Questions from Financial Accounting

Q: Select the correct answer for each of the following questions.

Select the correct answer for each of the following questions. Amber Corporation holds 80 percent of the stock of Movie Productions Inc. During 20X4, Amber purchased an inventory of snack bar items fo...

Q: Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock

Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock in 20X1. During 20X4, Planet purchased 40,000 Play day doghouses for $24 each and sold 25,000 of them to Saturn for $3...

Q: Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock

Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock in 20X1. During 20X4, Planet purchased 40,000 Play day doghouses for $24 each and sold 25,000 of them to Saturn for $3...

Q: Planner Corporation owns 60 percent of Schedule Company’s voting shares. During

Planner Corporation owns 60 percent of Schedule Company’s voting shares. During 20X3, Planner produced 25,000 computer desks at a cost of $82 each and sold 10,000 of them to Schedule for $94 each. Sch...

Q: Pie Bakery owns 60 percent of Slice Products Company’s stock. During

Pie Bakery owns 60 percent of Slice Products Company’s stock. During 20X8, Slice produced 100,000 bags of flour, which it sold to Pie Bakery for $900,000. On December 31, 20X8, Pie had 20,000 bags of...

Q: For each question, select the single best answer. 1

For each question, select the single best answer. 1. Water Company owns 80 percent of Fire Company’s outstanding common stock. On December 31, 20X9, Fire sold equipment to Water at a...

Q: On January 1, 20X7, Pillow Corporation sold to Sheet Corporation

On January 1, 20X7, Pillow Corporation sold to Sheet Corporation equipment it had purchased for $150,000 and used for eight years. Pillow recorded a gain of $14,000 on the sale. The equipment has a to...

Q: Pester Company transferred the following assets to a newly created subsidiary,

Pester Company transferred the following assets to a newly created subsidiary, Shumby Corporation, in exchange for 40,000 shares of its $3 par value stock Required: a. Give the journal entry in whic...

Q: Photo Industries has owned 80 percent of Shutter Corporation for many years

Photo Industries has owned 80 percent of Shutter Corporation for many years. On January 1, 20X6, Photo paid Shutter $270,000 to acquire equipment that Shutter had purchased on January 1, 20X3, for $30...

Q: Playoff Corporation holds 90 percent ownership of Series Company. On July

Playoff Corporation holds 90 percent ownership of Series Company. On July 1, 20X3, Playoff sold equipment that it had purchased for $30,000 on January 1, 20X1, to Series for $28,000. The equipment’s o...