See attached file for clarity.
The investment portfolio of Elle E. Fant Fashions appears below.
SecurityClassificationCostFair Value 12/31/06Fair Value 12/31/07
Rears & SobuckTrading5,0006,0006,250
Lackawaxen OnlineAvailable for Sale10,00020,00035,000
Scranton City BondHeld to Maturity20,00019,50019,700
?What effect will the change in value of the investment portfolio have on Elle E. Fant's income statement n 2007?
?Assuming the Scranton bond was purchased at face value, what is the carrying value of the investment portfolio at 12/31/07?
Archibald Widgets, Inc. makes an inventory adjustment at year end to write is inventory down to the lower cost or market. Currently Archibald has 1000 widgets in inventory valued at $2,000.
Cost per unit:
Historical Cost:$2.00 per unit
Price Floor: .75 per unit
Price Ceiling: 1.75 per unit
Replacement Cost: 2.00 per unit
What adjustment would Archibald make on the books at the end of the year; Archibald doesn't use an allowance account.
This question was answered on: Sep 16, 2020
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