On 1 June 2021, Double Tree Bhd. Issues RM7 million 7% redeemable preference shares at RM1 each, redeemable at a premium of 10% on 31 May 2024. Dividend is payable on paid-up capital. The effective interest rate is 9.3 % and the interest is due on 31 May every year. Required: Show the extracts from the statements of profit or loss and the statements of financial position for the year 31 May 2021, where the redeemable preference share is measured at amortised cost
Q: Holton Chairs had been an innovative designer and producer of quality office chairs since Arnold…
A: Recording Journal entries in the books of Holton-Central Holdings Inc. DATE PARTICULARS Ref No…
Q: Prepare a statement of stockholders’ equity for the year ended August 31, 20Y6. If an amount box…
A: Statement of stockholder's equity is a section of balance sheet which shows the performance of the…
Q: Milano Gallery purchases the copyright on a painting for $480,000 on January 1. The copyright is…
A: Introduction: A journal entry is a record of the business transaction in an organization's…
Q: You buy a pair of jeans for sale price of $100. The store paid . $40 to its supplier for the pair…
A: Net worth is total assets less total liabilities. Liabilities include other liabilities, other than…
Q: A taxpayer has a liabilty on their California return greater than $80,000. They cut a check to the…
A: Answer:- E-Pay meaning:- E-payments are a type of digital or electronic money transfer. In essence,…
Q: Prepare the plant world account in the trade payables legder of jasmine traders showing all the…
A: Given in the question: The difference between the opening balance as per the books of the Jasmine…
Q: The total assets and liabilities of Robot Company at January 1 and December 31, 2022are presented…
A: Accounting equation is one of the important concept being used in accounting. By this, total assets…
Q: Alexandria Ltd. manufactures high-quality pens. For many years the company manufactured only one…
A: Manufacturing overheads are indirect costs and expenses related with the manufacturing and…
Q: Total Manufacturing Overhead Prime Conversion Cost Direct Materials Direct Labor Manufacturing Cost…
A: The prime costs comprise of the total direct costs incurred during the period including direct…
Q: Lone Star Overnight, Inc. (LSO), was incorporated January 1. The following transactions occurred…
A: Each transaction have both effect in credit and debit side under double entry accounting system.…
Q: Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets…
A: Comment - Multiple Questions Asked Cash Budget - A projected cash input and outflow over the…
Q: On December 1, 2019, Ceniza corporation received a donation of 3,000 shares of its P50 par value…
A: Shares are the unit of the capital of the company which represents the share in the ownership of the…
Q: costs (based on units produced): materials cost manufacturing labor costs et manufacturing costs…
A: a) Direct material units used in production= 3.20 *10,000 fixtures =32,000 pounds Direct material…
Q: Describe the three fundamental conditions necessary for the commission of fraud. Provide an…
A: The commision of fraud is a type of the fraud in which the employee of the company creates some fake…
Q: Below are the Income Statement and Balance Sheet for Palmer Corporation for the years…
A: Liquidity Ratio :—Liquidity ratios are measurements used to examine the ability of an organization…
Q: a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio.…
A: 1.Working capital = Current Assets – current liabilities. 2.Current Ratio Formula = Current Assets /…
Q: Required: Journalize the following transactions: The following transactions were completed by Dindo…
A: Journal Entry :— It is an act of recording transaction in books of account when it is occured for…
Q: Mention the key features of the Income and Expenditure Account.
A: Introduction: Non-trading entities keep an income and expenditure account to determine the surplus…
Q: 5 Paid wages expense, P4,000. 7 Fred paid his home utility bill from the company checkbook, P690. 9…
A: A double-entry accounting system is a method of recording all financial transactions of a business.…
Q: e note has been outstanding 10 months, what is the annual interest rate on that note?
A: Note payable refers to the long term liabilities which reflects the sum value of money a company…
Q: Dennis uses the Straight-line method to depreciate vehicles in his business. He would like to know…
A: Fixed assets are those assets which are being held by the business for longer period of time.…
Q: Exile Corporation has operating income of $42,000 and operating expenses of $69,000 in 2021. In…
A: Form 1120 is a form used to disclose income, gains, expenses and losses of a corporation, which in…
Q: Presented below is the 2021 Income statement and comparative balance sheet Information for Tiger…
A: Statement of Cash Flow - Statement of Cash Flow includes movement of Cash flow within the financial…
Q: Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does…
A: Calculate the Qualified Business Income: Qualified Business Income= Business Income to Kiyara*…
Q: What entry (debit or credit) would you make to: (a) increase revenue (b) decrease in expense, (c)…
A: In Accounting, accounts are categorized mainly of types: Assets accounts Liabilities accounts…
Q: The balance in the equipment account is $3,240,000, and the balance in the accumulated…
A: Book value of assets :— It is the difference of original cost of equipment and accumulated…
Q: what are the formulas used to get the predictions for 2020
A: There are to method of moving average calculations for sale prediction. Simple moving average…
Q: DM are added when the ...... is 20% completed (like in the exercise written) ans the degree of…
A: Direct materials are the materials which has been required by the company for the product which have…
Q: During a recent month, Cantho Company planned to provide cleaning services to 30 customers for $26…
A: Revenues are estimated on the basis of past experiences and therefore it is planned what the price…
Q: 1. 15-LO 1 Identify managerial accounting, including its differences financial accounting, its place…
A: Managerial accounting is a method of accounting that creates statements, documents and reports that…
Q: Please answer with explanation of each transaction Lita Lopez started Biz Consulting, a new…
A: Accounting Equation :— Accounting Equation Of the Company States that a Company Total Assets are…
Q: The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:…
A: Income Statement :— Income statement of the Company include all Revenue and Expenses related to…
Q: Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children…
A: Income Tax- Income Tax is that the charge computed on the income of a personal or a company which is…
Q: Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 July…
A: SOLUTION : DEFERRED TAX means the difference between the calculation of Tax implication of book…
Q: anner-UNF Corporation acquired as a long-term investment $360 million of 8% bonds, dated July 1, on…
A: Disclaimer Since you have posted a question with multiple sub-parts , we will do the first three…
Q: Pack-and-Send, Inc. expects to have free cash flow of $6.5 million next year and this cash flow will…
A: The debt-equity ratio is the ratio of the total long term debt and equity capital in the business is…
Q: A. Why is the goal of financial management to maximize the current share price of the company's…
A: The answer for the question on the financial management is discussed hereunder : What is Financial…
Q: Your mother's employer offers a tax-deferred retirement plan (a 401-b plan, which was authorized by…
A: Future value is a sum of money invested today will become over time, at a rate of interest. FV =…
Q: 5-4 TIME FOR A LUMP SUM TO DOUBLE. If you deposit money today in an account that pays 4% annual…
A: Future Value = Present Value*(1+r)^n where, r = Interest Rate = 4.00% n = no of periods
Q: Garcia & Elliott LLC (G&E) is budgeting for next year. Much of the work that G&E does relates to…
A: Lets understand the basics. Operating income is a income generated by the entity at the end of…
Q: Give And Discuss Three (3) Concrete Steps That You Can Do In Order To Develop/Nurture A Balanced…
A: Balanced self A balanced self is required to maintain our everyday work activity. A person's life…
Q: use excel II. On December 1, 20x1, AVS Company issued 10% bonds with a face amount of $20 million.…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Exercise 1 As per the company's articles of association, Hamal Company Limited, a public company,…
A: Share capital is one of the important source of finance being used by the company. It means value of…
Q: Which of the following is true regarding GAAP and IFRS? None of the answers are correct. GAAP and…
A: GAAP stands for General Accepted Accounting Principles and refers to rules and regulations of…
Q: QUESTION 12 Abeer has a major medical pblicy with a 5200o deductible. She is required to pay 25…
A: A medical policy is a policy in which the medical expense of the insured person is paid by the…
Q: TYLER company, has sustained heavy losses over a period of time and conditions warrant that TYLER…
A: A quasi-reorganization is an accounting fresh start that allows companies to eliminate accumulated…
Q: How can you show how efficiency ratios can be used to determine the best way to conduct the…
A: Lets understand the basics. Ratios are calculated by the management to compare the company's current…
Q: Peal Corporation issued 4,000 shares of its $10 par value stock with a market value of $85,000 to…
A: The market value of the common stock of any company on a particular date can be…
Q: Due to its experience rating, Ianelli, Inc., is required to pay unemployment taxes on its payroll as…
A: a. SUTA taxes paid to Massachusetts = $17,100 x 4% = $684 b. SUTA taxes paid to New Hampshire =…
Q: 2018. The bookkeeper of the client provided you the following summarized data taken directly You…
A: Solution Depreciation is a reduction of the cost of a fixed assets (Tangible assets) . It neither an…
On 1 June 2021, Double Tree Bhd. Issues RM7 million 7% redeemable preference shares at RM1 each, redeemable at a premium of 10% on 31 May 2024. Dividend is payable on paid-up capital. The effective interest rate is 9.3 % and the interest is due on 31 May every year.
Required:
Show the extracts from the statements of profit or loss and the
Step by step
Solved in 2 steps with 4 images
- The market price of the ordinary shares at 31 December 2020 was Rs1.60. The dividend yield on ordinary shares was 21 per cent. The creditor for taxation at 31 December 2019 was Rs25 000.2Taxation paid in the year ended 31 December 2020 amounted to Rs22 000. The liability for taxation on the profit of the year ended 31 December 2020 is Rs31 000 and is carried forward on the Taxation account. The retained profit for the year ended 31 December 2020 was Rs60 000. The debentures were issued in 2016. The preference shares were issued at par.The summarized Balance Sheet at 31 December 2020 of Iqra Ltd was as: Fixed assets 2550000, Net current assets 950000, 6% debentures 2019/2020 150000, Ordinary shares of Rs1, 2500000, 10% redeemable preference shares of Rs1, 300000, Share Premium account 200000 Profit and Loss Account 350000.REQUIRED Prepare Iqra Ltd’s Profit and Loss Account for the year ended 31 December 2020 in as much detail as possible. The Profit and Loss Account should commence with…An entity provided the following information on December 31, 2020: Accounts payable amounted P1,500,000 On December 15, 2020, the entity declared a cash dividend of P20 per share on 100,000 outstanding shares, payable on January 15, 2021 On July 1, 2020, the entity issued P5,000,000, 8% bonds for P4,400,000 to yield 10%. The bonds mature on June 30, 2025 and pay interest annually every June 30. The pretax financial income was P8,500,000 and taxable income was P6,000,000. The difference is due to P1,000,000 permanent difference and P1,500,000 taxable temporary difference to reverse 2021. The income tax rate is 30%. The entity made estimated income tax payments during the current year of P1,000,000. What amount should be reported as total current liabilities on December 31, 2020? 3,700,000 5,500,000 4,700,000 4,500,000 An entity reported the following data on December 31, 2020: Cash in bank, net of bank overdraft of P100,000 1,200,000 Petty cash,…On January 1, Cee Company's ordinary share capital amounted to P1,000,000, with P10 par value. On April 1, 2019, the entity issued P5,000,000, 10% bonds with a face value of P1,000. The bonds were converted on October 1, 2019 and 20 ordinary shares were issued in exchange for each bond. Net income was P10,000,000. The income tax rate is 30%. Requirement: 1. What is the amount of basic earnings per share? 2. What is is the amount of diluted earnings per share?
- The market price of the ordinary shares at 31 December 2020 was Rs1.60. The dividend yield on ordinary shares was 2 per cent. The creditor for taxation at 31 December 2019 was Rs25 000. Taxation paid in the year ended 31 December 2020 amounted to Rs22 000. The liability for taxation on the profit of the year ended 31 December 2020 is Rs31 000 and is carried forward on the Taxation account. The retained profit for the year ended 31 December 2020 was Rs60 000. The debentures were issued in 2016. The preference shares were issued at par. The summarized Balance Sheet at 31 December 2020 of Iqra Ltd was as: Fixed assets 2550000, Net current assets 950000, 6% debentures 2019/2020 150000, Ordinary shares of Rs1, 2500000, 10% redeemable preference shares of Rs1, 300000, Share Premium account 200000 Profit and Loss Account 350000. REQUIRED Prepare IqraLtd’s Profit and Loss Account for the year ended 31 December 2020 in as much detail as possible. The Profit and Loss Account should commence…The market price of the ordinary shares at 31 December 2020 was Rs1.60. The dividend yield on ordinary shares was 2 per cent. The creditor for taxation at 31 December 2019 was Rs25 000. Taxation paid in the year ended 31 December 2020 amounted to Rs22 000. The liability for taxation on the profit of the year ended 31 December 2020 is Rs31 000 and is carried forward on the Taxation account. The retained profit for the year ended 31 December 2020 was Rs60 000. The debentures were issued in 2016. The preference shares were issued at par. The summarized Balance Sheet at 31 December 2020 of Iqra Ltd was as: Fixed assets 2550000, Net current assets 950000, 6% debentures 2019/2020 150000, Ordinary shares of Rs1, 2500000, 10% redeemable preference shares of Rs1, 300000, Share Premium account 200000 Profit and Loss Account 350000. Prepare Iqra Ltd’s Profit and Loss Account for the year ended 31 December 2020 in as much detail as possible. The Profit and Loss Account should commence with the…Gemilang Bhd has share capital of RM1 million in shares of 25 sen each. At 31 May 2022 shares had a market value of RM1.10 each. On 1 June 2022, the company makes a right issue of 1 shares for every 4 held at RM0.60 per share. Its profit were RM500,000 in 2022 and RM440,000 in 2021. The year-end is 30 November. Calculate (a) the theoretical ex-rights price; (b) the bonus issue element; (c) the basic earnings per share for 2021; and (d) the basic earnings per share for 2022.
- An entity provided the following information on December 31, 2020: · Accounts payable amounted P1,500,000 · On December 15, 2020, the entity declared a cash dividend of P20 per share on 100,000 outstanding shares, payable on January 15, 2021 · On July 1, 2020, the entity issued P5,000,000, 8% bonds for P4,400,000 to yield 10%. The bonds mature on June 30, 2025 and pay interest annually every June 30. · The pretax financial income was P8,500,000 and taxable income was P6,000,000. The difference is due to P1,000,000 permanent difference and P1,500,000 taxable temporary difference to reverse 2021. The income tax rate is 30%. The entity made estimated income tax payments during the current year of P1,000,000. What amount should be reported as total current liabilities on December 31, 2020?Marcus Company has reported a total financial liability of P15,000,000 in its accounting records as of December 31, 2019 which include the following: A P3,000,000 face value perpetual bond that pays 5% interest each year A P2,000,000 redeemable preference share that will be redeemed by Marcus at a future date. A P1,500,000 redeemable preference shares redeemable at the option of the holder A P75,000 written call option that allows the holder to purchase a fixed number of ordinary shares of Marcus Company for a fixed amount. What is the correct amount of financial liability that should be reported by Marcus Company in its December 31, 2019 statement of financial position?Blossom SA reported the following balances at December 31, 2019: share capital-ordinary €530,000, share premium-ordinary €115,000, and retained earnings €310,000. During 2020, the following transactions affected equity. 1. Issued preference shares with a par value of €140,000 for €247,000. 2. Purchased treasury shares (ordinary) for €45,000. Earned net income of €174,000. Declared and paid cash dividends of €52,000 3. 4. Prepare the equity section of Blossom SA's December 31, 2020, statement of financial position.
- The equity section of a company for the last 2 years shows the following: - Share capital 885 M Euros in 2020 (777 M euros in 2019) - Share premium 3,555 M euros in 2020 (2,941 M euros in 2019) - Retained earnings 6,241 M euros in 2020 (5,293 M euros is 2019) - Treasury shares 82 M euros in 2020 (50 M euros in 2019) Assuming the par value of the company shares is 2 euros. Which of the following statement is correct regarding 2020? do calculation please The company has issued 54 million new shares The company has issued 108 million new shares The company has issued 722 million new shares The company has issued 361 million new sharesOn January 1, 2021, JAPAN COMPANY purchased 12% bonds with face amount of $ 5,000,000 for $ 5,380,000 and it has an effective yield of 10%. Interests are payable annually on December 31 of each year. The bonds are quoted at 120 on December 31, 2021 and 115 on December 31, 2022. The business model of JAPAN COMPANY is to trade or sell the financial assets. QUESTION: Prepare all journal entries for 2021 and 2022 applicable to this transaction.Prepare the note disclosure required (e) On 10 September 2021, the company paid a dividend of $210,000, which was declared on 14 July 2020. The company also declared and paid an interim dividend on 25 March 2022 from the retained earnings. (f) Share capital at 1 July 2021 comprised 1,000,000 ordinary shares. These were issued in April 2019 at an issue price of $3.50 and are fully paid. In relation to this issue $32,000 share issue costs were incurred, and these were paid by the company in May 2019. In November 2021 the company issued a prospectus inviting applications for 2,000,000 ordinary shares at an issue price of $4.00, with $3.00 payable on application and $1.00 due on allotment. All of these shares were issued in January 2022. All of the money required on allotment was received by the end of February 2022. Share issue costs in relation to this issue totalled $22,000 and were paid on 7 March 2022. (g) On 30 June 2022, the directors decided to transfer $4,000,000…