FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Repurchased 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 earningsarrow_forwardThe 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…arrow_forwardam. 17.arrow_forward
- 15. The net necessary net adjustment involves an adjustment to additional paid in capital in the amount of:arrow_forward6. 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?arrow_forwardReyarrow_forward
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- q17arrow_forwardThe balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Net Income is $150,600. 2. Sales on account are $1,215,500. (All sales are credit sales.) 3. Cost of goods sold is $973,400. Complete this question by entering your answers in the tabs below. a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity 2024 19.9 % 13.9 % %6 $208,600 60,000 86,000 3,100 times %6 390,000 390,000 700,000 580,000 (338,000) (178,000)…arrow_forwardAccounting equation The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: Assets ABC Liabilities XYZ $47,172 $45,757 20,756 21,963 Determine the stockholders' equity of each company. ABC Corporation stockholders' equity $ XYZ Corporation stockholders' equity $ million millionarrow_forward
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