What amounts would be reported in the income statement, Accounting Basics

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What amounts would be reported in the income statement

Loreal-American Corporation purchased several marketable securities during 2013. At December 31, 2013, the company had the investiments in commom stock listed below. None was held at the last reporting date, December 31, 2012, and all are considered securities available - for- sale . Cost fair Value Unrealized Holding Gain Short term: Blair Inc. $480.000 $405.000 $ ANC Corporation 450.000 480.000 30.000 Totals $ 930.000 $885.000 $Long Term Drake Corporation $480.000 $ 560.000 $ 80.000 Aaron Industries 720.000 660.000 Totals $ 1.200.000 $ 1.220.000 $ 20.000 Required: 1- Prepare the apropriate adjusting entry at December 31, 2013. 2- What amounts would be reported in the income statement at December 31, 2013, as a result of the adjusting entry ? Thanks.

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Accounting Basics: What amounts would be reported in the income statement

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Accounting Basics: What amounts would be reported in the income statement

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: What amounts would be reported in the income statement

Reference No:- TGS0674607

Recent Questions Asked Accounting Basics

Q : What is the rental and utilities cost

Q : Calculate the mirr of the project

Q : What is the weighted-average number

Q : Calculate cost of goods available for sale

Q : What amounts would be reported in the income statement

Q : Calculated using the simple costing system

Q : Declared a cash dividend per share

Q : The next quarter production needs for material

Q : What amount of sales will be necessary in order

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