Provide statement of financial position
Q: Describe the reporting environment for financial statements
A: This question explains about the reporting environment for financial statements:
Q: Explain the purpose of financial statement disclosures.
A: The purpose of Financial statement disclosures is to provide information about the financial…
Q: Statement of financial position format
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: What are the basic financial statements? Explain in detail.
A: Fiscal summaries ar put down accounts that pass on the business exercises & thusly an…
Q: mptions that need to be considered while preparing a financial statement.
A: Financial statements are formal records of a company's, individual's, or other entity's financial…
Q: Describe the Management’s Responsibility for Financial Statements.
A: The financial statements of the company are the responsibility of management. The financial…
Q: Show the details in Statement of financial position.
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Prepare statement of financial position
A: Introduction: Statement of financial position: All the assets and liabilities are shown in balance…
Q: Discuss the inter-relationship of the financial statements.
A: Meaning of Financial Statements Financial Statements consists of income statement, Profit and loss…
Q: Describe the financial reporting environment.
A: Financial statement: Financial statements are prepared to summaries the account at the end of the…
Q: 1. Define elements of financial statements.
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: . Explain the main elements of Financial Statements in detail.
A: main elements of financial statements of are - - Assets - liabilities - equity - incomes - expenses…
Q: Recognize key financial and investment accounts and important statements.
A: This question explains about financial and investment accounts and important statements.
Q: Define Financial reporting.
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
Q: Define the term financial statements?
A: Financial Statements: When the accounting period ends, there is a need to report and communicate the…
Q: The information provided by financial statements is in nature.
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: Explain the concept of going concern and the implication of revocation of going concern assumption…
A: Accounting concepts are the basic assumptions, rules and principles which work as the basis of…
Q: Describe the elements of financial statement.
A: Financial Statements: These are statements prepared at the end of accounting period to analyse…
Q: prepare the statement of financial position
A: Note: The explanations to the Journals are not provided as is not required in the question…
Q: Define Financial accounting.
A: Commerce: It refers to a platform that facilitates buying and selling of products and services…
Q: Define the term a statement of financial position?
A: International Financial Reporting Standards: IFRS (International Financial Reporting Standards) is…
Q: What are the objectives of preparing financial statements?
A: Introduction: Financial statements are written papers that summaries the commercial activities and…
Q: The elements of financial statements which relate to measuring financial performance are a. Income,…
A: The elements of financial statements are Assets, Liabilities, Revenue, Expenses, and…
Q: Discuss the importance and the use of financial statements.
A: Importance of Financial Statements: Importance to Management: For their intentions, the management…
Q: prepare the Statement of Financial Performance, Statement of Changes in Equity, and Statement of…
A: Statement of financial performance shows profitability position of the business. Balance sheet shows…
Q: Explain the nature of the going concern assumption and its implications for the preparation of…
A: Going Concern Assumption: The going concern concept assumes that a company will continue to operate…
Q: Explain what are the elements of financial statements?
A: The elements of financial statements are as follows: Assets Liabilities, Equity, Revenues and…
Q: Conduct a analysis for this com financial statement
A: Financial Statement analysis Financial statement analysis is the process undertaken to make…
Q: What is articulation of the financial statement means? Elaborate.
A: Financial statements are the statements which plays an important role for an effective investment…
Q: Explain Objectives of Financial Statements.?
A: Financial statements are representative of financial performance of organisation during given period…
Q: laborate the uses of financial statement analysis.
A: Financial statements: The written records that describe the activities of the business and the…
Q: Questions: What is the importance of preparing financial statements? Enumeraté the complete set of…
A: Financial statements are important because of the following reason: 1. Financial statements…
Q: What do the financial statements include?
A: Financial statements are basic as they give significant insights concerning the money related…
Q: Elaborate the users of Financial Statement in detail
A: Financial statements give overall growth to economy. There are may users of financial statements who…
Q: Recognition is the process of: A. Capturing, for inclusion in the statement of financial position…
A: Balance Sheet and Income statement are two important financial statements of business. Balance sheet…
Q: How to prepare statement of financial position
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Describe the elements of financial statements.
A: Financial Statements are statements prepared at the end of accounting period to analyse financial…
Q: Please make the Statement of financial position
A: Statement of financial position is one of the financial statement prepared by the business in order…
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- 29. the assets and liabilities of R were stated at their fair values when A acquired it's 80% interest and the fair value method was used to initially measure the NCI. A uses the cost method to account for its investment in R. Net income and dividends for 2021 for the affiliated companies were: A Corp. R Corp. Net Income P105,000 P31,500 Dividends paid 63,000 17,500 Dividends Payable, 1/1 20,000 9,250 Dividends Payable 12/31 31,500 8,750 Retained Earnings of A Corp. in the separate FS at the beginning of the year is P420,000. End of the year evaluation indicates P3,000 impairment in goodwill. The consolidated retained earnings at December 31, 2021 is:Statement of Affairs of Gongcha Corp.:Assets pledged with fully secured liabilities (fair market value P75,000), P90,000Assets pledged with partially sec. Liabilities (fair market value P52,000), 74,000Free assets (current fair value P30,000), 70,000Unsecured liabilities with priority, 7,000Fully secured liabilities, 30,000Partially secured liabilities, 60,000Unsecured liabilities without priority, 112,000How much is the deficiency to unsecured non-priority?Answer and explain with computation Company's issued 20,000 share capital receiving land with fair value of P500,000. If the share capital is no par and no stated value and the cost of the land is P200,000, how much in the legal capital? A. P-0 b. P200,000 c. P300,000 d. P500,000
- #9 YOO-YOO Corporation has the following investment which was held throughout 2021–2022: Fair Value Cost 12/31/21 12/31/22 Equity investment $836000 $1128000 $1060000 What amount of gain or loss would YOO-YOO Corporation report in its income statement for the year ended December 31, 2022, related to its investment, if the fair value method of accounting was used? $292000 gain. $68000 loss. $68000 gain. $224000 gain.Vodafone Group, Plc.Consolidated Statements of Financial PositionAt March 312015 2014£m £mLong-term assets:Goodwill 22,537 23,315Other intangible assets 20,953 23,373Property, plant, and equipment 26,603 22,851 2015 2014£m £mInvestments in associates and joint ventures (3) 114Other investments 3,757 3,553Deferred tax assets 23,845 20,607Post employment benefits 169 35Trade and other receivables 4,865 3,270102,726 97,118Current assets:Inventory 482 441Taxation recoverable 575 808Trade and other receivables 8,053 8,886Other investments 3,855 4,419Cash and cash equivalents 6,882 10,134Assets held for sale — 3419,847 24,722Total assets 122,573 121,840Equity (details provided in complete statements) 67,733 71,781Long-term liabilities:Long-term borrowings 22,435 21,454Taxation liabilities — 50Deferred tax liabilities 595 747Post employment benefits 567 584Provisions 1,082 846Trade and other payables 1,264 1,33925,943 25,020Current liabilities:Short-term borrowings 12,623 7,747Taxation…1. Avalanche Inc. revealed the following information for the year ended December 31. 2021 Preference share. P100 par-P2.4 million; Share premium, preference - P700,000; Ordinary share, P15 par-P3.5 million, Share premium, ordinary-P1.5 million. Subscribed ordinary share - P100,000, Retained earnings - P2 million, Subscription receivable, ordinary - P20,000 How much is the legal capital? A.P6 million B.PB 1 million CP5.9 million D.P8 2 million 2.At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value shares. The following transactions transpired during its first year of business. February 4- Issued 15.000 shares at P510 per share April 10- Issued 3,000 shares for services received (FMV of the services is P1.7 million). October 23-Issued 5,000 shares in exchange for a land (FMV) the land is P3 million) What amount should be reported as share premium? A.11.500.000 B. 23.000 C.850.000 D.12.350.000 3. At the beginning of 2021, DAI Corp. was…
- The following is an extract from the trial balance of Tempo Ltd on 30 June 2022: Land and buildings 114000Equipment 210000Investment (80 000 shares of £1 each in Rhythm Ltd at cost price) 650000 Inventory (30/6/2008 - £382 000) 418000Trade receivables (30/6/2021 – £180 000) 206000Cash and cash equivalents 92000 Share capital: Ordinary share capital including premium 450000Preference share capital 200000 Retained earnings: Balance – beginning of year…38.On Jan 2, 20X1, ABC Company acquired 3,000 12% 3-year P1,000 bonds of Z Corp. at P2,860,702. Effective rate was 14%. ABC designated this investment at amortized cost. How much is the interest income at Dec 31, 20X1? 343,284 360,000 400,498 420,000he following is an extract from the trial balance of Tempo Ltd on 30 June 2022:£Land and buildings 114 000Equipment 210 000Investment (80 000 shares of £1 each in Rhythm Ltd at cost price) 650 000Inventory (30/6/2008 - £382 000) 418 000Trade receivables (30/6/2021 – £180 000) 206 000Cash and cash equivalents 92 000Share capital:Ordinary share capital including premium 450 000Preference share capital 200 000Retained earnings:Balance – beginning of year 160 000Retained profit for the year 40 00012% Long term loan 420 000Trade payables (30/6/2021 – £190 000) 210 000Tax payable 110 000Dividends payable 100 000Additional information:1. Issued share capital:- 400 000 ordinary shares of £1 each- 40 000 10% preference shares of £5 each.2. Gross profit for the year amounted to £1 344 000 and represents 40% of turnover for the year.3. All sales and all purchases are on credit.4. Income from investment for the year amounted to £24 000.5. The dividends payable represents the total amount of…
- What is the total amount of share premium to be reported by the surviving company?a. P1,000,000 c. P1,750,000b. P944,600 d. P1,400,00023.On Jan 2, 20X1, ABC Company acquired 3,000 12% 3-year P1,000 bonds of Z Corp. at P2,860,702. Effective rate was 14%. ABC designated this investment at amortized cost. How much is the amortized cost in the balance sheet at Dec 31, 20X1 ? 2,860,702 2,901,200 2,912,450 3,000,0001. What is the gain on remeasurement to equity to be recognized for 2021?a. 1,500,000b. 4,500,000c. 2,250,000d. 0 2. What is the goodwill arising from the acquisition on January 1, 2021?a. 2,250,000b. 1,250,000c. 1,350,000d. 350,000 3. What is the carrying amount of the investment in associate on December 31, 2021?a. 11,250,000b. 11,800,000c. 12,000,000d. 14,300,000