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For Neo 7. If a short-term debt investment is sold, the

Resolved Question:

For Neo:
7. If a short-term debt investment is sold, the Investment account is

a. credited for the book value of the bonds at the sale date.

b. credited for the cost of the bonds at the sale date.
Browne Corporation sells 200 shares of common stock being held as an investment. The shares were acquired six months ago at a cost of $50 a share. Browne sold the shares for $40 a share. The entry to record the sale is




a. 1

b. 2

c. 3

d. 4

9. In accounting for stock investments between 20% and 50%, the _______ method is used.



a. consolidated statements

b. controlling interest

c. cost

d. equity
10. The cost method of accounting for long-term investments in stock should be employed when the



a. investor owns more than 50% of the investee's stock.

b. investor has significant influence on the investee and the stock held by the investor are marketable equity securities.

c. market value of the shares held is greater than their historical cost.

d. investor's influence on the investee is insignificant.


c. credited for the fair value of the bonds at the sale date.

d. debited for the cost of the bonds at the sale date.
8.
Submitted: 4 years ago.
Category: Homework
Expert:  Neo replied 4 years ago.
Good day!

Please check the problems. I think they are mixed up.
Customer: replied 4 years ago.
If a short-term debt investment is sold, the Investment account is



a. credited for the book value of the bonds at the sale date.

b. credited for the cost of the bonds at the sale date.

c. credited for the fair value of the bonds at the sale date.

d. debited for the cost of the bonds at the sale date.
Expert:  Neo replied 4 years ago.
Please supply the number 8, 9 and 10 again.
Customer: replied 4 years ago.

9. In accounting for stock investments between 20% and 50%, the _______ method is used.



a. consolidated statements

b. controlling interest

c. cost

d. equityThe cost method of accounting for long-term investments in stock should be employed when the
10.The cost method of accounting for long-term investments in stock should be employed when the



a. investor owns more than 50% of the investee's stock.

b. investor has significant influence on the investee and the stock held by the investor are marketable equity securities.

c. market value of the shares held is greater than their historical cost.

d. investor's influence on the investee is insignificant.


Expert:  Neo replied 4 years ago.
THIS ANSWER IS LOCKED!

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