MC Qu. 120 Segmental Manufacturing owns...

Segmental Manufacturing owns 34% of Glesson Corp. stock. Glesson pays a total of $52,500 in cash dividends for the period. Segmental's entry to record the dividend transaction would include a:

Multiple Choice

-Credit to Long-Term Investments for $17,850.

-Debit to Long-Term Investments for $17,850.

-Credit to Investment Revenue for $52,500.

-Debit to Cash for $52,500.

-Credit to Cash for $17,850.

MC Qu. 131 On June 18, Wyman Company...

On June 18, Wyman Company (a U.S. Company) sold merchandise to the Nielsen Company of Denmark for 81,000 (Euros), with a payment due in 60 days. If the exchange rate was $1.56 per euro on the date of sale and $1.35 per euro on the date of payment, Wyman Company should recognize a foreign exchange gain or loss in the amount of:

Multiple Choice

-$17,010 loss.

-$17,010 gain.

-$81,000 loss.

-$109,350 loss.

-$81,000 gain.

MC Qu. 71 A company has an investment...

A company has an investment in 8% bonds with a par value of $174,000 that pay interest on October 1 and April 1. The amount of interest accrued on December 31 (the company's year-end) would be:

Multiple Choice

-$1,160.

-$2,320.

-$3,480.

-$6,960.

-$13,920.