What is the net effect of above items on smokes net income

Assignment Help Accounting Basics

Reference no: EM133906259

Problem

The following pertains to Smoke, Inc.'s investment in debt securities: On December 31, Year 3, Smoke reclassified a security acquired during the year for $70,000. It had a $50,000 fair value when it was reclassified from trading to available-for-sale. An available-for-sale security costing $75,000, written down to $30,000 in Year 2 had a $60,000 fair value on December 31, Year 3. The changes in the fair value of the security are not due to credit losses. Get the instant assignment help. What is the net effect of the above items on Smoke's net income for the year ended December 31, Year 3?

Reference no: EM133906259

Questions Cloud

Primary care provider with complaint of chest pain : When a patient presents to a primary care provider with a complaint of chest pain, there are a number of possibilities that must be considered.

What should wagner show on its balance sheet at the end : Wagner Company's financial records show that it has a mortgage that requires. What should Wagner show on its balance sheet at the end of the current year?

Discuss the medications a physician : discuss the medications a physician might prescribe for a person diagnosed with mood disorder. Do you agree with the article, why or why not?

What are your goals for community involvement : What are your goals for community involvement and How would this scholarship benefit you?

What is the net effect of above items on smokes net income : What is the net effect of the above items on Smoke's net income for the year ended December 31, Year 3?

Analyze previous scholarly efforts to address the problem : Provide a synthesized review of the scholarly literature to expose, explain, and analyze previous scholarly efforts to address the problem

Reproductive and urinary systems in particular : In the readings this week, you explored some of the most common disorders. How does the disease affect the reproductive and urinary systems in particular?

What type of scheme might this situation indicate : Myra Manning, CFE, was hired to investigate some suspicious activity at Arizona Medical Supply after. What type of scheme might this situation indicate?

Patients risk factors for developing pressure injury : Your patient is 82 years old, weighs 85kg, and is wheelchair bound at baseline. What are this patient's risk factors for developing a pressure injury?

User Account

All Pages