Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Selected accounts from GermX Company's adjusted trial balance for the year ended December 31 follow. Trading securities (at cost) $ 8,600 Cash Short-term stock investments
Selected accounts from GermX Company's adjusted trial balance for the year ended December 31 follow. Trading securities (at cost) $ 8,600 Cash Short-term stock investments (at cost) Equity method investments Held-to-maturity securities (long-term) 32,000 Fair value adjustment-stock 79,000 Accounts receivable 22,000 Fair value adjustment-trading $ 19,000 (2,800) 11,000 2,300 Prepare the assets section of a classified balance sheet. Hint. Fair Value Adjustment-Trading increases trading securities; Fair Value Adjustment-Stock decreases stock investments. (Amounts deducted should be indicated by a minus sign.) Current assets Cash Answer is not complete. GERMX COMPANY Assets Section of Balance Sheet Stock investments (at cost) Fair value adjustment-Stock Trading securities (at cost) Fair value adjustment-Trading December 31 Assets $ 19,000 $ 32,000 (2,800) 29,200 8,600 2,300 10,900 Current assets Cash Answer is not complete. GERMX COMPANY Assets Section of Balance Sheet December 31 Assets Stock investments (at cost) Fair value adjustment-Stock Trading securities (at cost). Fair value adjustment-Trading Total current assets Long-term Investments Equity method investments Held-to-maturity securities $ 19,000 $ 32,000 (2,800) 29,200 8,600 2,300 10,900 59,100 79,000 22,000 Total long-term investments 101,000 Total assets $ 160,100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started