Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $4.10 million cash dividend on its common shares. Ignore income taxes. What effect did this dividend have on Turner's 2024 financial statements? Note: Enter your answers in whole dollars, not in millions. If there is no effect to an element of the financial statements, select "No effect". Balance sheet: Income statement: X Answer is complete but not entirely correct. X $ Investment in equity securities Investment revenue X $ 0x 0x
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- Turner Company owns 35% of the outstanding stock of ICA Company. During the current year, ICA paid a $6 million cash dividend on its common shares. Ignore income taxes. What effect did this dividend have on Turner's 2024 financial statements? Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If there is no effect to an element of the financial statements, select "No effect". Balance sheet Income statement million million millionTurner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on its common shares. Ignore income taxes. What effect did this dividend have on Turner's 2024 financial statements? Note: Enter your answers in whole dollars, not in millions. If there is no effect to an element of the financial statements, select "No effect".Q.2. You are presented with the following information relating to Betty's Inc for the year to 31 March 2018: Bank overdraft 500 Called-up share capital (issued and fully paid) 2,100 Corporation tax (based on the profit for the year to 31 March 2018) 900 Accounts payable 300 Accounts receivable 200 Deferred taxation (credit) 80 Non-current assets: at cost 3,800 accumulated depreciation (at 31 March 2018) 1,400 Non-current asset investments: at cost 100 Retained profits (at 1 April 2017: credit) 1,200 Proposed dividend 420 Retained profit (for the year to 31 March 2018) 585 Share premium account 315 Inventory: at cost (at 31 March 2018) 400 Trade accounts payable 2,000 Trade accounts receivable 5,300 Required: In so far as the information permits, prepare Betty's Inc statement of financial position as at 31 March 2018 in accordance with the minimum requirements of the relevant accounting standards.
- Turner Company owns 40% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on its common shares. Ignore income taxes. What effect did this dividend have on Turner's 2024 financial statements? Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). If there is no effect to an element of the financial statements, select "No effect".(Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 310 $ 420 Current liabilities $ 210 $ 240 Net fixed assets 1,200 1,420 Long-term debt 830 920 Required: a&b. What was shareholders’ equity at the end of 2021 and 2022? c. If Newble paid dividends of $100 million in 2022 and made no stock issues, what must have been net income during the year? d. If Newble purchased $300 million in fixed assets during 2022, what must have been the depreciation charge on the income statement? e. What was the change in net working capital between 2021 and 2022? f. If Newble issued $200 million of new long-term debt, how much debt must have been paid off during the yearThe Esposito Import Company had 1 million shares of common stock outstanding during 2024. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.8 million. All of these amounts are net of tax. Required: Prepare the 2024 EPS presentation for the Esposito Import Company. Note: Amounts to be deducted should be indicated with a minus sign. Round your answers to 2 decimal places. Earnings per share: Income from continuing operations Loss from discontinued operations Net income
- 1. During 2021, Target Corporation had: Revenue of $623,000 Cost of Goods Sold of $250,000 Operating expenses of $68,000 Interest expense of $4,000 Depreciation Expense of $13,000 During the year Target Corporation paid: 50% of net income in dividends 21% in corporate taxes a. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Include the dividend and additions to Retained Earnings below the income statement. b. Calculate Target's Operating Cash Flow beneath the Income Statement. 2. The following data refers to the 2021 year-end account balances for Target. However, the Retained Earnings balance is as of 12/31/2020. The accounts are listed in alphabetical order. $ Accounts Payable 25,000 Accounts Receivable 16,000 Accumulated Depreciation 175,000 Cash 44,000 Common Stock 120,000 Fixed Assets (gross) 390,000…Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Nash's Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Swifty Company. 1. At the beginning of Year 1, Nash's bought 30% of Swifty's common stock at its book value. Total book value of all Swifty's common stock was $720,000 on this date. 2. (a) During Year 1, Swifty reported $50,000 of net income. (b) During Year 1, Swifty paid $28,000 of dividends. 3. (a) During Year 2, Swifty reported $25,000 of net income. (b) During Year 2, Swifty paid $18,000 of dividends. 4. (a) During Year 3, Swifty reported a net loss of $8,000. (b) During Year 3, Swifty paid $3,500 of dividends. 5. Indicate the Year 3 ending balance in the Investment account, and cumulative totals for Years 1, 2, and 3 for dividend revenue and investment revenue.1. During 2021, Target Corporation had: Revenue of $623,000 Cost of Goods Sold of $250,000 Operating expenses of $68,000 Interest expense of $4,000 Depreciation Expense of $13,000During the year Starzine Corporation paid: 50% of net income in dividends 21% in corporate taxes a. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Include the dividend and additions to Retained Earnings below the income statement.b. Calculate Target's Operating Cash Flow beneath the Income Statement.2. The following data refers to the 2021 year-end account balances for Target. However, the Retained Earnings balance is as of 12/31/2020. The accounts are listed in alphabetical order.$Accounts Payable 25,000 Accounts Receivable 16,000 Accumulated Depreciation 175,000Cash 44,000 Common Stock 120,000 Fixed Assets (gross) 390,000 Inventory 135,000 Long Term Debt 111,000 Retained Earnings (2020) 51,992 Salary Payable 11,000
- Turner Company owns 15% of the outstanding stock of ICA Company. During the current year, ICA paid a $5.30 million cash dividend on its common shares. What effect did this dividend have on Turner's 2021 financial statements? (Enter your answers in whole dollars, not in millions. Amounts to be deducted should be indicated with a minus sign. If there is no effect to an element of the financials statements, select "No effect.) Answer is complete but not entirely correct. Balance sheet Cash 795,000 Retained earnings 795,000 Income statement Dividend revenue 795,000The balance sheet for Violeta Corporation at the end of the current year includes the followig hover BIE 2.7 3000 125.000 LEG0 (an) sldsvisoen 90000 Bonds payable, 6% 6% Preferred stock, P100 P5,000,000 1,000,000 2,000,000 edilidals idab Common stock, P10 par parThe 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?