Which of the following is an example of transfer risks?
A. Pressure for local participation
B. Abrogation of proprietary rights
C. Export commitments
D. Dividend remittance
Answer: D
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On January 1, 2018, West Coast Boats paid $ 1,850,000 for its 30% investment in East Coast Autos. After the purchase, West Coast Boats has significant influence over East Coast Autos. East Coast Autos earned net income of $30,000,000 and paid cash dividends of $15,000,000 to all outstanding stockholders during 2018. Assume all outstanding stock is voting stock.
Requirement: 1. Journalize all required 2018 transactions related to West Coast Boats' investment in East Coast Autos. Omit explanations. 2. What is the December 31, 2018 balance of the investment account? Label your work.
Life insurance proceeds can be directly assigned to beneficiaries, thus passing outside the will
Indicate whether the statement is true or false.
Elaine Matuszek, the sole stockholder of Matuszek Consulting, started the business by investing $40,000 cash. Identify the general journal entry below that Matuszek Consulting will make to record the transaction.
A.
| Investments | 40,000 | |
| Cash | 40,000 |
B.
| Common Stock | 40,000 | |
| Cash | 40,000 |
C.
| Cash | 40,000 | |
| Common Stock | 40,000 |
D.
| Cash | 40,000 | |
| Increased Equity | 40,000 |
E.
| Investments | 40,000 | |
| Common Stock | 40,000 |
At an accounting firm, the secretary orders printer cartridges, cases of paper, paper clips, and other small items. These items would be classified as:
A. replacement parts B. provisions C. OEM parts D. accessory equipment E. supplies