Question
A nongovernmental, not-for-profit organization had the following investments: Investment Cost Fair value (beginning of year) Fair value (end of year) Bonds $9,000 $10,000 $9,950 Stock
A nongovernmental, not-for-profit organization had the following investments:
| Investment | Cost | Fair value (beginning of year) | Fair value (end of year) |
|---|---|---|---|
| Bonds | $9,000 | $10,000 | $9,950 |
| Stock A (100 shares) | $50 per share | $45 | $51 |
| Stock B (200 shares) | $40 per share | $41 | $49 |
What amount should be the total value of investments reported in the year-end statement of financial position?
$22,900
$24,800
$24,850
$23,800
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Auditing An International Approach
Authors: Wally Smieliauskas, Amy Kwan, Kathleen Cogliano, Catherine Barrette
8th Canadian Edition
1259451275, 978-1259451270
