Chat with us, powered by LiveChat Fellows Inc., a publicly traded manufacturing comp - Writemia

Fellows Inc., a publicly traded manufacturing comp

Fellows Inc., a publicly traded manufacturing company in the technology industry, has a November 30 fiscal year end. The company grew rapidly during its first 10 years and made three public offerings during this period. During its rapid growth period, Fellows acquired common shares in Yukasato Inc. and Admin Importers. In 2003, Fellows acquired 25% of Yukasato s common shares for $588,000 and accounts for this investment using the equity method. The book value of Yukasato s net assets at the date of purchase is $1.8 million. The excess of the purchase price over the book value of the net assets relates to assets that are subject to amortization. These assets have a remaining life of 20 years. For its fiscal year ended November 30, 2014, Yukasato Inc. reported net income of $250,000 and paid dividends of S 100,000. In 2005, Fellows acquired 10% of Admin Importers common shares for $204,000 and accounts for this investment as a financial asset at fair value through other comprehensive income (FV-OCI). Fellows also has a policy of investing idle cash in equity securities to generate short-term profits. The following data are for Fellows trading investment portfolio: On November 14, 2014, Ted Yan was hired by Fellows as assistant controller. His first assignment was to prepare the entries to record the November activity and the November 30, 2014 year-end adjusting entries for the current trading investments and the investment in common shares of Admin Importers. Using

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order