follows:DebitCreditAccounts payableAccounts receivableAccumulated depreciation-building and equipmentAdditional paid-in capital-ordinary sharesIn excess of par valueFrom sale of treasury sharesAllowance for doubtful accountsBonds payableBuilding and equipmentP 290,000P 550,0001,560,000250,0001,100,000CashOrdinary share capital (P 1 par value)Dividends payable on preference shares-cashInventoriesto 00LandInvestment in equity securities (at market) @ FVOCITrading equity securities (at market)Preference shares (P50 par value)Prepaid expensesRetained earningsTreasury shares- ordinary (at cost)Unrealized decrease in value of investment in securities - OCI285,000215,000180,000TotalsP3.615.000 P3.615.000At December 31, 20X7 Partner had the following number of ordinary andpreference shares:OrdinaryPreferenceAuthorized00 000panssOutstanding150,000140,000The dividends on preference shares are P4 cumulative. In addition, thepreference share has a preference in liquidation of P50 per share.Required:Prepare the shareholders' equity section of Partner's statement of financialposition at December 31, 20X7.

Partner Corporation's Answer 1 Amount $ Contributed Capital Preferred Stock 500,000.00…

Answered: 000 00 25 180,000 P3.615.000 P3.6

Business

Accounting

000 00 25 180,000 P3.615.000 P3.6

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Multiple Choice $280,200 $305,200 $315,200 $214,000
16 21 17 18 22 13 14 15 19 20 23 10 11 12 24 25 26 27 6 7 29 30 2 4 5 8 28 3 9 6 7 8 9 5 # 1 2 3 4 Date 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/18/2023 1/20/2023 Account Name 1/28/2023 Sells (Issues) $150,000 of Common Stock to shareholders for cash Cash $ Debit Entry Common Stock Pays $9,000 for 12 months of space rent starting on January 1st Prepaid Bent Cash Purchases supplies worth $3,500 on account Supplies Accounts Payable 1/15/2023 Equipment Cash Company purchases a building borrowing from the bank by signing a 4-year note payable for $300,000 at 6% annual interest and in addition the Company also pays an additional $30,000 cash down payment to the seller. The building has a 25 year life with a salvage value of $60,000. $ Credit Entry Purchases equipment worth $12,000 for cash. The Equipment has a 4 year life wuth zero salvage value. Provides services for $20,000 on account due in 30 days Cash Service Revenue Schedules a service to be performed at a future date for a…
CH 20 HW i 10 1 Saved Help Save & Exit Submit Check my work During 2022 (its first year of operations) and 2023, Fieri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2024, Fieri decided to change to the average method for both financial reporting and tax purposes. points Income components before income tax for 2022, 2023, and 2024 were as follows: ($ in millions) Revenues 2022 $ 380 2023 2024 $ 390 $ 420 Cost of goods sold (FIFO) (38) (40) (46) eBook Cost of goods sold (average) (52) (56) (62) Operating expenses (242) (250) (254) Print References Dividends of $20 million were paid each year. Fieri's fiscal year ends December 31. Required: 1. Prepare the journal entry at the beginning of 2024 to record the change in accounting principle. (Ignore income taxes.) 2. Prepare the 2024-2023 comparative income statements. 3. & 4. Determine the balance in retained earnings at January 1, 2023, as Fieri reported using FIFO method…
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ilrn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false < eBook Net income Falkland, Inc., is considering the purchase of a patent that has a cost of $49,000 and an estimated revenue producing life of 4 years. Falkland has a cost of capital of 10%. The patent is expected to generate the following amounts of annual income and cash flows: 5 5,504 X Feedback Year 1 $5,100 $6,500 Operating cash flows 17,300 18,400 (Click here to see present value and future value tables) A. What is the NPV of the investment? Round your present value factor to three decimal places and final answer to the nearest dollar. Check My Work Year 2 B. What happens if the required rate of return increases? If the required rate of return increases, the NPV will be lower 2 Year 3 GO A Year 4 $6,300 $3,000 18,500 14,850 mer ✓. Discount the operating cash flows in accordance to the years they occur using the appropriate time value of money table. The total amount of all cash…
Information for Hobson Corporation for the current year ($ in millions): Income from continuing operations before tax Loss on discontinued operation (pretax) Temporary differences (all related to operating income): Accrued warranty expense in excess of expense included in operating income Depreciation deducted on tax return in excess of depreciation expense Permanent differences (all related to operating income): Nondeductible portion of entertainment expense The applicable enacted tax rate for all periods is 25%. How much tax expense on income from continuing operations would be reported in Hobson's income statement? Note: Round the final answer to 2 decimal places. $ 230 10 85 175 20
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geb 13 slabintice 5:00 er. Enn 1904 190 e Susbried atsioon ²000-0TR and to en 7. Jaja invested P6,700 for one year, part at 8%, part at 10% and the remainder at 12%. The total annual incomes from these investments was P716. The amount of money invested at 12% was P300 more than the amount invested at 8% and 10% combined. Find the amount invested at each rate
Dete for Utuyox735, a large merchandiser, is below Sales are budgeted at $307,000 for November, $327,000 for December, and $227,000 for January . Collections are expected to be 60% in the month of sale and 40% in the month following the sale The cost of goods sold is 75% of sales . Utuyoz735 desires to have an ending merchandise Inventory at the end of each month equal to 90% of the next month's cost of goods soid. Payment for merchandise is made in the month flowing the purchase Other monthly expenses to be paid in cash are $22,800. Monthly depreciation is $29,500 . Ignore taxes. . (D#38127) Annet Cash Balance Sheet October 31 Accounts receivable. Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Q) What are the accounts payable for Utuyoz735 at the end of December? Multiple Choice F 35,000 85,500…
00 FI 96 R %24 JAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Print Item Falkland, Inc., is considering the purchase of a patent that has a cost of $51,000 and an estimated revenue producing life of 4 years. Falkland has a cost c capital of 12%. The patent is expected to generate the following amounts of annual income and cash flows: Year 1 Year 2 Year 3 Year 4 Net income $5,100 $6,500 $6,300 Operating cash flows 18,400 18,200 (Click here to see present value and future value tables) 006' A. What is the NPV of the investment? Round your present value factor to three decimal places and final answer to the nearest dollar. 24 B. What happens if the required rate of return increases? If the required rate of return increases, Previous Check My Work 3:54 PM 5/3/2022 dy insert prt sc f8 91 backspa & 7. 4. 5.
AaBbC AaBbCcI AaBbC AaBbCcl AaBbCc AaBbCcL O Find x A A E=EE E E Replace 1 Normal Title 1 No Spac... Heading 1 Heading 2 Heading 3 Heading 4 Select ont Paragraph Styles Editing QUESTION 3 Penco Ltd. operates a defined benefit pension scheme for all of its employees. The closing balances on the scheme assets and liabilities, at 31 December 2016, were S60 million and $64 million respectively. Penco's actuary has provided the following information that has yet to be accounted for in the year-ended 31 December 2017. $m Current service cost 9. Past service cost 8. Contributions paid in Benefits paid out 6. 66 Fair value of plan asset 75 Fair value of plan liabilities 5% Yield on high quality corporate bonds Required Calculate the amounts that will appear in the financial statements of Penco for the year-ended 31 December 2017. D. Focus 28°C Sunny ^ D G EG 61 37 121