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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:Question 2:The following is the trial balance of Muti Tech Limited as at December 31, 2006.Paid-up share capital10,00,0005,00,000Share premiumNet income January 1, 200610% Debentures payable 20107,00,0006,00,000Piant and assets39,00,000Accumulated DepreciationMerchandise inventory4,60,0008,80,000Accounts receivableAccounts payable4,20,0003,60,000Purchases and sales36,50,00065,40,0005,00,00070,000Administrative salariesSales salariesDirectors remunerationAdvertising expensesCarriage outwardsUtility expenses1,60,0002,80,0001,00,0003,00,000Bank overdraft1,00,0001,02,60,000 1,02,60,000Additional Information:The paid-up share capital consists of 100,000 shares of Rs. 10 each.Merchandise inventory at December 31, 2006 was Rs. 500,000.Estimated tax on the profit of the company for the year is Rs. 1,50,000. The directorsa.b.have proposed final dividend of 10% on the ordinary share capital.d. Depreciation is provided at 10 percent per annum on plant and assets. Allowance forbad debts is to be…N4 common stockholders of a business enterprise are said to be the residual owners which mean that they a. have thr rights to specific assets of the business b. are entitled to a dividend every year in which the business earns profit c. can negotiate individual comtrscts on behalf of the enterprise d. bear the ultimate risks and uncertainties and recieve the benefits if enterprise ownership.
- 1. S1: In the statement of changes in equity, the effect of the correction of aprior period error is presented separately for each component of equity.S2: Preference share dividend appear under the retained earnings sectionof the statement of changes in equity A. True, TrueB. False, FalseC. True, FalseD. False True 2.The entity classified a building as held for sale on January 1, 2020. However, the company decided to use it for a product line expansion on December 31, 2020. Which of the following statements are true? The company will record depreciation expense for the year 2020. The company will recognize an impairment loss on January 1, 2020, if applicable. I only II only Both I and II None of the above 3.Which statement is incorrect? Revenues are income that arises from the ordinary course of business activities. Revenues may arise from decrease in liability from primary operations. Generally, revenue is recognized when the earning process is complete and a valid promise of…Hw.67. Determine the amount of the dividends received deduction in each of the following instances. In all cases, the net income figure includes the full dividend. Use Dividends deduction table. Required: Dividend of $14,000 from a 45% owned corporation; taxable income before DRD of $62,000. Dividend of $21,400 from a 15% owned corporation; taxable income before DRD of $83,000. Dividend of $15,500 from a 60% owned corporation; taxable income before DRD of $8,500. Dividend of $4,750 from a 10% owned corporation; taxable income before DRD of $3,910.Q3 PART A Sail Sail Ltd has the following results for the year ended 31 March 2020. It has one wholly owned subsidiary company. Trading profit 380,000 Interest receivable 9,000 Property Income 12,000 Chargeable gains 21,000 Dividends received from non-subsidiary UK companies 50,000 Qualifying charitable donations 22,000 PART A REQUIREMENT: Calculate the amount of corporation tax payable by Sail Ltd for the year ended 31 March 2020 and state giving reasons the due date for payment. PART B QUESTION Swish Ltd has the following results for the year ended 31 March 2020. £Net loss per Accounts (Note (1))…
- Q3 PART A Sail Sail Ltd has the following results for the year ended 31 March 2020. It has one wholly owned subsidiary company. Trading profit 380,000 Interest receivable 9,000 Property Income 12,000 Chargeable gains 21,000 Dividends received from non-subsidiary UK companies 50,000 Qualifying charitable donations 22,000 PART A REQUIREMENT: Calculate the amount of corporation tax payable by Sail Ltd for the year ended 31 March 2020 and state giving reasons the due date for payment. PART B QUESTION Swish Ltd has the following results for the year ended 31 March 2020. £Net loss per Accounts (Note (1))…If ABC Co. sold everything it owned and paid off all the company owed, the amount left over would represent ABC's ______. Question 42 options: A) revenue B) owners' equity C) liabilities D) goodwill E) assetsTRUE OR FALSE: Indicate whether the statements are true or false. 1. Worksheet elimination 1 will include only the subsidiary’s stock (par value and additional paid-in capital), Retained Earnings, and the parent’s Investment in Subsidiary account when the parent has acquired 100 percent of the subsidiary’s stock at book value at the beginning of the period. 2.
- 2. The records of Alamo Corporation showed the following data: (see attached image for the given. Please answer it. Thank you so much!) (someone already answer the first 3 subparts which is letter a to c, please anwwer letter d to f. thank you again.) Direction. From the following independent cases, journalize the dividend declaration and the dividend payment: d) The Board declared a property dividend of 2 SMB shares for one Alamo share. SMB shares are selling at P15 but were acquired by Alamo Corporation @ P10. Use PAS 39. SMC shares are considered available for sale securities. e) The Board declared a 22% stock dividend. Stocks are selling at P105 per share. f) The Board declared a 12% stock dividend. Market value of stock is P120.Case 2: the Investment Held for Trading Securities account in the book of Tatay (acquired in 2020) represents 30% ownership interest in Walanay, Inc. Walanay subsequently reacquires 50% of its outstanding shares from other investors. The previously held equity of Tatay have a fair value of three times its book value now. Tatay elected to measure NCI at ‘proportionate share’.With the stated facts, answer the following:1.How much is the Consideration Transferred?a. P 1,350,000.00b. P 1,900,000.00c. P 1,750,000.00d. P 1,800,000.002.How much is the Non-Controlling Interest in the acquiree?a. P 0.00b. P 150,000.00c. P 684,000.00d. P 1,200,000.003.How much is the Fair Value of the previously held equity interest in the acquiree?a. P 0.00b. P 540,000.00c. P 450,000.00d. P 500,000.00Q) The Daddy Group has the following group structure: Daddy ltd 80% 80% 27% Son 1 Ltd Son 2 Ltd Son 3 Ltd 70% 55% 30% Son 4 Ltd Son 5 Ltd 10% 5% 45% 95% Son 6 Ltd Son 7 Ltd (a) Reproduce and complete the following controlling and noncontrolling table. Also, show the calculations for consolidated adjustment. (b) What percentage of voting in Son 7 Ltd will be controlled by Daddy Ltd? (c) What percentage of dividend declared by Son 7 Ltd will be received by Daddy Ltd? Daddy Interest Son 1 Son 4 Son 2 Son 5 Son 7 Son 6 Son 3 Direct% Indirect% Non-controlling Interest Direct% Indirect% Total
