Homework Answers
10) Answer is Option c.
Present value of six $15000 receipts @ 12% interest rate is $121728.
11) Answer is Option b.
Unrealised gain on available for sale security is to be included in comprehensive income.
Szuba corporation should be reported as a comprehensive income of $10000.
12) Answer is Option c.
Current assets are to be reported in the order of liquidity.
13) Answer is Option b.
Receivables are based on their estimated amount collectible.
14) Answer is Option d.
Treasury stock should be reported a reduction in stockholders equity. Treasury stock should be reduced from Stockholders equity.
Add Answer to:
10. Garretson Corporation will receive $15,000 today (January 1, 2017), and also on each January 1st for the next f...
Szuba Corporation reported the following transactions for the current year: Sales $500,000 Cost of goods sold...
Szuba Corporation reported the following transactions for the current year: Sales $500,000 Cost of goods sold 300,000 Operating expenses 100,000 Cash dividend 50,000 Unrealized gain on available-for-sale security 10,000 Unrealized gain on trading security 20,000 Ignoring income taxes, Szuba should report other comprehensive income of: $10,000 Your answer is correct. B. $80,000 C. $60,000 D. $30,000
Sonata Corporation will receive $10,000 today (January 1, 2020), and $30,000 on each January 1st for...
Sonata Corporation will receive $10,000 today (January 1, 2020), and $30,000 on each January 1st for the next five years (2021 - 2025). What is the present value of the six payments, assuming a 12% interest rate? $252,670. a. O b. $103,342. Oc. $223,456. d. $118,143.
22) On January 1, 2014, Benson Corporation paid $800,000 to purchase 40% of the outstanding stock...
22) On January 1, 2014, Benson Corporation paid $800,000 to purchase 40% of the outstanding stock of Kroger Company. Kroger Company reported net income of $200,000 for the year ending December 31, 2014 and paid cash dividends of $60,000 during 2014. On January 1, 2015, Benson Corporation sells its entire investment in Kroger Company for $1,100,000. Benson Corporation will report a(n): A) realized gain on the sale of $300,000. B) unrealized gain on the sale of $300,000. C) realized gain...
22) On January 1, 2014, Benson Corporation paid $800,000 to purchase 40% of the outstanding stock...
22) On January 1, 2014, Benson Corporation paid $800,000 to purchase 40% of the outstanding stock of Kroger Company. Kroger Company reported net income of $200,000 for the year ending December 31, 2014 and paid cash dividends of $60,000 during 2014. On January 1, 2015, Benson Corporation sells its entire investment in Kroger Company for $1,100,000. Benson Corporation will report a(n): A) realized gain on the sale of $300,000. B) unrealized gain on the sale of $300,000. C) realized gain...
1. Current assets are presented in the balance sheet in A) ascending order of their balances....
1. Current assets are presented in the balance sheet in A) ascending order of their balances. B) descending order of their balances. C) order of their liquidity. D) reverse order of their liquidity. 2. Treasury stock should be reported as a(n) A) current asset. B) investment C) other asset. D) reduction of stockholders' equity. 3. The basis for classifying assets as current or noncurrent is the period of time normally required by the accounting entity to convert cash invested in...
On January 1, 2020, Concord Corporation had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Concord Corporation paid $60,000 cash for equity securities that
On January 1, 2020, Concord Corporation had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Concord Corporation paid $60,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Concord Corporation received non-taxable cash dividends of $26,000 and had an unrealized holding gain of $21,000 (net of tax) on these securities. Determine the following amounts...
Resolver los siguientes problemas: 1. Pursley, Inc. acquires 10% of Ritz Corporation on January 3, 2012,...
Resolver los siguientes problemas: 1. Pursley, Inc. acquires 10% of Ritz Corporation on January 3, 2012, for $80,000 when the book value of Ritz was $800,000. During 2012 Ritz reported net income of $125,000 and paid dividends of $30,000. On January 1, 2013, Pursley purchased an additional 20% of Ritz for $325,000, giving Pursley the ability to significantly influence the operating policies of Ritz. Any excess of cost over book value is attributable to goodwill with an indefinite life. What...
Question 4 View Policies Current Attempt in Progress On January 1, 2020, Crane Inc. had cash...
Question 4 View Policies Current Attempt in Progress On January 1, 2020, Crane Inc. had cash and common stock of $64,990. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $23,670 of debt securities that it classified as available for sale. It received interest of $3,510 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $6,380 net of tax....
Use the following information to answer questions 1 and 2. Riley's Corporation was organized on January...
Use the following information to answer questions 1 and 2. Riley's Corporation was organized on January 1, 2019. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2019, Riley had the following transactions relating to stockholders’ equity: Issued 10,000 shares of common stock at $7 per share Issued 20,000 shares of common stock at $8 per share Reported a net income of $100,000 Declared and paid dividends of $50,000 Purchased 3,000 shares of treasury...
On January 1, 2020, Pharoah Company had cash and common shares of $80,000. At that date,...
On January 1, 2020, Pharoah Company had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Pharoah Company paid $60,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Pharoah Company received non-taxable cash dividends of $26,000 and had an unrealized holding gain of $29,000 (net of tax) on these securities. Determine the following amounts...
Sonata Corporation will receive $10,000 today (January 1, 2020), and $30,000 on each January 1st for the next five years (2021 - 2025). What is the present value of the six payments, assuming a 12% interest rate? $252,670. a. O b. $103,342. Oc. $223,456. d. $118,143.
1. Current assets are presented in the balance sheet in A) ascending order of their balances. B) descending order of their balances. C) order of their liquidity. D) reverse order of their liquidity. 2. Treasury stock should be reported as a(n) A) current asset. B) investment C) other asset. D) reduction of stockholders' equity. 3. The basis for classifying assets as current or noncurrent is the period of time normally required by the accounting entity to convert cash invested in...
Question 4 View Policies Current Attempt in Progress On January 1, 2020, Crane Inc. had cash and common stock of $64,990. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $23,670 of debt securities that it classified as available for sale. It received interest of $3,510 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $6,380 net of tax....
Most questions answered within 3 hours.
-
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 4 minutes ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 23 minutes ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 27 minutes ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 55 minutes ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 1 hour ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 4 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 5 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 5 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 5 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 5 hours ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 5 hours ago -
A manufacturer of banana chips would like to know whether its
bag filling machine works correctly...
asked 5 hours ago