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- Q39. Balance Sheet had the following amounts as at 31st March, 2019: $ Current Assets 10% Preference Share Capital Equity Share Capital 5,00,000 15,00,000 Current Liabilities Securities Premium Reserve Reserve and Surplus 1,00,000 Investments (in other companies) 4,00,000 Fixed Assets -Cots 30,00,000 Depreciation Written off Long-term from IDBI @ 9% Calculate ratios indicating the long-term and the Short-term financial position of the company. $ 12,00,000 8,00,000 2,00,000 60,00,000 14,00,000Cullumber 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…Under US GAAP ABC Company has provided the following information related to its investment in marketable equity securities: MARKETABLE VALUES COST. YEAR 2 YEAR 1 Trading $150,000. $155,000. $100,000 Available for sale $150,000. 130,000. $120,000 Based on the above information provided, what amount should ABC Company report in earnings Year 2?
- Oriole Company has the following portfolio of trading investments at December 31, 2022. Per Share Investment Quantity Percent Interest Cost Market Frank, Inc. 2,100 shares 8% $11 $16 Ellis Corp. 5,400 shares 14% 23 19 Mendota Company 4,200 shares 2% 31 24 On December 31, 2023, Oriole's portfolio of trading investments consisted of the following investments. Per Share Investment Ellis Corp. Quantity Percent Interest Cost Market 5,400 shares 14% $23 $28 Mendota Company 4,200 shares 2% 31 23 Mendota Company 2,100 shares 1% 25 23 At the end of year 2023, Oriole Company changed the classification of its investment in Frank, Inc. to non-trading when the shares were selling for $8 per share.Question 6: Myrnam Co. has the following investments held for trading on December 31, 2021: Carrying Value 185,000 125,000 230,000 540,000 Fair Value Category FVTPL Security Co. M common shares Co. N preferred shares Co. P common shares 160,000 140,000 190,000 490,000 FVTPL FVTOCI Total Instructions: a. Prepare the adjusting entries required at December 31 to report the above investments at fair value. b. Show the financial statement presentation of the investments and holding gains and losses that result from fair value adjustments at December 31, 2021. (Ignore income tax.) c. Assuming that on April 25, 2022, Myrnam sold Co. M common shares for $160,000, Co. N preferred shares for $135,000, and Co P common shares for $200,000, prepare the journal entries required to record these transactions. Round amounts to the nearest dollar. Show ALL calculationsReference is made to the 2022 Balance Sheet of Tran-Ropes limited. Tram-Ropes Limited Balance Sheet 2022 Cash Acc. Receivable Marketable securities Inventories Fixed Assets Total Assets 1,000,000.00 ii. 12,000,000.00 3,000,000.00 7,500,000.00 26,500,000.00 50,000,000,00 Accounts Payable Notes Payable Long-term Debt Common stock Preferred Stock Total Liabilities and Equity 8,000,000.00 8,500,000.00 20,000,000.00 7,500,000.00 6,000,000.00 50,000,000.00 Additional Information: 1. The Long-Term debt consists of 8% annual coupon bonds, with 15 years to maturity and are currently selling for 95% of par. The company's common shares which have a book value of $20 per share are currently selling at $25 per share. iii. iv. V. Preferred shares have a book value of $100 per share. These shares are currently selling at $120 per share and pays dividends of 6% per annum on book value. The dividend growth rate is expected to be 3%, and dividend for 2823 is projected to be $5.00 per share. The…
- Reference is made to the 2022 Balance Sheet of Tram-Ropes limited. Tram-Ropes Limited Balance Sheet 2022 Cash Acc. Receivable Marketable securities Inventories Fixed Assets Total Assets i. 1,000,000.00 ii. 12,000,000.00 3,000,000.00 7,500,000.00 26,500,000.00 50,000,000.00 Accounts Payable Notes Payable Long-term Debt Common stock Preferred Stock Total Liabilities and Equity 8,000,000.00 8,500,000.00 20,000,000.00 7,500,000.00 6,000,000.00 Additional Information: The Long-Term debt consists of 8% annual coupon bonds, with 15 years to maturity and are currently selling for 95% of par. The company's common shares which have a book value of $20 per share are currently selling at $25 per share. 50,000,000.00The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…The following was reported by Church Financial in its December 31, 2024, financial statements: Investments at FVTPL, December 31, 2023 Investments at FVTPL, December 31, 2024. Investment income or (loss) Additional information: 1. 2. 3. $13,400 18,300 (600) The investments at FVTPL are investments in equity securities held for trading purposes. Investment income or loss consists of: holding gain on the FVTPL investments of $3,100, and loss on sale of the FVTPL investments of $3,700. The carrying amount of the FVTPL investment sold was $4,900.
- During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossa. Define the equity method b. Use the following example to describe the equity method Presume that Company A bought 30% of Company B’s outstanding common stocks at $400,000 (cash) on 01/01/2020 During 2020, Company B earned net income of $200,000 and paid dividends of $40,000 Provide the journal entries for this equity investment in fiscal year 2020 What is the balance for this equity investment on 12/31/2020? Explain why the accounting numbers obtained using the equity method are misleading1. The following balances were obtained from the books of The Hartland Ltd as at December 31, 2015:DETAILS DR CRPremises800,00010% Mortgage250,000Retained earnings40,000Goodwill100,000Debtors110,000Creditors65,000General reserves30,000Management fees30,000Ordinary shares @ $0.50200,0005% Preference shares @ $1200,000Share premium50,000Motor vehicle80,000Prov. for depreciation on motor vehicle12,00010% Debenture120,000Mortgage interest7,000Debenture interest5,000Cost of sales750,000Closing stock80,000Insurance20,000Wages & salaries60,000Interim ordinary shares dividend2,000Bank53,000Sales1,100,000Commission received4,0002,084,0002,084,000Notes:a. Provide for depreciation on motor vehicle at 5% on the reducing balanceb. Insurance is prepaid by $4,000 while wages and salaries is owing by $20,000c. The goodwill should be written down by 25%d. Transfer $25,000 from profits to the general reservese. Corporation tax is estimated at $30,000f. The…