MCQs>Finance & Management>Accounting Skills (Securities, Derivatives And Investments)>XYZ Company purchases securities at a cost of $220,000 on April 16. At the time of purchase, XYZ pays a 5 percent commission ($11,000), a 6 percent tax ($13,200), and a transfer fee ($3,000). What amount should the company record as the acquisition cost of the securities?
Accounting Skills (Securities, Derivatives And Investments) MCQs
XYZ Company purchases securities at a cost of $220,000 on April 16. At the time of purchase, XYZ pays a 5 percent commission ($11,000), a 6 percent tax ($13,200), and a transfer fee ($3,000). What amount should the company record as the acquisition cost of the securities?
Answer
Correct Answer: $247,200
Explanation:
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Accounting Skills (Securities, Derivatives And Investments) Skill Assessment