Jeremiah Corporation purchased debt securities during 2018 and classified them as securities available for sale: Jeremiah Corporation

Fantastic news! We've Found the answer you've been seeking!

Question:

Jeremiah Corporation purchased debt securities during 2018 and classified them as securities available for sale:

Security Cost Fair Value 12/31/18

a 40000 49000

b 70000 66000

c 28000 39000

All Declines are considered to be temporary. How much gain will report by Jeremiah Corporation on December 31, 2018, income statement relative to the portfolio?

A. 0

B. $16,000

C. 20,000

D. None of these are correct

Related Book For answer-question

Financial Accounting An Introduction to Concepts, Methods and Uses

ISBN: 978-1133591023

14th edition

Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis

See More Books

Posted Date: Jan 13, 2021 06:43 AM

See More Questions

How do the activities that are considered to be operating activities differ from those considered to be investing activities?
How do the activities that are considered to be operating activities differ from those considered to be financing activities?
A number of indirect compensation benefits are considered to be taxable benefits to the employee. What advantage can the employer and/or the employee gain by including such benefits as part of a...
Solve 1. dx dy + x 1-xy=xy.
What is document flow? Why is it important for auditors of a company?
Based on the empirical evidence, who gets the value added from a takeover? What is the most likely explanation of this fact?
The flowchart on the following two pages illustrates a system for executing purchases and cash disbursement transactions. Required: Indicate what each of the letters A through L represents in the...
Georgia Orchards produced a good crop of peaches this year. After preparing the following income statement, the company believes it should have given its No. 3 peaches to charity and saved its...
The most recent financial statements for Hailey Co. are shownhere: Income Statement Balance Sheet Sales $ 66,000 Current assets $ 30,000 Long-term debt $ 64,500 Costs 25,600 Fixed assets 125,000...
There is a New York Times articleit discusses how the rise of cell phone-only households has affected surveys. Read that article and respond to the following questions via a primary post of your own...
Write the function signedArea that takes three parameters A, B, and C, representing the three vertices of an oriented triangle, and returns the signed area of the triangle ABC. Each parameter is a...
Can you elucidate the symbiotic relationship between autonomy and collaboration in innovative projects?
Why does it later rise? How would you describe that in economic terms again?
Paul corporation of profit, maximizing monopoly. It sells a patented rabies vaccine for pets and earns economic profits.
here are 4 common categories of customers: new, existing, exiting, and exited. Suppose you work for a large financial institution that is looking to improve its savings deposits and retirement...
Q. Today, social, mobile, and local marketing are the fastest-growing forms of online marketing. This assignment is to plan your own business. A. Describe its business model mentioning the comparison...
you had an opportunity to learn about various ambulatory health care settings. Which setting do you find most interesting to work in and why? Which one do you think presents the most challenges for...
On January 2, 20X3, Sheldon Bass, a professional engineer, moved from Calgary to Edmonton to commence employment with Acco Ltd., a large public corporation. Because of his new employment contract,...
Exhibit 4.3 presents the balance sheet prepared by Svenson, a Swedish telecommunications firm, for Years 7 and 6. Svenson applies IFRS and reports its results in millions of Swedish kronor (SEK). In...
Selected balance sheet amounts for Kyoto Corporation, a Japanese construction firm, are shown in the following table for four recent years. Kyoto applies Japanese accounting standards and reports its...
Refer to Exhibit 6.35 for Fierce Fighters Corporation, which shows excerpts from its Statements of Cash Flows, with cash flow from operations presented with the indirect method, for three recent...
What is the mathematical meaning of the symbol $\Delta$, the Greek capital letter delta?
Under what conditions is the $x$ component of the displacement negative?
What is the shape of the $x(t)$ curve for an object moving at constant velocity? What is the shape of the $v_{x}(t)$ curve for this object?

Jeremiah Corporation purchased debt securities during 2018 and classified them as securities available for sale: Jeremiah Corporation

Question:

Expert Answer:

Ans No gain will be report in income statement ... View the full answer

Financial Accounting An Introduction to Concepts, Methods and Uses

Students also viewed these accounting questions