Reference no: EM132427937
Question -
Part A) On January 2, 2018, Alpaca Company purchased 15,000 shares of the stock of Zebra Company, and did not obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $12 per share, and represents a 10% ownership stake. Zebra Company made $55,000 of net income in 2018, and paid dividends of 50 cents per share on December 15, 2018. On December 31, 2018, Zebra Company's stock was trading on the open market for $15 per share at the end of the year. Use this information to prepare the General Journal entry(ies) (without explanation) for January 2 purchase and the December 15 & 31, 2018 record of income & gain/loss. If no entry is required then write "No Entry Required."
Part B) On April 1, 2019, Alaska Trading Company issued $900,000 of 6%, 10-year bonds. The bonds, which were issued at 98, pay interest on October 1 and April 1. Use this information to prepare the General Journal entry (without explanation) to record the April 1, 2019 bond issue. If no entry is required then write "No Entry Required."
Part C) Annapolis Company purchased a $3,000, 8%, 10-year bond at 99 and held it to maturity. The straight line method of amortization is used for both premiums & discounts. What is the net cash received over the life of the bond investment? (all money received minus all money paid, round to nearest whole dollar).
What is the estimated inventory of Glad at December
: The gross profit rate on these sales was 10%. Based upon the gross profit method, what is the estimated inventory of Glad at December 31, 2011
|
Prepare the journal entry ayayai would have made on january
: On January 1, 2019, Ayayai issued 10-year, 300,000 face value, Prepare the journal entry Ayayai would have made on January 1, 2019, to record issuance of bonds
|
What is the purpose of overhead allocation
: What is the purpose of overhead allocation? What things should be considered when choosing an overhead allocation method
|
What is Kyle filing status
: Kyle, whose wife died in December 2016, filed a joint tax return for 2016. What is Kyle's filing status in 2019? Please explain
|
What is net cash received over the life of bond investment
: The straight line method of amortization is used for both premiums & discounts. What is the net cash received over the life of the bond investment
|
Under armour case analysis questions
: Under Armour Case Analysis Questions - Conduct a five forces analysis placing emphasis on the strength of competitive pressures
|
What is als basis in the farm
: Al's father and mother were placed in a nursing home. The farm's Fair Market Value was $335,000 at the time of changing hands. What is Al's basis in the farm
|
How many units of each briefcase would be required
: If managers decide to introduce the new leather briefcase, how many units of each briefcase would be required to break even in the coming year
|
Describe the industry in which organigram is operating
: What evaluation criteria should Organigram use when assessing growth options while keeping in mind the recommendations from the Task Force?
|