22 Mar The following questions are used in the Kaplan CPA
The following questions are used in the Kaplan CPA Review Course to study investments while preparing for the CPA examination. Determine the response that best completes the statements or questions. 1. During year 4, Wall Co. purchased 2,000 shares of Hemp Corp. common stock for $31,500 as a short-term investment. The investment was appropriately classified as a trading security. The market value of this investment was $29,500 at December 31, year 4. Wall sold all of the Hemp common stock for $14 per share on January 15, year 5, incurring $1,400 in brokerage commissions and taxes. On the sale, Wall should report a realized loss of: a. $1,500 b. $2,900 c. $3,500 d. $4,900 2. The following information pertains to Lark Corp. s long-term marketable equity securities portfolio: Differences between cost and market values are considered to be temporary. The decline in market value was properly accounted for at December 31, 2010. At December 31, 2011, what is the net unrealized holding gain or loss to be reported as: 3. The following information was extracted from Gil Co. s December 31, 2011, balance sheet: The historical cost of the long-term investments in marketable equity securities was: a. $ 63,595 b. $ 76,650 c. $ 96,450 d. $116,250 4. On both December 31, 2010, and December 31, 2011, Kopp Co. s only equity security investment had the same fair value, which was below its original cost. Kopp considered the decline in value to be temporary in 2010 but ot
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