In its December 31, 2020, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?
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In its December 31, 2020,
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- Using the following information, prepare a properly classified Statement of Financial Position for Rabbi’s Company as of December 31, 2020 under: Account Form 1. ACCRUALS AND OTHER CURRENT LIABILITIES 125,890.00 2. BONDS PAYABLE 5,000,000.00 3. CASH AND CASH EQUIVALENTS 2,500,000.00 4. CURRENT INCOME TAX PAYABLE 589,660.00 5. INTANGIBLE ASSETS, NET 2,654,700.00 6. INVESTMENT IN ASSOCIATE 1,890,600.00 7. INVESTMENT IN PROPERTY 1,968,740.00 8. INVESTMENT IN EQUITY SECURITIES 3,650,000.00 9. LONG-TERM NOTES PAYABLE 2,000,000.00 10.MERCHANDISE INVENTORY 2,789,000.00 11.OFFICE AND STORE SUPPLIES 400,000.00 12.OTHER NON-CURRENT ASSET 600,000.00 13.OTHER NON-CURRENT LIABILITIES 750,000.00 14.OWNER’SEQUITY 18,211,250.00 15.PROPERTY PLANT AND EQUIPMENT NET 9,856,250.00 16.PREPAID EXPENSES 385,000.00 17.SHORT TERM NOTES PAYABLE 320,000.00 18.TRADE AND…Using the following information, prepare a properly classified Statement of Financial Position for Rabbi’s Company as of December 31, 2020 under: Report Form 1. ACCRUALS AND OTHER CURRENT LIABILITIES 125,890.00 2. BONDS PAYABLE 5,000,000.00 3. CASH AND CASH EQUIVALENTS 2,500,000.00 4. CURRENT INCOME TAX PAYABLE 589,660.00 5. INTANGIBLE ASSETS, NET 2,654,700.00 6. INVESTMENT IN ASSOCIATE 1,890,600.00 7. INVESTMENT IN PROPERTY 1,968,740.00 8. INVESTMENT IN EQUITY SECURITIES 3,650,000.00 9. LONG-TERM NOTES PAYABLE 2,000,000.00 10.MERCHANDISE INVENTORY 2,789,000.00 11.OFFICE AND STORE SUPPLIES 400,000.00 12.OTHER NON-CURRENT ASSET 600,000.00 13.OTHER NON-CURRENT LIABILITIES 750,000.00 14.OWNER’SEQUITY 18,211,250.00 15.PROPERTY PLANT AND EQUIPMENT NET 9,856,250.00 16.PREPAID EXPENSES 385,000.00 17.SHORT TERM NOTES PAYABLE 320,000.00 18.TRADE AND OTHER…At May 31, 2019, Acai Associates reported the following amounts (in millions) in its financial statements: Total Assets Total Liabilities Interest Expense Income Tax Expense Net Income 2019 $ 59,000 32,450 642 125 620 2018 $ 57,000 29,070 590 230 4,846 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for Acai's assets? 2-b. In 2019, was Acai more (or less) successful at covering its interest costs, as compared to 2018?
- BTS Corp. collected P24,700 in interest during 2021. BTS showed P3,700 in interest receivable on its December 31, 2021 statement of financial position and P10,600 on December 31, 2020. How much is the Interest Revenue reported on BTS Company’s statement of comprehensive income for 2021?The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?Instructions: (Assume all transactions during the year were for cash.) a. Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020. b. Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2020. c. Prepare a statement of comprehensive income for 2020. d. Prepare a balance sheet as of December 31, 2020
- Baggett Company’s balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: 1. Prepare a December 31,2019, balance sheet for Baggett. 2. Compute the debt-to-assets ratio.At December 31, 2020, Stellar Corporation has the following account balances: Bonds payable, due January 1, 2029 Discount on bonds payable Interest payable $1,900,000 102,000 # 92,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications. (Enter account name only and do not provide descriptive information.) Stellar Corporation Balance Sheet (Partial) $ tACompany Z has a deposit with ABC Bank. It obtained a loan from ASAP Financing Corp. in connection with the operation of its business. For the year 2021, assume the following:Company Z’s Net Income before Interest Expense (subject to 25%), P2,500,000Interest Income (from ABC Bank, gross of FWT), P480,000FWT on Interest Income, P96,000Interest Expense, P200,000How much is the taxable income of Company Z for 2021 after deducting interest expense?
- The entity has collected P20,000 interest during 2020. While P3,700 is recorded in interest receivable on its December 31, 2020 statement of financial position and P10,000 on December 31, 2019. The interest revenue to be reported in the Company’s statement of comprehensive income for 2020 is?Use the information for the next two (2) questions. Drapes Company disclosed the following liability account balances on December 31, 2020: Accounts payable 2,850,000 Bonds payable 5,100,000 Premium on bonds payable 300,000 Deferred tax liability 600,000 Dividends payable 750,000 Income tax payable 1,350,000 Note payable 900,000 What amount should be reported as current liabilities? What amount should be reported as noncurrent liabilities?Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.