FINANCIAL+MANG.-W/ACCESS PRACTICE SET
13th Edition
ISBN: 9781337575614
Author: WARREN
Publisher: CENGAGE L
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Chapter 13, Problem 29EX
To determine
Comprehensive income:
The financial items which result in changes in the
To determine: Comprehensive income for Corporation V, for the year ended December 31, 2016.
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Students have asked these similar questions
Calculate the following ratios from the income statement and balance sheet all are required
1-Payables Turnover
2-Debt-Equity Ratio
3-Debt Ratio
4-Total Asset Turnover
5-Fixed Asset Turnover
Statement of financial positionas at 31 December 2018
2018
2017
Note
RO
RO
ASSETS
Non-current assets
Property, plant and equipment
14
8,407,572
9,300,442
Deferred tax assets
12
40,977
18,550
8,448,549
9,318,992
Current assets
Inventories
15
430,885
422,421
Trade and other receivables
16
1,129,440
1,235,724
Due from related parties
24
70,300
73,050
Cash and bank balances
17
6,856,734
6,439,709
Total current assets
8,487,359
8,170,904
Total assets
16,935,908
17,489,896
EQUITY…
Debt Investments
Classification
Cost orAmortized Cost
Fair Valueat end if 2017
Interest Incomein 2017
Sales Pricein 2018
Trading
$15,000
$14,000
$750
$14,500
Available-for-Sale
$18,000
$15,000
$1,000
$16,000
Held-to-Maturity
$24,000
$25,500
$950
For the Houston Company, what amount will appear on the income statement in 2017?
Select one:
a. ($2,500)
b. $1,700
c. ($300)
d. $2,700
e. $3,000
Pax Limited showed the following assets and liabilities in its financial statements at 31 December 2018.
DETAILS
CARRYING AMOUNT
FAIR VALUE
PPE
10,000,000
14,000,000
Inventory
4,200,000
4,400,000
Long Term Loans
(3,500,000)
(3,500,000)
Account Payable
(2,500,000)
(2,500,000)
8,200,000
12,400,000
The current market rate for similar transactions is 8.5% per annum. Chelsea Limited planned to acquire all the assets and liabilities of Pax Limited on 1 July 2018 and agreed to pay R13,400,000 in cash on 1 July 2019 in full settlement of the acquisition.
Required:
Calculate the purchase consideration.
Calculate the goodwill or bargain purchase for this transaction.
Prepare the journal entries required in the books of Chelsea Limited relating to this transaction.
Chapter 13 Solutions
FINANCIAL+MANG.-W/ACCESS PRACTICE SET
Ch. 13 - Prob. 1DQCh. 13 - What causes a gain or loss on the sale of a bond...Ch. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - Prob. 6DQCh. 13 - Prob. 7DQCh. 13 - Prob. 8DQCh. 13 - What are the factors contributing to the trend...Ch. 13 - Prob. 10DQ
Ch. 13 - Prob. 1APECh. 13 - Bond investment transactions Journalize the...Ch. 13 - Prob. 2APECh. 13 - Stock investment transactions On September 12,...Ch. 13 - Prob. 3APECh. 13 - Prob. 3BPECh. 13 - Prob. 4APECh. 13 - Prob. 4BPECh. 13 - Prob. 5APECh. 13 - Prob. 5BPECh. 13 - Prob. 6APECh. 13 - Prob. 6BPECh. 13 - Prob. 1EXCh. 13 - Prob. 2EXCh. 13 - Prob. 3EXCh. 13 - Prob. 4EXCh. 13 - Prob. 5EXCh. 13 - Entries for investment in stock, receipt of...Ch. 13 - Prob. 7EXCh. 13 - Prob. 8EXCh. 13 - Entries for stock investments, dividends, and sale...Ch. 13 - Prob. 10EXCh. 13 - Prob. 11EXCh. 13 - Prob. 12EXCh. 13 - Prob. 13EXCh. 13 - Prob. 14EXCh. 13 - Prob. 15EXCh. 13 - Prob. 16EXCh. 13 - Fair value journal entries, trading investments...Ch. 13 - Prob. 18EXCh. 13 - Prob. 19EXCh. 13 - Prob. 20EXCh. 13 - Prob. 21EXCh. 13 - Prob. 22EXCh. 13 - Prob. 23EXCh. 13 - Prob. 24EXCh. 13 - Prob. 25EXCh. 13 - Prob. 26EXCh. 13 - Prob. 27EXCh. 13 - Prob. 28EXCh. 13 - Prob. 29EXCh. 13 - Debt investment transactions, available-for-sale...Ch. 13 - Prob. 2APRCh. 13 - Stock investment transactions, equity method and...Ch. 13 - Prob. 4APRCh. 13 - Prob. 1BPRCh. 13 - Prob. 2BPRCh. 13 - Stock investment transactions, equity method and...Ch. 13 - Prob. 4BPRCh. 13 - Selected transactions completed by Equinox...Ch. 13 - Benefits of fair value On July 16, 1998, Wyatt...Ch. 13 - Prob. 2CPCh. 13 - Prob. 3CPCh. 13 - Prob. 4CP
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