During the year 2018 Nestle sold 3,000 shares of LJ, Inc. for P119,700 and 500 shares of Dwarfy company at a loss of P8,100. On December 31, 2018, Nestle's equity investment portfolio consisted of the following. Quantity Investment Dwarfy Company Alabang Corp. Totals 500 shares 2,000 shares Cost P24,000 216,000 P240,000 Fair Value P18,000 246,000 P264,000 What should be reported as loss on sale of trading securities in 2018? a.60,300 b. 32,400 c. 24,300 d. 68,400 What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2018? e. P180,000 unrealized gain f. P180,000 unrealized loss g. P24,000 unrealized gain h. P24,000 unrealized loss In the December 31, 2018, statement of financial position, what should be reported as carrying amount of trading securities? a. 240,000 b. 234,000 c. 264,000 070 0 oc

During the year 2018 Nestle sold 3,000 shares of LJ, Inc. for P119,700 and 500 shares of Dwarfy company at a loss of P8,100. On December 31, 2018, Nestle's equity investment portfolio consisted of the following. Quantity Investment Dwarfy Company Alabang Corp. Totals 500 shares 2,000 shares Cost P24,000 216,000 P240,000 Fair Value P18,000 246,000 P264,000 What should be reported as loss on sale of trading securities in 2018? a.60,300 b. 32,400 c. 24,300 d. 68,400 What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2018? e. P180,000 unrealized gain f. P180,000 unrealized loss g. P24,000 unrealized gain h. P24,000 unrealized loss In the December 31, 2018, statement of financial position, what should be reported as carrying amount of trading securities? a. 240,000 b. 234,000 c. 264,000 070 0 oc

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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