Selected accounts from GermX Co.s adjusted trial balance for the year ended December 31 follow. Prepare the
Question:
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.
Transcribed Image Text:
Trading securities (at cost)... Short-term stock investments (at cost). Equity method investments. Held-to-maturity securities (long-term).. Cash . Fair value adjustment-Stock Accounts receivable.. Fair value adjustment-Trading. $ 5,000 23,000 70,000 13,000 $10,000 (1,000) 2,000 500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 45% (11 reviews)
Current assets Cash GERMX CO Assets Section of Balance Sheet December 31 Assets Stock investment...View the full answer
Answered By
Michael Owens
I am a competent Software Engineer with sufficient experience in web applications development using the following programming languages:-
HTML5, CSS3, PHP, JAVASCRIPT, TYPESCRIPT AND SQL.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
Sherlock Locksmiths, Inc, has the following adjusted trial balance for the year ended December 31, 2018. Required a. Journalize and post the necessary closing entries. Omit explanations. b. Prepare a...
-
Sherlock Locksmiths, Inc. has the following adjusted trial balance for the year ended December 31, 2015. Required a. Journalize and post the necessary closing entries. b. Prepare a post- closing...
-
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. $10,000 15,000 20,000 5,000 $ 5,000...
-
A mixture of 1 kmol carbon dioxide, 2 kmol carbon monoxide, and 2 kmol oxygen, at 25C, 150 kPa, is heated in a constant pressure steady state process to 3000 K. Assuming that only these same...
-
Nolan threw a baseball, of mass 147.5 g, at a speed of 162 km/h to a catcher. How much internal energy was generated when the ball struck the catcher's mitt?
-
A linear function f can be written in the form f(x) = mx + b. Identify m and b for the given f(x). f(x) = -6
-
Jerome M. Eisenberg is an antiquities dealer and a self-proclaimed expert in classical antiquities with a doctorate in Roman, Egyptian, and Near Eastern art. Maurice E. Hall Jr. is an art dealer who...
-
In Parts I (pp. 245-247) and II (pp. 287-288) of this case you performed preliminary analytical procedures and assessed acceptable audit risk and inherent risk for Pinnacle Manufacturing. In Part III...
-
Levinn's utility function is expressed as the following: U= C1 C2 0.3 where C1 is his first period consumption and C2 is his second period consumption. His income in the first period is $2500 and...
-
The following activities are based on a recently completed group project that you have been involved in. This project may have been a student project, a work project, or an extracurricular project....
-
Fivio Co. reports the following information. (1) Compute return on total assets for the current year and for 1 year ago. (2) Is Fivio more efficient or less efficient in using total assets to produce...
-
Wixi Co. has the following equity investments in FSN, DELL, and ATI. (1) Which of these companies are subsidiaries of Wixi? (2) How are individual assets and liabilities of a parent and its...
-
Suppose income from an endowment is generated at the annual rate of $42,000 per year. Find the capital value of this endowment at an interest rate of 7.5% compounded continuously.
-
What is the difference between the meaning of logistics and the meaning of supply chain? Explain with example
-
The expected return of stock EA is 25.75% if the expected return of the market portfolio is 22%. When the expected return of the market portfolio is 10%, the expected return of the stock EA is...
-
Explain how to do with a Business Calculator A 8-year annuity of 16 $9,300 semiannual payments will begin 10.5 years from now, with the first payment coming 11 years from now. Requirement 1: If the...
-
Is there an "Accounts Receivable" in the given information? I need to calculate the quick ratio and cash ratio, but get the same answer for both as i don't see an Accounts Receivable for the quick...
-
Given the information below, what is the total equity return? Initial Price = $33 dividend paid = $3.00 ending share price= $34
-
In accounting for an operating lease, how are the lessee's and lessor's income statements affected?
-
For the next several days, take notes on your listening performance during at least a half-dozen situations in class, during social activities, and at work, if applicable. Referring to the traits of...
-
Match the descriptions 1 through 5 with labels a through e on the CVP chart. 1. Break-even point 2. Total sales line 3. Loss area 4. Profit area 5. Total costs line $25,000 (d) $20,000 (a) $15,000...
-
Sunn Co. manufactures a single product that sells for $180 per unit and whose variable costs are $135 per unit. The companys annual fixed costs are $562,500. Management targets an annual income of...
-
Coors Company expects sales of $340,000 (4,000 units at $85 per unit). The companys total fixed costs are $175,000 and its variable costs are $35 per unit. Compute (a) Break-even in units and (b) The...
-
How do I find projected sales (I column) just for column B that have more than 1 child( example for children 1, 2, and 3 ? and leave 0 children blank Provide steps. Tell me Home Insert Draw Page...
-
Find the minimum Sum of Products (SOP) for these expressions using a Karnaugh map 6) f(a,b,c) m(1,2,3,4,6) 7) g(w,x,y,z) = m(1,3,5,6,7,13,14) + d(8,10,12) 8) f = wx'yz+w'xyz + w'x'y'z' + w'xy'z +...
-
4. Write a Matlab program to print the following 5 5 10 5 10 5 10 5 10 5 10 5 10 5 10 5 10 5555555 20 20 20 20 20 222222 25 25 25 330 35 25 30 35 40 20 25 30 35 40 45 5 10 15 20 25 30 35 40 45 50
Study smarter with the SolutionInn App