Question
Anthers Inc. bought the following portfolio of trading securities near the end of 2016. Security Cost Fair value 12/31/2016 A $80,000 $84,000 B 60,000 54,000
Anthers Inc. bought the following portfolio of trading securities near the end of 2016.
| Security | Cost | Fair value 12/31/2016 |
| 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, 2016, 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 |
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Auditing Leadership The Professional And Leadership Skills You Need
Authors: Brian D. Kush
1st Edition
0470450010, 9780470450017
