Question
The following information relates to the Houston Company for investments they purchased in 2017. Use this information for the remaining quiz questions: Debt Investments Classification
The following information relates to the Houston Company for investments they purchased in 2017. Use this information for the remaining quiz questions:
| Classification | Cost or Amortized Cost | Fair Value at end if 2017 | Interest Income in 2017 | Sales Price in 2018 |
|---|---|---|---|---|
| Trading | $15,000 | $14,000 | $750 | $14,500 |
| Available-for-Sale | $18,000 | $15,000 | $1,000 | $16,000 |
| Held-to-Maturity | $24,000 | $25,500 | $950 |
Part 1: What is the $ amount that Houston will show on the balance sheet at the end of 2017?
Select one:
a. $57,000
b. $54,500
c. $53,000
d. $58,500
Part 2: The following information relates to the Houston Company for investments they purchased in 2017. Use this information for the remaining quiz questions:
| Classification | Cost or Amortized Cost | Fair Value at end if 2017 | Interest Income in 2017 | Sales Price in 2018 |
|---|---|---|---|---|
| Trading | $15,000 | $14,000 | $750 | $14,500 |
| Available-for-Sale | $18,000 | $15,000 | $1,000 | $16,000 |
| Held-to-Maturity | $24,000 | $25,500 | $950 |
For the Houston Company, what amount will appear on the income statement in 2017?
Select one:
a. $1,700
b. $2,700
c. ($300)
d. $3,000
e. ($2,500)
Part 3: The following information relates to the Houston Company for investments they purchased in 2017. Use this information for the remaining quiz questions:
| Classification | Cost or Amortized Cost | Fair Value at end if 2017 | Interest Income in 2017 | Sales Price in 2018 |
|---|---|---|---|---|
| Trading | $15,000 | $14,000 | $750 | $14,500 |
| Available-for-Sale | $18,000 | $15,000 | $1,000 | $16,000 |
| Held-to-Maturity | $24,000 | $25,500 | $950 |
For the Houston Company, what is the unrealized gain or loss that will appear in the Accumulated Other Comprehensive Account in 2017?
Select one:
a. $2,500 Loss
b. $1,000 Loss
c. $4,000 Loss
d. $3,000 Loss
e. $1,500 gain
Part 4: The following information relates to the Houston Company for investments they purchased in 2017. Use this information for the remaining quiz questions:
| Classification | Cost or Amortized Cost | Fair Value at end if 2017 | Interest Income in 2017 | Sales Price in 2018 |
|---|---|---|---|---|
| Trading | $15,000 | $14,000 | $750 | $14,500 |
| Available-for-Sale | $18,000 | $15,000 | $1,000 | $16,000 |
| Held-to-Maturity | $24,000 | $25,500 | $950 |
For Houston Company, what is the realized gain or loss in 2018?
Select one:
a. $2,500 Loss
b. $1,500 Gain
c. $2,500 Gain
d. $1,500 Loss
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Accounting Quick Master Guide 2023 For Financial Business Growth A Comprehensive Beginners To Expert Guide To Financial And Managerial Accounting And Finance Professionals With Helpful Tips
Authors: Glorified Kathryn
1st Edition
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