4. PAN Corp had the following investments at 12/31/20: Plan to Hold Cost...
60.1K
Verified Solution
Link Copied!
Question
Accounting
4. PAN Corp had the following investments at 12/31/20:
Plan to Hold Cost FMV
Investment in J Corp Stock 3 years $18,000 $23,000
Investment in Y Inc Bonds 9 months 10,000 9,000
Investment in Z Corp Bonds 2 years 5,000 7,500
If 2020 net income (including unrealized gains & losses) was $150,000, how much was total comprehensive income?
a) $150,000 b) $156,000 c) $151,500 d) $152,500
5. On 3/1/21, Buyer Company purchased merchandise for $40,000, terms: 2/10, N/30. Buyer uses the net method and paid on 3/30/21. Which of the following would be recorded by Buyer on either 3/1 or 3/30?
a) debit purchases $40,000 b) debitdiscounts lost $800 c) debit A/P $40,000 d) credit purchase discounts $800
4. PAN Corp had the following investments at 12/31/20:
Plan to Hold Cost FMV
Investment in J Corp Stock 3 years $18,000 $23,000
Investment in Y Inc Bonds 9 months 10,000 9,000
Investment in Z Corp Bonds 2 years 5,000 7,500
If 2020 net income (including unrealized gains & losses) was $150,000, how much was total comprehensive income?
a) $150,000 b) $156,000 c) $151,500 d) $152,500
5. On 3/1/21, Buyer Company purchased merchandise for $40,000, terms: 2/10, N/30. Buyer uses the net method and paid on 3/30/21. Which of the following would be recorded by Buyer on either 3/1 or 3/30?
a) debit purchases $40,000 b) debitdiscounts lost $800 c) debit A/P $40,000 d) credit purchase discounts $800
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.