Goofy Inc. bought 15,000 shares of Crazy Co.'s stock for $206,000 on May 5, 2012, and classified the stock as available for sale. The market value of the stock declined to $118,000 by December 31, 2012. Goofy reclassified this investment as trading securities in December of 2013 when the market value had risen to $162,000. What effect on 2013 income should be reported by Goofy for the Crazy Co. shares?
Q: Provide correct answer financial accounting
A: Step 1: Define GainGain is an increased value of a product asset owned by a person or company. Gains…
Q: Accounting question
A: Step 1: Define Budget DeficitThe term budget deficit in economics can be defined as the shortage of…
Q: Total direct Labor?
A: Explanation of Standard Hours per Unit: This represents the predetermined time that should be…
Q: Which of the following is the correct contribution margin per machine hour on these general…
A: Step 1: Calculate the contribution margin per unitContribution Margin per Unit = Selling Price per…
Q: Question: - How does resource attribution mapping enhance cost allocation? 1. Attribution wastes…
A: Resource attribution mapping enhances cost allocation by ensuring that costs are distributed…
Q: Financial Accounting Question
A: To find the interest rate earned, you can use the formula for simple interest: Interest Rate =…
Q: Kindly help me with accounting questions
A: Explanation of High-Low Method: The high-low method is a cost estimation technique used to separate…
Q: General Accounting
A: Step 1: Define Operating CycleAn operating cycle is the sum of the inventory holding period and the…
Q: Cara Trust Bank's financial records include a beginning cash balance of $128,000. During the period,…
A: Given:Beginning cash balance: $128,000Outstanding deposits: $15,400 (to be added)Unpaid checks:…
Q: When should modified attribute mapping replace standard classification? (A) Complex characteristics…
A: Modified attribute mapping should replace standard classification when the complexity of the…
Q: Need correct answer for this general account query
A: The Gordon Growth Model, which is frequently used to assess equities with dividends growing at a…
Q: Note payable of $6,000 represents a loan that was taken... Please ans the financial accounting…
A: Step 1: Define Interest ExpenseThe interest expense is the cost of funds for loans and borrowings.…
Q: Please tutor help me to get answer of this below general accounting question
A: Explanation of Load Optimization Tracking: Load optimization tracking is a management system used to…
Q: Provide correct answer the general accounting question
A: Step 1: Define Lower of Cost or Net Realizable Value (NRV)The lower of cost or net realizable value…
Q: Tech Manufacturing has the following data for the past six months: please answer the accounting…
A: Highest Activity Cost = Highest Total Overhead Cost = $13,500, Lowest Total Overhead Cost =…
Q: Help me
A: Sustainability impact measurement requires special approaches because it deals with long-term…
Q: Kindly give a step by step details explaination of each answers especially question 5 and 6. Please,…
A: 1. General Journal Entries for SalesSales for Old TerritorySales totaled $25,120,000.Entry:Dec 31…
Q: Hugh has the choice between investing in a city of solve this question general Accounting
A: Key Details:City of Heflin bond: 4.05% (tax-free)Surething bond: Current rate = 5.75%…
Q: Need help with this question solution general accounting
A: Step 1: Points Using high-low method, the following would be:Highest point = 59,000 units at…
Q: Hello tutor please given correct answer financial accounting
A: The question involves the cost of equity capital, and the proper method based on the given data is…
Q: Under this assumption, the ending balance of work in process inventory of dino nine international…
A: To calculate the ending balance of the Work in Process Inventory, we need to determine the costs for…
Q: Don't use ai solution general Accounting
A: In variable costing, only costs that change with the level of production are included in the product…
Q: If a company has project revenues of solve these questions
A: The problem requires the determination of the Operating Margin.The operating margin measures how…
Q: Crystal Bay Hospital's central supply tracks sterile items using a batch code system. When opening…
A: Explanation of Opening Count: This is the initial number of sterile items available at the beginning…
Q: Please given correct option general accounting
A: Step 1: Define Cost AccountingCost accounting is a major field in accounting. Cost accounting is…
Q: None
A: Dollar return on an investment refers to the total return on an investment measured in dollar terms…
Q: esc The accounting concept that requires every business to be accounted for separately from other…
A: Business entity assumption.This accounting concept states that a business must be accounted for…
Q: What is the project's payback period on these financial accounting question?
A: The payback period is the time it takes for a project to recover its initial investment from its net…
Q: Financial Accounting Question answer step by step calculation and correct
A: Step 1: Information provided Work in Process on January 1, 2018 (Beginning WIP) = $138,000Ending WIP…
Q: I don't need ai answer accounting questions
A: Step 1: Definition of Percentage IncreasePercentage increase measures how much a value has grown in…
Q: Please provide correct answer general Accounting
A: Step 1: Cost of Goods Sold (COGS)Cost of Goods Sold is given to be $84,000.We can also confirm the…
Q: Do fast answer of this general accounting question
A: Weighted-Average MethodThe weighted-average method of process costing calculates the cost per…
Q: What is the value of retained earnings on June 30 for these financial accounting question?
A: Step 1: Define Retained EarningsIn a corporation, the accumulated retained earnings reflect s a…
Q: Chapter-3: Asset turnover (Accounting) ABC Industries is a division of a Major Corporation. Data…
A: Explanation of Asset Turnover: Asset turnover is a financial ratio that measures how efficiently a…
Q: Please solve this general accounting issue
A: To calculate the total manufacturing costs incurred during the fiscal year 2023, we use the…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Stockholders' EquityStockholders' equity represents the residual interest in a…
Q: I won't to this question answer general Accounting
A: Step 1: Define Asset TurnoverAsset turnover counts on the efficiency of the firm in using its…
Q: Larsen Industries sold machinery used in its operations for cash.... Please answer the general…
A: The gain or loss realized by Larsen Industries is calculated by subtracting the adjusted basis from…
Q: Please provide correct answer this question general Accounting
A: To calculate General Motors' cost of equity capital, we use the Capital Asset Pricing Model (CAPM)…
Q: The east Division of Mari Company reported the following data for the current year. Sales of…
A: Concept of Sales:Sales represent the total revenue generated by a business from the sale of its…
Q: None
A: Step 1: Define Cash Conversion CycleThe cash conversion cycle is computed by reducing the accounts…
Q: Help me
A: Explanation of Causal Analysis: Causal analysis is a systematic process of identifying the…
Q: I won't to this question answer general Accounting
A: Step 1: Define PensionA company is required to set aside some amount of money in order to fund the…
Q: Hello teacher please help me Accounting question
A: Calculation of Market Value of EquityMarket Value of Equity = Shares outstanding x Market price = 50…
Q: Olmsted company has the following solve this accounting questions
A: Step 1: Formula Stockholders' Equity = Common stock + Retained earnings - Treasury stockDeferred…
Q: Please provide this question solution general accounting
A: Step 1: Definition of Beginning Cash BalanceThe beginning cash balance refers to the amount of cash…
Q: Need help with this accounting questions
A: Step 1: Definition of Profitability Index (PI)The Profitability Index (PI) is a ratio that measures…
Q: Subject: Accounting
A: Option a: This option is incorrect because standard measures do not capture all impacts. Standard…
Q: NONE
A: We can calculate the beginning inventory using the Cost of Goods Sold (COGS) formula:COGS =…
Q: Hello tutor please provide answer accounting questions
A: The compound annual growth rate commonly known as CAGR refers to the figure showing the average rate…
Hi expert please give me answer general accounting
Step by step
Solved in 2 steps
- Twist Corp. had no short-term investments prior to year 2017. It had the following transactions involving short-term investments in available-for-sale securities during 2017. Apr. 16 Purchased 5,000 shares of Lafayette Co. stock at $26 per share. July 7 Purchased 3,500 shares of CVF Co. stock at $51 per share. 20 Purchased 1,600 shares of Green Co. stock at $18 per share. Aug. 15 Received an $1.20 per share cash dividend on the Lafayette Co. stock. 28 Sold 3,000 shares of Lafayette Co. stock at $29 per share. Oct. 1 Received a $3.30 per share cash dividend on the CVF Co. shares. Dec. 15 Received a $1.40 per share cash dividend on the remaining Lafayette Co. shares. 31 Received a $2.70 per share cash dividend on the CVF Co. shares.Twist Corp. had no short-term investments prior to year 2017. It had the following transactions involving short-term investments in available-for-sale securities during 2017. For the Dec 31ST Adjustment Period what formula would I use? It's the only one that I can not figure out. Apr. 16 Purchased 5,000 shares of Lafayette Co. stock at $26 per share. July 7 Purchased 3,500 shares of CVF Co. stock at $51 per share. 20 Purchased 1,600 shares of Green Co. stock at $18 per share. Aug. 15 Received an $1.20 per share cash dividend on the Lafayette Co. stock. 28 Sold 3,000 shares of Lafayette Co. stock at $29 per share. Oct. 1 Received a $3.30 per share cash dividend on the CVF Co. shares. Dec. 15 Received a $1.40 per share cash dividend on the remaining Lafayette Co. shares. 31 Received a $2.70 per share cash dividend on the CVF Co. shares.On December 31, 2016, Sannibel Company acquired a 20% interest in Edelweiss Company for $135,000. During 2017, Edelweiss had net income of $75,000 and paid a cash dividend of $30,000. If you applied the fair value method, what would be the debit balance in the Investment in Stock: Edelweiss Company account at the end of 2017?
- Adams Industries holds 40,000 shares of FedEx common stock. On December 31, 2015, and December 31, 2016, the market value of the stock is $95 and $100 per share, respectively. What is the appropriate reporting category for this investment and at what amount will it be reported in the 2016 balance sheet?In 2014, Fogg, Inc., issued $10 par value common stock for $25 per share. No other common stock transactions occurred until March 31, 2016, when Fogg acquired some of the issued shares for $20 per share and retired them. Which of the following statements correctly states an effect of this acquisition and retirement? a. 2016 net income is decreased. b. Additional paid-in capital is decreased. c. 2016 net income is increased. d. Retained earnings is increased.Ayayai Company’s net income for 2020 is $52,900. The only potentially dilutive securities outstanding were 1,040 options issued during 2019, each exercisable for one share at $6. None has been exercised, and 10,900 shares of common were outstanding during 2020. The average market price of Ayayai’s stock during 2020 was $20. (b) Assume the same facts as those assumed for part (a), except that the 1,040 options were issued on October 1, 2020 (rather than in 2019). The average market price during the last 3 months of 2020 was $20. Answer (b) Diluted Earnings Per Share = ?
- On January 1, 2017, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2017, it purchased for cash $20,000 of debt securities that it classified as available-for-sale. It received interest of $3,000 during the year on these securities. In addition, it has an unrealized holding gainon these securities of $4,000 net of tax. Determine the following amounts for 2017: (a) net income, (b) comprehensive income,(c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2017).On October 1, 2015, Adoll Company acquired 1,000 shares of its $1 par value stock for $44 per share and held these shares in treasury. On March 1, 2017, Adoll resold all of the treasury shares for $40 per share. Which of the following entries would be recorded when Adoll Company resells the shares of treasury stock? A- Debit Cash $40,000; Debit Loss on Sale of Treasury Stock $4,000; Credit Treasury Stock $44,000 B- Debit Cash $40,000; Debit Additional Paid In Capital $4,000; Credit Common Stock $44,000 C- Debt cash $40,000; Debit Additional Paid in Capital $4,000; Credit Treasury Stock $44,000 D- Debit Cash $40,000' Credit Common Stock $1,000; Credit Additional Paid In Capital $39,000(Equity Securities Entries) Aranda Corporation made the following cash purchases of securities during 2017, which is the first year in which Arantxa invested in securities.1. On January 15, purchased 10,000 shares of Sanchez Company’s common stock at $33.50 per share plus commission $1,980.2. On April 1, purchased 5,000 shares of Vicario Co.’s common stock at $52.00 per share plus commission $3,370.3. On September 10, purchased 7,000 shares of WTA Co.’s preferred stock at $26.50 per share plus commission $4,910.On May 20, 2017, Aranda sold 4,000 shares of Sanchez Company’s common stock at a market price of $35 per share less brokerage commissions, taxes, and fees of $3,850. The year-end fair values per share were Sanchez $30, Vicario $55, and WTA $28. In addition, the chief accountant of Aranda told you that the corporation plans to hold these securities for the long-term but may sell them in order to earn profits from appreciation in prices. The equity method of accounting is not…
- Please Solve with Explanation and Do not Give image formatDuring the year ended December 31, 2020, Gluco Inc. split its stock on a 3-for-1 basis. In its annual report for 2019, the firm reported net income of $987,900 for 2019, with an average 295,000 shares of common stock outstanding for that year. There was no preferred stock.Required: What amount of net income for 2019 will be reported in Gluco's 2020 annual report? Calculate Gluco's earnings per share for 2019 that would have been reported in the 2019 annual report. (Round your answer to 2 decimal places.) Calculate Gluco's earnings per share for 2019 that will be reported in the 2020 annual report for comparative purposes. Net Income ? Earnings Per Share ? Earnings Per Share ?During the year ended December 31, 2020, Gluco Inc. split its stock on a 5-for-1 basis. In its annual report for 2019, the firm reported net income of $941,200 for 2019, with an average 211,000 shares of common stock outstanding for that year. There was no preferred stock.Required: What amount of net income for 2019 will be reported in Gluco's 2020 annual report? Calculate Gluco's earnings per share for 2019 that would have been reported in the 2019 annual report. (Round your answer to 2 decimal places.) Calculate Gluco's earnings per share for 2019 that will be reported in the 2020 annual report for comparative purposes. (Round your answer to 2 decimal places.)