Chat with us, powered by LiveChat Question: 21. During Its First Year Of Operation, The Fast And Fancy Company Purchased Short-term Investments For A Total Cost Of $89,700. At The End Of Its First Year Of Operation, The Company Needs To Prepare Financial Statements. The Cost Of Its Portfolio Is Still $89,700 At Year's End, But The Market Value Of The Portfolio Has Declined To $85,000. No Entry ... | Wridemy

18 Aug Question: 21. During Its First Year Of Operation, The Fast And Fancy Company Purchased Short-term Investments For A Total Cost Of $89,700. At The End Of Its First Year Of Operation, The Company Needs To Prepare Financial Statements. The Cost Of Its Portfolio Is Still $89,700 At Year’s End, But The Market Value Of The Portfolio Has Declined To $85,000. No Entry …

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21. During its first year of operation, the Fast and Fancy Company purchased short-term investments for a total cost of $89,700. At the end of its first year of operation, the company needs to prepare financial statements. The cost of its portfolio is still $89,700 at year’s end, but the market value of the portfolio has declined to $85,000. No entry has been made up to this time to reflect any difference in the cost and market values of the portfolio. The adjusting entry required to reflect this information on the soon-to- be-prepared financial statements would be A. Decline in Value of Short-Term Investments $4,700 Allowance for Decline in Value of Short-Term Investments $4,700 B. Decline in Value of Short-Term Investments $85,000 Allowance for Decline in Value of Short-Term Investments $85,000 C. Allowance for Decline in Value of Short-Term Investments $ 4,700 Decline in Value of Short-Term Investments $4,700 D. None of the above because no entry would be required.

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