Question
I need help with answering the following questions: Question 1.) Company A purchases 1,000 shares of Company B common stock for $100,000 cash. At the
I need help with answering the following questions:
Question 1.)
Company A purchases 1,000 shares of Company B common stock for $100,000 cash. At the end of the fiscal year the market value of the stock is $110,000. Complete the journal entry to record the market value adjustment.
Question 2.)
Company A purchased 5,000 shares of Company B common stock for $250,000. Company A later sold the stock for $271,000. Complete the journal entry to record this sale.
Question 3.)
Part 1 - Company A is incorporated in the United States. Company B is incorporated in Japan. Company A reports financial information in dollars. Company A sells merchandise to Company B for $1,000,000 yen. The sale takes place on January 1, 2004. At that date the exchange rate $.0091. Complete the journal entry to record this sale.
Part 2 - On January 15, 2004, Company B pays for the merchandise. On this date the exchange rate is $.0093. Complete the journal entry to record the receipt of payment.
Question 4.)
A company has $1,000,000 in current assets and $500,000 in current liabilities. Calculate the current ratio.
Question 5.)
A company has the net income of $145,000 and net sales of $549,000. Calculate the profit margin.
Question 6.)
A company has net sales of $340,000. Assets at the beginning of the year were $281,000, and $275,000 at the end of the year. Calculate the total asset turnover.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started