Answer:
The gain of $18000 would be reported in income statement
Explanation:
At each reporting date, the investment needs to be recorded at fair value to reflect current market prices and realities.
As a result,the fair value increase in investment of $18000 (fair value less costs) would be shown in income statement as unrealized gain on investment since the investment has not been disposed of.
Under IFRS for instance the gain would be shown under other comprehensive in order to emphasis its unrealized nature.
Answer:
False.
Explanation:
A bank is said to be federally chartered when it is appropriately authorized and regulated by the federal government of a country with recourse to statutory laws but not the state government. Some examples of federally chartered banks are Wells Fargo Bank, Bank of England, Swiss National Bank, Citizen National Bank, Bank of Japan, PNC Bank, First National Bank, U.S. Bank, Reserve Bank of Australia, etc.
A credit union can be defined as a non-profit making financial cooperative that is typically controlled by its members (employees, church groups, labour unions etc) and it is saddled with the responsibility of providing financial services like the traditional banks.
Generally, the profit made from the amount of money that is being deposited by the members of a credit union are usually returned to the members as a form of better interest rates. Some examples of credit unions are SchoolsFirst Credit Union, New York University Federal Credit Union, Consumers Credit Union, etc.
Hence, federally chartered banks and credit unions are not run like businesses that are a profit i.e they are a non-profit business.
Answer:
Dr Retained earnings $9,000
Cr Dividends payable $9,000
Explanation:
The number of shares eligible for dividends is the issued common stock minus treasury stock, that is 15,000 shares(20,000-5,000),as a result ,dividends of $9000 (15,000*$0.6) were declared.
The appropriate entries on the declaration date is to debit retained earnings with $9,000 and credit dividends payable account with $9000
Upon payment, the dividends payable would be debited and cash account credited.
Answer:
The best allocation base for assembling activities costs are the number of parts actually assembled.
Since the number of parts is not an option int his question, the second best allocation base for the assembling process is A) direct labor hours.
If the process is highly automated, then the second best allocation base would be machine hours, but that isn't an option either.