3. What is the total shareholders' equity after 1. What amount should be reported as total assets in a hyperinflationary statement of financial position? a 14,904,000 b. 13,800,000 c. 10,800,000 d. 16,100,000 2. What is the balance of retained earnings after restatement? a 3,104,000 b. 3,000,000 c. 3,504,000 d. 3,400,000 restatement?
Q: 1. Citibank pays 9% ordinary simple interest on a 30-day time deposit. How much money will the…
A: Future Value: A present asset's future value, abbreviated as FV, is the value that asset is expected…
Q: Required information (The following information applies to the questions displayed below.] Gerald…
A: Introduction: Individuals, corporations, and other legal organisations are all subject to the…
Q: purchased 20% of the shares of Red Co. for P4,000,000 on July 1, 2020 Pink Co bas a significant…
A: Pink acquied 20% shares of Red Co. for P 4,000,000 on Jul 1 ,2020…
Q: 1. Calculate the gross income for someone who works 38 h at $12.50/h.
A: Gross income of person means how much an individual is earning in particular period of time. If an…
Q: Using the information provided below, what is the share premium balance on December 31, 2021? The…
A: Share premium is the difference between the total amount of money received for the shares issued and…
Q: Q2. The following trial balance has been extracted from the ledger of Mrs. Akughan, a sole trader.…
A: Financial statements are those statements which are prepared at the end of accounting period in…
Q: Whelan Ltd which makes up accounts to 31 December every year charges depreciation on vehicles on a…
A: Depreciation is the allocation of cost of asset over the useful life of the asset. Carrying value is…
Q: How does accounting for foreign inflation differ from accounting for domestic inflation?
A: Inflation accounting is the process of adjusting financial accounts during inflationary periods. The…
Q: Kim recelved a one third profits and capital interest in Bright Line. LLC, n echange for legal…
A: Introduction: A partnership is a type of business in which two or more persons enter into a legal…
Q: 4. Games Corp. expected to sell 150,000 board games for July. Its master budget related to the sale…
A: Budgets are forecasts made to estimate the expenses and incomes that might occur int future periods.…
Q: B. Which of the following will NOT affect a firm's beta? 1) the choice of the market portfolio…
A: Beta is the measure of volatility of systematic risk of the security or portfolio compared to the…
Q: epare recognize bad debts under each of the owing independent assumptions. Bad debts are estimated…
A: Explanation of the concept Journal Entries are required in the present problem. In the present…
Q: f 1,026,000 Polish zlotys (PLN). Mertag enters into a forward contract on October 1, 2020 lanuary…
A: Forward contract: Forward contract can be defined as the agreement between two parties i.e. buyer…
Q: Historical cost Units purchased Units sold Rice Company used FIFO. There were 8,000 umíts on 1…
A: The answers for the multiple choice questions and relevant working are presented hereunder :…
Q: rts. Relevant revenues: None. Sunk costs: S4,000 for software. Opportunity costs: $4,000. rts.…
A: Relevant cost are those cost that would impact decision making and would be affected by it Sunk…
Q: 16. The primary goal of managerial accounting is to provide information to: а. creditors b.…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following adequately describes Management Accounting? It is the process of identifying,…
A: Solution Concept Financial accounting The accounting that is done for the purpose of…
Q: FANTASY FOOTBALL Balance Sheets December 31 Year Increase (Decrease) 2021 2020 Amount Assets Current…
A: The horizontal analysis is prepared to compare the financial results of the two periods as increase…
Q: TB MC Qu. 12-83 (Algo) Estimated PV (present value) payback period: Plant Company Plant Company is…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: Jacques is a member of a partnership that had a Net Business Income for tax purposes of $456,000…
A: Partnership refers to the form of business under which two or more individuals are ready to run the…
Q: 3 Trial Balance D. Pteño Laundry Shop Tha Balance March 31,20A Debit Credit Acceunt Tittle Acc No…
A: Post closing trial balance is prepared after adjusting closing entries from the trial balance.
Q: The following data were extracted from the stockholders’ equity of ABC Company: 12/31/2017…
A: The retained earnings are the accumulated profits of the business till date. The dividend to the…
Q: QUESTION 1 Below are the statements of Financial Position for Grace Ltd as at 31 December, 2009 and…
A: Cash Flow Statement- A cash flow statement is an important component of the company's financial…
Q: A corporation has taxable income from operations of $1 million. In addition, it received $100,000 of…
A: Introduction: Income might take the form of cash, real estate, or services. Unless specifically…
Q: If a company acquires another company, but the reporting entity remains the same, the acquired…
A: When one firm buys and takes over the activities/operations and assets of another, this is known as…
Q: How much gain should be reported for tax purposes?
A: Meaning : The profit which arrives from the sale of Capital Assets is known a Capital Gains. The…
Q: Purchased equipment is cost P515 800 and expected to have 15 years of economic life with 12% annual…
A: THE DECLINING BALANCE METHOD IS ALSO CALLED REDUCING BALANCE METHOD OR DIMINISHING BALANCE METHOD .…
Q: On 31 May 20X2 the bank statement of Harrison Ltd showed a balance of £26,500. As part of the bank…
A: Ideally cash balance as per cashbook and bank balance as per bank statement must reconcile with each…
Q: The capital recovery cost (CR) over the 10-year lifetime of a piece of equipment is $5730 at an…
A: Capital recovery has many distinct connotations in the business world. Its primary goal is to…
Q: 30. A building previously occupied by Grand Company with a cost of P10 million and an accumulated…
A:
Q: A simple trust has the following receipts and expenditures for the current year. The trust…
A: Taxable income is the total of all incomes earned by the taxpayer during the relevant year. Tax…
Q: A company s planned activity level for next year is expected to be 100000 machine hourS. At this…
A: Manufacturing overhead cost is the sum of all the indirect costs which are incurred while…
Q: 5.) Ollie Inc. has book income of $250,000. The following information is available: a. Ollie…
A: Introduction Corporations has to show reconciliation of income or losses and analysis of…
Q: Christopher, a staff auditor of the Sycip, Gomez, Velayo & Co. took and passed the examination for…
A: Residency in the countries are applicable when an individual fulfils the conditions given by the…
Q: Markie is employed by Holy Cross as an ambulance driver with a salary of Php. 20,000 a month. In…
A: Income is defined differently depending on the situation, such as for taxation or analysis.…
Q: ormal balances) at December 31, 2019: Accounts payable $16,700 Accounts receivable 39,200…
A: The answer has been mentioned below.
Q: At the start of the current year, SBC Corp. purchased 30% of Sky Tech Inc. for $51 million. At the…
A: Depreciation can be termed as a reduction in the value of an asset over its useful period when used…
Q: Question 2 The following information was extracted from the books of Mvula Ltd ( newly formed…
A: A cash budget specifies the expected sources and uses of funds in the future. A cash budget is a…
Q: ABC Company was incorporated on January 1, 2018 with 100,000 ordinary shares, no par value, stated…
A: Capital employed is the amount of money which is contributed by the owner or owners of a business…
Q: Managers use capital budgeting techniques to make which of the following two types of capital…
A: As per the guidelines, only one question is allowed to be solved so I am answering the first…
Q: Determine the consolidated balances which Peris would present on their consolidated balance sheet…
A: There are two companies at the time of consolidation. These are parent company and subsidiary…
Q: Perez Company is considering an investment of $30,485 that provides net cash flows of $9,000…
A: Internal rate of return is the rate at which the present value of cash inflows is equal to the…
Q: 5. What is the value of the total cost? A company makes a single product with a total capacity of…
A: Total Cost of Production: You may determine the cost of production, also known as the cost price or…
Q: KES Raw materials Work-in-progress Finished goods Stock on 31"October 2012 40,000 12,000 20,000 KES…
A: Production cost statement shows total costs incurred on production of goods. It includes materials…
Q: Problem 1. A 1000 par-value bond with 8% quarterly coupons has payment dates of January 31, April…
A:
Q: What is Owner’s Capital or Equity Financing? Asap
A: Equity financing refers to the practice of raising funds by selling stock. Companies raise funds for…
Q: The company issued 2,500, P125 par ordinary shares for an outstanding bank loan of P350,000. On this…
A: The shares premium or discount can be evaluated by difference between face value of shares and…
Q: Show a five-year financial projection. Financial projection should reflect the impact of the…
A: Answer:- Financial projection meaning:- A financial projection depicts a company's predicted…
Q: the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) (Enter your answers in dollars…
A: The answers have been mentioned below.
Q: 1. On 1 January 1990, Bolton Inc. purchased equipment costing $250,000. The equipment is expected to…
A: Lets understand the basics. In straight line basis, depreciation is calculated in equal installment…
Step by step
Solved in 2 steps
- Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Inventory 12,500Total Assets in 2021 110,000Current Liabilities 40,000Total Assets in 2020 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 0.12b. 0.10c. 0.18d. 0.13II. The following is a comparative balance sheet of ABC Co. for December 31, 2022 and 2021: Cash and cash equivalents Accounts receivable Inventories Investment in bonds at amortized cost Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable, due 2025 Ordinary stock, P20 par Share premium Retained earnings Total Liabilities and Equity Additional information: . 2022 250,000 327,600 822,000 0 . 2,400,000 (700,000) 3,099,600 359,000 0 1,800,000 280,000 660,600 3,099,600 2021 220,000 356,000 780,000 200,000 2,040,000 (760,000) 2,836,000 • Net income for 2022, P545,600. Depreciation reported on income statement, P140,000. Fully depreciated equipment, no salvage value, was scrapped. Equipment was purchased for P560,000. Bonds of P400,000 were retired at their face value. 281,000 400,000 1,600,000 200,000 355,000 2,836,000 10,000 shares of ordinary stock were issued for cash of P28 per share. Cash dividends declared and paid, P240,000 Investment in bonds with carrying…The 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…
- 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 14,00,000Q3. The following is the summarized balance sheet of Michael Ltd. LIABILITIES 2018 2019 Equity Share Capital Debentures Securities Premium General Reserve Profit & Loss A/C Sundry Creditors Proposed Dividend Provision for Depreciation Plant & Machinery Furniture 200000 50000 - 30000 48000 130000 20000 140000 6000 240000 - 10000 50000 68000 150000 24000 150000 4000 624000 696000 ASSETS Land & Building Plant & Machinery (Cost) Furniture (Cost) Inventories Sundry Debtors Cash 105000 290000 9000 130000 75000 15000 150000 320000 10000 105000 85000 26000 624000 696000 ADDITIONAL INFORMATION: Furniture which cost Rs. 5,000, written down value Rs. 1,000 was sold during the year 2019 for Rs. 2,000.2. Plant and Machinery which cost Rs. 20,000 and in respect of which Rs. 13,000 had been written off as depreciation was sold during the year for Rs. 3,000.3. The dividend of 2018 was paid during 2019.You…The financial statements of the company for the past two years are summarised below: Particulars 2020 2021 Assets: Cash Nil 2000 Trade debtors 55000 40000 Stock -in-trade 55000 45000 Fixed Assets (Net ) 137000 145000 247000 232000 Liabilities: Trade creditors 32000 25000 Provision for taxation 11000 9000 Bank Overdraft 12000 Nil Paid - Up capital 150000 150000 General reserve 30000 35000 P&L Appropriation A/c 12000 13000 247000 232000 Net income Statement 2020 2021 Sales 400000 375000 Less: COGS 245000 225000 Other expenses 130000 (375000) 132000 (357000) Net Profit 25000 18000 Opening stock on 1st January 2020 was Rs.60000 Calculate the following ratios for two years: -1) Current Ratio 2) Quick ratio 3) Stock Turnover ratio 4) Debtors' turnover ratio 5) Average collection period Assume 360 days in a year
- The following information pertains to BT21 Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?The following information pertains to BTS Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?Q14: The following are the Condensed statement of Financial Position of Company A and on december 31,2020. A В Current Assets. 2562500 7639375 Plant and Equipment 768500 22918125 Current liability 555000 300,000 long Term Debt. 2220000. 500,000 Share Premium 1250,000 100,000 Retained Earning. 1609000. 425000 Additional Paid-in 1516000. 437500 Сapital 79 Company C acquires the Net Asset of Both A and B. Paying Cash in Amount of 185000 and by issuing 198500 shares to A, Paying of 72000 and by issuing 54350 shares is 30 to B' Par cash in the amount by issuing 54350 Shares value of Share is 30 and market value on acquisition is 40. Requirments: a) Entry that made in the Book of A. b) Entry that made in the Book of B. c) Entry that made in the Book of C.
- Reference 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…The following trial balance relates to Selt.plc for the year ended 31 December 2021: Equity shares of £1 each Share Premium Retained earnings at 1 January 2021 Property at cost Depreciation on property at 1 January 2021 Plant and equipment at cost Depreciation on plant and equipment at 1 January 2021 Inventory at 1 January 2021 Trade receivables Cash and cash equivalents Trade payables 5% Loan repayable 2026 Revenue Purchases Distribution costs Administrative expenses Research and development expenditure Loan Interest paid Dividend paid Further notes: £'000 34,800 22,800 Required: A Statement of Profit or Loss for the year ended 31 December 2021. A Statement of Financial Position as at 31 December 2021 4,900 4,000 6,840 155,000 22,050 12,750 19,600 300 4,000 287,040 £'000 56,000 2,000 7,780 3,200 4,500 1,560 12,000 200,000 287,040 2) 1) Inventory was valued at £3,800,000 on 31 December 2021. (This valuation is before note (4) below is considered). Property includes land valued at…24. Condensed financial data of Sheffield Company for 2020 and 2019 are presented below. SHEFFIELD COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130 Receivables 1,770 1,320 Inventory 1,560 1,890 Plant assets 1,900 1,700 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,300 1,430 $7,110 $6,290 Accounts payable $1,220 $890 Accrued liabilities 190 250 Bonds payable 1,410 1,520 Common stock 1,870 1,730 Retained earnings 2,420 1,900 $7,110 $6,290 SHEFFIELD COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,860 Cost of goods sold 4,710 Gross margin 2,150 Selling and administrative expenses 920 Income…