Gray Financial Services Inc.invested $15,000 to acquire 3,750 shares of Mitt Investments Inc.on March 15,2012.This investment represents less than 20% of the investee's voting stock.On May 7,2016,Greg Financial Services Inc.sells 1,750 shares for $12,250.In the balance sheet at May 7,2016,________.
A) total assets will remain unchanged
B) total assets will decrease
C) total liabilities will decrease
D) total equity will increase
Correct Answer:
Verified
Q83: Jade Investments,Inc.purchased 40% of the common stock
Q86: Greg Financial Services Inc.invested $15,000 to acquire
Q89: A _ ownership in the investee's voting
Q89: Glitter Services Inc.owns 30% of voting stock
Q90: Beige Corporation pays $500,000 to acquire 40%
Q92: Glitter Services Inc.pays $1,350,000 to acquire 35%
Q97: Under the equity method:
A)the investor must debit
Q98: The Gain on Disposal of Trading Securities
Q100: Under the equity method, the dividend revenue
Q102: When a loss is recorded on the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents