Investco Ltd., a private corporation, received dividend income from taxable Canadiancorporations during its year ended December 31, 2023, as follows.Investco Ltd. owns 9% of the issued shares of Subsidiary. Subsidiary's dividend refundfor its year ended December 31, 2023 was $5,500.Portfolio dividends from publiccorporationsDividends from Subsidiary$40,00035,000$75,000Required:Calculate the Part IV tax payable by Investco Ltd. for its year ended December 31,2023. (Use 0.3833 when multiplying by 38.33% and round your answers to thenearest whole number. Enter all numbers as positive amounts. If an amount shouldbe zero, enter "0".)Part IV tax on dividends received from public corporationsPart IV tax on dividends received from SubsidiaryTotal Part IV tax

Tax payable -The term "taxes payable" designates one or more liability accounts that hold the…

a private corporation, received dividend income from taxable Canadian corporations during its year ended December 31, 2023, as follows. Investco Ltd. owns 9% of the issued shares of Subsidiary. Subsidiary's dividend refur for its year ended December 31, 2023 was $5,500. Required: Portfolio dividends from public corporations Dividends from Subsidiary $40,000 35,000 $75,000

a private corporation, received dividend income from taxable Canadian corporations during its year ended December 31, 2023, as follows. Investco Ltd. owns 9% of the issued shares of Subsidiary. Subsidiary's dividend refur for its year ended December 31, 2023 was $5,500. Required: Portfolio dividends from public corporations Dividends from Subsidiary $40,000 35,000 $75,000

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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Similar questions

A company has 15% ownership of a corporation and adopts the fair value method in it's recognition for this investment. the investee reported net income of $110,000 for 2021 and paid dividends of $60,000 on November 1, 2021 how much equity income should the company recognized in the investment in 2021 a. 16,500 b. 9,000 c. 25,500 d. 7,500
After the combination, what is the total stockholders’ equity of Parent Corporation?
X Corporation owns 80% of the voting common shares of Y Corporation. Non-controlling interest was assigned $24,000 of income in the 2009 consolidated income statement. What amount of net income from Y did X Corporation report for the year? Select one: a. 150,000 b. 130,000 c. 120,000 d. 96,000
Chevy Company owns 50% of another entity's preference share capital and 40% of its ordinary share capital. The investee's share capital outstanding at December 31, 2021 include P5,000,000 of 10% cumulative preference share capital and P10,000,000 of ordinary share capital. The investee reported net income of P6,000,000 for 2021. No dividend was declared for both preference and ordinary share in 2021. What amount should Chevy Company report as investment income for 2021? Assume that the company is an SME and the company elected to use the fair value model, what amount should Chevy Company report as investment income for 2021?
Canada Goose, a Canadian publicly traded company, purchased 20% of Feather Ltd's common shares for $450,000 cash on January 3, 2022. During the year, Feather reported net income of $700,000 and declared and paid dividends of $80,000. The investment's fair value on December 31, 2022, was $550,000, the company's year-end. On January 1, 2022, Canada Goose had a cash and retained earnings balance of $2,000,000. Required: Assuming Canada Goose has significant influence over Feather Ltd, prepare, in good format, the relevant parts of Canada Goose's Statement of Financial Position.
On January 31, 2022, Parent Company purchased all the identifiable net assets of Sub Company by transferring cash of P1,200,000 and issuing 100,000 shares with par value of P20 and fair value of P32. Parent will pay additional amount depending on the net income achieved by Sub at year-end: Net Income @ year-end 50,000,000 Consideration to be transferred 1,000,000 2,000,000 3,000,000 Case 1 75,000,000 100,000,000 Book value of Parent and Sub at the date of acquisition were as follows: Parent 1,000,000 1,600,000 2,400,000 Sub 800,000 1,400,000 800,000 Cash Accounts receivable Inventory Buildings 5.000,000 10,000,000 2,800,000 5,800,000 1,000,000 1,200,000 800,000 Total assets Accounts payable Common stock, P2 par Share premium Retained earnings Total liabilities and equities 2,400,000 2,000,000 1,600,000 4,000,000 10,000,000 2,800,000 5,800,000 At the date of acquisition, Parent assessed that Sub will reach at least 60,000,000 of net income for 2022. Book value of the identifiable net…
The Shareholders' Equity section of BFAR Corp. statement of financial position shows the following: Preference Share Capital, P100 par Ordinary Share Capital, P10 par Treasury Shares - ordinary, P12 cost/share Share Premium - Ordinary Share Premium - Preference Subscribed Ordinary Share Capital Subscription Receivable (2 years collectability) Share Premium on Subscribed Ordinary shares Share Premium on Treasury shares Accumulated Profits - Unappropriated (unadjusted) - beg 2,800,000 6,000,000 960,000 1,640,000 1,020,000 750,000 600,000 625,000 610,000 7,040,000 Dividends declared during the year is P500,000. Profit for the year is P800,000. Compute the Total Shareholders' Equity.
1. How much is the total assets reported in 2023? 2. How much is the total liabilities reported in 2023? 3. How much is the total shareholder's equity reported in 2023?
QUESTION 2. On September 5, 2019, Soy Company, the 80%-owned subsidiary of Pro Corporation, declared a cash dividend of$1 a share on its 100,000 outstanding shares of S1 par common stock. The dividend was paid on September 26, 2019. For the fiscal year ended September 30, 2019, the first year of the Pro-Soy affiliation, Soy had a net income of $300,000. In addition to goodwill of S80,000, the September 30, 2002 (date of the business combination) working paper elimination (in journal entry format) for Pro Corpo- ration and subsidiary included the following debits: $60,000 Inventories (first-in, first-out cost)-Soy Plant assets (net) (all depreciable over a 10-vear economic life, $80,000 $20,000 straight-line method)-Soy Discount on long-term debt (5-year remaining term)-Soy Prepare journal entries for Pro Corporation on September 5, 26, and 30, 2019, to record its equity method of accounting for the operating results of Soy Company. Use the straight-line method of amortization for…
Chevy Company owns 50% of another entity’s preference share capital and 40% of its ordinary share capital. The investee’s share capital outstanding at December 31, 2021 include P5,000,000 of 10% cumulative preference share capital and P10,000,000 of ordinary share capital. The investee reported net income of P6,000,000 for 2021. No dividend was declared for both preference and ordinary share in 2021. 5. What amount should Chevy Company report as investment income for 2021
P Co paid $140,000 for 70% interest in S CO.on 1/1/2019, when S had Capital Stock of $50,000 and Retained Earnings of $100,000. Fair values of net assets were the same as recorded book values. During 2019, S had income of $20,000, declared dividends of $7,500, On 31/12/2019, the P CO financial statements will show income from subsidiary for 2019 Amount? Select one: a. 12,500 b. 5,250 c. 20, 000 d . 14, 000
Exercises: Lion Inc. purchases 30% of Zombie Corp for P500,000. At the end of the year, Zombie Corp reports a net income of P100,000 and a dividend of P50,000 to its shareholders. Requirement: Prepare all the necessary journals entries. Dr Cr Acquisition Share in P/L or OCI Dividend Distribution