REFERENCE: 01-10
on January 3,2018,Roberts Company Purchased 30% of the 100,000

question 11

Multiple Choice

REFERENCE: 01-10
On January 3,2018,Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation,paying $1,500,000.There was no goodwill or other cost allocation associated with the investment.Roberts has significant influence over Thomas.During 2018,Thomas reported net income of $300,000 and paid dividends of $100,000.On January 4,2019,Roberts sold 15,000 shares for $800,000.
-What is the appropriate journal entry to record the sale of the 15,000 shares?
A.
$\begin{array}{llr} \text {Cash } &800,000\\ \text {Investment in Thomas } &&800,000\\\end{array}$

B.
$\begin{array}{llr} \text { Cash } &800,000\\ \text { Investment in Thomas} &&780,000\\ \text {Gain on sale of investment } &&20,000\end{array}$

C.
$\begin{array}{llr} \text {Cash } &800,000\\ \text { Loss on investment} &12,000\\ \text {Investment in Thomas } &&812,000\end{array}$

D.
$\begin{array}{llr} \text { Cash } &800,000\\ \text { Investment in Thomas} &&790,000\\ \text { Gain on sale of investment } &&10,000\end{array}$

E.
$\begin{array}{llr} \text { Cash } &800,000\\ \text {Loss on investment } &15,000\\ \text { Investment in Thomas } &&815,000\end{array}$

• A)A Above.
• B)B Above.
• C)C Above.
• D)D Above.
• E)E Above.

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Identify various terms related to workplace operations and management.

Describe the responsibilities of roles like HIPAA compliance officer and security officer.

Explain the process and importance of employee evaluations.

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Definitions:

Qualitative Measurements

The assessment of characteristics, attributes, or properties by means of subjective judgments or observations rather than by numerical measurements.

Corporate Social Responsibility

A strategy in business that supports sustainable growth by providing economic, societal, and ecological advantages to every stakeholder involved.

Mission Statement

A brief description of a company's fundamental purpose and core values, outlining its goals and guiding its decisions.

Business Plan

A detailed document that outlines the goals of a business, the strategy for achieving them, and the time frame, as well as providing a detailed plan for its financials, management, and operations.