ACC 291 Week 3 Chapter 12 Practice Quiz 1

ACC 291 Week 3 Chapter 12 Practice Quiz 1
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 In this file ACC 291 Week 3 Chapter 12 Practice Quiz 1 you can find right answers on the following questions:


 Which of the following is not a primary reason why corporations invest in debt and equity securities?
 Debt investments are initially recorded at:
 Hanes Company sells debt investments costing $26,000 for $28,000, plus accrued interest that has been recorded. In journalizing the sale, credits are to:
 Pryor Company receives net proceeds of $42,000 on the sale of stock investments that cost $39,500. This transaction will result in reporting in the income statement a:
 The equity method of accounting for long-term investments in stock should be used when the investor has significant influence over an investee and owns:
 Assume that Horicon Corp acquired 25% of the common stock of Sheboygan Corp. on January 1, 2011, for $300,000. During 2011 Sheboygan Corp. reported net income of $160,000 and paid total dividends of $60,000. If Horicon uses the equity method to account for its investment, the balance in the investment account on December 31, 2011, will be:
 Using the information in question 6, what entry would Horicon make to record the receipt of the dividend from Sheboygan?
 You have a controlling interest if:
 Which of the following statements is not true? Consolidated financial statements are useful to:
 At the end of the first year of operations, the total cost of the trading securities portfolio is $120,000. Total fair value is $115,000. The financial statements should show:
 At December 31, 2011, the fair value of available-for-sale securities is $41,300 and the cost is $39,800. At January 1, 2011, there was a credit balance of $900 in the Market Adjustment

Business - Accounting
 ACC 291 All Week 3 Assignments - Individual WileyPlus Assignment



 Includes:

 Week 3 Chapter 11 practice quiz 1

 Week 3 Chapter 12 Practice quiz 1

 Week 3 reflection summary

 Week 3 Discussion questions 1 and 2

 Week 3 Individual WileyPlus assignment as described below:



 Exercise E9-7

 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012.

 Exercise E10-5

 Don Walls's gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73.

 Exercise E10-10

 On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is payable semiannually on July 1 and January 1

 Exercise E10-11

 On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1

 Exercise E10-15

 Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31

 Exercise E10-18

 Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount

 Problem P10-5A

 Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31

 Problem P10-9A

 Elkins Company sold $2,500,000, 8%, 10-year bonds on July 1, 2011. The bonds were dated July 1, 2011, and pay interest July 1 and January 1. Elkins Company uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30

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