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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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.
40.The accounts below appear in the December 31, 2020 trial balance of Spartans Corporation: Authorized Share Capital P 5,000,000Unissued Share Capital 2,000,000Subscribed Share Capital 1,000,000Subscription Receivable-due 2018 400,000Property Dividends Payable 800,000Share Premium 500,000Retained Earnings-unappropriated 600,000Retained Earnings-appropriated 300,000Treasury Shares-at cost 100,000 In its December 31, 2020 Statement of Financial Position, what is the amount of Spartans total Shareholders’ Equity.
Payroll Entries Widmer Company had gross wages of $162,000 during the week ended June 17. The amount of wages subject to social security tax was $145,800, while the amount of wages subject to federal and state unemployment taxes was $20,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $32,400. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June 7 fill in the blank ff7bb505303103a_2 fill in the blank ff7bb505303103a_3 fill in the blank ff7bb505303103a_5 fill in the blank ff7bb505303103a_6 fill in the blank ff7bb505303103a_8 fill in the blank ff7bb505303103a_9 fill in the blank ff7bb505303103a_11 fill in the blank ff7bb505303103a_12 fill in the blank ff7bb505303103a_14 fill…
Assets Liabilities Capital stock Retained earnings Total equities Assets Liabilities Capital stock Retained earnings Total equities Balance Sheet December 31, 2025 Skysong Company Balance Sheet December 31, 2025 $2040000 $210000 1020000 810000 $2040000 $1440000 $320000 970000 150000 $1440000 If Oriole Company acquired a 30% interest in Skysong Company on December 31, 2025 for $350000 and during 2026, Skysong had net income of $141000 and paid a cash dividend of $51000, applying the equity method would result in a debit balance in the Equity Investments (Skysong) account at the end of 2026 of O $392300. ○ $377000. ○ $350000. O $334700.
Information concerning the capital structure of Catan Corporation follows Dec. 31, 2019 Dec. 31, 2020 100,000 shares 100,000 shares 10,000 shares $ 2,000,000 Common shares outstanding Convertible preferred shares outstanding 9% convertible bonds 10,000 shares Select one: a. $ 3.65 b. $ 4.75 c. $ 3.33 d. $ 5.00 $ 2,000,000 During 2020, Catan paid dividends of $ 1.00 per common share and $2.50 per preferred share. The preferred shares are non-cumulative, and convertible into 20,000 common shares. The 9% convertible bonds are convertible into 50,000 common shares. Net income for calendar 2020 was $500,000. Assume the income tax rate is 30%. Basic earnings per share for 2020 is
Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.
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QUESTION 1 On 1 January 2019 Pac Ltd obtained a 40% interest in the ordinary shares of Act Ltd for N$1 500 000 in cash. On this date Act Ltd’s reserves consisted of the following: Ordinary share capital------------------N$800 000 Retained earnings----------------------N$300 000 Revaluation reserve--------------------N$200 000 The following is an extract from the Trial Balance for 2017 financial year. Retained earnings 01/01/20-------------------N$400 000 Revaluation Surplus 01/01/20-----------------N$250 000 Profit for the year after tax---------------------N$200 000 Other Comprehensive income for the year-----------------------------N$60 000 Dividends paid (31/12/20)-----------------------------------------N$40 000 Pac Ltd made the election to account for investment in subsidiary at cost in accordance with IAS 27 Separate financial statements. note: NCI interest is measured at the proportionate…
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