Answer:
The answer is B, C, and E.
Explanation:
Saw this post and one other neither had the correct answer so i figured i would help anyone out that needs the correct answer.
Answer: The correct answer is "d. a preference toward a smooth consumption path over time.".
Explanation: The main reason people save during their working years is a preference toward a smooth consumption path over time since they prefer to consume what is just and necessary so that in the future, even if they are affected by different circumstances, they can continue to maintain the same standard of living and / or consumption.
Answer:
Godfrey Corporation
GOLDFREY CORPORATION
Balance Sheet (Partial)
December 31, 2017
Noncurrent assets:
Investments:
Investment In Stock, at fair value $64,100
Stockholders' Equity:
Common stock
Retained earnings
Less :
Unrealized loss $4,900
Explanation:
a) Data and Calculations:
Long-term investment available for sale:
Cost = $69,000
Fair value 64,100
Unrealized loss $4,900
b) The correct entry would have been to reduce the net income by the unrealized loss. However, for simplicity, this is showed as a reduction of the Retained Earnings in the balance sheet.
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