Question 41. The following information (in thousands) is for Zhang Office Supplies:TrademarkLandBuildingsLess:Accum.DepreciationLand Held forInvestmentPrepaidInsuranceInventoryAccountsReceivableCash¥400,000¥360,00080,000 320,000¥280,000 Share Capital ¥480,000RetainedEarnings1.000.000680,000Accounts300,000 PayableSalariesWages120,000 PayableMortgage280,000 Payable200,000260.000Total Equity¥2.120.000 and LiabilitiesTotal AssetsThe total amount of assets to be classified as current assets is*1,160,000.*860,000*720,000*580,000240,000Zháng Office SuppliesStatement of Financial PositionDecember 31, 2017¥1,480,00040,000360,000 640,000¥2.120,000

Internal controls: The internal controls refer to the controls that are put into place in order to…

Answered: Total Equity v2.120.000 and Liabilities…

Total Equity v2.120.000 and Liabilities Total Assets The total amount of assets to be classified as current assets is 1,160,000. 860,000 *720,000 ¥580,000 Y2.120.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: An investor or creditor

A: An investor or creditor is a person, to whom the company owes money. Creditors are the parties or…

Q: You buy goods at a list price of $1,500. If you receive a trade discount of 20% and terms are…

A: Discount period is defined as the days provided by the seller to the buyer of goods to avail the…

Q: A Company produces items to order and had the following budgeted overheads for the year on normal…

A: Lets understand the basics. Overhead absorption rate is a rate based on which overhead gets…

Q: You have been provided with the following information for Massy Shoe Store (St Lucia) which accounts…

A: Solution A journal is also called the original book of entry in which all business transactions are…

Q: Required a. Record the Year 1 events in general journal form and post them to T-accounts.

A: General Journal Entry A journal entry is a volume of unedited commercial transactions listed in…

Q: A manufacturer of cedar shingles has supplied the following data: Bundles of cedar shakes produced…

A: A contribution margin is an excess value of sales revenue over the variable cost. It is also an…

Q: Safari Co. sells two products: Orks and Zins. Last year, Safari sold 21,000 units of Orks and 14,000…

A: The question is based on the concept of Cost Accounting. Contribution Margin is the difference…

Q: E6.5 (LO 2), AP Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The…

A: Answer:- Periodic inventory system meaning:- The periodic inventory system is a technique for…

Q: Explain the financial statement effect of inventory cost flow assumptions. BE6.6 (LO 2), AP In its…

Q: Instructions Prepare all journal entries necessary to reflect the transactions above. P6.7 (LO 4)…

A: A journal entry is used to record a business transaction in the company's accounting records. The…

Q: ASES FOR ANALYSIS BAL Case 7-1 antesinapho uby b blug The Oracle of Omaha Speaks Board Members woy…

A: If the company could have brains of it's own, then whatever it would do that is done by directors.…

Q: Jerry and Sherry own and operate a partnership. Jerry’s capital balance is $50,000 and Sherry’s is…

A: A partnership is an association of businesses in which more than one person invests money, engages…

Q: Munirah Trading for the year ended 30 June 2022. Trial balance as at 30 June 2 Inventory at 1 July…

A: A Statement of Comprehensive Income allows a company to establish precise and reasonable estimates.…

Q: llowing cost graphs illustrate various types of cost behavior: D Cost Graph One Total Units Produced…

A: Straight line depreciation refers to the method of depreciation under which the value of an asset is…

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: A freight expense is the price associated with moving cargo from the source site to the destination…

Q: ny purchased a building and the land on which the building is situated for a total cash. The land…

A: Basket purchase refers to the scenario when a buyer has the desired chance to acquire a number of…

Q: an oil company that has recently established a refinery in the West Philippines Sea at an…

A: Depletion refers to the charge or expense which is periodic in nature for the use of natural…

Q: What is Sufficient Appropriate Audit Evidence?

A: Audit evidences are the evidence that are obtained and used by the auditorium to consult the audit…

Q: Bluegrass Community Hospital (BCH) has the following payer groups: Number of Admissions…

A: As per our policy,we are able to answer only first 3 parts of the question.Please re-submit your…

Q: Problem 2 I-core Company acquired an equipment on January 1, 2008. The asset has an estimated life…

A: Working: 1) Depreciation rate is ascertained by means of straight line depreciation data. 2) After…

Q: On March 15, Drexel Corp. provides goods to a retailer through consignment where Drexel Corp.…

A: COGS is the cost of a product to a distributor, manufacturer or retailers. Sales minus cost of goods…

Q: ASA570.10 requires the auditor to particularly evaluate the going concern problems and the related…

A: The idea of a "going concern" is the presumption that a company will carry on doing business…

Q: The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $29,696…

A: In the end-of-period spreadsheet, incomes are credited and expenses are debited in the income…

Q: What is the sample variance and standard deviation for x =23,17, 15, 30, 25.

A: Sample Variance = ΣX2 - n(Avg X)2/(n - 1) Standard Deviation =√sample Variance

Q: Share capital 2,100,000 420,000 Retained earnings 420,000 588,000 3,486,000 1,386,000…

Q: Vail Resorts, Inc. is an American mountain resort company headquartered in Broomfield, Colorado.…

A: The specific conditions under which revenue is recognized are outlined in an accounting concept…

Q: The company's common fixed expenses total $83,200. The break-even in sales dollars for Alpha…

A: Break even point = (Fixed expenses) ÷ (Profit volume Ratio) Contribution margin = Sales - Variable…

Q: Sandhill Corporation had a projected benefit obligation of $3,210,000 and plan assets of $3,371,000…

A: INTRODUCTION: A component's or asset's initial cost is often written down over a specific period of…

Q: On January 1, 2022, A, B, C are new lawyers and agreed to form a partnership. . A is to contribute…

A: A partner's donation of property to a partnership must have a basis equal to the adjusted basis of…

Q: tory the first processing department consisted of 1,800 units. The costs and percentage completion…

A: Process costing is used in an organization where a similar kind of product is produced and goods are…

Q: Aa.18. Mikkeli OY acquired a brand name with an indefinite life in 2021 for 42,600 markkas.…

A: a) IFRS - As per IAS 38, "Intangible assets", if an intangible asset is acquired by an entity with…

Q: The following units of an item were available for sale during the year: Beginning inventory 48 units…

A: Perpetual inventory system is the one wherein the costs of inventory and its units are to be…

Q: On January 1, 2020, 50 executives were given a performance-based share option plan that would award…

A: Compensation costs are the expenditures paid by an employer to offer benefits to an employee who is…

Q: Scoring: Your score will be based on the number of correct matches. There is no penalty for…

A: Fixed costs remains constant. Where's variable cost is incurred for each additional unit produced.…

Q: II. Pension data for the Phoenix Company include the following for the current calendar year:…

A: The amount that is charged to an organization's profit and loss statement as an expense in relation…

Q: Neef Corporation has provided the following data for its two most recent years of operation: Selling…

A: The question is based on the concept of Cost Accounting.

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Federal income tax, FICA social security tax and medicare tax are dedcuted from employee gross pay.…

Q: ouston-based Advanced Electronics manufactures audio speakers for desktop computers. The following…

A: Since you have posted multiple sub-parts we can solve only first three part for you if you want to…

Q: BE6.3 (LO 2), AP In its first month of operations, McLanie Company made three purchases of…

A: Ending inventory is the cost of the goods still in stock at the end of a reporting period. The total…

Q: The unearned rent account has a balance of $48,360. If $3,714 of the $48,360 is unearned at the end…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Q: Thank you for your response, however i am not an accounting student and its quite difficult…

A: This is the follow-up question which is all about the internal rate of return which is the rate…

Q: II. Fill-in the blanks and perform a Horizontal Analysis (HA) and Vertical Analysis (VA) on the…

A: In vertical analysis each item in income statement and balance sheet is written as percentage of the…

Q: A firm has a float of 50 million shares, 5 million restricted shares, and 10 million s treasury…

A: Introduction:- A share is a number of equity ownership or shares in a company. Shareholders are…

Q: If business pays rent in advance and debits a Prepaid Rent account, the company receiving the rent…

A: Prepaid rent or any other prepaid expense means that cash has been paid before the expense accrued.…

Q: The following transactions are July activities of Bennett's Bowling, Inc., which operates several…

A: Accounting equation is the fundamental basis of accounting. As per the accounting equation the sum…

Q: 1.1 How much will the shareholders of Surrey Ltd gain or lose on a per share basis. 1.2 Determine…

A: SOLUTION:- 1. The shareholders of Surrey Ltd will gain R 2.29 per share (i.e. R 11.29 - R 9). 2.…

Q: Different categories of financial assets are valued differently in the balance sheet. The different…

A: SOLUTION:- The company needs to look at its balance sheet and identify tangible and intangible…

Q: For each of the following separate situations, determine how much revenue is recognized in December…

A: The term "expense" refers to a cost incurred in the course of producing or providing a core business…

Q: Vail Resorts, Inc. is an American mountain resort company headquartered in Broomfield, Colorado.…

A: A journal entry is used to document a business deal in the company's accounting records. Entries are…

Q: Question Content Area Entries for Selected Corporate Transactions Selected transactions completed…

A: The company issue shares to the public and receives cash. The company uses this cash in its business…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On June 31, 2019, Majestic Co. acquired all of the common stock of Golden Compuny, which became a division of Majestic Co. Golden reported the following statenment of financial position at the time of the acquisition: Golden Company Statement of Financial Position Assets Equity and Liabilities Share capital-ordinary Retained eamings Accounts payable 3950.000 Plant assets (net) Inventory Receivables Cash Total assets $41,050,000 375,000 900,000 650.000 475.000 250.000 $2.325,000 Total equity and liabilities $2.125.000 An appraisal indicated that the fair value of the inventory was $355,000 and the fair value of the plant assets was $1,350,000. The agreed purchave price was $2,500,000, and this amount was paid in cash to the previous owners of Golden Company
d. P3,190,000 Nし,000 2196,000 11. On May 2, 2022, the separate statement of financial position of Paer Corporation and Simon Company are as follows: Peter Simon Cash P145,700 120,500 42,500 185.800 P494,500 P15,500 35,800 10,200 78,000 P139,500 Accounts receivable Inventories Plant assets Total assets P 28,800 50,000 P110,400 200,000 50,000 134.100 Total liabilities and stockholders' equity P494,500 Liabilities Capital stock, P100 par Additional paid in capital Retained earnings 60.700 P139,500 On May 2, 2022 Peter acquired 90% of Simon's outstanding voting shares for P108,000. Peter incurred additional P32,000 in acquisition- related costs. All the assets of Simon are fairly valued except the plant assets with a fair value of P90,000 on May 2, 2022. NCI is measured at proportionate share of Simon's identifiable net assets. What amount of total assets will be reported in the consolidated statement of financial position immediately after acquisition? a. P538,000 b. P494,000 c. P646,000…
The general ledger of Proton Corporation as of December 31, 2022, includes the following accounts: Copyrights P 30,000 Deposits with advertising agency (will be used to promote goodwill) 27,000 Bond sinking fund 70,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 390,000 Trademarks 120,000 In the preparation of Proton's statement of financial position as of December 31, 2022, what should be reported as total intangible assets? O P567,000 O P537,000 O P510,000 O P540,000
The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts: Copyrights Deposits with advertising agency (will be used to promote goodwill) 27,000 Discount on bonds payable Excess of cost over fair value of identifiable net assets of acquired subsidiary Trademarks P30,000 70,000 90,000 90,000 In the preparation of Grumpy's balance sheet as of December 31, 2021, what should be reported as total intangible assets?
XYZ Company's policy for the purchases of any asset over the value of $3,000 requires the purchasing clerk and purchasing manager to sign off is an example of а. general authorization. b. special authorization. С. specific authorization. d. generic authorization.
Based on the information provided below: Cash Buildings Equipment Account Receivable Prepaid Insurance Franchise Inventory Copyright Tradename Goodwill $73,000 $384,581 $125,000 $216,658 $21,468 $80,000 $256,985 $100,000 $60,000 $75,000 What is the total value of the company's tangible long-term assets (Property, Plan and Equipment)?
At December 31, 2023, Sandhill Corp's general ledger includes the following account balances: Copyrights $52500 Deposits with advertising agency (will be used to promote goodwill) 43000 Discount on bonds payable 74000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 589500 Trademarks 106000 In the preparation of Sandhill's balance sheet as of December 31, 2023, what should be reported as total intangible assets? O $158500 O $748000 $791000 O $822000
unta 16 For Randolph Company, the following information is available: Capitalized leases $260,000, Copyrights $345,000 esponder ủa como Long-term receivables $210,000 In Randolph's balance sheet, intangible assets should be reported at larcar unta O a. 345,000. O b. 605,000. 260,000. O d. 815,000. pe here to search 梦 $
Your answer 14. An entity has the following information relating to its biological assets during 素 the year, compute for the costs to sell. * Commision to brokers P 4,000 Transportation costs to the market Levies by commodity exchange 2,800 1,200 Transfer taxes and duties 2,000 Advertising costs 800 Your answer Clear form Page 2 of 2 Back Submit Never submit passwords through Google Forms. Th This content is n d nor endorsed by Google Report Abuse-Temms of Service-Emecy Polce e tner create
The following trial balance relates to Golden Ltd at 30th September 2018GHS'000GHS'000Sales (a)760,000Material purchases (b) 128,000Production labour (b) 248,000Factory overheads (b) 160,000Distribution costs 28,400Administrative expenses (c) 92,800Finance costs 700Investment income1,600Leased property - at cost (b) 100,000Plant and equipment - at cost (b) 89,000Accumulated amortisation/depreciation at 1/10/2017- leased property20,000- plant and equipment29,000Equity investments (e) 36,000Inventory at 1/10/17 93,400Trade receivables 67,100Trade payables55,600Bank4,600Stated capital (GHS0.2)100,000Income surplus (1/10/2017)67,200Deferred tax (f)5,4001,043,4001,043,400The following notes are relevant:(a) Sales include goods sold and dispatched in September 2018 on a 30-day right of return basis. Their sellingprice was GHS4.8m and they were sold at a gross profit margin of 25%. In the past, Golden Ltd’scustomers have always met their obligations under this type of agreement.(b)…
The general ledger of Sunland Corporation as of December 31, 2021, includes the following accounts: Copyrights $ 56000 Deposits with advertising agency (will be used to promote goodwill) 33000 Discount on bonds payable 76000 Excess of cost over fair value of identifiable net assets of Acquired subsidiary 540000 Trademarks 71000 In the preparation of Sunland's balance sheet as of December 31, 2021, what should be reported as total intangible assets? $644000. $611000. $667000. $700000.
How much should be recorded as the purchase price of theindividual PPE items: For items 18 to 22, identify the amount to be included asEquipment 18. Payment for injuries to third‐parties not covered byinsurance – P200,00019. Freight amounted to P50,000 and freight insuranceamounted to P5,000.20. Site preparation of P100,000 and installment cost ofP75,000.21. Test run cost which includes P10,000 materials, P15,000direct labor cost, P1,000 allocated supervisor’s salary andother overhead cost of P5,000. The good produced was soldfor P30,000.22. Value‐added tax amounting to P100,00023. Import tax of P30,00