Questions from Financial Accounting

Q: Without making journal entries, record the transactions of Exercise 8-

Without making journal entries, record the transactions of Exercise 8-15A directly in the McCloud account, Long-Term Investment in Simpson Software. Assume that after all the noted transactions took p...

Q: Conroy Financial paid $510,000 for a 35% investment

Conroy Financial paid $510,000 for a 35% investment in the common stock of Timberwolf, Inc. For the first year, Timberwolf reported net income of $210,000 and at year-end declared and paid cash divide...

Q: Bruno Lake Resort reported the following on its balance sheet at December

Bruno Lake Resort reported the following on its balance sheet at December 31, 2012: Property, plant, and equipment, at cost: Land............................................................... $ 147,0...

Q: Zeta, Inc., owns Juliet Corp. The two companies’ individual

Zeta, Inc., owns Juliet Corp. The two companies’ individual balance sheets follow: Requirements 1. Prepare a consolidated balance sheet of Zeta, Inc. It is sufficient to complete t...

Q: Assume that on September 30, 2012, Protex, Inc.,

Assume that on September 30, 2012, Protex, Inc., paid 99 for 5.5% bonds of McPhee Corporation as a long-term held-to-maturity investment. The maturity value of the bonds will be $15,000 on September 3...

Q: Translate into dollars the balance sheet of Alaska Leather Goods’ German subsidiary

Translate into dollars the balance sheet of Alaska Leather Goods’ German subsidiary. When Alaska Leather Goods acquired the foreign subsidiary, a euro was worth $1.03. The current exchange rate is $1....

Q: During fiscal year 2012, Sprinkle Doughnuts reported a net income of

During fiscal year 2012, Sprinkle Doughnuts reported a net income of $134.9 million. Sprinkle received $1.3 million from the sale of other businesses. Sprinkle made capital expenditures of $10.1 milli...

Q: Use the data given in Short Exercise 8-1. On

Use the data given in Short Exercise 8-1. On May 21, 2013, Mail 4 You sold its investment in Tycon stock for $23 per share. 1. Journalize the sale. No explanation is required. 2. How does the gain or...

Q: Media One owns 18% of the voting stock of Web Talk

Media One owns 18% of the voting stock of Web Talk, Inc. The remainder of the Web Talk stock is held by numerous investors with small holdings. Austin Cohen, president of Media One and a member of Web...

Q: The consolidated financial statements of Amazon.com, Inc. ,

The consolidated financial statements of Amazon.com, Inc. , are given in Appendix A at the end of this book. 1. Refer to Note 1—Description of Business and Accounting Policies, under Investments. Desc...