Selected accounts from GermX Co.’s adjusted trial balance for the year ended December 31 follow. Prepare the assets section of a classified balance sheet. Hint: Fair Value Adjustment—Trading increases trading securities; Fair Value Adjustment—Stock decreases stock investments. Trading securities (at cost). $ 5,000 Cash . $10,000 Short-term stock investments (at cost). 23,000 Fair value adjustment—Stock . (1,000) Equity method investments. 70,000 Accounts receivable. 2,000 Held-to-maturity securities (long-term). 13,000 Fair value adjustment—Trading. 500
Selected accounts from GermX Co.’s adjusted trial balance for the year ended December 31 follow. Prepare the assets section of a classified balance sheet. Hint: Fair Value Adjustment—Trading increases trading securities; Fair Value Adjustment—Stock decreases stock investments. Trading securities (at cost). $ 5,000 Cash . $10,000 Short-term stock investments (at cost). 23,000 Fair value adjustment—Stock . (1,000) Equity method investments. 70,000 Accounts receivable. 2,000 Held-to-maturity securities (long-term). 13,000 Fair value adjustment—Trading. 500
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 5RE
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Selected accounts from GermX Co.’s adjusted
Prepare the assets section of a classified
trading securities; Fair Value Adjustment—Stock decreases stock investments. Trading securities (at cost). $ 5,000 Cash . $10,000
Short-term stock investments (at cost). 23,000 Fair value adjustment—Stock . (1,000)
Equity method investments. 70,000
Held-to-maturity securities (long-term). 13,000 Fair value adjustment—Trading. 500
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