Riftwalker Company was incorporated on January 1, 2015 with proceeds from issuance of P7.500,000 in share capital and borrowed funds of P1.100,000. During the first year, revenue from sales and consulting amounted to P8,200,000, and operating costs and expenses totaled P6.400,000. On December 15, 2015 the entity declared a P300,000 dividends, payable to sharehalders on January 15, 2016. The liabilities increased to P2;000,000 by December 31, 2015. On December 31, 2015, what amount should be reported as total assets?

Q: P Corporation paid $140,000 for a 70% interest in S Inc. on January 1, 2014, when S had Capital…

A: Equity method is an accounting technique of recording the financial transactions related to…

Q: Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par…

A: Formula: Amount = 25 % shares subscribed x Each share issue price.

Q: Horton Co. was organized on January 2, 2012, with 500,000 authorized shares of P10 par value common…

A: January 5   Cash Ac Dr. 5250000                    to Share capital      3750000…

Q: During the year 2017, Nestle Corp. sold 2,000 shares of Polland Co. for P114,600 and purchased 2,000…

A: Answer 2) As per Ind AS-2, inventory is valued at cost or NRV whichever is lower. This is seen as…

Q: On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000.…

A: SOLUTION- EXPLANATION- NET PROFIT IN 2019 = 300000 INCREASE IN INVESTMENT = 300000 *25%…

Q: Sun Limited agreed to absorb Moon Limited on 31s* March 2016 whose summarized Balance Sheet stood as…

A:

Q: On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000.…

A: The investment in shares gets increased by profits and decreased by dividend received.

Q: Riftwalker Company was incorporated on January 1, 2015 with proceeds from issuance of P7,500,000 in…

A: Answer) Calculation of value of Total Assets on December 31, 2015 Total Assets = Stockholders’…

Q: On January 1, 2015, FOREVERALONE Corporation reported total assets of P 470,000, liabilities of P…

A: The amount of total assets in FOREVERALONE will remain same @ 470,000. Because the investment in…

Q: Riftwalker Company was incorporated on January 1, 2015 with proceeds from issuance of P7,500,000 in…

A: SOLUTION-   NET PROFIT = SALES - EXPENSES.                      = 8200000-6400000…

Q: AGUILA Company was organized on January 1, 2018. On that date, it issued 500,000 shares of its P10…

A: Stockholders Equity (often recognized as Stakeholders Equity) seems to be a balance-sheet statement…

Q: An entity began operations January 1, 2015 and reported the following net income or loss for five…

A: The details regarding company's income from 2015 to 2019 is given. The capital structure of the…

Q: Kenneth Company was organized on January 1, 2015 at which date it issued 100,000 common stock of P10…

A: Introduction: Shareholders' equity which is also known as net worth of the company, is the owners…

Q: were declared on January 5 payable to shareholders as of February 10. MEOW Company shares were split…

A: Initial carrying value of investment on the date of acquisition is the investment cost 10,000…

Q: 1. What is the amount debited to accumulated profits as a result of the declaration of the 10% stock…

A: Dividend is the amount which the company gives to its shareholders out from the profits earned by…

Q: Debacle Company was organized on January 1, 2012. On that date, it issued 200,000 shares with P10…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000.…

A: Amount of profit in 2018 P1,60,000   Share of Profit (P160000 * 25%) P40,000         Account…

Q: Horton Co. was organized on January 2, 2012, with 500,000 authorized shares of P10 par value common…

A: Paid-in Capital from the Treasury Stock account is the excess amount over the purchased price of the…

Q: On January 2,2016, the Board of Directors Kyle Mining Corporation declared a cash dividend of…

A: Liquidating Dividend:-A liquidating dividend is a distribution of cash or other assets to…

Q: On December 31, 2014, how much should MARIE CORP. carry its investment in CURIE INC.?

A: In case of equity method, the purchase value of investment would be adjusted for share in equity for…

Q: The shareholders' equity of McCoy Corp. revealed the following on June 30, 2017: ·       Preference…

A: Legal capital of the business par value of ordinary shares capital and preference share capital. It…

Q: Barbie Co. was organized on January 2, 2015, with 500,000 authorized shares of P10 par value common…

A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…

Q: On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At…

A: When one company is holding shares in another company which is less than  50% , then it is called as…

Q: At December 31, 2016, ABC Co. had 5,000, 8%, $120 par, preference shares issued and outstanding and…

A: Dividend is a kind of return paid to the shareholders.

Q: On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At…

A: When one company is holding shares in another company from 20% to 50% , then it is called as…

Q: 1. From the data below, determine the goodwill/gain on acquisition? 2. From the data below,…

A: In acquistion if the purchasing company pays more than the net assets…

Q: P Corporation paid $140,000 for a 70% interest in S Inc. on January 1, 2014, when S had Capital…

A: Here, the investment in S ltd is to be given.

Q: Indigo Inc., was organized on January 1, 2017, at which date it issued 200,000 shares of P 10 par…

A: Total shareholder includes ordinary share capital, the premium on share capital, and retained…

Q: The Cheesecake Factory Incorporated is publicly held and had more than 93 million common shares…

A: Treasury stock are those outstanding stocks which are repurchased by the entity from their…

Q: At December 31, 2016, ABC Co. had 5,000, 8%, $120 par, preference shares issued and outstanding and…

A: Cumulative preference shares are the shares having preferential rights attached to it. This means…

Q: total shareholders’ equity on December 31, 2018?

A:

Q: Andoy Corp. was organized on January 1, 2017 with authorized capital of 100,000 ordinary shares, P20…

A: Total ordinary share premium = No. of shares issued x (Issue price - par value per share)

Q: The shareholders' equity of McCoy Corp. revealed the following on June 30, 2017: ·       Preference…

A: Legal capital of the business means par value of ordinary share capital, preference share capital…

Q: How much is the total Share Capital in the following * On January 1, 2011, AM PNGET Co. received…

A: Total share capital is the price of subscribed share capital which has been received.

Q: Andoy Corp. was organized on January 1, 2017 with authorized capital of 100,000 ordinary shares, P20…

A: Share premium represents the value higher than par value of the shares issued.

Q: On July 1, 2021, Gameshop Corp., repurchased 2,000 shares of its outstanding common shares for $18…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: The net income of Zia company for the year ended December 31, 2018 amounted to P5,600,000.…

A: The non cumulative preference dividend is not cumulated for any past year dividend undeclared.

Q: On 1 January 2017, Al Yousef Group acquired 30% of the outstanding voting shares of Saleh…

A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…

Q: The capital accounts of Kay, Inc. on December 31, 2015 were as follows: Preference Share Capital,…

A: The shareholders' equity section represents the equity that belongs to the shareholders including…

Q: On 1 January 2017, Al Yousef Group acquired 30% of the outstanding voting shares of Saleh…

A: Solution: Share in Saleh's dividend in 2017 = Total dividend paid * % holding of AI = OMR 40,000 *…

Q: Bloom Company was incorporated on January 1, 2018, with P500,000 from the issuance if share capital…

A: Balance sheet means where all assets , liabilities and equity are shown in proper format In balance…

Q: On July 1, 2017, Entity H acquired 25% of the shares of Oki, Inc. for P1,000,000. At the date, the…

A: Entity H acquired 25% share, therefore its share in profit  = 25% x 160000 = 40000

Q: During the year 2017, Nestle Corp. sold 2,000 shares of Polland Co. for P114,600 and purchased 2,000…

A: Solution b: Carrying value of investment on Dec 31, 2017 = Fair value of portfolio = P282,000

Q: On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000.…

A: The investment in shares of another company (assets) gets increased with profits and and decrease…

Q: Excel Company was formed on January 2020 with an authorized capital of OMR 1 million divided into…

A: company will chose option (C)

Q: On July 1, 2013, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid…

A: Carrying amount in the investment account will be calculated by adjusting the opening balances with…

Q: BARK Corporation acquired 10,000 Company shares on February 5, 2016 at P50 which include P10 per…

A: A dividend is the payout of a portion of a company's worth to a group of shareholders chosen by the…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.