Princeton Company holds a 40 percent interest in shares of Yale Company common stock. On June 19
Question:
Princeton Company holds a 40 percent interest in shares of Yale Company common stock. On June 19 of the current year, Princeton sells part of this investment. What accounting should Princeton make on June 19? What accounting will Princeton make for the remainder of the current year?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
On June 19 Princeton removes the portion of this investment account that ha...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Advanced Accounting
ISBN: 9781260247824
14th Edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Question Posted:
Students also viewed these Business questions
-
Princeton Company holds a 40 percent interest in the outstanding voting stock of Yale Company. On June 19 of the current year, Princeton sells part of this investment. What accounting should...
-
Able Company holds a 40% interest in Baker Corp. During the year, Able sold a portion of this investment. How should this investment be reported after the sale?
-
Jones Company owns a 25 percent interest in shares of Sandridge Company common stock. Under what circumstances might Jones decide that the equity method would not be appropriate to account for this...
-
Discuss the different sampling procedures and techniques that you will apply to the qualitative and quantitative phases of the study.
-
Table 10.3 shows that the van der Waals b parameter has units of L/mol. This means that we can calculate the sizes of atoms or molecules from the b parameter. Refer back to the discussion in Section...
-
Consider the function U (p,b) = 2ln (p) + In (b) (a) Find the unconstrained maximum of the function (b) Now, suppose that the maximization is subject to the constraint 2p+36=24. What is the...
-
A study has three experimental units and two treatments-A and B. List all possible treatment assignments for the study. How many are there? In general, show that there are $2^{N}$ possible treatment...
-
An XYZ April 2041 bond with a 5.5 percent coupon interest rate and a par value of $1,000 recently had a price of 95.625. Calculate the following: a. When will the bond mature? b. How much would you...
-
Chilton Corporation produced 2 , 5 0 0 units for Job 9 0 3 . The following data is provided for Job 9 0 3 for the year: Direct materials used $ 3 , 0 0 0 Direct labor costs $ 8 7 5 Actual...
-
Figure details the process flow for two types of customers who enter Barbaras Boutique shop for customized dress alterations. After step T1, Type A customers proceed to step T2 and then to any of the...
-
Riggins Company accounts for its investment in Bostic Company using the equity method. During the past fiscal year, Bostic reported other comprehensive income from translation adjustments related to...
-
What is the difference between downstream and upstream sales? How does this difference affect application of the equity method?
-
After reading the Johns Manville and Exxon Valdez summaries, identify some ways these crises could have been (1) avoided and (2) managed more responsibly after they occurred.
-
On January 15, 2020, the U.S. Treasury issues a ten-year inflation-indexed note with a coupon of 5%. On the date of issue, the CPI is 414. By January 15, 2030, the CPI index increases to 282. What...
-
Hawar International is a shipping firm with a current share price of $6 and 15 million shares outstanding. Suppose Hawar announces plans to lower its corporate taxes by borrowing $10 million and...
-
On January 20, Metropolitan, Inc., sold 8 million shares of stock in an SEO. The current market price of Metropolitan at the time was $42.50 per share. Of the 8 million shares sold, 5 million shares...
-
Dominion Virginia Power is one of the nations ten largest investor-owned electric utilities. The company delivers power to more than two million homes and businesses in Virginia and North Carolina....
-
Kohwe Corporation plans to issue equity to raise $40 million to finance a new investment. After making the investment, Kohwe expects to earn free cash flows of $9 million each year. Kohwe currently...
-
"As a practical matter planning and control mean exactly the same thing." Do you agree? Explain.
-
Imagine a sound wave with a frequency of 1.10 kHz propagating with a speed of 330 m/s. Determine the phase difference in radians between any two points on the wave separated by 10.0 cm.
-
Evan Company reports net income of $140,000 each year and declares an annual cash dividend of $50,000. The company holds net assets of $1,200,000 on January 1, 2014. On that date, Shalina purchases...
-
On January 3, 2015, Matteson Corporation acquired 40 percent of the outstanding common stock of OToole Company for $1,160,000. This acquisition gave Matteson the ability to exercise significant...
-
On January 1, 2015, Fisher Corporation paid $2,290,000 for 35 percent of the outstanding voting stock of Steel, Inc., and appropriately applies the equity method for its investment. Any excess of...
-
A motorist travels 70 mi while driving in a bad rainstorm. In sunny weather, the motorist drives 30 mph faster and covers 130 mi in the same amount of time. Find the speed of the motorist in the...
-
Using the following information, prepare the following financial statements in good form: Cost of Goods Sold Statement Multi - Step Income Statement Retained Earnings Statement Classified Balance...
-
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales 2021 $ 559,409 2020 2019 $ 428,553 $ 297,400 Cost of...
Study smarter with the SolutionInn App