Questions from Advanced Accounting

Q: On July 1, 2019, Killearn Company acquired 88,000

On July 1, 2019, Killearn Company acquired 88,000 of the outstanding shares of Shaun Company for $13 per share. This acquisition gave Killearn a 25 percent ownership of Shaun and allowed Killearn to s...

Q: On January 1, 2020, Fisher Corporation purchased 40 percent (

On January 1, 2020, Fisher Corporation purchased 40 percent (80,000 shares) of the common stock of Bowden, Inc., for $982,000 in cash and began to use the equity method for the investment. The price p...

Q: On January 1, 2020, Stream Company acquired 30 percent of

On January 1, 2020, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video, Inc., for $770,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Vid...

Q: In the December 31, 2020, consolidated balance sheet of Patrick

In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders’ equity should be reported? a. $1,100,000 b. $1,125,000 c. $1,150,000 d. $1,355,00...

Q: On June 30, 2020, Wisconsin, Inc., issued $

On June 30, 2020, Wisconsin, Inc., issued $300,000 in debt and 15,000 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company. Wisc...

Q: On January 1, 2021, Casey Corporation exchanged $3,

On January 1, 2021, Casey Corporation exchanged $3,300,000 cash for 100 percent of the outstanding voting stock of Kennedy Corporation. Casey plans to maintain Kennedy as a wholly owned subsidiary wit...

Q: What is consolidated net income for Phoenix and Sedona for 2021?

What is consolidated net income for Phoenix and Sedona for 2021? a. $148,000 b. $203,000 c. $228,000 d. $238,000

Q: On January 1, 2021, James Corporation exchanged $3,

On January 1, 2021, James Corporation exchanged $3,050,000 cash for 100 percent of the out- standing voting stock of Johnson Corporation. James plans to maintain Johnson as a wholly owned subsidiary w...

Q: 4. On January 1, 2021, Marshall Company acquired 100

4. On January 1, 2021, Marshall Company acquired 100 percent of the outstanding common stock of Tucker Company. To acquire these shares, Marshall issued $200,000 in long-term liabilities and 20,000 sh...

Q: Pratt Company acquired all of the outstanding shares of Spider, Inc

Pratt Company acquired all of the outstanding shares of Spider, Inc., on December 31, 2021, for $495,000 cash. Pratt will operate Spider as a wholly owned subsidiary with a separate legal and accounti...