Comprehensive income consists of O operating income + other income and losses net income + other adjustments to retained earnings net income + other comprehensive income other comprehensive income + unrealized changes in the value of available-for-sale securities
Q: Appropriation for accumulated profits, if reflected in separate account, shall be shown as a.…
A: Solution: Appropriation for accumulated profits, if reflected in separate account, shall be shown…
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A: Since there are multiple question asked, Answer will be given for first question only, to get all…
Q: Q. Which of the following is within the scope of investments accounted for using the equity method…
A: Equity Method of accounting: Any entity can invest in another entity by acquiring less…
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A: Vertical analysis of financial statements is a where each line item is expressed as a percentage…
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A: International Financial Reporting Standards: IFRS (International Financial Reporting Standards) is…
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A: Shareholder's equity: It is the amount of the money that can be returned to the shareholders and it…
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A: Introduction: If an investor company invests and acquires between 20 to 50% stake in the investee…
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A: Fair value accounting: uses the Current Market Values as the basis for Recognizing Assets &…
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A: Solution: Debt securities acquired by a corporation which are accounted for by recognizing…
Q: When holding held-to-maturity securities, a company should disclose at each balance sheet date the…
A: We shall answer the first question since the exact question wasn't specified. Please resubmit a new…
Q: An unrealized holding gain or loss on a company’s equity investment at fair value through other…
A: Solution: Unrealized holding gain or loss on a company’s equity investment is just the virtual…
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A: Valuation of Securities: A security valuation is a method that is used by regulators to analyze the…
Q: IFRS requires companies to measure their financial assets at fair value except when based on: a.…
A: IFRS or International Financial Reporting Standards are accounting strategies that are applicable in…
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Q: Indicate how unrealized holding gains and losses should be reported for investments classified as…
A: Unrealized holding gains and losses: An unrealized gain is a profit recorded on paper results from…
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A:
Q: Unrealized holding gain/loss which are taken to profit or loss are from securities that are…
A: Answer:- Unrealized gain meaning:- A notional profit that exists on paper as a consequence of an…
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A: Consolidated Statement: It is a Financial Statement, which shows the entire activity of the…
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A: SOLUTION COMPREHENSIVE INCOME INCLUDES NET INCOME AND UNREALIZED INCOME SUCH AS UNREALIZED GAINS OR…
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A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is…
Q: For fi nancial assets classifi ed as available for sale, how are unrealized gains and losses refl…
A: The unrealized gains and losses are realized as Uncomprehensive Income. It’s a line item which…
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A: It is investment in debt or equity but it intent to sale before its maturity.
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A: Retained earning is the earning accumulated over a period of time. It is used for various purposes…
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A: As posted multiple independent questions we are answering only first question kindly repost the…
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A: The equity method is generally applied in case of investment in associate/ joint venture
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A: Equity of the investor means the amount that is invested by the investor in the company. Equity…
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A: There are various difference among the GAAP and IFRS: GAAP is Rules based whereas IFRS is…
Q: Which of the following are Assets, Liabilities, EquityAccounts PayableCommon StockBonds…
A: Assets are the resources available from which a business is expected to derive future economic…
Q: Items directly affecting Retained Earnings include all of the following Except Choices; Non-Current…
A: Retained earnings is the amount of earnings accumulated over the period of time. Statement of…
Q: Unrealized holding gains and losses for trading securities are: a) Reported as a separate com ponent…
A: A security is a financial instrument, generally any financial asset that can be traded.…
Q: Appropriation for accumulated profits, if reflected in separate account, shall be shown as a.…
A: Solution: Appropriation for accumulated profits, if reflected in separate account, shall be shown as…
Q: Which of the following is classified as non-current assets in the Statement of Financial Position?…
A: Introduction: Statement of Financial Position: All Assets and liabilities are shown in Statement of…
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A: Equity Securities Held for Trading Equity securities which are held for trading purpose which can be…
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A: Net income refers to the revenue left over after the deduction of cost of goods sold and other…
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A: Available-for-sale securities: These are short-term or long-term investments in debt and equity…
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- choose the correct letter of answer If deposit for lease contract was recorded as Rent Expense,A. expense is understated.B.asset is not affected.C.profit is overstated.D. owner’s equity is understated. Inventory, beg. ₱50,000; Net purchases, ₱120,000; Cost of goods sold, ₱80,000. How much is the Inventory, end.?A. 90,000B. 120,000C. 70,000D. 80,000Hello, in the above question 3 on the change in policy on the depreciation why not calculate the depreciation expense for the year-end December 31, 2018, and 2019 which is 100,000 divided by 10 = 10,000 for 2 years = 20,000. Then subtract the 36,000 -20,000 = 16,000. Reverse the 12,800 which was booked using the double declining balance method. and record the correct amount to accumulated depreciation and depreciation expense.Q6. Identify the correct statement in each group? Note: There is one correct answer in each group of 3 - select the appropriate letter(i) If Property, plant and equipment is revalued upwards at the start of the year it will resultin:A. A higher profit for the yearB. No change to profit for the yearC. A lower profit for the year(ii) Property, plant and equipment revaluations:D. The revaluation gain is released to the Statement of profit or loss when the asset is soldE. PPE can only be revalued if a fair value can reliably be determinedF. Where a policy of revaluation is chosen, the asset must be revalued each year
- On December 12, 2021, an equity investment costing $80,000 was sold for $100,000. The investment was carried in the balance sheet at $75,000, and was accounted for under the equity method. An error was made in which the total of the sale proceeds was credited to the investment account.Required:1. Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2021. (Ignore income taxes.)2. Prepare the journal entry to correct the error assuming it is not discovered until early 2022. (Ignore income taxes.)ABC Co.’s biological asset has a fair value less costs to sell of P 100,000 and P120,000, respectively. The year-end adjusting entry will most likely include a. a credit to unrealized gain of P 20,000 to be recognized in profit or loss b. a credit to unrealized gain of P 20, 000 to be recognized in other comprehensive income c. a debit to unrealized gain of P 20,000 to be recognized in profit or loss d. none of theseWhat’s the EPS-Diluted ? In case you need more information, just let me know Many times you rejected my questions without letting me know what’s wrong, that’s not professional. ABC Electric - Income Statement 2019 Revenue $ 10,000,000 CGS 4,500,000 Gross Profit $ 5,500,000 SG&A 2,000,000 R&D 1,000,000 Deprec & Amort 500,000 Total Op. Expense 3,500,000 Operating Profit $ 2,000,000 Interest cost 805,000 Interest income 45,000 Pre-Tax $ 1,240,000 Tax (21%) 260,400 Net Income $ 979,600 EPS - Basic $ 0.10 EPS - Diluted ? Average Shares Outstanding 10,000,000 Diluted Shares 14,250,000 Diluted Shares…
- Which of the following is not true in determining the holding period of capital assets acquired during the current year? Group of answer choices 1.The holding period for property acquired from a decedent is short term if the property is sold less than one year after it was acquired by the decent. 2.Trade dates, rather than settlement dates, are used to determine the date of acquisition and sale. 3.The holding period is short-term for stock you purchase on March 15 and sell on March 1 of the following year. 4.The holding period of the donor of a gift is usually included in the holding period of the donee.Complete the following tasks: a. Consider the following worksheet with information extracted from a financial statement: 2018 Assets Liabilities Equity Reported ($) 500 000 100 000 400 000 An analyst makes an adjustment that decreases goodwill by $100 000 and equity (profit) by $100 000. This goodwill was acquired on consolidation, hence there are no tax adjustments. Using the worksheet approach, what would be the change in the debt to assets ratio? b. Consider the following information: Net working capital/total assets = 0.9 Retained earnings/total earnings = 0.15 EBIT/total assets = 1.1 MV of equity/BV of total liabilities = 2 Sales/total assets = 2.5 Compute the Z-score. Is there a likelihood of financial distress?Use attachment to answer the following Required: a. Calculate return on common equity and disaggregate ROCE for Years 5 and 9 using end-of-year values for com- putations requiring an average (assume fixed assets and working capital are operating and a 50% tax rate). b. Comment on Texas Telecom’s use of financial leverage.
- How do I do the journal entries, adjusting entries, closing entries, balance sheet, and income statement for the following transactions (The startup uses straight line when depreciating long-term assets and a perpetual inventory system. It has an estimated tax rate of 35%.) Jan 1st, issued 500 shares of common stock ($0.10 par value) for $50,000. Feb 1st, paid $25,000 to purchase equipment (estimated useful life 10 years; salvage value = 1,540). Feb 28th, issued 100 shares of common stock ($0.10 par value) for $20,000. June 30th, paid $175,000 for a land by signing a 5 year Note Payable, promising to pay 5% interest on June 30th of each of those 5 years. July 1st, purchased 500 units of inventory at $15 each. $2,000 was paid in cash, the rest was on account. July 30th, sold 220 units of inventory for $63 each on account. The inventory came with a 1 year warranty. The company expects that providing the warranty will cost 1% of the sales made. Aug 2nd, incurred $450 of wages expense.…1.How much should be CREDITED (Debited) Retained Earnings as realization of Revaluation Surplus (Revaluation Loss) NEXT YEAR? 2. How much gain(loss) on sale to recognized if the equipment is sold for P8,000,000 ONE YEAR AFTER REVALUATION?JOURNAL ENTRIES FOR CULVER COMPANY (a) Adjusting entries for 2020 (in$) 31/12/2020 Revenue Account Dr. 9800 To Provision for depreciation Account 9800 (Being market value of Gordon inc. and Wallace corporat. depreciated ) 31/12/2020 Investment in Martin inc. a/c Dr. 1800 To Unrealised Appreciation Reserve a/c 1800 (Being market value of Martin inc.appreciated) (b) sale of Gordon stock journal entry 1/03/2021 Bank a/c Dr. 66300 Loss on disposal of investment alc Dr. 1400 To Investment in Gordon inc a/c…
