Question 29 Ryan Ltd. sold equipment with a book value of $80,000 for a 10,000 gain, sold Ryan Ltd, common stock for $80,000, received repayment on a notes receivable for $160,000 (this amount included $16,000 of interest), paid dividends of $30,000, purchased treasury stock for $35,000, purchased a piece of equipment with a fair market value of $100,000 by paying $25,000 in cash and signing a notes payable for the balance, and received dividends in the amount of $40,000. The net cash inflow from investing activities was: Answer: $
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- QUESTION 41 Carpenter Corporation purchased a mineral deposit, making payment as follows: Cash $10,000 and 6,000 Carpenter Corporation common shares. On the date of the purchase, the mineral deposit had an appraised value of $75,000; the common shares were quoted on the market at $11 per share. Other acquisition costs amounted to $3,000 cash. What was the cost recorded for the mineral deposit? O $79,000 $73,000 $70,000 $75,000Question 48 Smiley Corp.'s transactions for the year ended December 31, 2021 included the following: • Purchased real estate for $1,250,000 cash which was borrowed from a bank. • Sold available-for-sale securities for $1,000,000. • Paid dividends of $1,200,000. • Issued 500 shares of common stock for $500,000. • Purchased machinery and equipment for $250,000 cash. • Paid $900,000 toward a bank loan. • Reduced accounts receivable by $200,000. • Increased accounts payable $400,000. Smiley's net cash used in financing activities for 2021 was $850,000. $900,000. $450,000. $350,000.Question 5 During 2021 Carla Vista Company purchased 9500 shares of Metlock Inc. for $25 per share. During the year Carla Vista Company sold 2250 shares of Metlock, Inc. for $30 per share. At December 31, 2021 the market price of Metlock, Inc.’s stock was $23 per share. What is the total amount of gain/(loss) that Carla Vista Company will report in its income statement for the year ended December 31, 2021 related to its investment in Metlock, Inc. stock? $-7750 $11250 $-19000 $-3250
- Question 39 Peavy Corp.'s transactions for the year ended December 31, 2021 included the following: • Acquired 50% of Gant Corp.'s common stock for $300,000 cash which was borrowed from a bank. • Issued 5,000 shares of its preferred stock for land having a fair value of $480,000. • Issued 600 of its 11% debenture bonds, due 2026, for $588,000 cash. • Purchased a patent for $330,000 cash. • Paid $180,000 toward a bank loan. • Sold available-for-sale securities for $1,194,000. • Had a net increase in returnable customer deposits (long-term) of $132,000. Peavy's net cash provided by investing activities for 2021 was $414,000. $864,000. $564,000. $894,000.Question 3 Happy Berhad owns 40% interest in the equity capital of Merry Berhad. During the year ended 31 December 2021, intercompany sales of goods with the associate totalled RM5 million. At year-end, stocks attributable to RM1 million intercompany sales were held by the buyer. The gross profit margin to the seller was 50% on selling price. Assume an income tax rate of 28% and that full tax effect accounting applies. Required: In respect of the above intercompany sales of goods, show the consolidation adjustments required if: a. The transactions were downstream sales (investor to associate) and b. The transactions were upstream sales (associate to investor).QUESTION 24 a. On January 1, Yourkie Company acquired 30% of the outstanding stock of Harris Company for $300,000. DATE Debit Credit XIX b. For the year ended December 31, Harris Company earned income of $50,000. DATE Debit Credit XIX c. For the year ended December 31, Harris Company paid dividends of $8,000. DATE Debit Credit XIX d. On January 8th of the next year, Yorkshire Company sold the Harris Company stock for $301,000. DATE Debit Credit XIX
- Question 24 The following information was taken from the 2021 financial statements of Dunlop Corporation: Bonds payable, January 1, 2021 $ 800,000 Bonds payable, December 31, 2021 4,800,000 During 2021 • A $720,000 payment was made to retire bonds payable with a face amount of $800,000. • Bonds payable with a face amount of $320,000 were issued in exchange for equipment. In its statement of cash flows for the year ended December 31, 2021, what amount should Dunlop report as proceeds from issuance of bonds payable? $5,120,000 $4,400,000 $4,000,000 $4,480,000Question Net present Value Analysis of Securities Anita Vasquez Received $160000 from her mother's estate. She placed the funds in the hands of broker, who purchased the following securities on Vasquez's behalf. a. common shares were purchased at cost of $80,000. the share paid no dividends, but they were sold for $180,000 at the end of four years. b. preferred shares were purchased at their par value of $30,000. the shares paid 6% dividend (based on par value) each year for four years. At the end of four years, the shares sold for $24,000. c. Bond were purchased at a cost of 450,000. the bonds paid $3,000 in interest every six months. after four years, the bonds were sold for $58500. (note: in discount a cash flow that occurs semi-annually, the procedure is to halve the discount rate and double the number of periods. use the same procedure in discounting the proceeds from the sale) the securities were all sold at the end of four years so that Vasquez would have funds available to…1 16 On January 1, 2024, Clor-Proell Enterprises bought 20% of the outstanding common stock of Chen Construction Company for $600 million cash. Chen's net income for the year ended December 31, 2024, was $300 million. During 2024, Chen declared and paid cash dividends of $60 million. Clor-Proell recorded the investment as follows: points PURCHASE General Journal ($ in millions) Debit Credit Investment in Chen Construction shares Cash 600 600 eBook NET INCOME Investment in Chen Construction shares (20% x $300 million) 60 Investment revenue 60 DIVIDENDS Hint Cash (20% x $60 million) 12 Investment in Chen Construction shares 12 Required: Print References What would be the pretax amounts related to the investment that Clor-Proell would report in its statement of cash flows for the year ended December 31, 2024? Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Cash outflows should be indicated with a minus sign. Operating activities $ 600 Investing activities…
- Question 5 Canon Ltd owns all the share capital of Brother Ltd. The income tax rate is 30%. During the period ended 30 June 2023, the following transactions took place: (a) Brother Ltd sold inventories costing $75 000 to Canon Ltd. Brother Ltd recorded a $15 000 profit before tax on these transactions. On 30 June 2023, Canon Ltd has none of these goods still on hand. (b) Canon Ltd sold inventories costing $12 000 to Brother Ltd for $27 000. By 30 June 2023, one-third of these were sold to Willow Ltd for $14 250 and one-third to Layla Ltd for $13 500; the rest are still on hand with Brother Ltd. Willow Ltd and Layla Ltd are external entities. (c) On 1 January 2023, Canon Ltd sold land for cash to Brother Ltd at $30 000 above st. The land is still on hand with Brother Ltd. (d) Brother Ltd sold a warehouse to Canon Ltd for $150 000 on 1 July 2022. The carrying amount of this warehouse recognised by Brother Ltd at the time of sale was $123 000. Canon Ltd charges depreciation at a rate of…Question 1: Chapter 7 On 1 October 20X8 Pacemaker Co acquired 30 million of Vardine Co's 100 million shares in exchange for 75 million of its own shares. The fair value of Pacemaker Co's shares at the date of this share exchange was $1.60 each. Vardine Co's profit is subject to seasonal variation. Its profit for the year ended 31 March 20X9 was $100 million. $20 million of this profit was made from 1 April 20X8 to 30 September 20X8. Pacemaker Co has one subsidiary and no other investments apart from Vardine Co. What amount will be shown as 'investment in associate' in the consolidated statement of financial position of Pacemaker Co as at 31 March 20X9?Question 10 Rowe, Inc. owns 80% of Cowan Co.'s outstanding capital stock. On November 1, Rowe advanced $100,000 in cash to Cowan. What amount should be reported related to the advance in Rowe's consolidated balance sheet as of December 31? A. B. C. D. $0 $20,000 $80,000 $100,000