As of December 31, 2018, Sadaf Oman Company reported assets of RO 1,700,000. share capital of RO 990,000 and retained eamings of RO 1,600,000. Total liabilities reported on the statement of financial position as of December 31, 2018 i Select one O a RO 1,100,000. ObRO 1350000. OC RO 1,110000. Od. RO 1240000.
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- Balance Sheet for Dex Company and Ed Company on December 31, 2023 are as follows: Dex Company Ed Company Cash P850,000 P75,000 Other Assets 2,200,000 425,000 Total Assets P3,050,000 P500,000 Liabilities P1,200,000 P100,000 Common Stock, P50 par 2,000,000 - Common Stock, P10 par - 250,000 Additional Paid-in Capital 500,000 - Retained Earnings (600,000) 150,000 Total Liabilities and Equity P3,050,000 P500,000 On this date, Dex Company acquired 80% of the stock of Ed Company. Instructions: Prepare a consolidated balance sheet and the eliminating entries as of December 31, 2023, under each set of conditions listed below. Subsidiary stock is acquired in exchange for 5,000 shares of the parent company stock, and the investment accounts is recorded at P300,000, the current market value of the shares issued. The difference between the investment balance an the book value of the interest acquired is…company's accounting year ends December 31. Date of Acquisition Cost 9/20/23 $38,000 10/2/23 14,000 Investment Colt Company stock Dana Company stock What amount is reported for gain or loss on these securities in 2023 income? Select one: O a. $800 loss O Fair Value 12/31/23 Date Sold Selling Price $37,000 2/10/24 $42,000 14,200 1/17/24 13,000 b. $1,000 loss c. No gain or loss d. $3,000 gain ہےFoster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $30,000 required to complete the transaction. Identify the correct statement(s) based on the transaction. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) The Company's liabilities will increase by $25,000. 2 The Company's liabilities will decrease by $30,000. ? Foster Inc's assets will decrease by a net amount of $30.000. 2 The Company's liabilities will increase by $30,000. 2 Foster Inc's assets will increase by a net amount of $30.00. ? Foster Inc.'s assets will decrease by a net amount of $25.000. ENG 1127 PM 9/20/2021 17°C UK M
- Sonic Corporation recorded current assets of $345,200 and current liabilities of $318,650 for year 2020. Compute for Sonic's working capital for the year. Select one: a. $663,850 b. $26,550 O C. 92% d. 1.08Consider the following abbreviated financial statements for Raines Corp: Current Assets Net fixed assets Raines Corp 2018 and 2019 Partial Balance Sheet Assets 2018 $4,810 2019 $5,930 13,650 16,800 -$3,848.8 -$1,165.8 $381.2 $4,562.8 Liabilities and Owners' Equity 2018 2019 $2,900 $3,150 Current liabilities Common Stock 8,310 8,700 Raines Corp 2019 Income Statement Sales Costs Depreciation Interest paid $25,800 16,050 4,050 The tax rate for 2019 was 34%. Dividends paid during 2019 were $1,300. What is the cash flow from assets for 2019? 1,880Myrnam Co. has the following investments held for trading on December 31, 2021: Carrying Value 185,000 125,000 230,000 540,000 Fair Value Security Co. M common shares FVTPL Co. N preferred shares FVTPL Co. P common shares Total Category 160,000 140,000 190,000 490,000 FVTOCI Instructions: a. Prepare the adjusting entries required at December 31 to report the above investments at fair value. b. Show the financial statement presentation of the investmehts and holding gains and losses that result from fair value adjustments at December 31, 2021. (Ignore income tax.) c. Assuming that on April 25, 2022, Myrnam sold Co. M common shares for $160,000, Co. N preferred shares for $135,000, and Co P common shares for $200,000, prepare the journal entries required to record these transactions.
- Q14: The following are the Condensed statement of Financial Position of Company A and on december 31,2020. A В Current Assets. 2562500 7639375 Plant and Equipment 768500 22918125 Current liability 555000 300,000 long Term Debt. 2220000. 500,000 Share Premium 1250,000 100,000 Retained Earning. 1609000. 425000 Additional Paid-in 1516000. 437500 Сapital 79 Company C acquires the Net Asset of Both A and B. Paying Cash in Amount of 185000 and by issuing 198500 shares to A, Paying of 72000 and by issuing 54350 shares is 30 to B' Par cash in the amount by issuing 54350 Shares value of Share is 30 and market value on acquisition is 40. Requirments: a) Entry that made in the Book of A. b) Entry that made in the Book of B. c) Entry that made in the Book of C.The financial statements of Company Permanent and its subsidiary Company Senior are shown below. Statement of Financial Position As at 31 December 2019: Permanent Senior $ $ Investment in Senior 450,000 - Other net assets 4,653,400 605,550 5,103,400 605,550 Share capital 2,350,000 300,000 Retained earnings 2,753,400 305,550 5,103,400 605,550 Income Statement and Partial Statement of Changes in Equity For the Year Ended 31 December 2019 Permanent Senior $ $ Sales 10,000,000 3,300,000 Cost of sales (9,000,000) (3,139,450) Dividend income from Senior 24,000 - Profit before tax 1,024,000 160,550 Tax (220,000) (35,000) Profit after tax 804,000 125,550 Retained earnings, 1 January 2019 2,050,000 210,000 Dividends declared (100,600)…l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…
- At the time of acquisition X & Y Co., stock issue expected cost expenses OMR 48,000. Finally, acquisition cost was OMR 64,000. How much will record in the income statement. Select one: a. OMR 48,000 b. OMR 64,000 c. OMR 16,000 d. OMR 112,000On January 3, 2018,A Corp. purchased 25% of the voting common stock or C0.paying S2,500,000. A Cop. decided to use the equity method to account for this investment. Atthe ime of the investment, G Co, total stockholders' equity was S8,000,000. ACOIp. gathered the following intormation about G Co. assets and liabiiines Fair Value $500,000 1.300,0 00 0,000 Book Value S400,000 1.000,000 Buildings (10-year life) Equipment (5-year lite) Franchises (8-year life) For all other assets and liabilities, book value and fair vaue were equal. Any excess of cost over tair value was attributed to goodwill, which has not been impaired.Current Attempt in Progress Following is a list of investments owned by Kingbird Ltd., as of the company's year-end, December 31, 2023: Investment HFX Corporation FDY Ltd. CTN Corporation Date Jan. 15, 2024 No. Shares Cost 1,300 $8.15 2,500 4,100 On January 15, 2024, Kingbird sold the shares in CTN Corporation for $7.14 per share. Prepare the journal entries required to record the sale, assuming the company uses the fair value through other comprehensive income without recycling method. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) FV-OCI Investments 7.26 6.23 Cash Account Titles and Explanation Unrealized Gain or Loss - OCI Fair Value $7.14 7.14 6.90 (To record adjustment to current fair value.) Retained Earnings FV-OCI Investments (To record the sale of shares.) Accumulated Other…