Questions from General Accounting

Q: Leigh of New York sells its products to customers in the United

Leigh of New York sells its products to customers in the United States and the United Kingdom. On December 16, 2015, Leigh sold merchandise on credit to Bronson Ltd. of London at a price of 17,000 pou...

Q: On May 8, 2015, Jett Company (a U.

On May 8, 2015, Jett Company (a U.S. company) made a credit sale to Lopez (a Mexican company). The terms of the sale required Lopez to pay 800,000 pesos on February 10, 2016. Jett prepares quarterly f...

Q: The Carrefour Group reports the following description of its financial assets available

The Carrefour Group reports the following description of its financial assets available-for-sale. Carrefour’s financial statements report €18 million in net unreal...

Q: Prepare journal entries to record the following transactions involving the short-

Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2015. a. On March 22, purchased 1,000 shares...

Q: Brooks Co. purchases various investments in trading securities at a cost

Brooks Co. purchases various investments in trading securities at a cost of $66,000 on December 27, 2015. (This is its first and only purchase of such securities.) At December 31, 2015, these securiti...

Q: Prepare journal entries to record the following transactions involving the short-

Prepare journal entries to record the following transactions involving the short-term securities investments of Natura Co., all of which occurred during year 2015. a. On June 15, paid $1,000,000 cash...

Q: Prepare journal entries to record the following transactions involving both the short

Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during calendar-year 2015. Use the account S...

Q: On December 31, 2015, Reggit Company held the following short

On December 31, 2015, Reggit Company held the following short-term investments in its portfolio of available-for-sale securities. Reggit had no short-term investments in its prior accounting periods....

Q: On December 31, 2015, Lujack Co. held the following

On December 31, 2015, Lujack Co. held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period. Prepare the December 31, 2015, year-end...

Q: Prescrip Co. began operations in 2014. The cost and fair

Prescrip Co. began operations in 2014. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare Prescrip’s December...