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- Rey1. 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. confidenceIt is the share of profits and retained earnings that a company pays out to its shareholders. * O Net income Dividends O Preferred shares O Ordinary shares
- How would the declaration of a 15% share dividend by a corporation affect the retained earnings and total shareholders’ equity, respectively? A. No effect; No effectB. No effect; DecreaseC. Decrease; No effectD. Decrease; Decrease24. Based on Item 21, what is the amount of contributed capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 640,000 b. 600,000 c. 260,000 d. 900,000 25. Based on Item 21, what is the amount of legal capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity?q17
- Q39 Return that a shareholder gets from the company, out of its profits, on his shareholdings, is called a. Dividends b. Retained Earnings c. Return on Shareholdings d. Return on EarningsUsing the proportionate basis or partial goodwill method, compute the equity holders of parent (or controlling interest) retained earnings on January 1:A. P 48,000 C. P 84,900B. P52,100 D. P 89,000Wiley Coyote started Acme, Inc on June 1, 2020. Acme's Chart of Accounts is below. Chart of Accounts Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned Salary Expense Rent Expense Supplies Expense Interest Expense Utility Expense During the month of June, Acme Inc. entered into the following transactions: 1 Transferred cash from a personal bank account in exchange for stock, $100,000 3 Recorded services provided on account, $9,100 5 Received cash from clients as an advance payment for services to be provided in July, $12,500 7 Purchased Office Equipment for $5,000, paying $500 cash and signing a Note for the remainder. 9 Receive cash for services provided: $5,000 10 Paid part-time receptionist for two weeks' salary $1,750 12 Purchased office supplies from Staples on account, $1,200 14 Billed clients for fees earned; $2,500 16 Paid $1,000 for 3 months rent for the months of…
- Required: Prepare the journal entries to record the following: Admission by Investment and Division of Profits Problem #16 The condensed statement of financial position of Matuguinas and Sorima on Dec. 31, 2018, follows: Matuguinas and Sorima Statement of Financial Position December 31, 2018 Assets Liabilities and Partners' Capital Current Assets Ptant Assets (net) P100,000 Liabilities Matuguinas, Capital Sorima, Capital P300,000 200,000 100,000 P600,000 500,000 Total P600,000 Total Matuguinas and Sorima shared profits or losses 40% and 60%, respectively. On Jan. 2, 2019, Pateno was admitted to the partnership by investing the net assets of her highly profitable proprietorship. The partners agreed to the following current fair values of the identifiable net assets of Pateno's proprietorship: P 70,000 230,000 P350,000 200,000 P100,000 Current Assets Plant Assets Total Assets Less: Liabilities Net Assets Pateno's capital account was credited for P120,000. The partners agreed further that…20.Which of the following items is not a sub-category of shareholders’ equity? a. Share capital b. Retained earnings c. Dividends payable d. Share premiumEquity securities acquired by a corporation which are accounted for by recognizing unrealized holding gains or losses as part of the net income are: Securities where a company has holdings of between 20% and 50% Securities where a company has holding of less than 20% O Available-for-sale securities where a company has holdings of less than 20% O Securities where a company has holdings of more than 50%