company's acco Investment Colt Company stock Dana Company stock Date of Acquisition Cost 9/20/23 $38,000 10/2/23 14,000 Select one: O a. $800 loss What amount is reported for gain or loss on these securities in 2023 income? b. $1,000 loss c. No gain or loss Fair Value 12/31/23 Date Sold Selling Price $37,000 2/10/24 $42,000 14,200 1/17/24 13,000 O d. $3,000 gain

company's acco Investment Colt Company stock Dana Company stock Date of Acquisition Cost 9/20/23 $38,000 10/2/23 14,000 Select one: O a. $800 loss What amount is reported for gain or loss on these securities in 2023 income? b. $1,000 loss c. No gain or loss Fair Value 12/31/23 Date Sold Selling Price $37,000 2/10/24 $42,000 14,200 1/17/24 13,000 O d. $3,000 gain

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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View Policies Current Attempt in Progress Concord, Inc. paid $127000 to buy back 11000 shares of its $1 par value common stock. This stock was sold later at a selling price of $9 per share. The entry to record the sale includes a O credit to Paid-in Capital from Treasury Stock for $11000. O debit to Retained Earnings for $28000. O debit to Paid-in Capital from Treasury Stock for $127000. O credit to Retained Earnings for $11000. Save for Later Attempts: 0 of 1 used Submit Answer
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Question Armadillo Enterprises acquired the following equity investmentsat the beginning of year 1 as trading investments. Description Number of shares Market price per share Total price Finestra Company 15,000 X $25 $387,500 BVD Company 20,000 x$18 |S360,000 Market values at theend of Years 1 &2 are presented below: Market/Fair Value End of year 1 End of year 2 Finestra Company IS19 $23 BVD Company $22 $28 REQUIREMENTS: ( Prepare the journal entry to record the acquisition of theinvestments. Prepare the adjusting journal entry required at the end of year1. Armadillo Enterprises sells 15,000 shares of BVD Company for $16at the beginning of year 2. Prepare the journal entry to record thesale. Prepare the adjusting journal entry required at the end of year2. Assume that ArmadilloEnterprises now holds these investments asavailable-for-sale. Prepare the journal entry to record the acquisition of theinvestments. Prepare the adjusting journal entry required at the end of year1. Armadillo…
Subject: AFAR #185
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a. P25.00 b. P26.40 c. P27.20 d. P29.00 e. answer not given
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Question Two The Whispering Cove plc has provided the following as at December 31, 2017 Cost of Sales Closing Stock 10% Debenture Debenture Interest General Reserves Retained Earnings Goodwill Ordinary Share Capital @ $2 10% Preference Share Capital @ $1 Sales Turnover Debtors Bank Administrative Costs Selling and Distribution Costs Property Plant & Equipment Motor Vehicle Provision for Depreciation on Motor Vehicle Creditors Interim Ordinary Shares Dividend Additional Details Provided DR 700.000 210,000 20,000 20,000 200,000 60,000 122,000 139,000 600,000 500,000 CR 350,000 1. Prepa the lowing for year ending December 31, 2017 : a) The Statement of Profit and Loss 40,000 b) The Statement of Change in Equity NOTE: The Statement of Financial Position is NOT required 2. State three factors that may influence a company's decision to pay dividends 400,000 400,000 1,300,000 8,000 5,000 2,576,000 2,576,000 40,000 38,000 1. The motor vehicle is to be depreciated at 10% p.a. on the reducing…
Subject: acounting