LL %24 The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as BALANCE SHEETS December 31, 2020 Patrick Sean Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean 24 000'9 000 9 000 00000 000 0 000 $1,400,000 $ 418,000 Total assets 82,000 Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings 000'8 000 306,000 262,000 000't78 Total liabilities and shareholders' 000 Additional Information: • On December 31, 2020, Patrick acquired 100 percent of Sean's voting stock in exchange for $454,000. • At the acquisition date, the fair values of Sean's assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean's inventory were $20,000 more than their carrying amounts. In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported? < Prev 2 of 15 Next be here to search dy 144 f4 f5 米到 & $ *3 81 4. 5. R H.

LL %24 The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as BALANCE SHEETS December 31, 2020 Patrick Sean Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean 24 000'9 000 9 000 00000 000 0 000 $1,400,000 $ 418,000 Total assets 82,000 Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings 000'8 000 306,000 262,000 000't78 Total liabilities and shareholders' 000 Additional Information: • On December 31, 2020, Patrick acquired 100 percent of Sean's voting stock in exchange for $454,000. • At the acquisition date, the fair values of Sean's assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean's inventory were $20,000 more than their carrying amounts. In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported? < Prev 2 of 15 Next be here to search dy 144 f4 f5 米到 & $ *3 81 4. 5. R H.

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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QUESTION 12
QUESTION Numba Ephraim plc, a retailing company has an authorized share capital of 700,000 ordinary shares of K1 each. The following trial balance was extracted from the books of account as at 31 December 2020. Dr Cr K000 K000 Issued share capital 560 Share premium account 140 Income Statement…
Question No.2 Wahid Company Limited is registered with an authorized capital of 2,000,000 divided into ordinary share of Rs.10 each. The company books showed the following balances on December 31, 2019 are as follows: Debit Credit Title of Account Rs. Rs. Cash at Bank Accounts Rec eivable Allowance for Bad Debts Prepaid Rent Merchandise Inventory (Beg) Machinery Accumulated Depreciation |(Machinery) Accounts Payable Accrued Rent Mortgage Notes Payable Share Capital Retained Earning 8,000 26,000 2,000 400 5,200 560,000 68,000 28,000 1,000 133,400 380,000 48,700 180,000 Sales Purchases Salaries Expense Transportation-in Rent Expense Auditor's Fee 180,000 22,000 18,000 17,000 4,500 841,100 841,100 Total Data for Adjustment: I. Rent Payable Rs.100 II. Merchandise Inventory Rs.88,000 III.Depreciation Expense for the year Rs.16,000 IV.Appropriate Rs, 8,000 for Plant Extension and Rs. 18,000 for Contingencies Required: A. Prepare Income Statement B. Prepare Statement of Retained Earning C.…
Problem 18-5 (Algo) Shareholders' equity transactions; statement of shareholders' equity; financial statement effects [LO18-6, 18-7, 18-8] Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: Common stock, 112 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $ 112,000 672,000 910,000 a. November 1, 2024, the board of directors declared a cash dividend of $0.70 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.8 million, but were purchased two years previously for $2.4 million. Because they were intended to be held to maturity, the bonds had not been…
Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2023 Contributed capital: Preferred shares, $17 cumulative, 3,500 shares authorized, issued, and outstanding Common shares, unlimited shares authorized, se,000 shares issued and outstanding Total contributed capital Retained earnings Total equity 1,190,000 1,200,000 2,390,000 472,000 2,062,000 Required: a. Refer to the equity section above. Assume that the preferred are convertible into common at a rate of eight common shares for each share of preferred. if 1000 shares of the preferred are converted into common on April 1, 2023, prepare the journal entry
E 36-3 - Computation of basic EPS; with retrospe Miming Corp. had the following capital structure during 2020 and 2021: Preference share capital, P100 par, 10% cumulative, 100,000 shares Ordinary share capital, P100 par, 400,000 shares P10,000,000 40,000,000 Miming reported profit of P8,000,000 for the year ended Dec. 31, 2021. Miming paid no preference share dividends during 2020 and paid P1,500,000 preference share dividends in 2021. On Jan. 31, 2022, prior to the date that the 2021 financial statements are authorized for issue, Miming distributed 10% ordinary share dividend. Required: Compute the basic EPS to be presented in Miming Corp.'s statement of profit or loss for the year ended Dec. 31, 2021. E 36-4 - Computation of basic and diluted EPS; convertible instruments Kate Corp. had 200,000 ordinary shares, 20,000 convertible preference shares, and P1,000,000 of outstanding during 2021. The preference share is convertible into 40,000 ordinary shares. During 2021, Kate paid…
Subject: AFAR #185
9. How much is the total consolidated assets on December 31, 2x19? 10. How much is the consolidated liabilities on December 31, 2x19? 11. How much is the consolidated stockholder’s equity on December 31, 2x19?
QUESTION 3 Statement of Financial Position as at 31 December 2019 H S 1,000,000 500,000 Ordinary Share Capital Retained Profit 400,000 110,000 Current Liabilities 100,000 20,000 1,500,000 630,000 Land 100,000 100,000 450,000 400,000 Building at cost Accumulated Depreciation -50,000 -100,000 Other non-current assets 100,000 200,000 750,000 Investment in S- Ordinary shares at cost Current Assets 150,000 30,000 1,500,000 630,000 Additional Information : a) H acquired 400,000 of the 500,000 ordinary shares of S on 1 January 2019 when the retained profit of S has a credit balance of RM70,000. b) On the date of acquisition of S, the fair value of land of S was RM20,000 more than its carrying amount of RM100,000. Inventory of S had a fair value that was RM5,000 more than its carrying amount. As at the end of the current year, this inventory had been sold. c) As at 31 December 2019, the fair values of the land of H and S were RM130,000 and RM145,000 respectively. The group's policy is to…
Extracts from group financial statements of AB, a public limited company, year ended April 30, 2021. OMR (millions) Profit from continuing operations 35,000 Minority interest distributed1,500 Preference dividend30 Share capital at April 30, 2021 Ordinary shares of OMR 1 1,000 5% Convertible preference shares 300 Other Information 1. The profits for the three months to April 30, 2021, are OMR1,200 million. 2. On May 11, 2021, there was a bonus issue of one for four ordinary shares. The financial statements are made up to April 30, 2021, and had not yet been published. 3. XY plc, a 100% owned subsidiary of AB, has in issue 9% convertible bonds of OMR200 million that can be converted into one ordinary share of AB for every OMR10 worth of bonds. Income tax is levied at 33%. Required Calculate basic and diluted earnings per share.
CH Required information Sovran Financial Corporation reported net income of $154 mlion for the current year (tax rate 25%). Its capital structure consksted of the folkowing. Unchanged during the year Common Stock Jan. 1 60 million common shares were outstanding (S amounts in milions, except per share amount) Basic EPS: Netincome $154 $2.57 60 Shares outstanding 0:00/1:23 720p 1X CC O Knowledge Check 01 Greene Corporation reported net income of $300,000. The company had 60,000 common shares outstanding, which remained unchanged during the current year. What is the company's basic EPS? (Round your answer to 2 decimal places.) Basic EPS IMG-1894.jpg IMG-1895.jpg IMG-1896.jpg --pdf 490CA57F-89F1....pdf