of$000$000$000$000Non-current assets407160ionInvestment in Jerry (90,000)128Net Current Assets12590660250Ordinary share ($1 each)500150Reserves60Retained and earnings10040General60160100660250Ben acquired the shareholding during 2021 when Jerry's retained earning account had a creditbalance of $30,000 and general reserves, $20,000Required:Prepare the consolidated Statement of Financial Position of the Ben Group as at December 31,2021.

When a company acquires shares in another company in the majority, the purchasing company becomes…

Answered: 000,$ 160 Non-current assets 407…

000,$ 160 Non-current assets 407 Investment in Jerry (90,000) 128 Net Current Assets 125 90 660 250 Ordinary share ($1 each) 500 150 Reserves 60 Retained and oarnin

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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17. Current Attempt in Progress The following information pertains to Sheridan Company: Cash $21,500 Accounts receivable 125,000 Inventory 75,500 Plant assets (net) 384,000 Total assets $606,000 Accounts payable $74,500 Accrued taxes and expenses payable 25,500 Long-term debt 48,500 Common stock ($10 par) 155,000 Paid-in capital in excess of par 89,500 Retained earnings 213,000 Total equities $606,000 Net sales (all on credit) $801,000 Cost of goods sold 601,500 Net income 81,500 Compute the following: (Round answers to 2 decimal places e.g. 15.25.) (a) Current ratio : 1 (b) Inventory turnover times (c) Accounts receivable turnover times (d) Book value per share $ (e) Earnings per share $ (f) Debt to assets % (g) Profit margin on sales % (h) Return on common stockholders’…
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