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Category > Accounting Posted 20 Aug 2017 My Price 11.00

Highland Industries Inc.

Ex 13-19  Missing statement items, available-for-sale securities                         ObJ. 4 Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement  items  for  the  years  ended  December  31,  2016  and  2017,  plus  selected   items

from comparative balance sheets, are as   follows:

 

 

highland Industries Inc.

Selected Income Statement Items

For the Years Ended December 31, 2016 and 2017

 

 

2016

2017

Operating income

Gain (loss) from sale of investments

a.

$7,500

g.

$(12,000)

Net income (loss)

b.

(21,000)

Assets highland Industries Inc. Selected Balance Sheet Items

December 31, 2015, 2016, and 2017

Dec. 31, 2015  Dec. 31, 2016  Dec. 31, 2017

 

 

Available-for-sale investments, at cost

$  90,000

$  86,000

$102,000

Valuation allowance for available-for-sale investments Available-for-sale investments, at fair value

Stockholders’ Equity

         12,000

c.

     (11,000)

e.

                       h.          i.

Unrealized gain (loss) on available-for-sale investments Retained earnings

d.

$175,400

f.

$220,000

(16,400)

j.

There were no  dividends.

Determine the missing lettered  items.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 08:08 PM My Price 11.00

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