Problem 3Pelican Company created Sun, Inc. three years ago and has been using the equity method toaccount for this investment. The following account balances are found in each firm's financialstatements of the current year, 2020:AccountsRetained earnings, 1/1/20Net income, 2020Dividends declared, 2020Retained earnings, 12/31/20Common stock and APIC, 12/31/20Pelican$650,000290,000*160,000780,000840,000Sun$275,000165,00090,000350,000568,000(*The term "Net income" means Pelican's investment income has been included.)Required: Provide the following figures:1. Consolidated net income of Pelican and Sun, 2020:2. Pelican's "Investment in Sun" at 12/31/20 (in Pelican's balance sheet):

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Answered: 840,000 Common stock and APIC, 12/31/20…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 56BPSB: Problem 1-563 Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation...

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OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
Exercise 1-53 Relationships Among the Financial Statements During 2019, Moore Corporation paid $20,000 of dividends. Moores assets, liabilities, and common stock at the end 012018 and 2019 were: Required: Using the information provided. compute Moores net income for 2019.
Problem 1-563 Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation had total assets of $525,100, total liabilities of $290,800. common stock of $100000. and retained earnings of $134,900. During 2019. KJ had net income of $205,500. paid dividends of $70,000. and 1ssued additional common stock for $36,000 KJs total assets at the end of 2019 were $10,100. Required: Calculate the amount of Liabilities that KJ must have at the end of 2019 in order for the balance sheet equation to balance.
Exercise 1-41 Stockholders Equity OBJECTIVE o On January 11 2019, Mulcahy Manufacturing Inc., a newly formed corporation, issued 1,000 shares of common stock in exchange for $150,000 cash. No other shares were issued during 2019, and no shares were repurchased by the corporation. On November 1, 2019, the corporations major stockholder sold 300 shares to another stockholder for $50000. The corporation reported net income of $37,500 for 2019. Required: Prepare the stockholders equity section of Mulcahys balance sheet at December 31, 2019.
Problem 1-56A Applying the Fundamental Accounting Equation At the beginning of 2019 Huffer Corporation had total assets of $232,400 total liabilities of $94,200 common stock of 5501000. and retained earnings of $88,200. During 2019, Huffer had net income of $51,1501 paid dividends of 510,000. and issued additional common stock for $15,000. Huffers total assets at the end 01'2019 were $285,500. Required: Calculate the amount of liabilities that Huffer must have at the end of 2019 m order for the balance sheet equation to balance.
III. DIRECTION: 1. Prepare the Statement of changes in equity with the accounts given below using your surname as your company name for the period ended December 31, 2019 Capital beginning Additional Investment Drawing Net Profit Capital beginning Additional Investment Drawings (Net Loss) Php150,000.00 Php50,000.00 Php 78,000.00 Php120,000.00 Php 75,000.00 Php25,000.00 Php15,000.00 Php20,000.00)
Q.no 3. Below are the statements of Financial Position for HP Desk Corporation for 2019 and 2020. HP desk need to raise PKR 500,000 more capital. Should it go for Equity financing from stock market or loan agreement with a bank at a rate of 10%? Compare and Comment on the liquidity and gearing position of the company. Statement of Financial position for HP desk is given below for the period ending Dec 31 2020 (rounding of ‘000). Statement of Financial position for HP desk is given below for the period ending Dec 31 2019(rounding of ‘000).
Problem 1 Requirements: 1. The carrying value of investment in King Inc. shares in 2019 is? 2. How much should be reported another comprehensive income/loss in the statement of comprehensive income for 2019 in relation to the investments? Problem 2 requirements: Compute for the adjusted balance of the following: 1. Cash 2. Accounts Receivable 3. Investments 4. Property and Equipment. 5. Current Assets Thank you so much! Please answer complete
Question 7 A list of account balances for “Amara Inc” as at the 30th June 2020 is shown below. Account Name$ Cash18,700 Equipment29,000 Accumulated Depreciation of Equipment14,000 Accounts payable11,200 Capital (1 July, 2019)9,500 Retained Earnings (1 July, 2019)8,200 Dividend Paid25,000 Additional Information: Net Profit after tax for the year ended 30 June 2020 was $29,800 Required:Prepare the Statement of Changes in Owners’ Equity for the year ended 30th June 2020. Click or tap here to enter text. Prepare a fully classified Balance Sheet as at 30th June 2020.
Question 4 of 4 Current Attempt in Progress Ivanhoe Company provides you with the following balance sheet information as of December 31, 2025. Current assets $9,800 Current liabilities $10,000 Long-term assets 22,310 Long-term liabilities 12,040 Total assets $32,110 Stockholders' equity 10,070 Total liabilities and stockholders' equity $32,110 In addition, Ivanhoe reported net income for 2025 of $13,760, income tax expense of $2,816, and interest expense of $1,170. (a) Compute the current ratio and working capital for lvanhoe for 2025. (Round current ratio to 2 decimal ploces, e.3. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.s. (45).) Current ratio Working capital please answer do not image format
Question 18 Blossom Service Shop started the year with total assets of $342000 and total liabilities of $236000. During the year, the business recorded $629000 in revenues, $424000 in expenses, and owner drawings of $60500. Owner's equity at the end of the year was Select answer from the options below $250500. $106000. $318000. $257500.
5. Stockholders' equity The right side of the balance sheet shows the firm’s liabilities and stockholders’ equity. Which of the following best describes shareholders’ equity? Equity is the difference between the company’s assets and liabilities. Equity is the initial claim on value of the assets before the firm pays off its liabilities. NOW Inc. released its annual results and financial statements. Grace is reading the summary in the business pages of today’s paper. In its annual report this year, NOW Inc. reported a net income of $148 million. Last year, the company reported a retained earnings balance of $476 million, whereas this year it increased to $560 million. How much was paid out in dividends this year? $232 million $4 million $64 million $325 million

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840,000 Common stock and APIC, 12/31/20 (*The term "Net income" means Pelican's investment income has been included.) uired: Provide the following figures: onsolidated net income of Pelican and Sun, 2020: 568,000 elican's "Investment in Sun" at 12/31/20 (in Pelican's balance sheet):