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Chapter 01 The Equity Method of Accounting for Investments：01章投资会计的权益法
Chapter 01
The Equity Method of Accounting for Investments
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Multiple Choice Questions ?
1.?Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of $110,000 for 2011 and paid dividends of $60,000 on October 1, 2011. How much income should Gaw recognize on this investment in 2011?? A.?$16,500. B.?$9,000. C.?$25,500. D.?$7,500. E.?$50,000.
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2.?Yaro Company owns 30% of the common stock of Dew Co. and uses the equity method to account for the investment. During 2011, Dew reported income of $250,000 and paid dividends of $80,000. There is no amortization associated with the investment. During 2011, how much income should Yaro recognize related to this investment?? A.?$24,000. B.?$75,000. C.?$99,000. D.?$51,000. E.?$80,000.
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3.?On January 1, 2011, Pacer Company paid $1,920,000 for 60,000 shares of Lennon Co.s voting common stock which represents a 45% investment. No allocation to goodwill or other specific account was made. Significant influence over Lennon was achieved by this acquisition. Lennon distributed a dividend of $2.50 per share during 2011 and reported net income of $670,000. What was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2011?? A.?$2,040,500. B.?$2,212,500. C.?$2,260,500. D.?$2,171,500. E.?$2,071,500.
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4.?A company should always use the equity method to account for an investment if:? A.?it has the ability to exercise significant influence over the operating policies of the investee. B.?it owns 30% of another companys stock. C.?it has a controlling interest (more than 50%) of another companys stock. D.?the investment was made primarily to earn a return on excess cash. E.?it does not have the ability to exercise significant influence over the operating policies of the investee.
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5.?On January 1, 2009, Dermot Company purchased 15% of the voting common stock of Horne Corp. On January 1, 20
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