Calculate the retained earnings of P Company immediately after the combination:
Q: On August 1, Vermillion Ltd. accepted a $27,800 note from Borges Ltd. in settlement of an account re...
A: Interest accrued = Face value of notes x rate of interest x no. of months / 12 months
Q: The carrying cost curve and ordering cost curve of Bulldogs Inc.'s inventory intersect at 3,50 units...
A: the concept of economic order quantity for me is applicable where there is ideal order quantity. is ...
Q: How many are the ordinary shares outstanding after reflecting the foregoing transactions for the yea...
A: Preference share capital refers to the portion of the share capital whose holders are paid dividends...
Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...
A: When liability is created we credit liability account and debit the expense account
Q: Advise the college on the weakness in its systems and procedures due to payroll fraud.
A: List of some actions to be taken by college on the weakness in its systems and procedures due to p...
Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume t...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: The new manager of inventory at Bulldogs Inc. is developing an inventory control system and plans to...
A: Safety stock refers to extra or additional quantity of inventory held in stock by a company in order...
Q: Bulldogs Inc., a corporation that issues ordinary shares with par value, completed a 2-for-1 stock s...
A: Legal capital means company's equity portion can not be distribut by dividend or any other means.
Q: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 balance in ...
A: Whole shareholders' equity shows either the source of a company's assets, the owners' residual claim...
Q: Delow is the balance sheet of Gold Ace Company immediately liquidation of the partnership: P500,000....
A: Statement of liquidation shows the net cash available to pay the creditors and the partners.
Q: On February 28, 2022, P Corp. purchased 80% of S Co's P10 par ordinary shares for P986,000. On this ...
A: Given information, Net income =P354,000 Dividends=P112,000 Inventory overvalued =P15,000 Increase in...
Q: A firm with seasonal sales would probably select which of the following types of loans from a bank t...
A: Seasonal sales where the products of the company would be sold only in particular season of the year...
Q: Before preparing financial statements for the current year, the chief accountant for Crane Ltd. prov...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: How does peer to peer lending is different from traditional banking lending for Credit Mutuel Group?
A: Peer-to-peer lending is a type of crowd-funding that allows those who wish to invest to lend money t...
Q: ABC Corp issued a bond for $87,000 at par. The bond will mature in 10 years when the principal will ...
A: Bond price implies for the consideration paid by an investor for acquiring bond. In provided case, b...
Q: How are conflicts between the shareholders and the management created? Which of the following is mos...
A: Management group might be more ready to take on more significant levels of chance, while shareholder...
Q: 2. Assuming that the conditions for treatment as a sale are met, prepare Samson's journal entry to r...
A: Journal entries refer to the recording of all the monetary events occurring in a particular organiza...
Q: Bulldogs Inc. is a retail mail order firm that currently uses a centralized collection system that r...
A:
Q: In order to boost the sales of ABC & Co., the board of directors approved a share appreciation plan ...
A: Since the actual sales in the year 2020 are 120 million which fall into the category of 100 million ...
Q: Pharoah has 21,200, $4 noncumulative preferred shares issued. It paid the preferred shareholders the...
A: Error in accounting entry can be corrected by either reversing entry which is incorrect and entering...
Q: The most important factor to consider when determining the dividends to be declared is * shareholder...
A: Dividend is a part of Net profit earned by the entity & distributed among the equity shareholder...
Q: XYZ manufactures a computer stand. It has fixed costs of $600,000 and each stand sells for $90, with...
A: Formula: Contribution margin = Sales price - variable cost
Q: What is fiat money?
A: ANSWER FIAT MONEY IS A TYPE OF MONEY WHICH IS ISSUED BY GOVERNMENT AND SUCH MONEY IS NOT BACKED BY A...
Q: Harmony is currently producing 100 units of a necessary component part by incurring P60,000 in direc...
A: Saving realize in buying instead of making the component = Relevant production costs - Buying costs ...
Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...
A: Formula: Interest expense = Loan Amount x Interest rate x Time period
Q: Convert the following cash flows to an equivalent single payment at t=6 when i=7%. $1500 $1250 $1250...
A: In the given question, different sums are received during different periods. If these are to be conv...
Q: When a business has made enough money to pay its costs and begin to make a profit
A: Cost is the amount that is incurred in the production process of the company. Whereas, profit repres...
Q: Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at Jun...
A: The question is based on the concept of Financial Accounting.
Q: Please explain how interest expense changes on the adjusted trial balance and show work out of the a...
A: Adjusted Trial Balance Adjusted Trial balance which has to incurred to make the adjustment entries f...
Q: What is the estimated annual fixed manufacturing overhead ? If estimated fixed overhead is equal to ...
A: Gramps' Remedy manufactures athlete foot powder. The company uses standard costing system. Standard ...
Q: st rate over four years.
A: In this question, we have to calculate annual Payments finance costs and principal repayments.
Q: The shareholders’ equity section of Haemul Pajeon Co. as of Dec. 31, 2019, contained the ff. account...
A: No. of shares issued under bonus issue = No. of shares outstanding x bonus rate Amount charged to Re...
Q: Statement I: When a Partnership's operations resulted to a net loss, a partner who contributed legal...
A: In case if nothing is mentioned or absence of agreement then the partner who contributed purely his ...
Q: True or False Questions Statements 1. Unlike merchandising companies, income statements of service c...
A: Solution:- 1)Unlike merchandising companies, income statements of service companies include cost of ...
Q: When share options granted vest base on a service condition (ifrs2) a. Total fair value of the sha...
A: When Share options granted vest base on a service condition as per IFRS 2 Share based payments Share...
Q: 1. The right-of-use asset shall be initially recognized at cost, which shall be comprise of the foll...
A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...
Q: Gladstone Company issues 114,000 shares of preferred stock for $38 a share. The stock has fixed annu...
A: Solution.. Number of preferred shares = 114,000 Par value per share = $9 Rate of dividend = 9%
Q: pros and cons of Sarbanes Oxley (SOX)?
A: I am answering the first question out of multiple submitted questions as per bartleby guidelines. Pl...
Q: Dow Deep Mining Co acquired mineral rights for S56,000,000. The mineral deposit is estimated at 70,0...
A: Formula: Depletion rate per ton = Mineral rights value / Estimated Tons
Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per ...
A: Sales price variance is the difference between actual sales and the budgeted sales at the actual qua...
Q: In the event of payroll fraud, discuss the suggestion that the human elements of control systems are...
A: Employee payroll fraud is a complex problem for small company owners in the United States. The proce...
Q: The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on Ma...
A: Financial statements are those statements or the records which are prepared by companies during fisc...
Q: d. Bonds that will mature in 5 years are purchased. The company has a strategy to hold them to colle...
A: Bond is actually a financial instrument which falls under the category of debt because it is a loan ...
Q: Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceed...
A: Interest = Loan amount x rate of interest x no. of months in calendar year /12 months Loan Payment =...
Q: The sales and cost data for two companies in the transportation industry are as follows: X Com...
A: Formula: Break even sales value =Fixed cost / Contribution margin ratio
Q: X Company Y Company Amount Percent Amount Percent Sales $ 148,000 100.00 $ 148,000 100.00 Variable c...
A: Break even sales = Fixed costContribution margin ratio = $70,20070% = $100,286
Q: Of Peterson Enterprises’ $1.4 billion in assets, $150 million of those assets are in cash or can be ...
A: Lets understand the basics. When company having a higher cash in the books in compare to the industr...
Q: Compute the unrealized gains or losses. Unrealized 2$ Prepare the adjusting entry for Larkspur on De...
A: Solution:- Given, Larkspur Company has the securities in its investment portfolio on December 31, 20...
Q: Bulldogs Inc. loaned a certain amount from a reputable bank for a term of one year at 8% quoted rate...
A: Calculation of Effective rate of interest EIR = Interest / usable fund x 12/12 = 33200 / 37...
Q: E17-13. Please solve part d, and show all workings clearly. FYI: The securities-held to maturities...
A: Unrealized Holding Gain- An unrealized holding gain is enhancing in the value of an asset that a com...
P Company issues Php500,000 shares of its own Php10 par common stock for the net assets of S Company in a merger consummated on July 1, 2020. On this date, P stock is quoted at P20 per share. Summary of Balance sheet data for the two companies at July 1, 2020, just before combination, are as follows:
Calculate the
Step by step
Solved in 2 steps
- P12,000,000 P8,000,000 P6,000,000E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of BioLazer Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Increase Selected balance sheet accounts 2020 2019 (Decrease)AssetsAccounts receivable $154,000 $120,000 $34,000Property, plant, and equipment 631,000 581,000 50,000Accumulated…Perena Corporation A. 272,500B. 280,000C. 275,000D. 277,500
- E10.18 (LO 5), AN Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M CompanyBalance Sheets (partial) 2022 2021 Current assets Cash and cash equivalents $ 3,040 $1,849 Accounts receivable, net 3,250 3,195 Inventories 2,639 3,013 Other current assets 1,866 1,541 Total current assets $10,795 $9,598 Current liabilities $ 4,897 $5,839 Instructions Calculate the current ratio and working capital for 3M for 2021 and 2022. Suppose that at the end of 2022, 3M management used $300 million cash to pay off $300 million of accounts payable. How would its current ratio and working capital have changed?Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.Orbit Limited Statement of Financial Position as at 31 December: 2022 2021 R R ASSETS Non-current assets 11 810 000 7 560 000 Property, plant and equipment 10 025 000 6 250 000 Investments 1 785 000 1 310 000 Current assets 4 190 000 4 690 000 Inventories 1 875 000 2 350 000 Accounts receivable 1 925 000 2 200 000 Cash 390 000 140 000 Total assets 16 000 000 12 250 000 EQUITY AND LIABILITIES Equity ? ? Ordinary share capital 5 480 000 3 680 000 Retained earnings ? ? Non-current liabilities 4 500 000 3 800 000 Loan (20% p.a.) 4 500 000 3 800 000 Current liabilities 2 300 000 1 500 000 Accounts payable 2 300 000 1 500 000 Total equity and liabilities 16 000 000 12 250 000 Statement of Comprehensive Income for the year ended 31 December: 2022 2021 R R Sales 10 800 000 7 150 000 Cost of sales (6 000 000) (3 650 000) Gross profit 4 800 000 3 500 000 Operating expenses (1 800 000) (1 200 000) Depreciation 580 000 200 000…
- 1. How much is the net share in the profit or loss of the associate (investment income) in 2021? P480,000 P825,000 P420,000 P135,000 2. How much is the carrying amount of the investment as of December 31, 2021? P7,815,000 P8,025,000 P7,680,000 P7,125,000Computational (Show your computations. Round off as follows: e.g. ₩10.64=> ₩11, 0.123456 => 12.35%, 2.4321 => 2.43) . KG Co. had total assets of ₩1,200,000, total liabilities of ₩500,000, and retainedearnings of ₩300,000 at the beginning of 20x1. For the year, the corporationdeclared cash dividends of ₩50,000. At the end of the year, the company hadtotal assets of ₩1,400,000 and showed the debt ratio of 0.4. The company hadno accumulated other comprehensive income.1) Compute the total stockholders’ equity at the end of 20x1. 2) Compute KG’s net profit for 20x1, assuming no change in contributed capitalduring the yearWhat is the MCIT of ABC Corporation? P21,000 P42,000 P17,500 P16,000
- P178,000 P193,000 P200,000 P207,000 Answer not givenA2 aii Use the following information for Delta Corporation: Year 20X1 20X2 Net sales $1,500,000 $1,656,598 Cost of goods sold 675,000 745,469 Depreciation 270,000 298,188 Interest paid 43,600 44,000 Cash 127,500 140,811 Account’s receivable 450,000 496,980 Inventory 525,000 579,809 Net fixed assets 1,800,000 1,987,918 Accounts payable 375,000 414,150 Notes payable 45,000 50,000 Long-term debt 500,000 500,000 Common stock 1,000,000 1,000,000 Retained earnings 982,500 1,241,368 Tax rate 35% 35% Dividend payout 30% 30% Delta has 600,000 common shares outstanding. The firm is projecting a 20% increase in net sales for the coming year (20X3). Delta uses the percentage of sales approach to plan for its financing needs. In using this approach, the firm assumes that cost of goods sold, all assets (current and fixed), and accounts payable will all remain a constant…Hansel Corporation’s condensed balance sheets appear below: 20X3 20X2 20X1 Assets: Current assets $ 55,000 $ 56,500 $ 70,000 Plant & equipment, net 495,000 410,000 440,000 Intangible assets, net 20,000 27,500 40,000 Total assets $ 570,000 $ 494,000 $ 550,000 Liabilities & Stockholders’ Equity: Current liabilities $ 40,000 $ 35,000 $ 32,500 Long-term liabilities 395,000 310,000 375,000 Stockholders’ equity 135,000 149,000 142,500 Total liabilities & equity $ 570,000 $ 494,000 $ 550,000 In a trend balance sheet for 20X3, long-term liabilities are expressed as Multiple Choice 69.3% 100.0% 105.3% 127.4%
