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- The following choice in number 19 are these. C. Ordinary shareholders receive a dividend rate per share equal to the preference share and all excess dividends are shared proportionately between the two classes. D. Preference shareholders receive their full dividend and any excess is given to the ordinary shareholders.A company has 15% ownership of a corporation and adopts the fair value method in it's recognition for this investment. the investee reported net income of $110,000 for 2021 and paid dividends of $60,000 on November 1, 2021 how much equity income should the company recognized in the investment in 2021 a. 16,500 b. 9,000 c. 25,500 d. 7,500Repurchased share transactions are reported on the: A) income statement as a part of continuing operations B) statement of changes in shareholders' equity C) income statement D) statement of retained earnings
- The following are the consolidated financial statements of Maya Group for the financial year ended 31 December 2021. Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 31 December 2021 Revenue Operating expenses Profit from operations Gain on disposal of subsidiary Finance costs Share of profit of associate Profit before tax Tax expense Profit after tax Other comprehensive income (OCI) Investment thorough OCI Other comprehensive income from associate Total comprehensive income Profit attributable to: Non-controlling interest Equity holders of the parent OCI attributable to: Non-controlling interest Equity holders of the parent Non-current assets Property, plant and equipment Goodwill Investment in associate Current assets Inventories Trade receivables Cash and cash equivalents Total assets Equity Contributed ordinary share capital Revaluation reserves Non-controlling interest Retained earnings Non-current liabilities Long-term loan Deferred tax…am. 17.20.IFRIC 17 Distribution of noncash assets to owner provides that at the end of each reporting period and at the date of settlement, the entity shall review and adjust the carrying amount of the dividend payable with any change recognized in Group of answer choices a. share premium b. share capital c. profit or loss d. retained earnings
- 15. The net necessary net adjustment involves an adjustment to additional paid in capital in the amount of:6. Complete the table below for the 100% shareholder of the S-corporation. Schedule M-2 Accumulated Schedule M-2 Other Schedule M-2 Earnings and Tax basis in Adjustment Adjustments S-Corp event stock Account Account Profits account Capital gains Amounts on Jan. 1, 2024 30,000 10,000 3,000 20,000 What is the effect if the S-corporation has taxable profit of $50,000 in 2024? What is the effect if the S-corporation makes a $62,000 cash distribution in 2024? What is the effect if the S-corporation makes a $21,000 cash distribution in 2025, and there is no income or loss? What is the effect if the S-corporation makes a $20,000 cash distribution in 2026, and there is no income or loss? What are the balances at the end of 2026?Rey
- 1. The cost method of accounting for stock investments is used when the company acquires a. Greater than 50% of the company's stock b. Between 20% to 50% of the company's stock c. Less than 20% of the company's stock 2. The significance of percentage of ownership relates to how much _____________ the acquiring company has in the new company. a. data b. control c. confidencessThe following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $ Debits 44,000 94,000 119,000 82,000 158,000 395,000 113,000 31,000 51,000 $ 29,000 119,000 44,000 84,000 39,000 345,000 6,000 390,000 31,000 $1,087,000 $1,087,000 Additional Information: 1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located. The remaining $39,000 represents the cost of land being held for speculation. 2. The $82,000 balance in the investment in equity securities account represents an investment in the…