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MC Qu. 99 A company had net income...

A company had net income of $2,690,000, net sales of $25,200,000, and average total assets of $8,400,000. Its return on total assets equals:

Multiple Choice

-312.27%.

-33.33%.

-10.67%.

-32.02%.

-3.12%.

MC Qu. 109 Carpark Services...

Carpark Services began operations in 20X1 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow. The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X1 is:

Available-for-Sale Securities	Cost			Fair Value
December 31, 20X1	$	275,000		$	261,000
December 31, 20X2	$	360,000		$	376,500
December 31, 20X3	$	430,000		$	475,000

Multiple Choice

-Debit Unrealized Loss Equity $14,000; Credit Fair Value Adjustment Available-for-Sale (LT) $14,000.

-Debit Unrealized Gain Equity $14,000; Credit Fair Value Adjustment Available-for-Sale (LT) $14,000.

-Debit Fair Value Adjustment Available-for-Sale (LT) $14,000; Credit Unrealized Loss Equity $14,000.

-Debit Fair Value Adjustment Available-for-Sale (LT) $14,000; Credit Unrealized Gain Equity $14,000.

-Debit Unrealized Loss Income $14,000; Credit Fair Value Adjustment Available-for-Sale (ST) $14,000.

MC Qu. 145 On February 15, Jewel Company buys...

On February 15, Jewel Company buys 8,500 shares of Marcelo Corp. common stock at $29.13 per share plus a brokerage fee of $400. The stock is classified as available-for-sale securities. This is the companys first and only investment in available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.20 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $30.10 per share less a brokerage fee of $250. The balance in the investment account on April 16 is:

Multiple Choice

-$248,005.

-$237,805.

-$247,605.

-$237,405.

-$237,555.

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