Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 20, 2024

please help with accounting question...thank you Mackinac purchased 10% of ABC stock for $100,000 on 1/1/17. Data regarding these available-for-sale securities follow: Assume that Mackinac

please help with accounting question...thank you

image text in transcribed

Mackinac purchased 10% of ABC stock for $100,000 on 1/1/17. Data regarding these available-for-sale securities follow: Assume that Mackinac erroneously accounted for these securities as if they were "Trading" since their purchase. Net Income for 2019 will be in error by: Select one: a. $ 6.000 b. $15,000 c. $5,000 d. $17,000 e. $11,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Strategies To Boost Businesses Step By Step Proven Business Strategies To Boost Businesses

Financial Strategies To Boost Businesses Step By Step Proven Business Strategies To Boost Businesses

Authors: John Baker

1st Edition

979-8856562124

More Books

Students also viewed these Accounting questions

Question

★★★★★

Oxford Quarries purchased 45 acres of land for $185,000. The land contained stone that Oxford will remove from the ground, finish, and then sell as facing material for buildings. Oxford spent...

Answered: 1 week ago

Question

★★★★★

Chillax USA Today reported results from a Research Now for Keurig survey in which 1458 men and 1543 women were asked this: In a typical week, how often can you kick back and relax? a. Among the...

Answered: 1 week ago

Question

★★★★★

Given an ABC convertible bond with F = $1,000, maturity of two periods, periodic coupon rate of 5%, conversion ratio of CR = 10, and an underlying stock with a current price of $100, u = 1.05, d =...

Answered: 1 week ago

Question

★★★★★

Analyzing Items to Be Included in Inventory Walker Company has just completed a physical inventory count at year-end, December 31, 2011. Only the items on the shelves, in storage, and in the...

Answered: 1 week ago

Question

★★★★★

Please answer only e1, e2, e3 and e4 a. Project A costs $7,000 and will generate annual after-tax net cash inflows of $2,850 for 5 years. What is the payback period for this investment under the...

Answered: 1 week ago

Question

★★★★★

LAST YEAR THE PRICE FOR THERMOMETER COVERS IN A PEDIATRICIANS OFFICE WAS $.05 EACH. This year, the covers cost $.06 If the office purchased 10,000 what is the price variance?

Answered: 1 week ago

Question

★★★★★

What is called functional group? Explain with an example. Write the formulas of alcohol, aldehyde, ketone and carboxyl groups.

Answered: 1 week ago

Question

★★★★★

What would be the electron dot structure of carbon dioxide with the formula CO2?

Answered: 1 week ago

Question

★★★★★

Explain the process of rusting of iron and suggest measures to protect iron from rusting.

Answered: 1 week ago

Question

★★★★★

Show the properties and structure of allotropes of carbon.

Answered: 1 week ago

Question

★★★★★

What are soaps? Give an example. Explain cleaning by soap through a mechanism diagram.

Answered: 1 week ago

Question

★★★★★

7-14 What kind of technology does your school or university library use? Does IT play a crucial role in managing operations? RFID (Radio-frequency Identification) can play a key role in library...

Answered: 1 week ago

Question

★★★★★

7-15 How is RFID technology helping the Allianze University College of Medical Sciences library to detect and prevent the theft of books? RFID (Radio-frequency Identification) can play a key role in...

Answered: 1 week ago

Question

★★★★★

7-11 This project will help develop your Internet skills in using Web search engines for business research. Use Google and Bing to obtain information about the Internet of Things. If you wish, try...

Answered: 1 week ago

Previous Question Next Question