Question
On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Portfolio of
On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods.
| Portfolio of Stock Investments | Cost | Fair Value | ||||
| Apple stock | $ | 8,400 | $ | 11,200 | ||
| Chipotle stock | 7,200 | 4,700 | ||||
| Under Armour stock | 12,800 | 14,900 | ||||
1. After the fair value adjustment is made, prepare the assets section of Mars Co.s December 31 classified balance sheet. Assume Mars plans to sell its trading securities within the next six months. 2. In which income statement section is the unrealized gain (or loss) on the portfolio of stock investments reported?
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Practical Auditing Techniques For ISO/TS 16949
Authors: Raymond Ness
1st Edition
978-0595273126
