19 Co. as of December 31, 2019 includes the following: Assets 10,000 Trade accounts receivable (net of P10,000 credit balance in accounts) 40,000 80,000 30,000 70,000 60,000 10,000 12,000 36,000 46,000 38,000 100,000 28,000 Cash Held for trading securities Financial assets designated at FVPL Investment in equity securities at FVOCI Investment in bonds measured at amortized cost (due in 3 years) Prepaid assets Deferred tax asset (expected to reverse in 2020) Investment in Associate Investment property Sinking fund Property, plant, and equipment Goodwill Totals 560,000 How much is the total current assets?
- Exercise No. (7): From the following ledger balances of Nizwa Bank as on 31 st Dec.2016, prepare income statement and Balance Sheet OMR OMR (o0o.) 2,500 Fixed Deposit Savings Deposit Current Accounts 3 Share Capital Statutory Reserves 2 Profit (previous year) Bills Payable Sundry Creditors General reserve 000 0 3,250 (o0o.) 17,750 1,500 38,750 Money at call and short notice 000 250 Investments 15,500 Interest accrued General Expenses Borrowed from other banks | 4 4,800 Non-Banking assets Interest and Discount 13 Unclaimed Dividends 5 Loans, Overdrafts Payment to Employees (6 Dividend 16 1,200 3,250 250 Cash in hand 10 Cash at Central Bank 6 Premises 7,050 5,200 Cash at Other Banks 6 9. Discounted Bills Purchased and Deposits from other banks 2,500 Rent, taxes 16 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. Provide OMR 250 for provision for doubtful debtsName of the Amount Name of the Amount Account Account Purchases Bank loan Bills payables Stock Capital 200,000 180,000 Sales 300,000 400,000 200,000 100,000 70,000 250,000 Debtors Bank With the information provided prepare trial balance of Bonze trading for the year 2021.Fill in the entries in the following T-accounts when central bank sells TL 100.000 of government bonds to Halkbank Assets Halkbank Liabilities Central Bank Assets Liabilities