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Accounting Expert Answers & Study Resources : Page 147

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11) Refer to Table 16-10. Which of the following is the correct journal entry on June 30, 2015? A) Cash 800,000 Loss on Sale of Investment 145,000         Investment in BlueSky Drilling Common Shares 945,000 B) Cash 800,000 Loss on Sale of Long-Term Investments 150,000         Fair-Value Valuation Allowance 200,000         Long-Term Investments 750,000 C) Cash 800,000 Loss on Sale of Short-Term Investments 150,000         Fair-Value Valuation Allowance 200,000        .

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  • 11) Refer to Table 16-10. Which of the following the
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35) Cash received from the sale of a long-term investment would appear in the: A) investing activities section B) financing activities section C) operating activities section D) would not appear on the cash flow statement 36) Cash received from dividends on shares owned as a  long-term investment would appear in the: A) investing activities section B) financing.

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  • 35) Cash received from the sale of a long-term investment
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5) If an investor company owns 25% of the shares of another business and exercises significant influence , dividends received from the investee are generally recorded by decreasing the value of the investment account. 6) Accounting Standards  for Private Enterprises (ASPE) allow parent companies to account for their subsidiaries using the.

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  • 5) If an investor company owns 25% of the shares
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25) Investors analyze the cash flow statement to determine: A) total interest earned during the period B) which companies are reporting unearned revenue C) the debt-to-equity ratio D) which businesses are expanding and which are cutting back on investments 26) The cash flow statement is divided into three major categories including: A) financing, capital, and investing.

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  • 25) Investors analyze the cash flow statement to determine: A) total
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11) Bass Electronics Corporation sold merchandise on account to a British company for 80,000 British pounds. Each pound was worth $2.35. The entry to record this sale is: A) Accounts Receivable 188,000         Sales Revenue 188,000 B) Accounts Receivable 80,000 Foreign-Currency Transaction Loss 108,000         Sales Revenue 188,000 C) Accounts Receivable 188,000        Sales Revenue 108,000        Foreign-Currency Trans. Gain 80,000 D) No entry is recorded until.

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  • 11) Bass Electronics Corporation sold merchandise account to a British
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18) The Farmer Corporation engaged in the following transactions during 2014.  Farmer uses a perpetual inventory system: Mar. 31Purchased merchandise from an Dutch supplier at a cost of 100,000 Euros. The exchange                             rate on this date was $1.30 per Euro. Apr . 19Paid for the merchandise. The exchange rate on.

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  • 18) The Farmer Corporation engaged in the following transactions during
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49) Sky Corporation engaged in several transactions involving a long-term investment. The equity method is used to account for this investment because Sky exercises significant influence over Lift. a) On Jan 1, 2014, Sky Corporation purchased 2,000 common shares of Lift Corporation for $12 per               share. This represents 20% ownership.

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  • 49) Sky Corporation engaged in several transactions involving a long-term
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24) a) An investor owns 85% of the shares in another company. How should the investor account for the investment? b) How does an investor account for a long-term investment in bonds? 25) Quartz Corporation made the following investment related transactions in 2013 and 2014: 2013 Jan.  16Quartz Corporation purchased 1,000 shares in Sandbar.

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  • 24) a) An investor owns 85% of the shares in
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