Acc557 Financial Accounting: E12-12 Zippydah Company has the following data

Acc557 Financial Accounting

EXERCISE 12-12
Zippydah Company has the following data at December 31, 2014.
Securities Cost Fair Value
Trading 120,000 124,000
Non-trading 100,000 94,000
The non-trading securities are held as a long-term investment.

Instructions:
(a) Prepare the adjusting entries to report 1. Trading securities at fair value and 2. Non-trading securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) Indicate the statement presentation of each class of securities.
Powered by