Questions from Financial Accounting

Q: During 2011, Yale Company acquired some of the 50,000

During 2011, Yale Company acquired some of the 50,000 outstanding shares of the common stock, par $12, of Carol Corporation as available-for-sale investments. The accounting period for both companies...

Q: Using the data in M12-3, assume that Yale Company

Using the data in M12-3, assume that Yale Company purchased the voting stock of Carol Corporation for the trading securities portfolio instead of the available-for-sale securities portfolio. Give the...

Q: On January 1, 2011, Bidden Corporation sold and issued $

On January 1, 2011, Bidden Corporation sold and issued $100,000, five-year, 10 percent bonds. The bond interest is payable each June 30 and December 31. Assume three separate and independent selling s...

Q: Denver Corporation sold a $300,000, 6 percent bond

Denver Corporation sold a $300,000, 6 percent bond issue on January 1, 2011, at a market rate of 3 percent. The bonds were dated January 1, 2011, with interest to be paid each December 31; they mature...

Q: Using the following categories, indicate the effects of the transactions listed

Using the following categories, indicate the effects of the transactions listed in M12-3 assuming the securities are available for sale. Use + for increase and − for decrease and ind...

Q: Using the following categories, indicate the effects of the transactions listed

Using the following categories, indicate the effects of the transactions listed in M12-3 assuming the securities are trading securities. Use + for increase and − for decrease and ind...

Q: On January 1, 2011, PurchaseAgent.com acquired 30 percent

On January 1, 2011, PurchaseAgent.com acquired 30 percent (1,200,000 shares) of the common stock of E-Transaction Corporation. The accounting period for both companies ends December 31. Give the journ...

Q: Using the following categories, indicate the effects of the transactions listed

Using the following categories, indicate the effects of the transactions listed in M12-7. Use + for increaseand − for decrease and indicate the amounts. Data from M12-7. On January...

Q: England Textile Company acquired Belgium Fabric Company for $660,000

England Textile Company acquired Belgium Fabric Company for $660,000 cash when Belgium’s only assets, property and equipment, had a book value of $660,000 and a fair value of $750,000. England also as...

Q: N.M.S. Company held securities available for sale

N.M.S. Company held securities available for sale and reported the following information at the end of each year: Compute the economic return from investing ratio for 2012, 2013, and 2014. What do t...