The statement of members' equity for Bonanza, LLC, follows:Bonanza, LLCStatement of Members' EquityFor the Years Ended December 31, 20Y3 and 20Y4IdahoSilverProperties,LLC,MemberEquityThomasStreams,LLC,MemberEquityTotalMembers'Dunn,MemberEquityEquity$ 580,000Members' equity, January 1, 20Y3$273,000$307,000Net income57,000133,000190,000$ 770,000Members' equity, December 31, 20Y3Dunn contribution, January 1, 20OY4$330,000$440,000$220,0003,0007,000230,000137,500250,000Net income62,50050,000Member withdrawals(32,000)$363,500(48,000)(40,000)$230,000(120,000)$1,130,000$536,500Members'equity, December 31, 20Y4a. What was the income-sharing ratio in 20Y3?b. What was the income-sharing ratio in 20Y4?c. How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest?d. Why do the member equity accounts of Idaho Properties, LLC, and Silver Streams, LLC,have positive entries for Thomas Dunn's contribution?e. What percentage interest of Bonanza did Thomas Dunn acquire?f. Why are withdrawals less than net income?

Answered: The statement of members' equity for…

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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From the balance sheet of M/s Sharma Limited, for the year ending 31 March 2020, compute the following ratios: M/s Sharma Limited Balance sheet as on 31st March 2020 Liability Amount (Rs.) Assets Amount (Rs.) Equity Share Capital 300,000 Land 50,000 Preference Share Capital 400,000 Building 300,000 General Reserve 50,000 Plant & Machinery 300,000 Profit & Loss A/c 50,000 Furniture 40,000 12% Debentures 200,000 Debtors 200,000 Trade Creditors 60,000 Stock 150,000 Outstanding expenses 15,000 Cash 40,000 Provision for tax 20,000 Prepaid Expenses 10,000 Proposed dividends 30,000 Preliminary Expense* 35,000 *(to the extent not written off) 1,125,000 1,125,000 Current ratio Debt–equity ratio Capital gearing ratio Liquidity ratio
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How much is the total shareholders' equity at year-end?What is the number of outstanding ordinary shares? What is the number of outstanding preference shares?
A Corporation provided the following information for the current year: Income from continuing operation 2,000,000Loss on credit risk of financial liability at FVPL 200,000Revaluation surplus 1,500,000Loss from discontinued operation 300,000Unrealized gain on financial asset – FVPL 900,000Net “remeasurement” gain on defined benefit plan during the year 400,000 Unrealized gain on equity investment – FVOCI 1,000,000Investment gain on debt investment – FVOCI 900,000Unrealized loss on future contract designated as a cashflow hedge 200,000Translation gain on foreign operation 300,000 [Q7]: Determine the total amount of (21) other comprehensive income and (22) comprehensive income for the current year.
Shown as follows are the amounts from the stockholders' equity section of the balance sheets of Wasson Corporation for the years ended December 31, 2020 and 2021. Stockholders' equity: Capital Stock Retained Earnings Total stockholders' equity a. b. 2021 2020 $50,000 $30,000 200,000 180,000 $250,000 $210,000 Calculate the amount of additional investment that the stockholders made during 2021. Assuming that the corporation declared and paid $15,000 in dividends during 2021, calculate the amount of net income earned by the corporation during 2021. c. Explain the significance of the $200,000 balance of retained earnings at December 31, 2021.
A Company provided the following balances on December 31, 2021: Subscription receivable 100,000 Losses from investment in equity FVTOCI 60,000 Accrued taxes 15,000 Ordinary share capital 2,500,000 Profit for the year 1,200,000 Retained earnings, beginning balance3,500,000 Salaries payable 80,000 Share dividends payable 50,000 Treasury shares, at cost 300,000 Unamortized issue cost on notes payable 10,000 Unearned rent income 60,000 Accounts payable (net of accounts with debit balances of P100,000) 300,000 Dividends paid 250,000 Mortgage payable (P800,000 due in 8 months) 3,000,000 Trade notes payable, due on January 31, 2023 600,000 Share premium 200,000 Preference share capital 1,300,000 Discount on notes payable 200,000 [Q3]: Determine the total amount of (7) current liabilities, (8) non-current liabilities, (9) retained earnings and (10) shareholder’s equity on December 31, 2021.
The following information pertains to MNA Corporation for the year ended December 31, 2020: Accumulated profits, January 1, 2020 P1,500,000 Net income for 2020 300,000 Cash dividends declared December 1, 2020 and distributable on January 10, 2021 490,000 Share dividends declared November 25, 2011 and distributed on December 15, 2020 370,000 Required: Compute the balance of accumulated profits as of December 31, 2020.
Accounting equation The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: Assets ABC Liabilities XYZ $47,172 $45,757 20,756 21,963 Determine the stockholders' equity of each company. ABC Corporation stockholders' equity $ XYZ Corporation stockholders' equity $ million million
Entries for Selected Corporate Transactions Bacalso Enterprises, Inc. manufactures bathroom fixtures. The shareholders' equity accounts with balances as of Jan. 1, 2018 are as follows: Ordinary Shares, P25 stated value, 100,000 shares authorized, 50,000 shares issued P1,250,000 250,000 150,000 80,000 725,000 80,000 Share Premium Appropriation for Plant Expansion Appropriation for Treasury Stock Retained Earnings Treasury Stock, 2,500 shares, at cost The following selected transactions occurred during the year: Received donated land with a fair market value of P100,000, Paid cash dividends of P1 per share on the ordinary shares. The dividend had been properly recorded when declared on Dec. 30 of the preceding fiscal year for P47,500. Sold all of the treasury stock for P95,000. Issued 6,000 ordinary shares for P240,000. Declared a 2% share dividend on ordinary shares, to be capitalized at the market price of the stock, which is P40 a share. Issued the certificates for the dividend…
SHOW THE JOURNAL ENTRY OF G AND H! SHOW THE JOURNAL ENTRY OF G AND H!
The balance sheet for the Capella Corporation is as follows: Assets Liabilities and Shareholders' Equity Current assets $ 300 Current liabilities $ 110 Net fixed assets 1, 200 Long-term debt 500 Shareholders' equity 890 Total assets $ 1,500 Total liabilities and shareholders' equity $ 1, 500 What is the Net Working Capital for Capella Corporation?

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