9) Omani Company reported equity of RO 130,000 on March 1. During the month, The Company generatedrevenue of RO 30,000; incurred expenses of RO 22,000; purchased a building for RO 25,000 and paid dividendsof RO 6,000 and shareholder made additional investment of RO 20,000 in return for shares. What is the amount ofequity at the end of the month of March 31?RO 152,000RO 22,000RO 132,000RÕ 177,000

Formula: Net income = Total Revenues - Total expenses

Answered: 9) Omani Company reported equity of RO…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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9) Omani Company reported equity of RO 130,000 on March 1. During the month, The Company generated revenue of RO 30,000; incurred expenses of RO 22,000; purchased a building for RO 25,000 and paid dividends of RO 6,000 and shareholder made additional investment of RCO 20,000 in return for shares. What is the amount of equity at the end of the month of March 31? RO 152,000 RO 22,000 RO 132,000 RO 177,000
Company E reports net income of $100,000 for 2015. Assume the income is earned evenly throughout the year. Dividends of $10,000 are paid on December 31. What will Company R report as investment income under the following ownership situations, if: a. Company R owns a 10% interest from July 1 to December 31? b. Company R owns a 10% interest from January 1 to June 30 and a 25% interest from July 1 to December 31? c. Company R owns a 30% interest from January 1 to June 30 and a 10% interest from July 1 to December 31?
SOLVE THE FOLLOWING PROBLEM OF ACCOUNTING 1. Mr. Alfredo Mendaz gives us a loan of $160,000.00, for six months, charging us 42% annually. Make the entry at the time of the loan, and at the time of payment. 2. An entity obtains a net distributable profit of $175,00.00. The shareholders' meeting decrees a dividend of $50.00 per share, for each of the 2,500 subscribed shares. 3. Suppose that, at the end of the year, a bill of exchange for $160,000.00 is owed in favor of our creditor Carlos Pérez, due five months ago, on which the company has to pay interest Moratoriums of 6% per month. 4. An entity receives cash equivalent to 35% from a customer on a merchandise order with a value of $200,000.00. make the entry at the time of the advance, and when full payment is made and the merchandise is delivered. 5. Calculate the expenses and taxes pending payment, for each of the following concepts. CONCEPT salaries rents payroll taxes IMSS, SAR E fees INFONAVIT Electric energy service telephone…
A company's total owner's equity at the start of the year was P400,000. The company produced a net profit of P200,000 throughout the year, distributed P50,000 in profits, and issued ordinary shares for a total of P200,000 in profits. What is the final balance of resources if the final debt is P200,000?
Hondo Bank has the following data for the first month of the current year:Interest, commissions, and discounts from lending activities (remaining maturity of instrument is 5 years), P5,000,000Income from financial leasing (remaining maturity of the instrument is more than 5 years), P3,000,000Dividends and equity shares in net income of subsidiaries, P1,000,000Rentals of properties, P500,000Net trading gains within the taxable year on foreign currency, P300,000How much is the gross receipts tax?
15. The income statement of Osborne Company reported net income of $500,000 for the year ended December 31 before considering the following: a. During the year, Osborne purchased trading securities b. At year end, the fair value of the investment portfolio was $35,000 less than the cost 4 c. The balance of Retained Earnings was $743,000 on January 1; d. Osborne paid $46,000 cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on December 31.
Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following: a. During the year, Gympa purchased trading securities b. At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost c. The balance of Retained Earnings was $792,000 on January 1 d. Gympa paid $67,000 in cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on Decemeber 31.
24. Pinaasa Company had total assets of P4,000,000 and shareholder’s equity of P2,080,000 at the beginning of the year. During the year, assets increased by P520,000 and liabilities decreased by P820,000. What is the shareholder’s equity at the end of the year? Choices: P3,700,000 P3,420,000 P3,380,000 P1,340,000
On January 1, Year 5, Anderson Corporation paid $864,000 for 27,000 (20%) ofthe outstanding shares of Carter Inc. The investment was considered to be one of significantinfluence. In Year 5, Carter reported profit of $102,000; in Year 6, its profit was $112.00O. Dividends paidwere $67,000 in each of the two years. Required A Calculate the balance in Anderson's investment account as at December 31, Year 6.
At the beginning of the year, Corporation A purchased 8,000 shares of Corporation B's common stock for $40 per share. B reported net income of $120,000 for the year and paid dividends of $45,000. As of December 31, the market value of B's common stock was $42 per share. Assuming the shares owned by Company A represent 10% of the total outstanding stock of Company B, how much income should A report from its investment in B for the year if the shares are considered trading securities? $4,500 $12,000 $20,500
What is the net income for the current year? During the year, Homo sold 100,000 shares with P20 par value for P30 per share and received cash in full. Dividend of P1, 500,000 was paid in cash during the year. The increase (decrease) in the accounts of Homo Company for the current year are as follows: Equipment P3,000,000 (800,000) Accounts payable Cash 1,500,000 Bonds payable 2,000,000 Investments (1,000,000) Accounts receivable (net) 3, 500,000 Inventory 3,900,000 Equipment with Fair value of P2,000,000 was donated by a shareholder during the year. Your answer
Bonita Co. invested $910,000 in Windsor Co. for 25% of its outstanding stock. Windsor Co. pays out 30% of net income in dividends each year.Use the information in the following T-account for the investment in Windsor to answer the following questions. Investment in Windsor Co. 910,000 99,000 29,700 (a) How much was Bonita Co.’s share of Windsor Co.’s net income for the year? Net income $enter Bonita’s net income in dollars (b) What was Windsor Co.’s total net income for the year? Total net income $enter the total net income of WindsorCo. for the year (c) What was Windsor Co.’s total dividends for the year? Total Dividends $enter the total dividends of WindsorCo. for the year (d) How much was Bonita Co.’s share of Windsor Co.’s dividends for the year? Dividends $enter the dollar amount of dividends for Bonita Co.

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