FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations:
Trading Securities:
Security A
Security B
Totals
Securities Available-for-Sale:
Security C
Security D
Totals
Securities to Be Held-to-Maturity:
Security E
Security F
Totals
Trading Securities
Security A
Security B
Securities Available-for-Sale
Security C
Security D
Securities to be Held-to-Maturity
Security E
Security F
Totals
Amortized cost
Reported on Balance Sheet
as:
Current assets
$ 905,000
110,000
$1,015,000
Noncurrent
assets
$ 705,000
905,000
$1,610,000
$ 495,000
620,000
$1,115,000
No investments were sold during 2021. All securities except Security D and Security F are considered short-term investments. None of
the fair value changes is considered permanent.
Required:
Complete the following table. (Amounts to be deducted should be indicated with a minus sign.)
Fair Value
$915,500
104,900
$1,020,400
$ 784,500
920, 200
$1,704,700
Net Income
(I/S)
$ 505,200
614,900
$1,120,100
Unrealized gain (loss) included in:
Other
Total
Comprehensive Comprehensive
Income (OCI) Income
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Transcribed Image Text:At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to-Maturity Security E Security F Totals Amortized cost Reported on Balance Sheet as: Current assets $ 905,000 110,000 $1,015,000 Noncurrent assets $ 705,000 905,000 $1,610,000 $ 495,000 620,000 $1,115,000 No investments were sold during 2021. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required: Complete the following table. (Amounts to be deducted should be indicated with a minus sign.) Fair Value $915,500 104,900 $1,020,400 $ 784,500 920, 200 $1,704,700 Net Income (I/S) $ 505,200 614,900 $1,120,100 Unrealized gain (loss) included in: Other Total Comprehensive Comprehensive Income (OCI) Income
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