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aliya0001 [1]
3 years ago
12

Hobson Company bought the securities listed below during 2020. These securities were classified as trading securities. In its De

cember 31, 2020, income statement Hobson reported a net unrealized holding loss of $15,500 on these securities. Pertinent data at the end of June 2021 is as follows:
Security Cost Fair Value
X $371,000 $343,500
Y 185,000 162,400
Z 424,000 407,800

Required:
What amount of unrealized holding loss on these securities should Hobson include in its income statement for the six months ended June 30, 2021?
Business
1 answer:
Wewaii [24]3 years ago
3 0

Answer:

$50,800

Explanation:

Security     Cost       Fair value     Gain(loss)

X              371,000    343,500        -27,500  

Y              185,000     162,400        -22,600  

Z              <u>424,000</u>    <u>407,800</u>        <u>-16,200 </u>

Total        <u>980,000</u>    <u>913,700</u>         <u>-66,300</u>

Unrealized holding loss on Income statement ended June 30,2021 = $66,300 - $15,500 = $50,800

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beginning finished goods + COGM = ending finished goods + COGS

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to knwo COGM we need to know cost added

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and we now return to the formula to find COGS

250 + 1400 = 200 + COGS

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