Situation 1: Novak CosmeticsMar. 18, 2025June 30, 2025Dec. 31, 2025Situation 2: Splish, IncJan. 1, 2025June 15, 2025Dec. 31, 2025Debt InvestmentsCashcashDividend RevenueFair Value AdjustmentUnrealized Holding Gain or Loss - EquityCommon StockCashCashSales RevenueCommon StockTRevenue from InvestmentIII270200675019300982401532033680270206751930982415323368 Situation 1:Novak Cosmetics acquired 10% of the 193,000 shares of common stock of Martinez Fashion at a total cost of $14 per share on March18, 2025. On June 30, Martinez declared and paid $67,500 cash dividends to all stockholders. On December 31, Martinez reportednet income of $118,700 for the year. At December 31, the market price of Martinez Fashion was $15 per share.Situation 2:Splish, Inc. obtained significant influence over Seles Corporation by buying 40% of Seles's 30,700 outstanding shares of common stockat a total cost of $8 per share on January 1, 2025. On June 15, Seles declared and paid cash dividends of $38,300 to all stockholders.On December 31, Seles reported a net income of $84,200 for the year.Prepare all necessary journal entries in 2025 for both situations. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter o for the amounts. Record journal entries in the order presented in the problem.)

A journal entry is the act of keeping or making records of any transactions either economic or…

Mar. 18, 2025 June 30, 2025 v Dec. 31, 2025 Situation 2: Splish, Inc Jan. 1, 2025 June 15, 2025 Dec. 31, 2025 Debt Investments Cash cash Dividend Revenue Fair Value Adjustment Unrealized Holding Gain or Loss - Equity Common Stock Cash Cash Sales Revenue Common Stock Revenue from Investment |||||| 270200 6750 19300 98240 15320 33680 2702 67: 193 982 1532 336

Mar. 18, 2025 June 30, 2025 v Dec. 31, 2025 Situation 2: Splish, Inc Jan. 1, 2025 June 15, 2025 Dec. 31, 2025 Debt Investments Cash cash Dividend Revenue Fair Value Adjustment Unrealized Holding Gain or Loss - Equity Common Stock Cash Cash Sales Revenue Common Stock Revenue from Investment |||||| 270200 6750 19300 98240 15320 33680 2702 67: 193 982 1532 336

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 16 Superb Manufactutring inc attached in ss below thanks for help aprpeciated irwgwrgw
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DeSermovil8j8jhia898nvne 1h7r/k9volu7gkh91ogf771 f041cqa0sh615k/1612079475000/drive/1718964359 80% 1 / 4 1. The statement of financial position of Fateh Enterprise, a sole trader, for two successive years are shown below. Statement of Financial Position as 31 December 2020 2019 RM RM RM RM Non Current Asset Land and premises (cost RM52,000) Plant and machinery: (Cost RM19,000) (Cost RM25,000) 44,000 40,000 14,250 19,600 59,600 58,250 Current Asset Inventory Trade account receivable 6,600 17,800 6,300 12,600 7,100 Bank 24.400 82,650 26.000 85,600 FINANCED BY: Capital account: Balance at 1 January Add: Net Profit for the year 42,000 18.000 47,000 22,000 60,000 (13,000) 47,000 69,000 (15,000) 54,000 Less:Drawing Current Liabilities Trade account payable Bank overdraft 22,000 13,650 11,600 35,650 11,600 Non Current Liabilities Loan(repayable December 2022) 20.000 85.600 82.650 Required: Prepare statement of cash flow for Fateh Enterprise for the year ended 31 December 2020. Prepared by:…
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