Financial and Managerial Accounting
7th Edition
ISBN: 9781259726705
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter C, Problem 6E
Exercise C-6 Transactions in short-term and long-term investments Pl P2 P3
Prepare
- On February 15, paid S160.000 cash to purchase American General s 90-day short-term notes at par, which are dated February 15 and pay 10% interest (classified as held-to- maturity)
- On March 22, bought 700 shares of Fran Industries common stock at S51 cash per share plus a S150 brokerage fee (classified as long-term available-for-sale securities).
- On May 15. received a check from American General in payment of the principal and 90 days' interest on the notes purchased in transaction a
- On July 30. paid SI00.000 cash to purchase MP3 Electronics’ 8% notes at par, dated July 30, 2017. and maturing on January- 30, 2018 (classified as trading securities)
- On September 1, received a $1.00 per share cash dividend on the Fran Industries common stock purchased in transaction b
- On October 8, sold 350 shares of Fran Industries common stock for $64 cash per share, less a $125 brokerage fee
- On October 30, received a check from MP3 Electronics for three months interest on the notes purchased in transaction d.
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part C D
QUESTION 1.
You are a financial analyst reviewing the draft financial statements of Speedy Coaches Ltd with a view to purchasing the company and have been given the following information.
Income statements for the year ended 30 June
2021
2020
£'000
£'000
Revenue
32,800
29,459
Cost of sales
(17,855)
(15,840)
Gross profit
14,945
13,619
Operating expenses
(11,680)
(10,477)
Depreciation
(1,198)
(1,063)
Operating profit
2,067
2,079
Interest
(74)
(94)
Profit before taxation
1,993
1,985
Taxation
(634)
(601)
Profit for the year
1,359
1,384
Statements of financial position as at 30 June
2021
2020
£'000
£'000
ASSETS
Non-current assets
Property, plant and equipment
10,300
8,720
Current assets
Inventories
750
701
Trade receivables
597
436
Cash
407
279
1,754…
Question 4 of 4 Current Attempt in Progress Ivanhoe Company provides you with the following balance sheet information as of December 31, 2025. Current assets $9,800 Current liabilities $10,000 Long-term assets 22,310 Long-term liabilities 12,040 Total assets $32,110 Stockholders' equity 10,070 Total liabilities and stockholders' equity $32,110 In addition, Ivanhoe reported net income for 2025 of $13,760, income tax expense of $2,816, and interest expense of $1,170. (a) Compute the current ratio and working capital for lvanhoe for 2025. (Round current ratio to 2 decimal ploces, e.3. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.s. (45).) Current ratio Working capital
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Question 1 Loftus et al (2023) Exercise 13.5 Amended The following information was extracted from records of Nawa Ltd for the year ended 30 June 2024. NAWA LTD Statement of financial position (extract) as at 30 June 2024 Assets Accounts receivable $ 50 000 Allowance for doubtful debts (5 000 ) $ 45 000 Motor vehicles 250 000 Accumulated depreciation — motor vehicles (50 000 ) 200 000 Liabilities Interest payable 5 000 Additional information • The accumulated tax depreciation for motor vehicles at 30 June 2024 was $100 000. • As at 30 June 2023, the balance in the deferred tax asset was $2,000 and the balance in the deferred tax liability was $8,000. • The income tax rate is 30%. Required: Prepare a deferred tax worksheet for Nawa Ltd and the end of year deferred tax journal entry required to bring the deferred tax accounts to their ending balances as at 30 June 2024.
Chapter C Solutions
Financial and Managerial Accounting
Ch. C - Prob. 1MCQCh. C - Prob. 2MCQCh. C - Prob. 3MCQCh. C - Prob. 4MCQCh. C - Prob. 5MCQCh. C - Prob. 1DQCh. C - Prob. 2DQCh. C - Prob. 3DQCh. C - Prob. 4DQCh. C - Prob. 5DQ
Ch. C - Prob. 6DQCh. C - Prob. 7DQCh. C - Prob. 8DQCh. C - Prob. 9DQCh. C - Prob. 10DQCh. C - Prob. 11DQCh. C - Prob. 12DQCh. C - Prob. 13DQCh. C - Prob. 14DQCh. C - Prob. 1QSCh. C - Prob. 2QSCh. C - Prob. 3QSCh. C - Prob. 4QSCh. C - Prob. 5QSCh. C - Prob. 6QSCh. C - Prob. 7QSCh. C - Prob. 8QSCh. C - Prob. 9QSCh. C - Prob. 10QSCh. C - Prob. 11QSCh. C - Prob. 12QSCh. C - Prob. 13QSCh. C - Prob. 14QSCh. C - Prob. 15QSCh. C - International accounting for investments P1 The...Ch. C - Prob. 1ECh. C - Prob. 2ECh. C - Prob. 3ECh. C - Prob. 4ECh. C - Prob. 5ECh. C - Exercise C-6 Transactions in short-term and...Ch. C - Prob. 7ECh. C - Prob. 8ECh. C - Prob. 9ECh. C - Prob. 10ECh. C - Prob. 11ECh. C - Prob. 12ECh. C - Prob. 13ECh. C - Prob. 14ECh. C - Prob. 15ECh. C - Prob. 1PSACh. C - Prob. 2PSACh. C - Prob. 3PSACh. C - Prob. 4PSACh. C - Prob. 5PSACh. C - Prob. 1PSBCh. C - Prob. 2PSBCh. C - Prob. 3PSBCh. C - Prob. 4PSBCh. C - Prob. 5PSBCh. C - Prob. 1SPCh. C - Prob. 1GLPCh. C - Prob. 2GLPCh. C - Prob. 1BTNCh. C - Prob. 2BTNCh. C - Prob. 3BTNCh. C - Prob. 4BTNCh. C - Prob. 5BTNCh. C - Prob. 6BTNCh. C - Prob. 7BTNCh. C - Prob. 8BTN
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