1A F23

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Jesse Ltd SoFP at 31/12/2024 £'000 Buildings £'000 1,800 Equipment 2,100 £1NV Shares 975 Inventory 450 Reserves Cash & Receivables 150 10% Loan Stock 600 400 Assets 1,075 Payables 3,775 Equity & Liabilities 3,775 Assume Jesse could purchase new plant at the start of the year (01/01/2024) on the following terms:- a) b) Required: 1) Buy new plant from a 2:9 rights issue made at a premium of 50p per share. Plant value is £600,000 with a life of 6 years. Or, instead, lease the new plant over 6 years with interest at 20% & annual repayments of £180,000 paid in arrears. Prepare amended balance sheets at 31/12/2024 for each option at a) and b) above. Calculate (for the original SoFP):- Current ratio 2) i) ii) Acid test ratio

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cam Acc III-June 23 1 O:22:27 C Mc Graw Hill Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2023, all with intent to hold to maturity: 2023 1 Purchased for $427,057 a 7.0%, $420,000 Jaguar Corp. bond that matures in five years when the market interest rate was 6.6%. There was a $$125 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning June 30, 2023. Monkey Mortgage Inc. plans to hold this investment until maturity. 1 Bought 8,000 shares of Mule Corp., paying $34.50 per share. There was a $125 transaction fee included in the above-noted payment amount. May 7 Received dividends of $2.90 per share on the Mule Corp. shares. June 1 Paid $336,000 for 22,000 shares of Zebra common shares. There was a $$125 transaction fee included in the above-noted payment. June 30 Received interest on the Jaguar bond.. Jan. Mar. Aug. 1 Sold the Mule Corp. shares for $34.75 per share. Dec. 31 Received interest on the…

Problem 6-22 (Algo) (LO 6-2) On December 31, 2023, Petra Company invests $45,000 in Valery, a variable interest entity. In contractual agreements completed on that date, Petra established itself as the primary beneficiary of Valery. Previously, Petra had no equity interest in Valery. Immediately after Petra's investment, Valery presents the following balance sheet: Cash Marketing software Computer equipment Total assets $ 45,000 165,000 65,000 $ 275,000 Long-term debt Noncontrolling interest Petra equity interest Total liabilities and equity $ 95,000 135,000 45,000 $ 275,000 Each of the amounts represents an assessed fair value at December 31, 2023, except for the marketing software. The December 31 business fair value of Valery is assessed at $180,000. Required: a. If the carrying amount of the marketing software was undervalued by $50,000, what amounts for Valery would appear in Petra's December 31, 2023, consolidated financial statements? b. If the carrying amount of the marketing…

Question P10-22-B

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please prepare the journal entries Q1. Sold 22,500 Treasury shares at $2 each. Q2. Purchased 10% shareholding in Charlie Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,900,000 as at 1 March. The purchase consideration included a $2,700,000 note receivable due from Charlie Limited and the related interest receivable balance of $144,000, $140,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $120,000. ( for depreciation details, refer to Q1 of additional information.) Q3. A 10% share dividend was declared when the market value per share was $2.1. Q4. Paid cash to acquired 30,000 shares of its own at $2.3 each. ITI intends to keep the shares for several months for management bonus.

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PROBLEM 4: MULTIPLE CHOICE- COMIVinTIUNAL Fact pattern for the next six questions: On Jan. 1, 20x1, Golf Co. acquired P1,000,000 face amount, 10% bonds for P951,963. The principal is due on Jan. 1, 20x4 but interest is due annually. The effective interest rate is 12%. In 20x2, Golf Co. changed its business model for managing financial assets. Golf Co. only reports annually, every Dec. 31. The quoted prices are 103 on Dec. 31, 20x2 and 104 on Jan. 1, 20x3. 1. The bonds are reclassified from amortized cost to FVPL. How much is the gain (loss) on reclassification and where is that amount presented? a. 57,857 in P/L b. (43,292) in OCI c. 15,714 in P/L d. 57,857 in OCI 2. The bonds are reclassified from FVPL to amortized cost. What is the amount of premium or discount to be amortized over 615 the remaining life of the bonds reclassification date? a. 40,000 premium b. 40,000 discount subsequent to the c. 57,857 premium d. 57,857 discount 3 The bonds are reclassified from amortized cost to…

Check my workCheck My Work button is now enabled1 Item 1 Item 1 1.5 points Item Skipped Tanner-UNF Corporation acquired as a long-term investment $180 million of 7.0% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 9% for bonds of similar risk and maturity. Tanner-UNF paid $160.0 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2021, was $160.0 million. Required:1. & 2. Prepare the journal entry to record Tanner-UNF’s investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate.3. At what amount will Tanner-UNF report its investment in the December 31, 2021, balance sheet?4. Suppose Moody’s bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the…

Active Learning Monopoly - Yo akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession ageNOWv2 | Online teachi X Institution Page V Feedback Premium Amortization On the first day of the fiscal year, a company issues a $5,300,000 , 8 %, five-year bond that pays semiannual interest of $212,000 ($5,300,000 x 8% x %), receiving cash of $5,520,390. Journalize the first interest payment and the amortization of the related bond premium. If an amount box does not require an entry, leave it blank. Interest Expense Premium on Bonds Payable Cash ✓ Check My Work X ✓ MindTap - Cengage Learning X Locator=&inprogress=false ▬ + T Check My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of the bond. O ES Oct 8 7:58

The following investment account was taken from the general ledger of One Dream Investment Company:   Debt Investments - Fulfilled Dream 6% bonds (2,000,000 face value, due December 31, 2027)  Date  PR  Debit  Credit  Balance January2, 2022 VR VR P1,812,300    P1,812,300 June 30, 2022 CRJ    60,000  1,752,300 Dec.  31,  2022 CRJ    60,000  1,692,300 Dec.  31, 2022     195,000  1,497,300   In the course of your examination, you obtained the following information:  Interest checks were received on June 30 and December 31 and were credited to the investment account.  One dream sold P200,000 of its investment on December 31, 2022 for P195,000. Effective interest rate on this investment, as computed by your audit staff, is 8%. (4% - semi annual) One Dream included this investment in a portfolio that is held to collect and for sale.  The fair value at December 31, 2022 and 2023 is 97.5 and 105, respectively.    How much is the gain or…

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Kier company issued

Brooks Company purchases debt investments as trading securities at a cost of $56,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $63,000. Exercise 15-3 (Algo) Financial statement impact of trading securities LO P1 Brooks sells a portion of its trading securities (costing $28,000) for $29,750 cash. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or −) for each transaction. 1. 1. 2. 3. 3. Debt Investments - Trading Cash Assets (+) increase (-) decrease (+) increase 56,000 56,000 = = = = = X Answer is not complete. Liabilities + + + + + Retained earnings Equity X (+) increase × 1,750 X

Current Attempt in Progress Blossom Company purchased 80 Rinehart Company 8%, 10-year, $1,000 bonds on January 1, 2022, for $80,000. The bonds pay interest annually on January 1. On January 1, 2023, after receipt of interest, Blossom Company sold 50 of the bonds for $48,000. Prepare the journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

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Needed in 10 minutes. Intermediate Accounting 1. Investments. 6. On January 1, 20x1, ABC purchased bonds with face amount of P5,000,000. The entity paid P4,700,000 plus transaction cost of P42,130 for the bond investment. The business model of the entity in managing the financial asset is to collect contractual cash flows that are solely payment of principal and interest and also to sell the bonds the open market. The bonds mature on December 31, 20x3 and pays 6% interest annually on December 31 each year with 8% effective interest rate (after incorporating the transaction cost on initial recognition). The bonds are quoted at 106 and 108 on December 31, 20x1 and December 31, 20x2. The bonds are sold at 103 on July 1, 20x3, excluding accrued interest. Use 4-decimal present value factor. The carrying value of the investment in bonds on December 31, 20x2 is (sample answer: 2,350,450)

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Journal entries a. $30,000 cash was borrowed on a five-year 10% note payable, dated 5/1/2021. b. $13,000 cash was paid for land. c. Earned $118,000 in service revenues for 2020. $53,000 on account and the remainder in cash. d. Purchased Inventory with $15,000 cash. e. Sold $12,000 of inventory for $17,000 cash. f. Issued 4,000 additional shares of $0.50 par value common stock for cash at $1 per share on 1/2/2021. g. Incurred $114,000 in miscellaneous operating expenses for 2021, $20,000 on credit and the rest paid in cash. h. Collected $34,000 owned on account. i. Purchased $17,000 supplies on account. j. Paid $26,000 accounts payable. k. A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000. The accumulated depreciation on the equipment amounted to $1,000 l. Bid on a $2,000 one-year service contract. If accepted, work is to begin on 2/1/2022. m. $103,000 was paid for employee wages. This included wages owed from 2021. n. Declared and paid…

Chapter 15 Quiz Hide or show questions                             Question Content Area A partial listing of accounts and ending balances for Carver, Inc., on December 31, 2020, is shown below: Investments in long-term notes receivable $40,000 Bonds payable 300,000 Temporary investment in equity securities available for sale 120,000 Premium on bonds payable 26,000 Common stock 180,000 Subscriptions receivable: common stock 120,000 Additional paid-in capital from preferred stock conversion 24,000 Retained earnings 650,000 Preferred stock 300,000 Long-term investment in equity securities available for sale 150,000 Additional paid-in capital on common stock 910,000 Common stock subscribed 20,000 Goodwill 46,000 Donated capital 35,000 Preferred stock subscribed 50,000 Additional paid-in capital on preferred stock 45,000 Following is additional information relative to the above accounts: The preferred stock is 8% cumulative with par value of…