HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Chapter 10, Problem 8QC

Harvard Co. purchased a trading investment on December 1 of the current year for $30,000. The market value of the stock investment at-year-end is $36,000. What value will be reported in net income for the adjustment, if any?

a. $36,000

b. $(6,000)

c. $6,000

d. $30,000

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A. Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following:   During the year, Gympa purchased trading securities  At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost  The balance of Retained Earnings was $792,000 on January 1  Gympa paid $67,000 in cash dividends during the year.  Using the above data, calculate the balance of Retained Earnings on Decemeber 31.    A. The Nile House of Fashion has Asset Turnover of 2.65X. What does it mean?  That each dollar of Nile’s asset generates $2.25 in sales  That each dollar of stockholders’ equity generates $2.25 of profit  That Nile’s EPS is $2.25  That each dollar of Nile’s Equity generates a deficit of $2.25  None of the above.
Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following: a. During the year, Gympa purchased trading securities b. At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost c. The balance of Retained Earnings was $792,000 on January 1 d. Gympa paid $67,000 in cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on Decemeber 31.
BI's income for the year ended December 31, 2021 was $ 4,000,000. This was earned evenly over the year. In addition BI paid dividends of $ 300,000 each on March 31, June 30, September 30 and December 31, 2021 to their shareholders of records on that date. The inventory on July 1, 2021 was 75% sold as of December 31, 2021. Required. For the investment in AI 1. Using IFRS 9 prepare the journal entries for DC for all of 2021. 2. Using ASPE prepare the journal entries for DC for all of 2021. For the investment in BI 3. Using IFRS prepare the journal entries for DC for 2021. 4. Using ASPE prepare the joumal entries for DC for 2021 for all options available under ASPE.
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