Schedule 91. Just Beet It owns 65% of You Make My Heart Beet, as well as 10% of the shares of Tunip ForWhat. You Make My Heart Beet owns 35% of the shares of Turnip For What Mr. Beet, whoowns all of theshares of Just Beet It, also owns 5% of the shares of Turnip For What and hasoptions in thoseshares that would, if exercised, increase his ownership by another 10%. Mr.Beet's 12-year old sonowns 15% of the Turnip For What shares. Indicate which one of thesecompanies are associatedand why.

Associate company: It is the company that is owned in part by another company. Another company…

Schedule 9 1. Just Beet It owns 65% of You Make My Heart Beet, as well as 10% of the shares of Tumip For What. You Make My Heart Beet owns 35% of the shares of Tumip For What Mr. Beet, who owns all of theshares of Just Beet It, also owns 5% of the shares of Tumip For What and has options in thoseshares that would, if exercised, increase his ownership by another 10%. Mr. Beet's 12-year old sonowns 15% of the Turnip For What shares. Indicate which one of these companies are associatedand why.

Schedule 9 1. Just Beet It owns 65% of You Make My Heart Beet, as well as 10% of the shares of Tumip For What. You Make My Heart Beet owns 35% of the shares of Tumip For What Mr. Beet, who owns all of theshares of Just Beet It, also owns 5% of the shares of Tumip For What and has options in thoseshares that would, if exercised, increase his ownership by another 10%. Mr. Beet's 12-year old sonowns 15% of the Turnip For What shares. Indicate which one of these companies are associatedand why.

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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42 0 Several years ago, Sonja purchased 250 shares of Sugar Inc. at a price of $14 per share. Recently, she wrote a covered call for 250 shares of Sugar. The December call carries a strike price of $20 at a premium of $2.25 per share. Ignoring commissions, if the call option is exercised, what is Sonja's total gain? O a) $ 937.50 O b) $1,500.00 O c) $2,062.50 O d) $4,062.50
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48.On January 1, 2020, XYZ, Inc. acquired for $ 1,000,000 100% of the voting shares of ABC, Inc. As of December 31, 2020, the market value of the shares was $ 1,450,000. XYZ bought this investment with the objective of retaining it for an indefinite time. Which of the following statements is true regarding XYZ's investment and financial statements? Select one: a. This investment requires the XYZ and ABC financial statements to be consolidated and the investment account does not appear in the Statement of Financial Position. b. In XYZ's unconsolidated books, the investment is reported at amortized cost. c. This investment requires the financial statements of ABC and XYZ to be consolidated, and the investment account is reported as a long-term asset in the Consolidated Statement of Position. d. In XYZ's unconsolidated books, the investment is classified as Available for sale.