Question : 91. The account Valuation Allowance for Trading Securities found the: A. Income statement : 1239325

 

 

91. The account Valuation Allowance for Trading Securities is found on the: 
A. Income statement as Other Revenue (Expenses)
B. Balance sheet as an adjustment to the asset account
C. Balance sheet as an adjustment to Stockholders’ Equity
D. Statement of Retained Earnings

 

92. Held-to-Maturity securities 
A. are reported at their fair market value on the balance sheet date
B. include both stocks and bonds
C. are primarily purchased to earn interest revenue
D. all of the above

 

93. On January 1, 2014, Blanton Company’s Valuation Allowance for Trading Investments account has a debit balance of $23,200.  On December 31, 2014, the cost of the trading securities portfolio was $80,000.  The fair value was $98,000.  Which of the following would Blanton report on the income statement for 2014? 
A. an Unrealized Loss on Trading Investments of $5,200.
B. an Unrealized Gain on Trading Investments of $5,200.
C. an Unrealized Gain on Trading Investments of $18,000.
D. an Unrealized Loss on Trading Investments of $18,000.

 

94. All of the following are disadvantages of fair value use except: 
A. fair values may not be readily obtainable.
B. fair values may cause more fluctuations as change occurs from period to period.
C. comparability between companies may be impacted by different fair value measurement.
D. fair values can only be used on balance sheet accounts.

 

95. All of the following are factors contributing to the trend for regulators to adopt accounting principles using fair value concepts except: 
A. a greater percentage of total assets existing as receivables and securities.
B. pressure on regulators to adopt an international set of accounting principles and standards.
C. hybrid measurement methods within GAAP that conflict with each other.
D. the ease of applying market values to assets and liabilities.

 

96. Edison Corporation paid a dividend of $10 per share on its $100 par preferred stock and $4 per share on its $20 par common stock.  The market value of the common stock is $80 per share.  Edison’s dividend yield is: 
A. 5%
B. 10%
C. 25%
D. 20%

 

97. A company that has 25,000 shares of  $5.00 par value common stock issued and outstanding paid a dividend of $0.40 per share.  The market value of the stock is $16 per share.  The company’s dividend yield is: 
A. 2.5%
B. 400%
C. 16%
D. 40%

 

98. Which of the following is not a part of comprehensive income? 
A. foreign currency items
B. cash flows from stock investments
C. unrealized gains and losses
D. pension liability adjustments

 

99. Which of the following would be considered an “Other Comprehensive Income” item? 
A. net income.
B. extraordinary loss related to flood.
C. gain on disposal of discontinued operations.
D. unrealized loss on available-for-sale securities.

 

100. Companies may report comprehensive income on each of the statements below except 
A. income statement
B. separate statement of comprehensive income
C. statement of cash flows
D. retained earnings statement

 

 

 

101. On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee.  On August 22, Lucas paid a $0.42 dividend per share. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee.  The journal entry for the sale would include: 
A. a debit to Cash for $111,840
B. a credit to Investments for $112,000
C. a credit to Loss on Sale for $23,680
D. a debit to Cash for $112,000

 

102. On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee.  On August 22, Lucas paid a $0.42 dividend per share. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee.  The journal entry to record the purchase would include: 
A. a debit to Investments for $132,000
B. a credit to Cash for $132,000
C. a debit to Investments for $132,240
D. a credit to Investments for $240

 

103. Purchased $400,000 of ABC Co. 5% bonds at 100 plus accrued interest of $4,500.  Sold $250,000 of bonds at 97.  The journal entry for  the purchase would include: 
A. a credit to Interest Receivable for $4,500
B. a credit to Interest Revenue for $4,500
C. a debit to Interest Receivable for $4,500
D. a debit to Interest Revenue for $4,500

 

104. Purchased $400,000 of ABC Co. 5% bonds at 100 plus accrued interest of $4,500.  Sold $250,000 of bonds at 97 plus accrued interest.  The journal entry for  the sale would include: 
A. a debit to Cash for $242,500
B. a credit to Loss on Sale for $7,500
C. a credit to Gain on Sale for $7,500
D. a debit to Cash for $244,300

 

 

 

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