Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 30 Jan 2018 My Price 7.00

Aldrich Company

M15-3 On April 1, 2007, Aldrich Company purchased as an available-for-sale security $200,000 face value, 9% U.S. Treasury notes for $198,500, which included accrued interest of $4,500. The notes mature July 1, 2008, and pay interest semiannually on January 1 and July 1. The notes were sold on December 1, 2007  for $206,500,  which included  accrued interest of $7,500. Aldrich uses straight-line amortization. In its income statement for the year ended December 31, 2007, what amount should Aldrich report as a gain on the sale of the available-for-sale security?

a. $1,800                              c. $6,500

b. $5,000                              d. $8,000

M15-4 When the market value of a company’s portfolio of available-for-sale securities is lower than its cost, the differ- ence should be

a.    Accounted for as a liability

b.   Disclosed and described in a note to the financial statements but not accounted for

c.    Accounted for as a valuation allowance deducted from the asset to which it relates

d.   Accounted for as an addition in the shareholders’ equity section of the balance sheet

 

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jan 2018 10:01 PM My Price 7.00

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