Net Income and Retained Earning:
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- a) Calculate the S corporation's ordinary (non-separately stated) income and indicate which items must be separately stated b) If at the beginning of the year, Archer had a basis of 20,000 compute Archer’s basis at the end of the year. c) Assume that Voyager reported a loss of $70,000 instead (and no separately stated items or distributions). If Janeway had a basis of 10,000 in her stock at the beginning of the year, what is the amount of loss she can report on her return?Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Nash's Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Swifty Company. 1. At the beginning of Year 1, Nash's bought 30% of Swifty's common stock at its book value. Total book value of all Swifty's common stock was $720,000 on this date. 2. (a) During Year 1, Swifty reported $50,000 of net income. (b) During Year 1, Swifty paid $28,000 of dividends. 3. (a) During Year 2, Swifty reported $25,000 of net income. (b) During Year 2, Swifty paid $18,000 of dividends. 4. (a) During Year 3, Swifty reported a net loss of $8,000. (b) During Year 3, Swifty paid $3,500 of dividends. 5. Indicate the Year 3 ending balance in the Investment account, and cumulative totals for Years 1, 2, and 3 for dividend revenue and investment revenue.The following information is provided concerning the accounts of Jazzy Ltd .You are asked to identify how each of these items is shown in the financial statements. (a) gain on revaluation of available-for-sale investments (b) dividends paid during the year (c) revaluation gain on building (not reversing any previous revaluation) (d) transfer to dividend equalisation reserve (e) Unsecured notes issued
- On December 12, 2021, an equity investment costing $99,000 was sold for $138,000. The investment was carried in the balance sheet at $94,000, 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. & 2. Prepare the following journal entries (Ignore income taxes). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)For each item below, indicate to which category of elements of financial statements it belongs. a. Retained earnings. b. Sales. c. Additional paid-in capital. d. Inventory. e. Depreciation. f. Loss on sale of equipment. g. Interest payable. h. Dividends. i. Gain on sale of investment. j. Issuance of common stock.On January 1, 2020, Aponte, Inc. acquired a preferred stock investment for $ 50,000. As of December 31, 2020, the investment had a market value of $ 55,000. Aponte reported the investment in the Statement of Financial Position for $ 50,000 without registering any adjustment. What effect will this error have on Aponte's 2020 Net Income? Select one: a. Will be underestimated b. It will be overestimated. c. It will be correct. d. It will not affect net income.
- 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?Assume that Fielder Enterprises uses the following headings on its balance sheet. a. Current assets. b. Investments. c. Property, plant, and equipment. d. Intangible assets. e. Other assets. f. Current liabilities. g. Long-term liabilities. h. Capital stock. i. Equity attributed to noncontrolling interest. j. Paid-in capital in excess of par. k. Retained earnings. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter “N” to indicate this fact. If an item need not be reported at all on the balance sheet, use the letter “X.” 1. Prepaid insurance. 2. Stock owned in affiliated companies. 3. Unearned service revenue. 4. Advances to suppliers. 5. Unearned rent revenue. 6. Preferred stock. 7. Additional paid-in capital on preferred stock. 8. Copyrights. 9. Petty cash fund. 10. Sales taxes payable. 11. Accrued…On the multiple-step income statement, which of the following would be the least likely to be found in the section often described as "Other Revenues and Expenses" (or "Other Income and Losses)? a. Dividend revenue b. Interest expense c. Gains or losses on the sale of a long-term asset d. Interest revenue e. Income tax expense
- On January 1,2021 Hubalde Company purchased training equity investments which are irrevocably designated at FVPL: 1. Determine the unrealized gain/loss on december 31,2021? 2. Determine the net gain/loss reported on the income statement on december 31,2021? 3. What are the related journal entries? 4. Assuming, the entity irrevocably designated it ay FVOCI, How much is the unrealized gain/loss- FVOCI on December 31,2021? 5. Assuming, the entity irrevocably designated it ay FVOCI, How much is the unrealized gain/loss reported on the income statement on December 31,2021? 6. Assuming the entity irrevocably designated it at FVOCI, What are the related journal entries?Which of the following statements regarding the income statement are true? Group of answer choices A. The net income from the income statement is included on the asset section of the balance sheet. B. The income statement shows the cash flows from operations during a period of time. C. Net income or loss from the income statement is included in the calculation of ending retained earnings on the Statement of Retained Earnings. D. The income statement shows how much the company owes.The related data of Estonia Company: On March 2, 2021, Aruba Inc. declared a cash dividend of P750,000, on which Estonia Company had an 18% ownership. The date of record is March 31, 2021, and the date of payment is April 30, 2021. On May 30, 2021, Estonia Company received a property dividend with a carrying amount of P70,000. The fair value of the property on that date is P80,000 and the fair value on June 30, 2021, which is the date of payment is P89,500. On July 15, 2021, Australia Company declared a liquidating dividend of P500,000, of which Estonia had a 15% interest. How much is the dividend income reported in the Income Statement in 2021?
