Questions from Advanced Accounting

Q: On January 1, 2014, Plum Company made an open-

On January 1, 2014, Plum Company made an open-market purchase of 30,000 shares of Spivey Company common stock for $122,000. At that time, Spivey Company had common stock ($2 par) of $600,000 and retai...

Q: Pryor Company acquired 51,000 shares of Spero Company’s common stock

Pryor Company acquired 51,000 shares of Spero Company’s common stock on January 1, 2013, for $400,000 when Spero Company had common stock ($5 par) of $300,000 and retained earnings of $200,000. On Ja...

Q: On January 1, 2013, Purdy Company acquired 84% of

On January 1, 2013, Purdy Company acquired 84% of the capital stock of Sally Company for $840,000. On that date, Sally Company’s stockholders’ equity was: Capital Stock, $20 par $600,000 Other Contrib...

Q: On January 1, 2009, Pace Corporation issued $500,

On January 1, 2009, Pace Corporation issued $500,000 par value, 10-year, 15% bonds. Interest is payable each June 30 and December 31. On January 1, 2012, Supra Corporation, a 90%-owned subsidiary, pur...

Q: Prezo Company purchased 80% of Satz Company’s common stock for $

Prezo Company purchased 80% of Satz Company’s common stock for $880,000 on January 2, 2014. Condensed financial information for Prezo Company and Satz Company is given below. On Ju...

Q: Prezo Company purchased 80% of Satz Company’s common stock for $

Prezo Company purchased 80% of Satz Company’s common stock for $880,000 on January 2, 2012. Condensed financial information for Prezo Company and Satz Company is given below. // On July 1, 2012, Pre...

Q: On January 1, 2013, Pasta Company purchased an 80%

On January 1, 2013, Pasta Company purchased an 80% interest in Salsa Company for $152,000. On this date, Salsa Company reported capital stock and retained earnings of $100,000 and $90,000, respectivel...

Q: Condensed financial information for Prince Company and South Company follows:

Condensed financial information for Prince Company and South Company follows: Prince Company purchased 80% of South Company’s common stock for $1,000,000 at the beginning of 2013 a...

Q: Prost Company has filed a bankruptcy petition. Its account balances at

Prost Company has filed a bankruptcy petition. Its account balances at December 31, 2015, are presented here: The following additional information is available: 1. All notes receivable with the exce...

Q: On January 1, 2009, Pabst Company acquired 80% of

On January 1, 2009, Pabst Company acquired 80% of Secor Company’s common stock and 30% of Secor Company’s 10% preferred stock. Pabst Company paid $680,000 for the c...