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Search for more tutorials here - http://entire-courses.com/ACC-291-Week-3-Chapter-12-Practice-Quiz-1 |
In this file ACC 291 Week 3 Chapter 12 Practice Quiz 1 you can find right answers on the following questions: Which of the following is not a primary reason why corporations invest in debt and equity securities? Debt investments are initially recorded at: Hanes Company sells debt investments costing $26,000 for $28,000, plus accrued interest that has been recorded. In journalizing the sale, credits are to: Pryor Company receives net proceeds of $42,000 on the sale of stock investments that cost $39,500. This transaction will result in reporting in the income statement a: The equity method of accounting for long-term investments in stock should be used when the investor has significant influence over an investee and owns: Assume that Horicon Corp acquired 25% of the common stock of Sheboygan Corp. on January 1, 2011, for $300,000. During 2011 Sheboygan Corp. reported net income of $160,000 and paid total dividends of $60,000. If Horicon uses the equity method to account for its investment, the balance in the investment account on December 31, 2011, will be: Using the information in question 6, what entry would Horicon make to record the receipt of the dividend from Sheboygan? You have a controlling interest if: Which of the following statements is not true? Consolidated financial statements are useful to: At the end of the first year of operations, the total cost of the trading securities portfolio is $120,000. Total fair value is $115,000. The financial statements should show: At December 31, 2011, the fair value of available-for-sale securities is $41,300 and the cost is $39,800. At January 1, 2011, there was a credit balance of $900 in the Market Adjustment |
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Search for more tutorials here - http://entire-courses.com/ACC-291-Week-3-Chapter-12-Practice-Quiz-1 |
Business - Accounting ACC 291 All Week 3 Assignments - Individual WileyPlus Assignment Includes: Week 3 Chapter 11 practice quiz 1 Week 3 Chapter 12 Practice quiz 1 Week 3 reflection summary Week 3 Discussion questions 1 and 2 Week 3 Individual WileyPlus assignment as described below: Exercise E9-7 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012. Exercise E10-5 Don Walls's gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73. Exercise E10-10 On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is payable semiannually on July 1 and January 1 Exercise E10-11 On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1 Exercise E10-15 Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31 Exercise E10-18 Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount Problem P10-5A Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31 Problem P10-9A Elkins Company sold $2,500,000, 8%, 10-year bonds on July 1, 2011. The bonds were dated July 1, 2011, and pay interest July 1 and January 1. Elkins Company uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30 |
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Search for more tutorials here - http://entire-courses.com/ACC-291-Week-3-Chapter-12-Practice-Quiz-1 |
Study one hour a day while in college. Last minute cramming can actually detract your performance on tests and exams, due to stress and sleep deprivation. When you study one hour daily, you are always in a steady habit that never takes up too much of your schedule at any one time. |
