At January 1, 2008, Burton Industries reported owner's equity of $130,00o. During 2008, Burton had a net loss of $30,000 and owner drawings of $20,000. At December 31, 2008, the amount of owner's equity is * O P130,000. O P140,000. O P100,000. O P80,000.
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- Crippling Corporation had the following transactions during the quarter ended March 31, 2016: Loss from typhoon damage: P210,000 Payment of fire insurance premium for the calendar year 2016: P300,000 What amount should be included in Crippling's income statement for the quarter ended March 31, 2016? Typhoon loss Insurance expense А. 210,000 300,000 C. 52,500 75,000 В. 210,000 75,000 D. 0 300,000Viserys Corporation, a dealer of cars, sold its old warehouse with carryingamount of P600,000 for P1,000,000. Initial payments of P300,000 wascollected as of December 31, 2018. Compute for the gross profit to be reportedfor the year 2018. a. 60,000b. 120,000c. 133,333d. 400,000e. Answer not givenOn January 1, 2018, Grand Corp. purchased Minor Co., paying $250,000 cash and issuing a $50,000 note payable. On January 1, 2018, the balance sheet of Minor Co. was as follows: ww www Minor Company Balance Sheet wwww n n Assets Liabilities and Owners' Equity $40,000 $55,000 280,000 $335,000 Cash Notes Payable Capital Acc. Receivable 80,000 Inventory Buildings(net) Equipment(net) Patents Trademarks 120,000 50,000 30,000 5,000 10,000 $335,000 ww An appraisal indicated that the fair market value of the receivables was $75,000, and the fair market value of inventory and buildings were $110,000 and $70,000 respectively. According to the appraisal, the patents were worthless. Required: Prepare the journal entry to be record the purchase by Grand Corp. ww w
- On 1 July 2019, ABC Ltd took control of the assets and liabilities of PQR Ltd. At this date the statement of financial position of PQR Ltd was as follows:Carrying AmountFair ValueMachinery$40 000$57 000Fixtures & fittings60 00078 000Vehicles35 00045 000Current assets10 00022 000Current liabilities(16 000)(19 000)Total net assets$129 000Share capital (80 000 shares at $1.00 per share)80 000General reserve20 000Retained earnings29 000Total equity$129 000REQUIRED:Prepare the acquisition analysis in the records of ABC Ltd at 1 July 2019 in the following situations, assuming the costs of issuing the shares by ABC Ltd cost $2600:a. ABC Ltd issued 80 000 shares having a fair value of $2.50 per share in exchange for the net assets of PQR Ltdb. ABC Ltd acquired the shares of PQR Ltd. The agreement was that ABC Ltd would pay the shareholders of PQR Ltd one share in ABC Ltd for every two shares held in PQR Ltd plus $1 in cash for each share held in PQR Ltd. Shares…The following information was extracted from the records of Lodh Ltd for the year ended 30 June 2021. Lodh LTD Statement of financial position (extract) As at 30 June 2021 Relevant Assets Accounts Receivable $50,000 Allowance for doubtful debts (4,000) $46,000 Prepaid rent 42,000 Plant 200,000 Accumulated depreciation – Plant (25% on cost) (50,000) 150,000 DTA beginning balance 1,000 … Relevant Liabilities Interest Payable 2,000 Provision for long service leave 10,000 Unearned revenue 20,000 DTL beginning balance 5,000 … Additional information · The tax depreciation for plant is considered at 30% of $200,000 (original cost) at 30 June 2021. · Long service leave has not been taken by any employee during the year. · There…South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 101 $ 195 Current liabilities $ 72 $ 93 Net fixed assets 910 1,010 Long-term debt 655 860 INCOME STATEMENT, 2022 (Figures in $ millions) Revenue $ 2,005 Cost of goods sold 1,085 Depreciation 405 Interest expense 251 f. What is cash provided by operations during 2022? g. Net fixed assets increased from $910 million to $1,010 million during 2022. What must have been South Sea’s gross investment in fixed assets during 2022? h. If South Sea reduced its outstanding accounts payable by $46 million during the year, what must have happened to its other current liabilities?
- South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 101 $ 195 Current liabilities $ 72 $ 93 Net fixed assets 910 1,010 Long-term debt 655 860 INCOME STATEMENT, 2022 (Figures in $ millions) Revenue $ 2,005 Cost of goods sold 1,085 Depreciation 405 Interest expense 251 a&b. What is shareholders’ equity in 2021 and 2022? c&d. What is net working capital in 2021 and 2022? e. What are taxes paid in 2022? Assume the firm pays taxes equal to 21% of taxable income. f. What is cash provided by operations during 2022? g. Net fixed assets increased from $910 million to $1,010 million during 2022. What must have been South Sea’s gross investment in fixed assets during 2022? h. If South Sea reduced its outstanding accounts payable by $46 million during the year, what must have happened to its…The financial statements of a ltd and b ltd at 1 july 2020 are as follows. A Ltd B Ltd cash 25000 plant 60000 35000 Accumulated depreciation (15000) (120000) inventories 12000 24000 Account receivable 20000 36000 goodwill 0 10000 Total assets 102600 117000 Account payable 1800 17000 Net assets 100800 100000 Share capital Retained earnings 50000 81000 General reserve 8800 4000 Total equity 2000 15000 100800 100000 All the assets and liabilities of B Ltd were recorded for fair value except for the following assets. Plant 47000(Fair value) Inventory 22000(Fair value) A Ltd agreed to pay B Ltd $6000 in cash plus 16000 fully paid shares having a fair value of $7.5 per share. The business combination was completed and B ltd liquidation. Cash of liquidation amounted to $1200. A Ltd incurred legal and accounting costs amounted to $482 in relation to the…The financial statements of a ltd and b ltd at 1 july 2020 are as follows. A Ltd B Ltd cash 25000 plant 60000 35000 Accumulated depreciation (15000) (120000) inventories 12000 24000 Account receivable 20000 36000 goodwill 0 10000 Total assets 102600 117000 Account payable 1800 17000 Net assets 100800 100000 Share capital Retained earnings 50000 81000 General reserve 8800 4000 Total equity 2000 15000 100800 100000 All the assets and liabilities of B Ltd were recorded for fair value except for the following assets. Plant 47000(Fair value) Inventory 22000(Fair value) A Ltd agreed to pay B Ltd $6000 in cash plus 16000 fully paid shares having a fair value of $7.5 per share. The business combination was completed and B ltd liquidation. Cash of liquidation amounted to $1200. A Ltd incurred legal and accounting costs amounted to $482 in relation to the…
- The Weymire Corporation provides you with the following information for the year ended 123120: Sales revenue 450,000 Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense Other expense Interest expense 72,750 28,500 38,250 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238,500 Net Income 91.500 12/31/19 |12/31/20 54,000 Cash 24,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 (9,000) 342.000 Accumulated Depreciation (10,500) 363.000 Total Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 Notes Payable, long term Accrued Pension Liability 45,000 6,000 3,000 Deferred Tax Liability 21,000 27,000 Common Stock, no par 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363.000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…Fun Runners (Pty) Ltd incurred the following transactions during April 2022:1. Mr. Nike increased his capital contribution with R50 000.2. Stock to the value of R34 000 was purchased using the perpetual inventory system.3. Sell goods of R14 500 to Mrs. Fast on credit. The cost of the goods amounts to R10 000.4. Settle the telephone account, received last week, of R1 400.5. New takkies of R2 300 were sold to the primary school at cost. The school does not have a credit facility with Fun Runners (Pty) Ltd.6. Mr. Nike purchased a new delivery vehicle of R150 000 through bank financing with Pacing Bank Required:Record the transactions incurred by Fun Runners (Pty) Ltd, outlining the basic accounting equation and the general ledger accounts affected. Detailed in the following format:a + to indicate an increase; and – for a decrease on the accounts No Assets Equity Liability Account debited Account CreditedJKL Insurance Company reported the following information on its accounting statements last year: Premiums Written $90,000,000 Loss Adjustment Expenses $5,000,000 Underwriting Expenses $45,000,000 Premiums Earned $100,000,000 Incurred Losses $70,000,000 What was JKL's combined ratio last year? Seleccione una: a. 108.3 b. 103.3 c. 100.0 d. 105.0
