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- Best Discount Furniture, Inc. completed the following treasury stock transactions in 2024: 1 (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Best Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2024? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $6 per share. Date Dec. 1 Accounts Debit CreditTindo Ltd buys and sells products Q-3 . It values stock on the basis of FIFO & SIMPLE AVERAGE. On 1 June 2019 , stock in hand consisted of 4,500 units which were acquired at ksh. 50 per unit . The transactions for the month of June were as follows:A company had the following transactions for the month of February 2021. Purchases Sales Feb 1 200 @ $4 Feb 4 40 @ $10 Feb 13 80 @ $5 Feb 17 200 @ $12 What is the value of closing stock using FIFO? a) $200 b) $160 c) $480 d) $400
- (3) Closing stock will be shown at cost price or net realisable price, whichever is less as per AS-2.1 25. From the following particulars taken out from the books of Shri Kerkar, prepare trading and profit and loss account for the year ended on 31st March 2014 and balance sheet as on that date: Insurance premium paid for 01-01-2014 to 31-12-2014 Sundry debtors 52,000 22,000 2,400 6,200 Creditors Cash in hand 2,392 Cash at bank 3,500 Machinery 22,000 Wages 1,45,000 2,92,000 Carriage inwards 2,600 Carriage outwards Furmiture 24,000 Motor-car 23,600 Purchases General expenses 2,680 Sales 2,040 Saies returns 1,630 Salaries 8,420 Fuel and power 6,430 11,400 Kerkar's capital 6,108 Drawings 3,600 20,000 Opening stock Motor-car expenses 8,000 Rent, rates and taxes The following information is relevant: (i) Closing stock ? 37,000. (ii) 1,000 paid for machinery erections was debited to wages account. (iii) Write off further bad debts 2,000 and make provision for doubtful debts at 5% on debtors.…Data table Income Statement-partial: Net Income Balance Sheet-partial: Total Assets Paid-In Capital: Preferred Stock-2%, $5 Par Value; 85,000 shares authorized, 5,000 shares issued and outstanding Common Stock-$3 Par Value; 85,000 shares authorized; 55,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Retained Earnings Total Stockholders' Equity Print $ $ $ $ Done 2024 22,500 $ 260,000 $ Dec. 31, 2024 Dec. 31, 2023 25,000 $ 165,000 2023 5,000 52,000 247,000 $ 25,000 265,000 25,000 165,000 5,000 30,000 225,000REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Debit Credit R R Capital: Sunny 600 000 Capital: Raymond 400 000 Current a/c: Sunny (01 March 2022) 100 000 Current a/c: Raymond (01 March 2022) 60 000 Drawings: Sunny 500 000 Drawings: Raymond 700 000 SUNRAY TRADERS STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2023 Capital Accounts Sunny Raymond Total Balance at 28 February 2022 Changes in capital Balance at 28 February 2023 Current Accounts Sunny Raymond Total Balance at 28 February 2022 Net profit for the year Drawings Balance at 28 February 2023 WORKINGS (if any) Interest on capital Sunny Raymond Salaries Sunny Raymond
- Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Capital: Sunny Capital: Raymond Current a/c: Sunny (01 March 2022) Current a/c: Raymond (01 March 2022) Drawings: Sunny Drawings: Raymond Debit R 60 000 500 000 700 000 Credit R 600 000 400 000 100 000 The following must be considered: (a) On 28 February 2023 the Statement of Comprehensive Income reflected a net profit of R1 400 000. (b) The partners are entitled to interest at 15% p.a. on their capital balances. Note: Raymond decreased his capital contribution by R200 000 on 31 August 2022 whilst Sunny increased his capital balance by the same amount on 01 December 2022. These capital changes have been recorded. (c) The partners are entitled to the following monthly salaries: Sunny R25 000 Raymond R20 000 (d) Raymond is entitled to a bonus equal to 10% of his annual salary.…Additional information: 1. The market price of Pina’s common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. 2. You must compute dividends paid. All dividends were paid in cash. Compute the following ratios for 2021 and 2022. 2022 2021 Profit margin enter percentages % enter percentages % (Round answers to 1 decimal place, e.g. 1.5%.) Gross profit rate enter percentages % enter percentages % (Round answers to 1 decimal place, e.g. 1.5%.) Asset turnover enter asset turnover in times times enter asset turnover in times times (Round answers to 2 decimal places, e.g. 1.83.) Earnings per share $enter earnings per share in dollars $enter earnings per share in dollars (Round answers to 2 decimal places, e.g. 1.83.) Price-earnings ratio enter price-earnings ratio in times times enter price-earnings ratio in times times (Round answers to 1 decimal place,…On April 1, 2018, Poppy Company invests $16,000 in Fruits, Inc. stock. Fruits pays Poppy a $700 dividend on August 1, 2018. Poppy sells the Fruits's stock on August 31, 2018, for $16,150. Assume the investment is categorized as a short-term equity investment and Poppy Company does not have significant influence over Fruits, Inc. Read the requirements. Requirerlent 1. Journalize the transactions for Poppy's investment in Fruits' stock. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Poppy's initial investment in Fruits, Inc., stock. Date Accounts and Explanation Debit Credit Apr. 1 O Time Course Chat GB
- The comparative statements of Dubai Company are presented below. All sales were on account. The allowance for doubtful accounts was $3,200 on December 31, 2017, and $3,000 on December 31, 2020. Required: Compute the following ratios for 2021. (Weighted average common shares in 2021 were 62,500.) Earnings per share. Return on common stockholders’ equity. Return on assets.REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Capital: Sunny Capital: Raymond Current a/c: Sunny (01 March 2022) Current a/c: Raymond (01 March 2022) Drawings: Sunny Drawings: Raymond Debit R 60 000 500 000 700 000 Credit R 600 000 400 000 100 000 The following must be considered: (a) On 28 February 2023 the Statement of Comprehensive Income reflected a net profit of R1 400 000. The partners are entitled to interest at 15% p.a. on their capital balances. Note: Raymond decreased his capital contribution by R200 000 on 31 August 2022 whilst Sunny increased his capital balance by (b) the same amount on 01 December 2022. These capital changes have been recorded. (c) The partners are entitled to the following monthly salaries: Sunny R25 000 Raymond R20 000 (d) Raymond is entitled to a bonus equal to 10% of his annual…BI's income for the year ended December 31, 2021 was $ 4,000,000. This was earned evenly over the year. In addition BI paid dividends of $ 300,000 each on March 31, June 30, September 30 and December 31, 2021 to their shareholders of records on that date. The inventory on July 1, 2021 was 75% sold as of December 31, 2021. Required. For the investment in AI 1. Using IFRS 9 prepare the journal entries for DC for all of 2021. 2. Using ASPE prepare the journal entries for DC for all of 2021. For the investment in BI 3. Using IFRS prepare the journal entries for DC for 2021. 4. Using ASPE prepare the joumal entries for DC for 2021 for all options available under ASPE.