Questions from Financial Accounting

Q: Translate into dollars the balance sheet of North Carolina Leather Goods’ German

Translate into dollars the balance sheet of North Carolina Leather Goods’ German subsidiary. When North Carolina Leather Goods acquired the foreign subsidiary, a euro was worth $1.06. The current exch...

Q: During fiscal year 2016, Honey Bakery reported a net income of

During fiscal year 2016, Honey Bakery reported a net income of $132.4 million. Honey Bakery received $1.4 million from the sale of other businesses. Honey Bakery made capital expenditures of $10.0 mill...

Q: At the end of the year, Cityside Properties’ statement of cash

At the end of the year, Cityside Properties’ statement of cash flows reported the following for investment activities: Requirement 1. For each item listed, make the...

Q: Stockman Corp. purchased ten $1,000 6% bonds

Stockman Corp. purchased ten $1,000 6% bonds of Voltgo Corporation when the market rate of interest was 7%. Interest is paid semiannually, and the bonds, and the bonds will mature in eight years. Usin...

Q: Assume that on September 30, 2016, Baytex, Inc.,

Assume that on September 30, 2016, Baytex, Inc., purchased 5% bonds of Hartley Corporation at 97 as a long-term, held-to-maturity investment. The maturity value of the bonds will be $46,000 on Septemb...

Q: Journalize the following long-term, available-for-sale

Journalize the following long-term, available-for-sale investment transactions of Hammond Department Stores: a. Purchased 410 shares of Potter Fine Foods common stock at $31 per share, with the inten...

Q: During the most recent year, Ogden Co. bought 2,

During the most recent year, Ogden Co. bought 2,800 shares of Dublin common stock at $35, 590 shares of Chile stock at $45.50, and 1,000 shares of Russian stock at $70—all as available-for-sale invest...

Q: Watson Corporation owns equity-method investments in several companies. Suppose

Watson Corporation owns equity-method investments in several companies. Suppose Watson paid $1,300,000 to acquire a 30% investment in Smith Software Company. Smith Software reported net income of $680...

Q: Without making journal entries, record the transactions of E8-36B

Without making journal entries, record the transactions of E8-36B directly in the Watson T-account, Equity-method Investment. Assume that after all the noted transactions took place, Watson sold its e...

Q: Agani Financial paid $570,000 for a 45% investment

Agani Financial paid $570,000 for a 45% investment in the common stock of Sonic, Inc. For the first year, Sonic reported net income of $260,000 and at year-end declared and paid cash dividends of $135,...