Assets Liabilities Capital stock Retained earnings Total equities Assets Liabilities Capital stock Retained earnings Total equities Balance Sheet December 31, 2025 Skysong Company Balance Sheet December 31, 2025 $2040000 $210000 1020000 810000 $2040000 $1440000 $320000 970000 150000 $1440000 If Oriole Company acquired a 30% interest in Skysong Company on December 31, 2025 for $350000 and during 2026, Skysong had net income of $141000 and paid a cash dividend of $51000, applying the equity method would result in a debit balance in the Equity Investments (Skysong) account at the end of 2026 of O $392300. ○ $377000. ○ $350000. O $334700.
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- Orbit Limited Statement of Financial Position as at 31 December: 2022 2021 R R ASSETS Non-current assets 11 810 000 7 560 000 Property, plant and equipment 10 025 000 6 250 000 Investments 1 785 000 1 310 000 Current assets 4 190 000 4 690 000 Inventories 1 875 000 2 350 000 Accounts receivable 1 925 000 2 200 000 Cash 390 000 140 000 Total assets 16 000 000 12 250 000 EQUITY AND LIABILITIES Equity ? ? Ordinary share capital 5 480 000 3 680 000 Retained earnings ? ? Non-current liabilities 4 500 000 3 800 000 Loan (20% p.a.) 4 500 000 3 800 000 Current liabilities 2 300 000 1 500 000 Accounts payable 2 300 000 1 500 000 Total equity and liabilities 16 000 000 12 250 000 Statement of Comprehensive Income for the year ended 31 December: 2022 2021 R R Sales 10 800 000 7 150 000 Cost of sales (6 000 000) (3 650 000) Gross profit 4 800 000 3 500 000 Operating expenses (1 800 000) (1 200 000) Depreciation 580 000 200 000…On 1/1/2019 P Company acquired 70% of S company for 400000 JD. On 31/12/2019 S company reported net income 43000 JD and declared dividends 13000 JD. Positive differences is 35000 JD relating to assets with 5 years life. Using the complete equity method, compute investment balance on 31/12/2019. Select one: a. 370600 b. 369200 C. 367800 d. 366400Grace Inc. purchase Charm Inc. Their condensed balance sheets before combination show: Grace Charm Book Value Fair ValueASSETS 14,000,000 1,750,000 1,900,000Liabilities 9,975,000 614,000Ordinary Share, P100 par 5,250,000 875,000Share Premium 436,000Retained Earnings (deficit) -1,225,000 -175,000Liabilities and SHE 14,000,000 1,750,000 Grace issued its own debt and equity securities as a consideration for the net identifiable asset of Charm. Grace incurred P50,000 in issuing its P600,000 par bonds and P60,000 in issuing its P500,000 par shares of stock. Grace bonds is currently selling at 97 while its share of stock is at 120. How much is the total…
- The Balance Sheet of Tata motors Inc is given below 2020 Liabilities Share Capital Retained Eamings 2021 160,000 Fixed asset- Historical cost Assets 2020 2021 100,000 152,000 200,000 70,250 85,300 Inventory 93,400 89,200 Accumulated Depreciation 60,000 40,000 Debtor 30,800 21,100 12% Bonds/debentures Creditors 50,000 Nil Prepaid expenses 3.950 3,000 28,000 48,000 | 28,100 20,000 Bank 308,250 333,300 308,250 333,300 Additional Information a) Net profit is 27,050. b) Depreciation charged 10,000. c) Cash dividend declared during the period Rs. 12,000 d) An addition to the building was made during the year at a cost of Rs. 78,000 and fully depreciated equipment costing Rs. 30,000 was discarded as no salvage being realized. Prepare Statement of Cash flows showing Operating, Investing and financing activities separately.12 On 1/1/2018, P Company acquired 80% of S Company for 400000 JD. Book value of S on 1/1/2018 was consisted of common stock of 257000 and Retained earnings of ????. During 2018, P recorded income 20000 JD and dividends 5000 JD. During 2019, P recoded income 40000 JD and 8000 dividends. . Retained earnings on 31/12/2019 is 300000 JD. Compute investment balance on 31/12/2019 (do not forget: it is the same investment balance on 1/1/2020). Select one: a. 445600 b. 441600 c. 437600 d. 433600On 1/1/2019 P Company acquired 70% of S company for 400000 JD. On 31/12/2019 S company reported net income 41000 ID and declared dividends 11000 JD. Positive differences is 35000 JD relating to assets with 5 years life. Using the complete equity method investment balance on 31/12/2019 is: Select one: O a. 370600 Ob. 369200 O c. 367800 d. 366400
- Current Assets P 1,375,000Property, plant and equipment 3,375,000Other non-current assets 500,000Total Assets P 5,250,000 Liabilities and Shareholders’ equity Total liabilities P 1,500,000Ordinary shares, P10 par value 4,000,000Additional paid in capital 750,000Deficit (1,000,000)Total liabilities and equity P 5,250,000The stockholders and creditors approved the quasi reorganization effective July 1,2011, to be accomplishedby a reduction in property, plant and equipment (net) P 875,000, a reduction in other non-current assets ofP375,000, and a reduction in par value from P10 to P51. Logan’s July 1 balan ce sheet after the quasi-reorganization should show total assets ofa. P 4,000,000b. P 2,500,000c. P 4,375,000d. P 3,875,0002. The balance in additional paid in capital after the quasi-reorganization on July 1 is:a. P 750,000b. P 2,000,000c. P 500,000d. P-0-3. Logan’s deficit after the quasi -reorganization on July 1,2011 should be:a. P 750,000b. P 250,000c.…Question 2:The following is the trial balance of Muti Tech Limited as at December 31, 2006.Paid-up share capital10,00,0005,00,000Share premiumNet income January 1, 200610% Debentures payable 20107,00,0006,00,000Piant and assets39,00,000Accumulated DepreciationMerchandise inventory4,60,0008,80,000Accounts receivableAccounts payable4,20,0003,60,000Purchases and sales36,50,00065,40,0005,00,00070,000Administrative salariesSales salariesDirectors remunerationAdvertising expensesCarriage outwardsUtility expenses1,60,0002,80,0001,00,0003,00,000Bank overdraft1,00,0001,02,60,000 1,02,60,000Additional Information:The paid-up share capital consists of 100,000 shares of Rs. 10 each.Merchandise inventory at December 31, 2006 was Rs. 500,000.Estimated tax on the profit of the company for the year is Rs. 1,50,000. The directorsa.b.have proposed final dividend of 10% on the ordinary share capital.d. Depreciation is provided at 10 percent per annum on plant and assets. Allowance forbad debts is to be…The following financial information relates to Cams Limited. Statement of Financial Position as at 31 December 2020 and 2021 2021 Ordinary share capital Retained earnings Property, plant and equipment Investments Debentures 12.5% Inventory Trade debtors Prepaid expenses Trade creditors Bank overdraft SARS (income tax) Shareholders for dividends R 400 000 000 Profit before interest and tax Depreciation on equipment Dividends received on investments Interest on dividends Income tax 55 230 000 165 000 20 000 124 000 37 000 25 21 000 000 5 000 30 000 Statement of comprehensive income for the year 31 December 2021 REGENT BUSINESS SCHOOL (RBS) ACADEMIC AND ASSESSMENT CALENDAR-JANUARY 2022 Note no. 1 for the year ended 31 December 2020 and 2021 Property, plant and equipment Land and building at cost Equipment at carrying value R 295 000 5000 195 000 2021 (R) 200 000 30.000 230 000 110 000 60 000 R 2020 120 000 28 500 1500 42 500 25 000 7 500 20 000 BACHELOR OF COMMERCE IN HUMAN RESOURCE…
- Question Content Area Debt Management Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Income Statements (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold (5,286,253) (4,953,556) (4,355,675) Gross margin $1,958,835 $1,990,740 $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense (63,685) (62,398) (63,927) Other income 7,308 10,080 11,529 Gain on sale of investments 0 9,117 0 Income before income taxes $645,179 $745,497 $660,302 Provision for income taxes (254,000) (290,000) (257,000) Net income $391,179 $455,497 $403,302 Steele Inc. Consolidated Balance Sheets (in thousands) ASSETS Dec. 31, 2023 Dec. 31, 2022 Current assets: Cash and…Cullumber Company's equity securities portfolio which is appropriately included in current assets is as follows: Catlett Corp. Lyman, Inc. O O $-7440. O $-20400. O $0. O $-130740. December 31, 2021 Cost O $23000 loss. O $14000 loss. - $0. O $9000 gain. $150000 Cash $296000 146000 Cash Ignoring income taxes, what amount should be reported as a charge against income in Cullumber's 2021 income statement if 2021 is Cullumber's first year of operation? Debt Investments Premium on Bonds Cash Current Attempt in Progress Sunland Company purchased $2700000 of 9%, 5-year bonds from Cheyenne, Inc. on January 1, 2021, with interest payable on July 1 and January 1. The bonds sold for $2830740 at an effective interest rate of 8%. Using the effective-interest method, Sunland Company decreased the Available-for-Sale Debt Securities account for the Cheyenne, Inc. bonds on July 1, 2021 and December 31, 2021 by the amortized premiums of $10020 and $10380, respectively. Debt Investments Eair Value $127000…27 On January 1, 2019 P Company acquired 70% in S company for $4,200,000; at this date S company has capital stock and retained earnings of $5,000,000 and $800,000 respectively, and have a treasury stock of $100,000. The identifiable assets and liabilities are as follow: Fair value Book value Inventory 200,000 260,000 Equipment(net) 900,000 990,000 Land 1,600,000 1,500,000 Other current assets 500,000 500,000 Other non current assets 50,000 50,000 At the date of acquisition P Company will recognise a goodwill or bargain gain of :
