What should quinn report on its income statement

Assignment Help Financial Accounting

Reference no: EM13133527

On its December 31, 2003, balance sheet, Quinn Co. reported its investment in available-for-sale securities, which had cost $360,000, at fair value of $330,000. At December 31, 2004, the fair value of the securities was $355,000. What should Quinn report on its 2004 income statement as a result of the increase in fair value of the investments in 2004?

Reference no: EM13133527

Questions Cloud

Find the density and median : Find the density for Z = X + Y. Verify that it integrates to 1. Find the median (the value of z for which P(Z =

Descriptions of the cost accounting system : Descriptions of how your organization uses the accounting information for financial management improvement recommendations for you.

Problem related to effective interest method : West Valley Corporation issues $800,000 of 20 year, 9 percent bonds at 95. Interest is paid semiannually, and the effective interest method is used for amortization.

What is standardized score : Gerald takes the ACT Assessment mathematics test and scores 27. ACT math scores for 2007 were Normally distributed with mean 21.0 and standard deviation 5.1. What is Eleanor's standardized score?

What should quinn report on its income statement : What should Quinn report on its 2004 income statement as a result of the increase in fair value of the investments in 2004?

Flyer company sells a product in a competitive marketplace : Market analysis indicates that their product would probably sell at $48 per unit. Flyer management desires a 12.5% profit margin on sales. Their current full cost per unit for the product is $44 per unit.

Explain how a strategic understanding of client business : Vial-tek has an existing loan in the amount of $3.5 million with an annual interest rate of 9.5%. The company provides an internal company-prepared financial statement to the bank under the loan agreement.

Describe the inventory valuation methods fifo and lifo : Merchandise Inventory. Describe the inventory valuation methods FIFO and LIFO. Which items are included in ending inventory under each method?

Find probability randomly selected terminal will last more : The life expectancy of computer terminals is normally distributed with a mean of 4 years and a standard deviation of 10 months. What is the probability that a randomly selected terminal will last more than 5 years?

User Account

All Pages