3. The following data were taken from the statement of realization and liquidation of AAA Corp. for the quarter ended June 1, 2011. Assets to be realized 687,500 1,062,500 Supplementary credits Liabilities to be liquidated Supplementary charges Liabilities līquidated Assets acquired 1,125,000 975,000 750,000 750,000
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- The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue. Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss. Interest expense General and administrative expense Debits $ 165,000 6,050,000 650,000 475,000 35,000 550,000 Credits $ 8,250,000 65,000 125,000 142,500 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format.The following data were taken from the statement of realization and liquidation of Rise Heart Company for the quarter ended September 30, 2021. 000.0 Liabilities to be liquidated Supplementary credits Liabilities not liquidated Supplementary debits Assets acquired Liabilities assumed P1,825,000 845,000 1,000,000 620,500 880,500 770,000 8- 737,500 Assets to be realized lopiJ bas noitesilso wolad ew 875,000 1,595,000 Assets realized Liabilities liquidated The beginning balances of ordinary shares and retained earnings are P520,000 and P(148,000), respectively. The net income for the period is P104,500. How much is the ending cash balance? 000,.08 botsl1. What net amount should be reported as OCI for the current year? 2. What amount should be reported as comprehensive income for the current year?
- Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position? * P1,300,000 P1,000,000 P900,000 P0 answer not givenThe trial balance of Rollins Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Loss on sale of investments Loss on debt investments Gain on projected benefit obligation Cost of goods sold Selling expense Restructuring costs Interest expense General and administrative expense Debits $ 15,000 126,000 3,860,000 340,000 150,000 15,000 240,000 Credits $ 5,300,000 37,000 230,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. ROLLINS INCORPORATED Statement of Comprehensive Income Required: Prepare a 2024 single, continuous statement of comprehensive income for Rollins Incorporated. Use a multiple-step income statement format. Note: Round Earnings per share answer to 2 decimal places.Bridgeport Corporation’s balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000) $ 236,480 Current liabilities $ 151,480 Land 32,960 Bonds payable 101,480 Buildings 121,480 Common stock 182,960 Equipment 92,960 Retained earnings 46,960 Accum. depr.-buildings ( 31,480 ) Total $ 482,880 Accum. depr.-equipment ( 11,000 ) Patents 41,480 Total $ 482,880 The following information is available for 2020. 1. Net income was $ 54,810. 2. Equipment (cost $ 21,480 and accumulated depreciation $ 9,480) was sold for $ 11,480. 3. Depreciation expense was $ 5,480 on the building and $ 10,480 on equipment. 4. Patent amortization was $ 2,500. 5. Current assets other than cash increased by $ 29,000. Current liabilities increased by $ 14,480. 6. An addition to the building was completed at a cost of $ 28,480. 7. A long-term investment in…
- Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position?Exercise 4-17 (Part Level Submission) The following information was taken from the records of Whispering Inc. for the year 2020: Income tax applicable to income from continuing operations $243,100; income tax applicable to loss on discontinued operations $33,150, and unrealized holding gain on available-for-sale securities (net of tax) $19,500. Gain on sale of equipment Loss on discontinued operations Administrative expenses $123,500 97,500 312,000 52,000 78,000 Rent revenue Loss on write-down of inventory Shares outstanding during 2020 were 100,000. Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue $195,000 3,480,000 1,105,000 390,000 2,470,000 ▼ (a) Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.)Question for income statement : BAYAN INVESTMENT CO. (K.S.C.P) a. List 2 expense accounts AND their amounts for 2020. b. What was the net profit/(loss) for 2020? What about 2019? c. Compared with 2019, has the net profit/(loss) increased or decreased?
- V Company's records provided the following information for 2019: decrease in accounts payable, $4,500 loss on sale of land, $1,500 increase in inventory, $7,700 increase in income taxes payable, $2,300 net income, $66,300 patent amortization expense, $1,900 ordinary loss, $6,900 decrease in deferred taxes payable, $2,600 amortization of discount on bonds payable, $1,400 payment of cash dividends, $25,000 depletion expense, $5,200 decrease in salaries payable, $1,600 decrease in accounts receivable, $3,100 gain on sale of equipment, $6,000 proceeds from issuance of stock, $55,000 ordinary gain, $3,300 depreciation expense, $12,000 amortization of discount on investment in bonds, $1,000 Required Prepare the operating activities section of V's 2019 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash. V COMPANY Statement of Cash Flows (Partial) For Year Ended December 31, 2019 Operating Activities: $fill…The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from…2. The following is extracted from the books of White Co as at 31 December 2019: $ nta sets Net current assets 6 010 Current assets 12 585 Non-current liabilities 2 500 Non-current assets 6 475 For the year ended 31 December 2019, 2$ Net profit Drawings 4 500 3 000 REQUIRED: Calculate the amount of capital at 1 January 2019. END OF PAPER