by ella | Aug 20, 2025 | Business
Garfield Company purchased, as a held-to-maturity investment, $80,000 of the 9%, 5-year bonds of Chester Corporation for $74,086, which provides an 11% return.1) Prepare Garfield’s journal entries for (a) the purchase of the investment, and (b) the receipt of annual...
by ella | Aug 20, 2025 | Business
1. Securities which could be classified as held-to-maturity are a. redeemable preferred stock. b. warrants. c. municipal bonds. d. treasury stock. 2. Unrealized holding gains or losses which are recognized in income are from securities classified as a....
by ella | Aug 20, 2025 | Business
The 2008 balance sheet of The Washington Post Company shows average shareholders’ equity of $3,171,176 thousand, net operating profit after tax of $79,895 thousand, net income of $65,722 thousand, and average net operating assets of $3,279,742 thousand. The...
by ella | Aug 20, 2025 | Business
Stockholders’ Equity ( December 31, 2011)Common stock—$ 4 par value, 50,000 sharesauthorized, 20,000 shares issued and outstanding . . . . . . . . . . . . . . $ 80,000Paid- in capital in excess of par value, common stock . . . . . . . . . . . . . . . 60,000Retained...
by ella | Aug 20, 2025 | Business
1. Baldwin Company had 40,000 shares of common stock outstanding on January 1, 2011. On April 1, 2011 the company issued 20,000 shares of common stock. The company had outstanding fully vested incentive stock options for 10,000 shares exercisable at $10 that had not...
by ella | Aug 20, 2025 | Business
On June 1, ACL International, a U.S. confectionery products manufacturer, purchases on account bulkchocolate from a Swiss supplier for 166,667 Swiss francs (CHF) when the spot rate is $0.90 = CHF 1. TheSwiss franc payable is due on September 1. To minimize its...
by ella | Aug 20, 2025 | Business
Corp A is interested in purchasing Corp B. Corp B has only one asset, a building with an adjusted basis of $35,000 and a fair market value of $80,000. Corp A has a single shareholder, Anton, and Corp B has a single shareholder., Beth. Anton’s adjusted basis in...
by ella | Aug 20, 2025 | Business
Common stock—$26 par value, 48,000 shares authorized,38,000 shares issued and outstanding $ 988,000Paid-in capital in excess of par value, common stock 60,000Retained earnings 260,000Total stockholders’ equity $ 1,308,000In year 2012, the following transactions...
by ella | Aug 20, 2025 | Business
1. Future, Inc. reported the following results for the year:Net income per books $110,000Federal income taxes 36,170Life insurance proceeds on key employee 15,000Tax-exempt interest income 13,000Net capital loss 25,000Future’s taxable income for the year was:a....
by ella | Aug 20, 2025 | Business
Working on an accounting errors problem….Here is the question:”A relatively small number of machines have been shipped on consignment. These transactions have been recorded as ordinary sales and billed as such. On December 31 of each years, machines were...
