ments tatement DO IT 16-3b Identify where each of the following items would be r

Question

ments tatement DO IT 16-3b Identify where each of the following items would be reported in the financial vestments. statements 1. Loss on sale of investments in stock 2. Unrealized gain on available-for-sale securities 3. Fair value adjustment-trading 4. Interest earned on investments in bonds. 5. Unrealized loss on trading securities. Use the following possible categories: Balance sheet: Current assets Investments Property, plant, and equipment Intangible assets Current liabilities Long-term liabilities Stockholders' equity Income statement: Other revenues and gains Other expenses and losses

Explanation / Answer

Item Financial Statement Category 1 Loss on sale of investments in stock Income statement Other revenues and gains 2 Unrealized gain on available-for-sale securities Balance sheet Stockholders' equity 3 Fair value adjustment - trading Balance sheet Current assets 4 Interest earned on investments in bonds Income statement Other revenues and gains 5 Unrealized loss on trading securities Income statement Other expenses and losses

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