16) Black Corporation bought the following securities during the current year: Security Alpha Co. Beta Co....
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16) Black Corporation bought the following securities during the current year: Security Alpha Co. Beta Co. Delta Co. Cost $91,000 $70,000 $30,000 Fair Value $98,000 $67,000 $38,000 Assume that these securities are trading securities. How will these securities be classified on the balance sheet at December 31 of the current year? A) Amount Classification $191,000 Current Asset B) Amount Classification $203,000 Current Asset C) Classification Amount $191,000 Noncurrent Asset D) Amount Classification $203,000 Noncurrent Asset 16) Black Corporation bought the following securities during the current year: Security Alpha Co. Beta Co. Delta Co. Cost $91,000 $70,000 $30,000 Fair Value $98,000 $67,000 $38,000 Assume that these securities are trading securities. How will these securities be classified on the balance sheet at December 31 of the current year? A) Amount Classification $191,000 Current Asset B) Amount Classification $203,000 Current Asset C) Classification Amount $191,000 Noncurrent Asset D) Amount Classification $203,000 Noncurrent Asset
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Option B is correct 203000 Current assets Securities h... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
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