Brave Company maintains a branch in Davao City and makes inventory shipment to its branch at 20% above cost. Selected balances taken from the books of Home Office and Branch as of December 31, 2021 are as follows (see image below). P24,350 of the branch’s ending inventory came from outside suppliers. 1. How much is the Allowance for Overvaluation after adjustment?
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Brave Company maintains a branch in Davao City and makes inventory shipment to its branch at 20% above cost. Selected balances taken from the books of Home Office and Branch as of December 31, 2021 are as follows (see image below). P24,350 of the branch’s ending inventory came from outside suppliers.
1. How much is the Allowance for Overvaluation after adjustment?
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- Corporation Partlal Starternent of Finandal Position 20-וו at Decamber 31, 2020 2020 2019 21-24 Bulldings and equipment Accumulated deprecation-bulldings and equlpmet Intanglble assets Accumulated amortizatlon Investment, non-trading €60 000 62 000 Inventory 48 100 37 000 Prepald expenses Accounts recelvable (net) 4 300 2 500 49 800 22 000 Divldend recelvable Cash 9 100 10 000 192 000 181 000 Total assets Share capital-ordinary Retained earnings Other comprehensive income Bond payable-lang-term Notes payable-bank, long-term Notes payable-bank, short-term €103 000 147 000 74 000 74 000 4 800 16 000 Unearned revenue 11 700 10 500 81 900 5 500 24 900 Accounts payable Interest payable Dividend payable 9 400 31 700 27 000 Total llabilities and shareholders' equlty Additlonal Information from the footnotes to the financlal statements reveals that - Net Income for 2020 amounts to C162 800: For the year 2020, the company recognlzed depreclation of €22 000, amortization of €4 200, and galn on…Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectivelyselected intoomation The Following is Foom Meney Company's Cooperative balance Sheets At decombeo 31 2020 Rs.155,000 2019 es 260,000 fuaniture Accumulate d depseceation (74,400) 421y 400) The income state ment Yeports deptecti expense For the yegsnituse costng Jusniture costing seld Fos its the 170om the sale of Rs 36 000 Rs 105,000 book cash of Also was Value, furniture. Yee cuied Conpute
- d. P3,190,000 Nし,000 2196,000 11. On May 2, 2022, the separate statement of financial position of Paer Corporation and Simon Company are as follows: Peter Simon Cash P145,700 120,500 42,500 185.800 P494,500 P15,500 35,800 10,200 78,000 P139,500 Accounts receivable Inventories Plant assets Total assets P 28,800 50,000 P110,400 200,000 50,000 134.100 Total liabilities and stockholders' equity P494,500 Liabilities Capital stock, P100 par Additional paid in capital Retained earnings 60.700 P139,500 On May 2, 2022 Peter acquired 90% of Simon's outstanding voting shares for P108,000. Peter incurred additional P32,000 in acquisition- related costs. All the assets of Simon are fairly valued except the plant assets with a fair value of P90,000 on May 2, 2022. NCI is measured at proportionate share of Simon's identifiable net assets. What amount of total assets will be reported in the consolidated statement of financial position immediately after acquisition? a. P538,000 b. P494,000 c. P646,000…Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
- Plppi Aaia of S C acell(PASUC 45,939,500.00 1:37 U v O 4G 4 0 Statement of Financial Position December 31, 2018 and 2019 2019 2018 Assets 2,030,500.00 Cash Marketable Securities 1,191,000.00 4,002,000.00 4,383,500.00 208,500.00 18,384,500.00 379,500.00 28,132,000.00 2,636,000.00 4,704,000.00 Accounts Receivable Allowance for Doubtful Accounts - Inventories 224,000.00 - 23,520,500.00 256,000.00 Prepaid Expenses Total Current Assets 32,923,000.00 20,303,500.00 Property, Plant and Equipment Less: Accumulated Depreciation 13,253,500.00 3,765,000.00 9,488,500.00 5,764,000.00 14,539,500.00 Other Assets Total Assets 186,500.00 47,649,000.00 334,000.00 37,954,500.00 Liabilities and Equity Accounts Payable 7,147,000.00 2,807,000.00 942,000.00 2,834,500.00 3,795,500.00 Notes Payable Current Portion of Long-term Debt 3,006,000.00 758,000.00 2,656,500.00 317,500.00 8,487,500.00 Accrued Liabilities Deferred Income Tax Long-term Debt Total Liabilities 421,500.00 10,529,500.00 24,681,500.00…P8-8 Part 1 Required: 1. For each of these transactions, indicate the accounts, amounts, and effects (+ for increase and for decrease) on the accounting equation. a. Required information P8-8 (Algo) Determining Financial Statement Effects of Activities Related to Various Long-Lived Assets LO8-2, 8-3, 8-6 [The following information applies to the questions displayed below.] During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $29,000 cash (estimated useful life, five years). b. On January 1, purchased the assets (not detailed) of another business for $153,000 cash, including $14,000 for goodwill. The company assumed no liabilities. Goodwill has an indefinite life. c. On December 31, constructed a storage shed on land leased from D. Heald. The cost was $29,600. The company uses straight-line depreciation. The lease will expire in six years. (Amounts spent to enhance leased property are capitalized as…Parent purchases the net assets of Sub for P3,168,000. What is the total assets of Parent after the combination? A. 7,254,000 B. 9,181,600 C. 8,113,600 D. 7,354,000
- HAlpULSdhx/wkRBg-SysLm-AeX919m2L5F4)xzbwovdD6BWUmolz5g/tormResponse?pli 1 Consider the following selected financial information for Green Woods Company. Green Woods Company Income Statement For the Year Ended December 31, 2020 Green Woods Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 ASsets Cash Accounts Receryabl- Invente Revenues $9.000 $230 $480 $$10 $590 Less: Depreciation expense $650 $960 $3.140 $2 150 K$1.520)(S870) $3.310 $980 Less: Other operating expenses 7100 Plant &Equipment Less Arcumalated Depreciation Tonal Assets Liabilinies & OE Less: Interest Expense 440 $3.340 Income before income taxes $810 voints Payal. acoms Tax Payable S870 S120| $550 S280 Income tax expense $270 00 Net income S510 $1.100 S1350 OUESPrablam ABC Patnershp was formed in year 2021 aunt setore datrouton of prott and loss. the followng accounts appeared in the books of the panmership the end eof year 2021 A capital 31 5,000 1 75,000 TO1 1 115.000 B. capital 20 000 V1 30 90,000 60,000 C, capital V T 25 |01 100,000 Revenue and epense summary 240.00 X If profits ore divided os follous, whaot is the share of A?" a. An 8% interest is given to each partners' average capital. b. Partners A and 6 will receive P2,500 monthly salary while partners C will receive P3,000 monthly c. 10% bonus based on income after salaries, interest and bonus is given to partner A d. Residual income is divided equally.On June 31, 2019, Majestic Co. acquired all of the common stock of Golden Compuny, which became a division of Majestic Co. Golden reported the following statenment of financial position at the time of the acquisition: Golden Company Statement of Financial Position Assets Equity and Liabilities Share capital-ordinary Retained eamings Accounts payable 3950.000 Plant assets (net) Inventory Receivables Cash Total assets $41,050,000 375,000 900,000 650.000 475.000 250.000 $2.325,000 Total equity and liabilities $2.125.000 An appraisal indicated that the fair value of the inventory was $355,000 and the fair value of the plant assets was $1,350,000. The agreed purchave price was $2,500,000, and this amount was paid in cash to the previous owners of Golden Company