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Financial Statement Effect of Equity Securities Presented below are three unrelated situations involving equity securities.
Situation 1
An equity security, whose market value is currently less than cost, is classified as available-for-sale but is to be reclassified as trading.
Situation 2
A noncurrent portfolio with an aggregate market value in excess of cost includes one particular security whose market value has declined to less than one-half of the original cost. The decline in value is considered to be other than temporary.
Situation 3
The portfolio of trading securities has a cost in excess of fair value of $13,500. The available-for-sale portfolio has a fair value in excess of cost of $28,600.What is the effect upon carrying value and earnings for each of the situations above?
How is this information useful to you from a managerial perspective? Explain your reasoning and support your conclusions with the numbers you have pulled out for the comparison above.
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Overview Provide a general overview of QuickBooks. Make sure the overview provides the reader with a general understanding of the application, including costs and functionality.
Financial Performance
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