Choose one or more characteristics from the following list that you could use to discuss the accounting aspects of each of the statements 1 to 5 and explain your ideas:
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A: Hi student Since there are multiple questions, we will answer only first question. Dividend is the…
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A: (Specifically, working on retained earnings is being asked for so I will answer accordingly.)…
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A: Given, Current Assets = $7920 Fixed Assets = $17700 Current Liabilities = $4580 Long term debts =…
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Choose one or more characteristics from the following list that you could use to discuss the accounting aspects of each of the statements 1 to 5 and explain your ideas:
1. Director: ‘We do not need to tell shareholders about a loss of £2,000 on damaged stock when our operating profit for the year is £60m.’
2. Shareholder: ‘I would prefer the
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- The Directors of Caln Ltd has asked you how the following wi be treated in the financial statements for the year ended 31 March 2019. (a) The auditors have requested you to reduce the value of inventory from BWP 145,320 to BWP 111,562 ( value the inventory was sold) after 31st March. (b) On the 5th of April, the Director announced that a dividend of BWP105,000 should be paid as dividend to the ordinary shareholders.The Finance Director is aware of this but did not include it in the liability. REQUIRED Comment on the above transactions and explain how the Directors should account for them in the financial statements for the year ended 31 March 2019, where appropriate make reference to international accounting standards (IAS) to validate your answerShareholders of Hartley Corp are concerned that the company has recorded a reduced level of profits in 2020 compared to 2019. The Profit for the year has reduced from K272.4m to K5.9m. You have been requested by the concerned shareholder to prepare a detailed report analysing the financial performance Prepare a I) horizontal Analysis II) Vertical Analysis of the Statement of Financial position .Please create the retaining earnings 4.The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information. Prepare the journal entries with narrations to record the following: • The issuances of stock. • Close out net income to retained earnings. • Dividend declared. • Close out dividend to retained earnings a. Issued _50% ___shares of class A common stock. Stock has par value of _$ 45.00__ per…
- Please answer this two problems and provide complete solutions in good accounting form. Thank you! 1. Kremlin Company reported the following shareholders' equity at year-end: Share capital, P30 par value, P3,000,000; Share premium, P600,000; Retained earnings, P4,200,000. A 20% share dividend was declared and distributed at year-end when entity's share was selling at P65. What amount should be reported as share capital outstanding? 2. Victory Company issued 8,000 ordinary shares with P200 par value and 20,000 preference shares with P200 par value for a total consideration of P7,500,000. At the date of issue, the ordinary share was selling for P360 and the preference share was selling for P270. What is the share premium from the issuance of ordinary shares?The financial condition of two companies is expressed in the following accounting equation: Assets = Liabilities + Common Stock + Retained Earnings Allen $ 12,000 = $ 8,760 + $ 2,760 + $ 480 White $ 18,150 = $ 4,200 + $ 9,750 + $ 4,200 Requiredc. Assume Allen incurs a $6,100 operating loss. The remaining assets are sold for the value shown on the books, and the cash proceeds are distributed to the creditors and investors. How much money will be paid to creditors and how much will be paid to investors?d. Assume White incurs a $6,100 operating loss. The remaining assets are sold for the value shown on the books, and the cash proceeds are distributed to the creditors and investors. How much money will be paid to creditors and how much will be paid to investors?Which of the following does not appear in a corporate income statement? a) The income or loss from a segment of the business that has been discontinued during the current year. b) Income tax expense. c) Gains and losses not expected to recur in the foreseeable future. d) Gains and losses from treasury stock transactions. If a retail store has a current ratio of 2.5 and current assets of $195,000, the amount of working capital is: A. $117,000. B. $330,000. C. $380,000. D. $78,000. 4
- Question Every company’s board of directors has a duty to present a financial report at the end of a financial year. The financial report so presented has many interested parties which include debenture holders, employees and stockholders. Each one of these would be pleased to hear of an increase in the profitability of the company.The board chairman of XYZ Plc. reported as follows: ‘‘On behalf of the board, it is my pleasure to report that our company has generated operating profits to the tune of K28.6 million despite the high operating costs in the year under review. Our profit before tax amounted to K24.7 million after interest of K3.9 million. It is pleasing to note that the profits have been 12% higher than last year’s. Going forward, it is our desire, as a board, to give priorityto areas with the highest return and great growth prospects in our future investment options.’You are required to give brief reasons why the above three parties would be happy to hear of the increase in…Dear Bartleby can you please assist with the following questions, thank you. 2. Use the horizontal model for the declaration of dividends on December 22, 2021. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) 3. Use the horizontal model for the payment of dividends on February 12, 2022. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 2,000,000 shares of no-par common stock were authorized; 750,000 shares were issued on January 1, 2019, at $35 per share. 800,000 shares of $100 par value, 7.5% cumulative, preferred stock were authorized; 540,000 shares were issued on January 1, 2019, at $105 per share. No dividends were declared or paid during 2019 or 2020. However, on December 22, 2021, the board of directors of Permabilt Corp. declared…Assume a company’s beginning shareholders’ equity is €200 million, its net income for the year is €20 million, its cash dividends for the year are €3 million, and there was no issuance or repurchase of common stock. Th e company’s actual ending shareholders’ equity is €227 million. 1 . What amount has bypassed the net income calculation by being classifi ed as other comprehensive income? A . €0. B . €7 million. C . €10 million. 2 . Which of the following statements best describes other comprehensive income? A . Income earned from diverse geographic and segment activities. B . Income that increases stockholders’ equity but is not refl ected as part of net income.
- Sid Berhad year end is 31 December 2020. The accountant of Sid Berhad has asked for your opinion on the accounting treatment of the following items: (ii) Sid Berhad brand name has generated a lot of customers. The directors have decided to recognise its internally generated brand as an intangible asset in the financial statements as at 31 December 2020. The brand is estimated at RM3 million. Required: Advise Sid Berhad’s accountant on the accounting treatments for all the above- mentioned items. Your answer shall make reference to relevant MFRS Standards.Senario The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. You are to prepare the company’s journal entries and statement of owner’s equity based on the following information Issued 80000 shares of common stock. Stock has par value of 0.50 per share and was issued at $30 per share. Issued 12000 shares of preferred stock at par value as payment in exchange for legal services. Earned Net income of $82,0000. Paid dividends to preferred shareholders as well as $2 per share to common stockholders Requirement: Using the information above and as a guide to answer following Questions A. Prepare the journal entries with narrations to record the following: The…You have been presented with the following set of financial statements for National Property Trust, a REIT that is about to make an initial stock offering to the public. This REIT specializes in the acquisition and management of warehouses. Your firm, Blue Street Advisors, is an investment management company that is considering the purchase of National Property Trust shares. You have been asked to prepare a financial analysis of the REIT. National Property Trust Panel A. Operating Statement Summary Net revenue $ 101,000,000 Less: Operating expenses 40,400,000 Depreciation and amortization 23,000,000 General and administrative expenses 6,100,000 Management expense 3,100,000 Income from operations 28,400,000 Less: Interest expense* 6,400,000 Net income (loss) $ 22,000,000 *At 8% interest only. Panel B. Balance Sheet Summary Assets Cash $ 51,600,000 Rents receivable 2,600,000 Properties @ cost 710,000,000 Less: Accumulated depreciation…