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I cannot seem to figure out what account goes where based on what's listed and how many blanks I need to fill Exercise 15-14 Prepare
I cannot seem to figure out what account goes where based on what's listed and how many blanks I need to fill
Exercise 15-14 Prepare assets section of balance sheet LO C1, P1, P2, P3, P4, P5 Selected accounts from GERMX CO.'s adjusted trial balance for the year ended December 31 follow. Trading securities (at cost) Short-term stock investments (at cost) Equity method investments Held-to-maturity securities (long-term) $ 6,200 26,000 73,000 16,000 Cash Fair value adjustment-stock Accounts receivable Fair value adjustment-trading $13,000 (1,600) 5,000 1,100 Prepare the assets section of a classified balance sheet. Hint Fair Value AdjustmentTrading increases trading securities; Fair Value AdjustmentStock decreases stock investments. (Amounts deducted should be indicated by a minus sign.) GERMX CO. Assets Section of Balance Sheet December 31 Assets Current assets $ 13,000 1,600 1,600 Cash Fair value adjustment-Stock Stock investments (at cost) Trading securities (at fair value) Stock investments (at fair value) Trading securities (at cost) Fair value adjustmentTrading Trading securities (at fair value) Accounts receivable Total current assets 0 14,600 Long-term Investments Held-to-maturity securities Equity method investments Cash Total long-term investments Total assets $ 14,600Step by Step Solution
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