During Year 1, its first year of operations, Galileo Company purchased two available-for-sale investments as follows: Security Shares Purchased Cost Hawking Inc. 750 $33,375 Pavlov Co. 2,030 47,096 Assume that as of December 31, Year 1, the Hawking Inc. stock had a market value of $53 per share and the Pavlov Co. stock had a market value of $42 per share. Galileo Company had net income of $258,300 and paid no dividends for the year ending December 31, Year 1. All of the available-for-sale investments are classified as current assets. a. Prepare the Current Assets section of the balance sheet presentation for the available-for-sale investments.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “During Year 1, its first year of operations, Galileo Company purchased two available-for-sale investments as follows: Security Shares ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Although Joanna expects much from her employees, the people that work for Joanna identify with her values, like her, and respect her as a person, Joanna has ___ power. a. reward b. legitimate c. referent d. expert
Answers (1)
To comply with the Americans with Disabilities Act, supervisors can: A. make sure production standards are not attainable by current employees. B. review and revise job descriptions. C.
Answers (1)
A firm buys on terms of 2/8, net 45 days, it does not take discounts, and it actually pays after 85 days. What is the effective annual percentage cost of its non-free trade credit? (Use a 365-day year
Answers (1)
Suppose that you observe a market with four firms, each with about 25% market share. What does it suggest about the following attributes of this market: network externalities, multi-housing costs, level of differentiation across the firm's offerings?
Answers (1)
Nebulus Corporation owns 30% of the voting stock of Suite Company. It reports the 30% interest as an equity method investment, with a current carrying value of $32,000,000 and a market value of $45,000,000.
Answers (1)
New Questions in Business
Rules of Debit and CreditThe following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit.
Answers (1)
Around which latitude (s) would you expect to find rainforests, and why? (you may enter up to 150 characters.)
Answers (1)
An investor would like to invest $60,000 in two stocks from a list of six suggested by a broker. how many investments are possible if the investor wants to invest $50,000 in one stock and the rest in another
Answers (1)
Hubbard Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 2,100 tenant-days, but its actual level of activity was 2,060 tenant-days.
Answers (1)
Explain how to determine gross profit on an income statement by selecting the correct statement below. Cost of goods sold is added to net sales. Cost of goods sold is added to sales discounts. Sales is subtracted from cost of goods sold.
Answers (1)