Question
Anthers Inc. bought the following portfolio of trading securities near the end of 2021. Security Cost Fair value 12/31/2021 A $ 80,000 $ 84,000 B
Anthers Inc. bought the following portfolio of trading securities near the end of 2021.
| Security | Cost | Fair value 12/31/2021 | ||||
| A | $ | 80,000 |
| $ | 84,000 |
|
| B |
| 60,000 |
|
| 54,000 |
|
| C |
| 22,000 |
|
| 22,000 |
|
What amount will be reported in the balance sheet for this portfolio at December 31, 2021, and how will it be classified?
|
| Amount | Classification | ||
| a. | $ | 162,000 |
| Noncurrent Asset |
| b. | $ | 162,000 |
| Current Asset |
| c. | $ | 160,000 |
| Noncurrent Asset |
| d. | $ | 160,000 |
| Current Asset |
Multiple Choice
Option a.
Option c.
Option b.
Option d.
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Accounting And Auditing Research Tools And Strategies
Authors: Thomas R. Weirich, Thomas C. Pearson, Natalie Tatiana Churyk
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