For investments in debt securities, which classification will result in no recording of unrealized gain or loss?

Select one:

a.Held-to-maturity

b.Trading

c.Available-for-sale

Question32

Grayson Company purchased $400,000 face value bonds at 99. Accrued interest for three months was $6,000, and brokerage fees were $4,000. The cost of this long-term investment in bonds is

Select one:

a.$406,000

b.$404,000

c.$410,000

d.$400,000

e.$396,000

Question33

Given the following data, what is Gross Profit?

Sales revenue

$850,000

Beginning inventory

120,000

Ending inventory

200,000

Purchases

700,000

Freight-out

20,000

Freight-in

10,000

Sales Discounts

5,000

Select one:

a.$195,000

b.$200,000

c.$205,000

d.$210,000

e.$215,000

Question34

At January 1, 2018, Beckett, Inc. reported $996 in liabilities. For the year ended December 31, 2018, Beckett reported revenues of $980, expenses of $924, and dividends of $36. During the year, the firm issued $90 in common stock. There were no other items affecting equity. Assets at December 31, 2018 were $2,174 and liabilities decreased during the year by $24. What were assets at January 1, 2018?

Select one:

a.$2,040

b.$2,088

c.$2,130

d.$2,308

e.$2,260

Question35

Quinlan Company records $45,000 in the unearned service revenue account during the year. The ending balance of unearned service revenue is determined to be $18,000. The adjusting entry involves a:

Select one:

a.debit to service revenue for $18,000

b.debit to service revenue for $27,000

c.credit to service revenue for $27,000

d.credit to service revenue for $18,000

e.credit to unearned revenue for $18,000