Witz corporation purchased $100,000 of hales inc. 6% bonds at par, and witz classifies its investment as available-for-sale. unfortunately, a combination of problems at hales and in the debt market caused the fair value of the hales investment to decline to $70,000 during 2021. witz believes it is more likely than not that it will have to sell the investment before its fair value recovers. when witz applies the cecl model to account for its investment, witz calculates that, of the $30,000 drop in fair value, $10,000 of it relates to credit losses and the $20,000 remainder relates to noncredit losses. witz's accounting for this impairment will reduce before-tax net income for 2021 by:
Answers: 1
Business, 23.06.2019 17:00, jaleewoodyard1
Shawshank real estate agency. oct. 1 pete shawshank begins business as a real estate agent with a cash investment of $25,000 in exchange for common stock. 2 hires an administrative assistant. 3 purchases office furniture for $2,900, by paying $700 cash with the balance on account. 6 sells a house and lot for n. kidman, earning a fee of $3,600, with $600 collected in cash and the balance billed to n. kidman. 27 pays $900 on the balance related to the transaction of october 3. 30 pays the administrative assistant $2,300 in salary for october. 31 collects $1,200 of the balance owed by n. kidman. instructions: (a) journalize the transactions. (you may omit explanations.) (b) what balance would shawshank real estate agency report for accounts payable in its october 31 financial statements? in which category of which financial statements would it be found? (c) what balance would shawshank real estate agency report for accounts receivable in its october 31 financial statements? in which category of which financial statements would it be found?
Answers: 3
Business, 23.06.2019 21:30, beelcypher
If a bank protected by the fdic fails, then all of the individuals who have deposited money into the bank a. are restricted from ever using a bank again b. will be reimbursed by the federal government c. have lost all of their money and savings forever d. become members of the federal reserve bank
Answers: 3
Witz corporation purchased $100,000 of hales inc. 6% bonds at par, and witz classifies its investmen...
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