Requirements: 1. How much is the total assets? 2. How much is the total liabilities? 3. How much is the total equity? 4. How much is the total net income? (Ignore income taxes)
Q: provided the following information on December 31, 2021: Accounts payable, net of creditors’ debit…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: Presented below is information related to Al-Arab Company. Its capital structure consists of 80,000…
A: The question is related to the Ratio Analysis and Financial Statements for the year ended December…
Q: Royalbird Co. reports the following information for 2020: sales revenue $762,900, cost of goods sold…
A:
Q: WHITE Company began operations on January 1, 2021 with P1,000,000 from the issuance of shares and…
A: We know; as per accounting equation- Total Liabilities + Shareholders' equity = Total Assets
Q: San Miguel Corporation provided the following balances on December 31, 2021: Accounts payable…
A: Formula: Ending retained earnings = Beginning retained earnings + Net income - dividends paid.
Q: The following balances were obtained from the books of Tim Curry plc as at December 31,…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: The ledger of Sadaf Oman Company showed the following final balances at the end of the year 2020…
A: Accounts Debit Credit Share capital 4200 Accounts payable 4800 Reserve 63000 Expense…
Q: The trial balance of Titan Company on December 31, 2018 includes the following accounts: Share…
A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…
Q: The following information was taken from the accounting records of the company for 2020. Proceeds…
A: Cash flow from investing activities: It is a section of the cash flow statement that shows the cash…
Q: Particulars Park Corp Strand Corp Current Assets…
A: As there are multiple sub parts are given so as per answering guidelines we only do first three sub…
Q: ABC Company began operations on January 1, 2021 with P2,000,000 from the issuance of shares and…
A: Given that, share capital = P2000000 Borrowed funds = P450000 Net income = P400000 cash dividend =…
Q: Summa Company revealed the following account balances on December 31, 2020: Accounts payable…
A: Financial statement: Financial information is a written record of an organization and individual…
Q: A partial list of the accounts and ending account balances taken from the post-closing trial balance…
A: Shareholders Equity Equity held by shareholders refers to the sum that a company's founders have…
Q: An alphabetical list of account balances from the books of Lay Company on December 31, 2021 is…
A: Current liabilities are amount due to be paid with in a year
Q: 0 at GHC12.50 each] 500,000 Preference shares [20,000 at GHC8.00 each] 160,000 660,000 Long term…
A: Budget : A Budget is a financial plan for future concerning the revenue and cost of business.…
Q: Tyson Company's working capital accounts at December 31, 2018, are given below: Current Assets: Cash…
A: a. 1) Working capital => [ Current Assets - Current liability ]…
Q: The following balances were obtained from the books of Tim Curry plc as at December 31,…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: In January 2028. Interesado Bank reported a net income of P500,000, net of debt securities trading…
A: You have posted multiple questions which are not interlinked, therefore as per Bartleby policy, only…
Q: The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P…
A: Solution Cost of sales is the accumulated Total of all costs used to create a product or service ,…
Q: National Co. has the following balance sheet as of December 31, 2022. Current assets P 600,000 Fixed…
A: Additional Needed Fund: AFN is a financial term utilised when a company wants to grow. To put it…
Q: Blue Corporation had net sales of $2,401,600 and interest revenue of $36,800 during 2020. Expenses…
A: A multistep income statement is the income statement which computes income at various stages like…
Q: Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2020:…
A: Hawthorn CorporationBalance sheet (Partial)At December 31, 2020 Stockholders’ equity: Common…
Q: The following balances were taken from the trial balance of CARDO Company and ALLANA Company at the…
A: In the consolidated financial statement, the total assets include the assets of the parent entity at…
Q: Accrued Expenses = P50,000 Accounts Payable = P400,000 Accounts Receivable = P220,000…
A: Given: The ledger accounts of the Ilano Corporation was given with and to find the financial…
Q: At December 31, 2021, the financial statements of Hollingsworth Industries included the following: $…
A: Diluted EPS Diluted EPS is used to evaluate the quality of a company's profits per share after all…
Q: Accounting records of Arabica Company showed the following items as of December 31: Current Assets…
A: Book Value is the amount that shareholders of the company would receive in case of liquidation of…
Q: After formation on Aug. 1, 2018, the ledger accounts of the Ilano Corporation have the following…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
Q: ABC Company provided the following information on December 31, 2020 Share capital…
A: Contributed capital is also known as paid in capital, it is the total cash and assets the investors…
Q: Beverly Company provides the following information for the year 2020: January 1 December 31 Total…
A: Beginning retained earnings = total assets - total liabilities - share capital - share premium =…
Q: After formation on Aug. 1, 2018, the ledger accounts of the Ilano Corporation have the following…
A: Preference shares are those which have the preference in receiving the dividends and are redeemed…
Q: On January 1, 2020, Jack and Jill Companies had condensed balance sheets as shown below: Jack…
A: Acquisition - When one company purchases most of shares of other company for gaining control of…
Q: Tahir Corporation had these transactions during 2020. Purchased furniture for $25,600 cash. Loss…
A: The Cash Flow Statement has cash flows divided into 3 main sections namely, Operating, Investing,…
Q: Marcellus Corp. provided the following information for calendar 2018: Marcellus adheres to ASPE.…
A: Investing activities forms part of one of the activities of cash flow in which it include purchase…
Q: Josie Corporation reported the following information for 2022. Sales revenue $1000,000 Cost of goods…
A: Comprehensive Income = Sales - COGS - Operating Expenses + Unrealized Gain + Cash Dividends
Q: The trial balance of Novak Ltd. at December 31, 2020, follows: Debits Credits Cash…
A: Statement of financial position has been prepared in the 2nd step
Q: The accounts below appear in the December 31, 2020 trial balance of Moon Company: Authorized share…
A:
Q: Al-Itihad Corporation Balance Sheet December 31, 2019 Assets Liability & Equity…
A:
Q: After formation on Aug. 1, 2018, the ledger accounts of the Ilano Corporation have the following…
A: Stock is the total amount of money hold by any company that is generated through selling shares in…
Q: The financial position as at 31st December, 2019 was as follows: EQUITY AND LIABILITIES GH¢ GH¢…
A: BUDGET:- A budget is a financial plan for future concerning the revenue and cost of business.…
Q: urrent liabilities?
A: Current liabilities are the liabilities or the owing's of the business that are to be paid with in…
Q: On January 1, 2020, Jack and Jill Companies had condensed balance sheets as shown below: Jack…
A: Journal entry: it is the second step in the accounts, it is the passing on the basis of the…
Q: 3. Below is the Statement of Financial Position of Camille Corporation for the year 2020. Cash…
A: Computation of book value per share: Book value per share = (Total equity – Preference equity) /…
Q: On January 2, 2020, the Statement of Financial Position of Arden Company and Wonder Company…
A: Calculate Identifiable Net Assets of Wonder Co.: Amount (P) Fair value of assets:…
Q: The financial position as at 31st December, 2019 was as follows: EQUITY AND LIABILITIES GH¢ GH¢…
A: The cash budget is as follows: Amasaman Ltd Cash Budget January 2020 February 2020 March…
Q: Information for Patel Corporation is given below: Patel Corporation Balance Sheet December 31, 2021…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: The company reported total assets of P2,100,000 and total liabilities of P1,360,000 in its December…
A: Stockholders’ Equity on December 31, 2020 = total assets- total liabilities = P2,100,000 -…
Q: The following is a list of selected account balances taken from the December 31, 2020, general…
A: The paid-in capital is the amount of capital that the investors have paid to the company in exchange…
Q: Supposed that the given values above are the accounting values of the Camille Corporation, what is…
A: Book Value can be defined as the worth of the business entity which is depicted from the books. It…
Q: 11. On May 2, 2020, the separate statement of financial position of Peter Corporation and Simon…
A: WN- 1 Computation of Fair value of net identifiable assets (NIA) Total net Identifiable assets…
Q: Tabares Corporation had these transactions during 2020. Indicate whether each transaction is an…
A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…
Presented below is the
Cash 197,000
Sales 7,900,000
Trading Securities (at cost, P145,000) 153,000
Cost of goods sold 4,800,000
Long-term investments in bonds 299,000
Long-term investment in share capital - ordinary 277,000
Short-term notes payable 90,000
Accounts payable 455,000
Selling expenses 2,000,000
Investment revenue 63,000
Land 260,000
Buildings 1,040,000
Dividends payable 136,000
Accrued liabilities 96,000
Allowance for doubtful accounts 25,000
Administrative Expenses 900,000
Interest Expense 211,000
Inventories 597,000
Provision for pension (long term) 80,000
Long term notes payable 900,000
Equipment 600,000
Bonds Payable 1,000,000
Accumulated Depreciation – Equipment 60,000
Franchise 160,000
Shares Capital – Ordinary 1,000,000
Treasury Shares 191,000
Patent 195,000
Other comprehensive income 80,000
Requirements:
1. How much is the total assets?
2. How much is the total liabilities?
3. How much is the total equity?
4. How much is the total net income? (Ignore income taxes)
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.
- During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossFrost Company has accumulated the following information relevant to its 2019 earningsper share. 1. Net income for 2019: 150,500. 2. Bonds payable: On January 1, 2019, the company had issued 10%, 200,000 bonds at 110. The premium is being amortized in the amount of 1,000 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 3. Bonds payable: On December 31, 2017, the company had issued 540,000 of 5.8% bonds at par. Each 1,000 bond is currently convertible into 11.6 shares of common stock. To date, no bonds have been converted. 4. Preferred stock: On July 3, 2018, the company had issued 3,800 shares of 7.5%, 100 par, preferred stock at 108 per share. Each share of preferred stock is currently convertible into 2.45 shares of common stock. To date, no preferred stock has been converted and no additional shares of preferred stock have been issued. The current dividends have been paid. 5. Common stock: At the beginning of 2019, 25,000 shares were outstanding. On August 3, 7,000 additional shares were issued. During September, a 20% stock dividend was declared and issued. On November 30, 2,000 shares were reacquired as treasury stock. 6. Compensatory share options: Options to acquire common stock at a price of 33 per share were outstanding during all of 2019. Currently, 4,000 shares may be acquired. To date, no options have been exercised. The unrecognized compens Frost Company has accumulated the following information relevant to its 2019 earnings ns is 5 per share. 7. Miscellaneous: Stock market prices on common stock averaged 41 per share during 2019, and the 2019 ending stock market price was 40 per share. The corporate income tax rate is 30%. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Indicate which earnings per share figure(s) Frost would report on its 2019 income statement.Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
- Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively
- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.Tama Companys capital structure consists of common stock and convertible bonds. At the beginning of 2019, Tama had 15,000 shares of common stock outstanding; an additional 4,500 shares were issued on May 4. The 7% convertible bonds have a face value of 80,000 and were issued in 2016 at par. Each 1,000 bond is convertible into 25 shares of common stock; to date, none of the bonds have been converted. During 2019, the company earned net income of 79,200 and was subject to an income tax rate of 30%. Required: Compute the 2019 diluted earnings per share.
