Use the information below to answer the question. Proceeds from the sale of mark

Question

Use the information below to answer the question. Proceeds from the sale of marketable securities $160,000 Purchase of land (250,000) Proceeds from the sale of land 125,000 Net cash provided by investing activities $35,000 Lester’s income statement for 2009 includes the following: Loss on the sale of marketable securities $47,000 Gain on the disposal of land 65,000 Lester’s balance sheet at the end of 2013 showed investment in marketable securities at $250,000. On the basis of the data presented above, compute the amount to be reported for investment in marketable securities in Lester Corporation’s balance sheet at December 31, 2014. $43,000 $110,000 $137,000 $253,000

Explanation / Answer

Compute the amount to be reported for investment in marketable securities in Lester Corporation’s balance sheet at December 31, 2014, as follows:

Therefore, the correct answer is $43,000.

Investment in marketable securities at the end of 2013 250000 Less: Proceeds from the sale of marketable securities 160000 Less: Loss on the sale of marketable securities 47000 Investment in marketable securities at Dec. 31, 2014 43000

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.