Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 11P
What is Phoenix’s consolidated retained earnings balance at December 31, 2018?
a. $250,000
b. $290,000
c. $330,000
d. $360,000
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Changes in Various Ratios
Presented below is selected information for Turner Company:
Sales revenue
Cost of goods sold
Interest expense
Income tax expense
Net income
Cash flow from operating activities
Capital expenditures
Accounts receivable (net), December 31
Inventory, December 31
Stockholders' equity, December 31
Total assets, December 31
2019
2018
$950,000 $850,000
575,000 545,000
20,000
20,000
27,000
30,000
65,000
55,000
70,000
60,000
45,000
45,000
126,000 120,000
196,000 160,000
450,000 400,000
750,000
675,000
Required
Calculate the following ratios for 2019. The 2018 results are given for comparative purposes.
Round answers to one decimal place. Use 365 days in a year.
2018
35.9%
8.3%
6.5%
1. Gross profit percentage
2. Return on assets
3. Return on sales
4. Return on common stockholders' equity
(no preferred stock was outstanding)
5. Accounts receivable turnover
6. Average collection period
13.9%
8.0
45.6 days
2019
0 %
0 %
0 %
0 %
0
0 days
On January 1, 2019, Pali Company acquired 75% of Silicon Company's voting stock for $44,300 in cash. The noncontrolling interest had an
estimated fair value of $12,700. Silicon's assets and liabilities at the date of acquisition were reported at amounts approximating fair value,
but it had previously unreported indefinite life identifiable intangibles valued at $21,000. Silicon's total shareholders' equity at January 1,
2019 was as follows:
Capital stock
Retained earnings
Accumulated other comprehensive income
Total
It is now December 31, 2020 (two years later). Identifiable intangibles impairment for 2019 was $1,000 and there was no goodwill
impairment. There is no identifiable intangibles impairment for 2020, but goodwill impairment for 2020 is $200. Pali uses the complete
equity method to account for its investment. December 31, 2020 trial balances for Pali and Silicon follow.
Current assets
Property, net
Intangibles
Investment in Silicon
Goodwill
Liabilities
Capital stock
RE,…
How much is the total shareholders’ equity at December 31, 2021?
a. ₱ 14,435,500
b. ₱ 14,453,500
c. ₱ 14,500,000
d. ₱ 14,250,000
Chapter 3 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - When a parent company applies the initial value...Ch. 3 - Several years ago, Jenkins Company acquired a...Ch. 3 - Benns adopts the equity method for its 100 percent...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Paar Corporation bought 100 percent of Kimmel,...Ch. 3 - Prob. 6PCh. 3 - Prob. 7PCh. 3 - If no legal, regulatory, contractual, competitive,...Ch. 3 - Prob. 9PCh. 3 - Prob. 10PCh. 3 - What is Phoenixs consolidated retained earnings...Ch. 3 - On its December 31, 2018, consolidated balance...Ch. 3 - Prob. 13PCh. 3 - Herbert, Inc., acquired all of Rambis Companys...Ch. 3 - Prob. 15PCh. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18PCh. 3 - Prob. 19PCh. 3 - Prob. 20PCh. 3 - Prob. 21PCh. 3 - Prob. 22PCh. 3 - Following are selected account balances from...Ch. 3 - Prob. 24PCh. 3 - Prob. 25PCh. 3 - Prob. 26PCh. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - On January 1, 2017, Pinnacle Corporation exchanged...Ch. 3 - Following are selected accounts for Mergaronite...Ch. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39APCh. 3 - Prob. 40APCh. 3 - Prob. 1DYSCh. 3 - FASB ASC AND IASB RESEARCH CASE A vice president...Ch. 3 - Prob. 4DYSCh. 3 - Prob. 5DYS
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Compute for the consolidated retained earnings on december 31,2021arrow_forwardindicated by a minus sign. Round the final ansWers to CONSOLIDATED STATEMENTS OF EARNINGS For the years ended April 28, 2019, April 29, 2018, and April 30, 2017 (in millions ofU.S. dollars, except per-share amounts) 2019 2018 2017 2019 2018 2017 Revenues $ 27,310.0 22,798.4 $ 31,000.0 $ 30,590.0 Cost of sales 26,232.2 26, 182.0 % Gross profit 4,767.8 4,408.0 4,511.6 % Operating, selling, administrative, and general expenses 3,633.2 3,462.8 3,416.5 % Restructuring costs 15.3 62.9 14.1 % % (2.6) (18.9) (9.1) % % (Gain) loss on disposal of property and equipment and other assets Depreciation, amortization, and impairment of property and equipment, intangible assets and other assets Total operating expenses 334.8 318.1 281.3 % 3,980.7 3,824.9 3,721.0 % 787.1 583.1 790.6 Operating income Share of earnings of joint ventures and associated companies accounted for using the equity method Net financial expenses 68.2 110.1 13.2 % 101.2 111.2 109.2 % 754.1 582.0 694.6 % Earnings before income…arrow_forwardConsolidated Statements of Operations FINANCIAL STATEMENTS Table of Contents Index to Financial Statements (millions, except per share data) 2020 2019 2018 Sales Other revenue $ 92,400 $ 77,130 $ 74,433 1,161 982 923 Total revenue 93,561 78,112 75,356 Cost of sales 66,177 54,864 53,299 Selling, general and administrative expenses 18,615 16,233 15,723 Depreciation and amortization (exclusive of depreciation included in cost of sales) 2,230 2,357 2,224 Operating income 6,539 4,658 4,110 Net interest expense 977 477 461 Net other (income) / expense 16 (9) (27) Earnings from continuing operations before income taxes 5,546 4,190 3,676 Provision for income taxes 1,178 921 746 Net earnings from continuing operations 4,368 3,269 2,930 Discontinued operations, net of tax 12 7 Net earnings $ 4,368 $ 3,281 $ 2,937 Basic earnings per share Continuing operations Discontinued operations Net earnings per share Diluted earnings per share Continuing operations Discontinued operations $ 8.72 $ 6.39 $…arrow_forward
- Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000arrow_forwardUsing the following Company X information, prepare a Retained Earnings Statement: Retained earnings balance January 1, 2019, $121,500 Net income for year 2019, $145,800 Dividends declared and paid for year 2019, $53,000arrow_forwardRefer to the data below. Retained earnings, December 31, 2020 $ 416,840 Net decrease in total assets during 2020 63,580 Net increase in accounts receivable in 2020 14,620 Dividends declared and paid in 2020 57,120 Proceeds from issuance of bonds during 2020 150,280 Net loss for the year ended December 31, 2020 39,100 Required:From the above data, calculate the Retained Earnings balance as of December 31, 2019:arrow_forward
- 2019 Current assets €4,610 Noncurrent assets 8,389 Total liabilities 7,039 Total assets 12,999 Current liabilities 2,786 Noncurrent liabilities 4,253 Total shareholders equity 5,960 Share capital 2,659 Retained earnings 3,301 12,999 Total liabilities and shareholders' equity b. Develop Balance Sheet of year 2019 for Enso Companyarrow_forwardGlobal Corp. initially projected the 2019 income statement shown in the table E. Suppose that in 2019, Global launched an aggressive marketing campaign that boosted 2019 sales further by 14.1%. However, their operating margin fell from 5.56% to 4.49% Suppose that they had no other income, interest expenses were unchanged, and taxes were the same percentage of pretax income (26%) as in 2018. a. What was Global's EBIT in 2019? b. What was Global's income in 2019? c. If Global's P/E ratio (18.0) and number of shares outstanding (3.6 million) remained unchanged, what was Global's share price in 2019? a. What was Global's EBIT in 2019? Global's EBIT was $ million. (Round to two decimal places.) b. What was Global's income in 2019? Net income was $ million. (Round to two decimal places.) c. If Global's P/E ratio (18.0) and number of shares outstanding (3.6 million) remained unchanged, what was Global's share price in 2019? Global's share price in 2019 was $. (Round to the nearest cent.)arrow_forwardQuestions from no. 9 to no. 11 are based on the following fact. Boulder, Inc., obtained 90 percent of Rock Corporation on January 1, 2016. Annual amortization of $22,000 is applicable on the allocations of Rock's acquisition-date business fair value. On January 1, 2017, Rock acquired 75 percent of Stone Company's voting stock. Excess business fair-value amortization on this second acquisition amounted to $8,000 per year. For 2018, each of the three companies reported the following information accumulated by its separate accounting. system. Separate operating income figures do not include any investment or dividend income: Separate Operating Boulder Rock Stone Income $245,000 85,000 150,000 Dividends Declared $120,000 28,000 42,000arrow_forward
- 10. The following information relates to the Smith Company for 2021: $ 1,600 Cash dividend declared for 2021 Retained earnings, January 1, 2021 Net income for 2021 4,680 1,920 Retained earnings, December 31, 2021 ? What was the December 31, 2021, balance of retained earnings? a. $4,360 b. $4,680 c. $5,000 d. $8,200 11. The method of valuation under the US GAAP is 1. accounts receivable at net realizable value. 2. short-term marketable securities at fair value. 3. inventories at current cost if current cost is higher than historical cost. a. b. C. d. 1 and 2 2 and 3 1 and 3 1, 2, and 3arrow_forwardSome selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Inventory 12,500Total Assets in 2021 110,000Current Liabilities 40,000Total Assets in 2020 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 0.12b. 0.10c. 0.18d. 0.13arrow_forwardview Policies Current Attempt in Progress Using these data from the comparative balance sheet of Cullumber Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable $ 467,400 $ 410,000 Inventory $ 785,400 % $ 660,000 % Total assets $3,197,900 % $2,830,000 % eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answerarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License