Reference no: EM132969549
Questions -
Q1. Dandy Corporation purchased debt investments of Yankee Company for $300 on November 8, 2011 and accounts for it as an available-for-sale debt security. On December 31, 2011, the investment was selling for $600. On September 16, 2012, Dandy sold all of its investments of Yankee for $300. Which of the following would be the amount credited to the Investment in Available-for-Sale Securities on September 16, 2012?
A. $100
B. $1,800
C. $600
Q2. Charlie Corporation purchased debt securities of Robbins Company for $10,000 on October 15, 2017 and accounts for it as an available-for-sale debt security. On December 31, 2017, the Robbins investment was selling for $16,000. On November 8, 2018, Charlie sold all of its investment for $14,000. Which of the following would be the amount credited to the Investment in Available-for-Securities account on November 8, 2018?
A. $16,000
B. $10,000
C. $2,000
Q3. Harowitz Company purchases a trademark for $60,000 on January 1, 20X4 from Garrison Corporation, but will not pay for it until 2 years from that date. Interest is not explicitly stated in the contract, but Harowitz could borrow money at a rate of 6 percent per year currently. At what amount should the note payable be reported on December 31, 20X4?
A. $56,604
B. $55,000
C. $56,474
D. $55,732
Q4. Which of the following is true of accounting for research and development costs under U.S. GAAP?
A. All research and development costs must be expensed as incurred.
B. Research and development costs that lead to successful projects are capitalized.
C. Development costs are expensed, but some research costs may be capitalized.
Q5. Lucy Corporation purchased 1,000 shares of Marcy Company for $8 per share on August 15, 2017. On December 31, 2017, Marcy's stock was selling for $10 per share. On November 8, 2018, Lucy sold all of its shares of Marcy for $7 per share. Which of the following would have been the amount of investment in Marcy reported on the December 31, 2017 balance sheet?
A. $10,000
B. $7,000
C. $3,000
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