Requested: Prepare an appropriate journal. March 1, 2014
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Requested:
- Prepare an appropriate journal.
March 1, 2014
Step by step
Solved in 2 steps
- Question no 2 On December 31, 2010 and 2011 Balance Sheet of ABC Ltd. Shows the following ASSETS 2011 2010 Cash 7000 4800 Accounts Receivable 8500 9500 Merchandise Inventory 32500 33200 Equipment 30100 24000 TOTAL 78100 71500 EQUITIES Accumulated Depreciation Equipment 6100 4800 Accounts Payable 16800 19400 Mortgage Payable 6000 10000 Share Capital – Rs. 10 per share 30000 25000 Share Premium 2500 Retained Earnings 16700 12300 TOTAL 78100 71500 Additional Information:1. A fully depreciated equipment that costs of Rs. 800 was discarded and related accounts were closed.2. Cash dividend of Rs. 4,000 were declared and paid. Required: Prepare a Cash Flow Statement. Showing Operating, Investing, Financing activities.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…(Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 310 $ 420 Current liabilities $ 210 $ 240 Net fixed assets 1,200 1,420 Long-term debt 830 920 Required: a&b. What was shareholders’ equity at the end of 2021 and 2022? c. If Newble paid dividends of $100 million in 2022 and made no stock issues, what must have been net income during the year? d. If Newble purchased $300 million in fixed assets during 2022, what must have been the depreciation charge on the income statement? e. What was the change in net working capital between 2021 and 2022? f. If Newble issued $200 million of new long-term debt, how much debt must have been paid off during the year
- PROBLEM 28 (AICPA Adapted)Miraflores owned 10,000 shares in Maquiling Company acquired several years ago at P100 per share to be held as a long-term investment. Beginning in 2015, Miraflores received a dividend of P40 pershare. Maquiling Company notifies the investor that a portion of this amount represented earnings and the balance as liquidating dividends. The allocation to be made as follows: Earned Dividend Liquidating Dividend2015 - P402016 P10 P302017 P15 P252018 P20 P202019 P25 P15 Requirements:1. Prepare journal entries on the books of…PROBLEM 8:Tomas Co. has the following balance sheet as of December 31, 2021.Current assets 180,000.00Fixed assets 120,000.00Total assets 300,000.00Accounts payable 40,000.00Accrued liabilities 20,000.00Notes payable 50,000.00Other Long-term debt 75,000.00Total Equity 115,000.00Total liabilities and equity 300,000.00 In 2021, Tomas Co. reported sales of P1,500,0000, net income of P30,000, and dividends of P18,000. The company expected its sales to increase by 20% by next year and its retention ratio will remain at 40%. Assume that Tomas Co. is operating at full capacity and it uses the AFN approach in determining the amount of external financing needed.How much is the sales for 2022? Using Problem 8, how much is the increase in retained earnings for the purpose of computing the AFN? Using Problem 8, how much external funds needed for the year 2022?Year 2 Year 1Total current assets $600,000 $560,000Total investments 60,000 40,000Total property, plant, and equipment 900,000 700,000Total current liabilities 125,000 65,000Total long-term liabilities 350,000 250,000Preferred 9% stock, $100 par 100,000 100,000Common stock, $10 par 600,000 600,000Paid-in capital in excess of par—Common stock 75,000 75,000Retained earnings 310,000 210,000 Using the balance sheets for Kellman Company, if net income is $250,000 and interest expense is $20,000 for Year 2, and the market price of common shares is $30, what is the price-earnings ratio on common stock for Year 2? (Round intermediate calculation to two decimal places and final answers to one decimal place.)
- Q28 If the company’s Earnings before interest and taxes (EBIT) are OMR 60,000, its cost of equity is 8% and overall cost of capital is 12%, what is the total value of the firm under Net Operating Income Approach? a. OMR 500,000 b. OMR 750,000 c. OMR 900,000 d. OMR 600,000You have the following information about Trisha Company: total asset =P350,000; common stock equity = P175,000; Return on Equity (ROE) =12.5%. What is Trisha’s earnings available for common stockholders? A. P21,875B. P43,750C. P50,000D. P47,632Problem 1 (Adapted)The shareholders’ equity of Yelan Company showed the following account balances on December 31, 2018:Share capital, P100 5,000,000Share Premium 1,000,000Retained earnings 2,000,000Revaluation surplus 800,000 Compute the book value per share on December 31, 2018.
- 3. Majaan Company reported the following information for 2010 Sales revenue$500,000 Unrealized holding gain on available-for-sale securities 20,000 Cost of goods sold350,000 Cash dividends received on the securities 2,000 Operating expenses55,000 For 2010 Majaan would report comprehensive income of……………………..33. Integrity, Inc is insolvent and its statement of affairs show: Estimated gain on realization of assets P2,000,000 Estimated loss on realization of assets 2,560,000 Additional assets, 1,200,000 Additional liabilities 960,000 Ordinary shares 12,000,000 Deficit 11,200,000 The pro-rata payment to stockholders on the peso isFinancial statement of ABC 31/12/2020 Notes receivable 20,000 Share capital (180,000stocks/face value 2€) 360,000 Taxes payable 15,000 Retained earnings ? Reservations and contributions payable 25,000 Mortgage loan 100,000 Notes in delay 15,000 Cash desk 40,000 Notes payable 25,000 Demand deposit 100,000 Goods 50,000 Securities 20,000 Packaging materials 17,000 Participations 34,500 Suppliers 20,000 Building (estimated life 20years/residual value 20,000) 220,000 Deposit-advanced payment of suppliers 5,000 Depreciated buildings 50,000 Deposit-advanced payment of customers 20,000 Furniture (estimated life 10years/residual value 1,000) 40,000 Customers 15,000 Depreciated furniture 39,000 Debtors 30,000 Economic unit 30,000 Difference above par 30,000 Track (estimated life 10years/residual value5,000) 70,000 Depreciated track value 58,500 Prepaid insurance 3,000 Negotiable promissory notes…