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- Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000Income Statement, Lower Portion Cunningham Company reports a retained earnings balance of 365,200 at the beginning of 2019. For the year ended December 31, 2019, the company reports pretax income from continuing operations of 150,500. The following information is also available pertaining to 2019: 1. The company declared and paid a 0.72 cash dividend per share on the 30,000 shares of common stock that were outstanding the entire year. 2. The company incurred a pretax 21,000 loss as a result of an earthquake, which is not unusual for the area. This is included in the 150,500 income from continuing operations. 3. The company sold Division P (a component of the company) in May. From January through May, Division P had incurred a pretax loss from operations of 33,000. A pretax gain of 15,000 was recognized on the sale of Division P. Required: Assuming that all the pretax items are subject to a 30% income tax rate: 1. Complete the lower portion of Cunningham's 2019 income statement beginning with Pretax Income from Continuing Operations. Include any related note to the financial statements. 2. Prepare an accompanying retained earnings statement.16. On January 1, 20x5, Paz acquired 80% of Shey outstanding ordinary shares for P950,000. Paz uses the cost method to record the investment account. The statement of financial position of Paz and Shey on December 31, 20x1 are as follows: Paz Shey Cash 2,500,000 1,000,000 Accounts Receivable 500,000 250,000 Inventory 800,000 200,000 Investment in Shey 950,000 - Land 2,000,000 - Building – net…
- 15. On January 1, 20x5, Paz acquired 80% of Shey outstanding ordinary shares for P950,000. Paz uses the cost method to record the investment account. The statement of financial position of Paz and Shey on December 31, 20x1 are as follows: Paz Shey Cash 2,500,000 1,000,000 Accounts Receivable 500,000 250,000 Inventory 800,000 200,000 Investment in Shey 950,000 - Land 2,000,000 - Building – net…12 On 1/1/2018, P Company acquired 80% of S Company for 400000 JD. Book value of S on 1/1/2018 was consisted of common stock of 257000 and Retained earnings of ????. During 2018, P recorded income 20000 JD and dividends 5000 JD. During 2019, P recoded income 40000 JD and 8000 dividends. . Retained earnings on 31/12/2019 is 300000 JD. Compute investment balance on 31/12/2019 (do not forget: it is the same investment balance on 1/1/2020). Select one: a. 445600 b. 441600 c. 437600 d. 433600on 1/1/2019 X CO acquired 80% of Y common stock for $150,000 in the same day the y net assets was $ 140,000 ,in the same date the fair value of assets and liabilities were equal .year ended 31/12/2019 y reported income $50,000 , declared dividend $30,000 , X using equity methods what is good will balance on 1/1/2019 Select one: a. 37,500 b. 10,000 c. 50,000 d. 47,500
- Coporation completed the following transactions realting to investment in other company ordinary shares which were acuired for trdaing purposes2019 Purchased 1000 shares at 150 per share plus transaction costs of 3750 At year end other company ordinary share had a fair value of 180 per share 2020 sold 500 of other company ordinary shares for a total of 94000 at year end FV of each share was 192 On date of purchase of the invcestmebnt, the amount debited to asset account is?the total net amunt reported in 2019 profit or loss is? ]the current assets at dec 31 20919 will report the value investment at? The total amount reported in 2020 profit and loss is? the total amount reported in 2020 OCI is?3 Cloud obtained a 60% holding in the 100,000 GHS1 shares of Mist on 1 January2018, when the retained earnings of Mist were GHS850,000. Consideration comprisedGHS250,000 cash, GHS400,000 payable on 1 January 2019 and one share in Cloud for eachtwo shares acquired. Cloud has a cost of capital of 8% and the market value of its shares on 1January 2018 was GHS2.30. Cloud measures non-controlling interest at fair value. The fairvalue of the non-controlling interest at 1 January 2018 was estimated to be GHS400,000.92What was the goodwill arising on acquisition?GHS139,370GHS169,000GHS119,370GHS130,37039.The accounts below appear in the December 31, 2020 trial balance of Spartans Corporation: Authorized Share Capital P 5,000,000Unissued Share Capital 2,000,000Subscribed Share Capital 1,000,000Subscription Receivable-due 2018 400,000Property Dividends Payable 800,000Share Premium 500,000Retained Earnings-unappropriated 600,000Retained Earnings-appropriated 300,000Treasury Shares-at cost 100,000 In its December 31, 2020 Statement of Financial Position, what is the amount of Spartans Contributed Capital?
- 5 MC Questions On 1 July 2019, Peter Limited acquired all the issued shares of Kerri Limited for $100 000 when the equity of Kerri Limited consisted of: Share capital $70 000 Retained earnings 30 000 The pre-acquisition entry at 1 July 2019 is: a. Shares in Kerri Limited Dr 100 000 Retained earnings Cr 30 000 Share capital Cr 70 000 b. Retained earnings Dr 30 000 Share capital Dr 70 000 Shares in Kerri Limited Cr 100 000 c. Retained earnings Dr 70 000 Share capital Dr 30 000 Shares in Kerri Limited Cr 100 000 d. Goodwill Dr 30 000 Share capital Dr 70 000 Shares in Kerri Limited Cr 100 000Oriole Company owns 3100 of the 10000 outstanding shares of Skysong Corporation common stock. During 2021, Skysong earns $360000 and pays cash dividends of $141000.Oriole should report investment revenue for 2021 of $111600. $141000. $67890. $43710.40.The accounts below appear in the December 31, 2020 trial balance of Spartans Corporation: Authorized Share Capital P 5,000,000Unissued Share Capital 2,000,000Subscribed Share Capital 1,000,000Subscription Receivable-due 2018 400,000Property Dividends Payable 800,000Share Premium 500,000Retained Earnings-unappropriated 600,000Retained Earnings-appropriated 300,000Treasury Shares-at cost 100,000 In its December 31, 2020 Statement of Financial Position, what is the amount of Spartans total Shareholders’ Equity.
