SIAS corp. held trading investments valued at $55,000 at December 31, 2008. These investments cost SIAS $50,000. What is the appropriate amount for SIAS to report for these investments on the December 31, 2008, balance sheet?
A. $50,000
B. $55,000
C. $5,000 gain
D. cannot be determined from the data given
SIAS corp. held trading investments valued at $55,000 at December 31, 2008. These investments cost SIAS $50,000. What should appear on the SIAS income statement for the year ended December 31, 2008, for the trading investments?
A. $50,000
B. $55,000
C. $5,000 unrealized gain
D. cannot be determined from the data given
On August 1, 2010, Botores, Inc., sold equipment and accepted a six-month, 12%, $50,000 note receivable. Botores year-end is December 31. How much interest revenue should Botores accrue on December 31, 2010?
A. $6,000
B. $2,500
C. $3,000
D. some other amount
On August 1, 2010, Botores, Inc., sold equipment and accepted a six-month, 12%, $50,000 note receivable. Botores year-end is December 31. How much interest does Botores, Inc., expect to collect on the maturity date (February 1, 2011)?
A. $3,000
B. $6,000
C. $2,500
D. some other amount