What is the amount of comprehensive income?
Q: For 2018, Sabil Corporation earned net income of $480,000 and paid dividends of $18,000. At January…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a…
A:
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: Hardstone Inc. had excess cash and invested it in the stock of Softrock, Inc. On August 5, 2021…
A: The excess cash available with the firm can be invested in financial assets for a short-term period…
Q: Matthews Co. obtained all of the common stock of Jackson Co. on January 1, 2009. As of that date,…
A: Consolidated entries are made when a company purchases another company and the financial statement…
Q: the beginning of 2013, U Company had retained earnings of P250,000. During the year U reported net…
A: Amount of retained earnings available for dividend at end of 2013 = opening balance + Net…
Q: On December 31, 2014, Zeus Company showed shareholders' equity of P4,000,000. During the current…
A: Retained Earnings: Retained earnings are the amount of profit that a firm has left over after paying…
Q: Turner Company owns 40% of the outstanding stock of ICA Company. During the current year, ICA paid a…
A: Definition:
Q: In June 2022, Wild Company had excess cash that would not be needed until March 1, 2022. Management…
A: Unrealized profit is the part of profit which is not realized till the end of the accounting year.…
Q: Quest Company is threatened with bankruptcy due to its inability to meet interest payments and fund…
A: Quest company has issued ordinary shares and preference share to retire note payable. While…
Q: ABC Company, provided the following income and expenses for the current year. Dividend income…
A: Comprehensive Income Comprehensive income provide holistic view of a company's income which…
Q: In early December of 2016, Kettle Corp purchased $50,000 of Icalc Company common stock, which…
A: Prepare appropriate entry(s) at December 31, 2016, 2017, and 2018, and for each year indicate how…
Q: 14. On its December 31, 2017, balance sheet, Trump Company reported its investment in equity…
A: An unrealized gain is an increase in the value of an asset or investment that has not been sold by…
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: On April 1, 2025, Promise Company purchased 150,000 common shares in Delta Co. for $7 per share. The…
A: Promise Company has 150,000 shares that are for sale. Shares that are held for sale are adjusted for…
Q: On January 1, 2001, X.Co purchased marketable equity securities at its market value of P5,000,000,…
A: Investment in securities means where the company purchased the share or other securities of other…
Q: 3. On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for…
A: When one company is holding shares in another company which is less than 50% , then it is called as…
Q: The following information was taken from the records of Tamarisk Inc. for the year 2020: Income tax…
A: Solution A single step income statement is based on simple calculation i.e sum up revenues and…
Q: The Crump Companies, Inc., has ownership interests in several public companies. At the beginning of…
A:
Q: Turner Company owns 40% of the outstanding stock of ICA Company. During the current year, ICA paid a…
A:
Q: On January 1, 2017, Richards Inc. had cash and common stock of $60,000. At that date, the company…
A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…
Q: This comment appeared in the annual report of Mac-Cloud Inc.: “The Company could pay cash or…
A: Definition:
Q: During 2017, Latvia Company purchased trading securities with the following cost and market value on…
A: Unrealised gain or loss is a paper loss which is not…
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A: Share premium is the excess amount issued from the par value to the shareholders of the company. The…
Q: At December 31, 2010, Weston Manufacturing Co. owned the following investments in capital stock of…
A: Sale value April 10=Shares×Price=1000×$21=$21,000
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: Oriole Company purchased treasury stock with a cost of $68200 during 2022. During the year, the…
A: Cash Flow Statement - It refers to the statement which shows inflow and outflow of cash and cash…
Q: During 2012, Orly company purchased marketable equity securities as short-term investment to be…
A: Introduction Equity shares are the long term financing sources that is issues by company for meeting…
Q: On January 11, 2021, BERRY Company declared and distributed its trading securities as dividend. At…
A: Charge to Retained Earnings as a result of the dividend declaration = carrying value + unrealized…
Q: 10 On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for…
A: The investment in shares (assets) gets increased with income and decrease with dividend received.
Q: 1 February 2011 PETA acquired 35% of the equity shares of AVO, its only associate, for $20,000,000…
A: Solution. Investment is an asset or item acquired with the goel of generating income or…
Q: In January 2018, Janeway Inc. doubled the amount of itsoutstanding stock by selling on the market an…
A:
Q: On January 1, 2018 Alexes Company purchased market marketable equity securities to be held as…
A: Unrealized gain(loss) = Fair value of securities sold - Acquisition cost of securities
Q: PUP CAF Company, provided the following income and expenses for the current year: · Dividend…
A: With the help of sale and purchase and expense we will be able to calculate the income or profit…
Q: At the beginning of the current year , Flash Company had retained earnings of P4,000,000 . During…
A: Retained earnings are surplus left after paying all operating Expenses, taxes and dividends. It is…
Q: Lover Company reported the following non-trading equity securities held as FA at FVOCI in its…
A: Financial instruments measured at FVTOCI should be measured at fair value any difference is to be…
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 the statement of financial position, Sheila Corporation had retained earnings of USD350,000, but…
A: Retained earnings = $ 350000 Footnotes disclosed :- Restriction for building expansion = $ 55000…
Q: On November 12, 2013, Berube Co. repurchased 10,000 shares of its own stock at a price of $20 per…
A: When the company buys back its own share from the company it is considered a stock repurchase. This…
Q: During the fourthquarter of 2018, Rainbarrel, Inc. generated excess cash, which the company invested…
A: Investment held for sale is presented at fair values in the balance sheet. Until the investment is…
Q: S&L Financial buys and sells securities expecting to earn profits on short-term differences in…
A: For 2016:
Q: During the current year, Davis Company’s common stock suffers a permanent drop in market value. In…
A: Equity method: Equity method is the accounting method used for accounting equity investments which…
Q: At December 31, 2010, Weston Manufacturing Co. owned the following investments in capital stock of…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: During 2012, Honey company purchased marketable equity securities for P3,700,000 to be held as…
A: The unrealized loss is a loss that is recorded by the company when the market value of the…
Q: Turner Company owns 15% of the outstanding stock of ICA Company. During the current year, ICA paid a…
A: Dividend received by Turner company = $5,300,000 * 15% = $795,000
On January 1, 2015, Zhang Inc. had cash and share capital of P 10,000,000. At that date, the
company had no other asset, liability, or equity balances. On January 5, it purchased for cash
P6,000,000 of equity securities that it classified as non-trading. It received cash dividends of P
800,000 during the year on these securities. In addition, it has an unrealized loss on these
securities of P 600,000. The tax rate is 20%. What is the amount of comprehensive income?
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- On January 1, 2017, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2017, it purchased for cash $20,000 of debt securities that it classified as available-for-sale. It received interest of $3,000 during the year on these securities. In addition, it has an unrealized holding gainon these securities of $4,000 net of tax. Determine the following amounts for 2017: (a) net income, (b) comprehensive income,(c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2017).On January 2, 2010, Megan Company declared and distributed its only investment in equity securities as dividend. At the time of the declaration, the securities has a carrying value of P500,000 and a related unrealized loss of P100,000. By what amount should Megan Company charge its accumulated profit as a result of the property dividend declaration? *On January 1, 2015, Fisher Corporation paid $2,290,000 for 35 percent of the outstanding voting stock of Steel, Inc., and appropriately applies the equity method for its investment.Any excess of cost over Steel’s book value was attributed to goodwill. During 2015, Steel reports $720,000 in net income and a $100,000 other comprehensive income loss. Steel also declares and pays $20,000 in dividends. What amount should Fisher report as its Investment in Steel on its December 31, 2015, balance sheet? What amount should Fisher report as Equity in Earnings of Steel on its 2015 income statement?
- On January 1, 2001, X.Co purchased marketable equity securities at its market value of P5,000,000, while the company also paid commission, taxes and other transaction costs amounting to P200,000. The securities had the following market value on the these dates: December 31, 2001 4,700,000 December 31, 2002 5,300,000 No securities were sold during 2001 and 2002. What amount of unrealized gain or loss should be reported in the 2002 income statement if the securities were held for trading?On January 1, 2020, Concord Corporation had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Concord Corporation paid $60,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Concord Corporationreceived non-taxable cash dividends of $26,000 and had an unrealized holding gain of $21,000 (net of tax) on these securities. Determine the following amounts for 2020: (a) Net Income / (Loss) $enter a dollar amount (b) Other Comprehensive Income $enter a dollar amount (c) Comprehensive Income $enter a dollar amount (d) Accumulated Other Comprehensive Income (as at the end of 2020) $enter a dollar amountDuring the fourthquarter of 2018, Rainbarrel, Inc. generated excess cash, which the company invested in equitysecurities as follows:Nov 16 Purchased 1,200 common shares as an investment in equity securities,paying $6 per share. Rainbarrel owns less than 10% of the outstandingstock in the companies in which it invests.Dec 16 Received cash dividend of $0.35 per share on the equity securities.Dec 31 Adjusted the equity securities to fair value of $4 per share.2018Requirements1. Open T-accounts for Cash (including its beginning balance of $23,000), Investment inEquity Securities, Dividend Revenue, and Unrealized Gain (Loss) on Equity Securities.2. Journalize the foregoing transactions and post to the T-accounts.3. Show how to report the short-term investment on Rainbarrel’s balance sheet atDecember 31, 2018.4. Show how to report whatever should appear on Rainbarrel’s income statement for the yearended December 31, 2018.5. Rainbarrel sold the equity securities for $6,000 on January 14,…
- On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? Group of answer choices P1,060,000 Cr. P1,035,000 Cr. No entry P40,000 Dr.On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? Group of answer choices a. P40,000 Dr. b. No entry c. P1,035,000 Cr. d. P1,060,000 Cr.On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? a. P1,035,000 Cr. b. No entry c. P40,000 Dr. d. P1,060,000 Cr.
- On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? A. No entry B. 40,000 debit C. 1,035,000 credit D. 1,060,000 creditBoulter, Incorporated, began business on January 1, 2024. At the end of December 2024, Boulter had the following investments in debt securities: Trading Available-for-Sale Cost $ 60,000 $ 110,000 Fair value 54,000 107,500 All declines in value are deemed to be temporary in nature. How should the corresponding losses be reflected in the financial statements at December 31, 2024? Income Statement Accumulated Other Comprehensive Income in Shareholders' Equity a. $ 8,500 $ 0 b. $ 0 $ 8,500 c. $ 6,000 $ 2,500 d. $ 2,500 $ 6,000On 1 February 2011 PETA acquired 35% of the equity shares of AVO, its only associate, for $20,000,000 in cash. The post-tax profit of AVO for the year to 30 September 2011 was $6,000,000. Profits accrued evenly throughout the year. AVO made a dividend payment of $2,000,000 on 1 September 2011. At 30 September 2011, PETA decided that an impairment loss of $1,000,000 should be recognised on its investment in AVO. In PETA's separate financial statement, PETA did not recognize any impairment loss related to its investment in AVO. What amount will be shown as 'investment in associate' in the statement of financial position of PETA as at 30 September 2011? PLEASE EXPLAIN THE ANSWER. A) $20,350,000 B) $21,050,000 C) $21,750,000 D) $19,700,000 E) None of the above
