Financial Accounting Cash & Investments Multiple Choice Questions

1)The following information regarding the cash activities of Roves Ltd. for the month of April 20×5 is given below:Cash balance per books, April 1$2522Cash received during April53427Cash payments made during April38371NSF cheques from customers shown on the bank statement1580Bank service charges578In preparing the bank reconciliation for the month of April, what is the adjusted cash balance per books at April 30th?Select one:a. $364 b. $17578 c. $15420 d. $159982)Tride Ltd. purchased 1085 shares of Next Ltd. on July 1, 20×5 at $15.80 per share. On December 31, 20×6, the market value had increased to $12.30. On February 28, 20×7, the shares of Next Ltd. were sold, and Tride Ltd. reported a Gain on FVTPL Investments of $7143.Assuming that the investment in the shares of Next Ltd. is classified as FVTPL, how much were the Next Ltd. shares sold for on February 28, 20×7?Select one:a. $10000 b. $6202 c. $20488 d. $242863)A company purchased shares costing $103344 during the year. These shares are classified as FVTPL. At the end of the year, the company received $6831 in dividends from these shares. At year-end, the fair value of the shares is $122955. What is the net impact on the Statement of Comprehensive Income for the year?Select one:a. $6831 revenue in profit and loss and $0 in other comprehensive income b. $0 revenue in profit and loss and $26442 in other comprehensive income c. $26442 revenue in profit and loss and $0 in other comprehensive income d. $6831 revenue in profit and loss and $19611 in other comprehensive income4)Tride Ltd. purchased 988 shares of Next Ltd. on July 1, 20×5 at $18.85 per share. On December 31, 20×5, the market value of the Next shares was $10.35 and on December 31, 20×6, the market value had increased to $13.13. On February 28, 20×7, the shares of Next Ltd. were sold for $22.79.What is the balance of the Investment in Next Ltd. account at January 1, 20×7?Select one:a. $12972 b. $18624 c. $22517 d. $102265)Tride Ltd. purchased 985 shares of Next Ltd. on July 1, 20×5 at $16.89 per share. On December 31, 20×5, the market value of the Next shares was $9.86 and on December 31, 20×6, the market value had increased to $13.51. On February 28, 20×7, the shares of Next Ltd. were sold for $24.63.Assuming that the investment in the shares of Next Ltd. is classified as FVTPL, which of the following would be part of the February 28, 20×7 journal entry?Select one:a. Debit Gain on FVTPL Investments $10953 b. Credit OCI – Gain on FVTOCI Investments $10953 c. Credit Retained Earnings $7624 d. Credit Gain on FVTPL Investments $10953
not specified

Our Service Charter

1. Professional & Expert Writers: I'm Homework Free only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by I'm Homework Free are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. I'm Homework Free is known for timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At I'm Homework Free, we have put in place a team of experts who answer to all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.