If Ziggy Company concluded that an investment originally classified as held to maturity would now more appropriately be classified as available for sale, Ziggy would:
a) Reclassify the investment as available for sale and immediately recognize in net income any unrealized holding gain or loss on the reclassification date.
b) Not reclassify the investment, as original classifications are irrevocable.
c) Need to restate earnings, as the original classification was in error.
d) Reclassify the investment as available for sale and immediately recognize in accumulated other comprehensive income any unrealized holding gain or loss on the reclassification date.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If Ziggy Company concluded that an investment originally classified as held to maturity would now more appropriately be classified as ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The consumer price index (CPI) is used to compute inflation. Question 9 options: True False
Answers (2)
If the economy is in a recession and prices are relatively stable, then the discretionary fiscal policy or policies that would most likely be recommended to correct this macroeconomic problem would be
Answers (1)
In an article in the Wall Street Journal , a professor of financial planning noted the effect of rising prices on purchasing power: "Today, $2,000 a month seems reasonable [as an income for a retired person in addition to the person's Social
Answers (1)
Suire Corporation is considering dropping product D14E. Data from the company's accounting system appear below: Sales $ 670,000 Variable expenses $ 295,000 Fixed manufacturing expenses $ 246,000 Fixed selling and administrative expenses $ 194,000
Answers (1)
The McDonalds Coffee Case is one of the most controversial tort lawsuits in this country. true false
Answers (1)
New Questions in Business
You are invited to go to the mall with a new group of friends from school. you don't know them that well, but are excited that they included you in their plans.
Answers (1)
Suppose hypothetically that you buy a lot of food such as tofu, veggie burgers, and organic fruit that are not included in the market basket used to compute the CPI.
Answers (1)
Property taxes on a company's factory building would be classified as a (n) :
Answers (1)
Diane had a plan to improve her responsibility. in order to understand if she has met her goal, she must A. formulate a new goal B. record her progress C. accomplish harder tasks D. ask others for their opinions
Answers (1)
Olivia's employer deducts an amount from her paycheck for the Medicare program. What type of withholding is being deducted from Olivia's paycheck? A) tax exemption B) local withholding C) state withholding D) Social Security withholding
Answers (1)