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- account balance. Assume that nt of downstream intra-entity profits against its share of Sheridan's income. b. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2024. Complete this question by entering your answers in the tabs below. Required A Required B Show how Pulaski determined the $409,651 Investment in Sheridan account balance. Assume that Pulaski defi of downstream intra-entity profits against its share of Sheridan's income. Note: Amounts to be deducted should be indicated with a minus sign. Consideration transferred Increase in Sheridan's retained earnings 1/1/23 to 1/1/24 Excess fair value amortization 2023 ending inventory profit deferral Pulaski's equity in earnings of Stinson for 2024 Sheridan 2024 dividends declared to Pulaski Investment account balance 12/31/24 Required A $(20,340) + $362,400 (20,340) $342,060 Required B >Using the information provided, determine the net income attributable to P Corporation.What is the share of Taylor and Swift, respectively in the net loss?
- Compute Measures for DuPont Disaggregation Analysis Use the information below for 2018 for 3M Company to answer the requirements. ($ millions) Sales Net income, consolidated Net income attributable to 3M shareholders Pretax interest expense Assets Total equity Equity attributable to 3M shareholders Net income consolidated S a. Compute return on equity (ROE) from the perspective of a 3M shareholder. Note: 1. Select the appropriate numerator and denominator used to compute ROE from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute ROE Numerator Denominator E Net income consolidated (adjusted) 2018 2017 $32,765 5,363 5,349 S 207 36,500 $37,987 9,848 11,622 9,796 11,563 S + Average total equity 5,349 $ b. Compute the DuPont model component measures for profit margin, asset turnover, and financial leverage. (Perform these computations from a consolidated perspective). Profit Margin (PM) Note: 1. Select the appropriate numerator and denominator used to…give your opinion from the financial accounting perspective. ( You may refer to an appropriate accounting principle.) .Assume a financial year from 1st January -31st Dec 2022. The non-current assets of Daystar ltd purchased three years ago for sh. 22,000,000 have been entered in the books at sh.30,000,000 based on the current market value.Use the following financial statements for Manufacturing Inc. to compute the 1) DSO 2) TIE 3) ROE Manufacturing Inc. Balance Sheets, Income Statements and Additional Information for Year Ending December 31 (Millions of Dollars, Except for Per Share Data) Balance Sheet 2019 Assets Cash and equivalents $4,156.00 Accounts receivable $12,980.00 Inventories $8,920.00 Total current assets $26,056.00 Net property, plant & equipment (PP&E) $13,405.00 Total assets $39,461.00 Liabilities and Equity Accounts payable $7,410.00 Notes payable $5,460.00 Accruals $4,290.00 Total current liabilities $17,160.00 Long-term bonds $7,800.00 Total liabilities $24,960.00 Common stock $6,921.00 Retained earnings $7,580.00 Total common equity $14,501.00 Total liabilities and equity $39,461.00 Income Statement…
- Prepare a statement of profit and loss allocation, capital account, current account, and extract of statement of financial position at that date from the following for the year ending December 31, 2020: i) A net gain of RM30,350 ii) Capitalized interest to be assessed: Halim paid RM900, Wong RM2,000, and Pang RM1,500. iii) Drawings for Wong, Pang, and Halim will each be subject to RM240 in interest. iv) Salary credits to be given: RM2,000 for Pang; RM3,500 for Halim. v) Wong will receive 50% of the profit, Pang 30%, and Halim 20%. vi) Current account b/f: Halim RM717, Pang RM946, and Wong RM1,860 vii) Capital account between Wong, Pang, and Halim: RM40,000; RM30,000; and RM18,000 viii) Drawings: Halim RM6,900; Wong RM 9,200; Pang RM 7,100Consider the following excerpt of Butterfly Corporation's balance sheet and income statement Use the excerpt of Corporation's balance sheet and its income statement to compute 's profit margin and return on assets for 2022 and 2023. Comment on Butterfly's profitability and changes in profitability from 2022 to 2023 . Butterfly's total assets at the end of were $169,000 million. (in millions) 2023 2022 Sales $67,000 $66,000 Cost of Goods Sold 34,000 33,700 Gross Profit 33,000 32,300 Selling, General, and Administrative Expenses 15,000 15,100 Research and Development Expense 7,500 7,700 Interest Expense 190 185 Earnings before Taxes 10,310 9,315 Income Tax Expense 3,100 3,000 Net Income $7,210 $6,315 Assets (dollars in millions) 2023 2022 Current Assets Cash and Cash Equivalents $20,000 $28,000 Marketable Securities 7,900 2,900 Accounts Receivable…1. How much is the net share in the profit or loss of the associate (investment income) in 2021? P480,000 P825,000 P420,000 P135,000 2. How much is the carrying amount of the investment as of December 31, 2021? P7,815,000 P8,025,000 P7,680,000 P7,125,000
- aABC Company was a development stage enterprises from its inception on September 1, 2020 to December 31, 2020. The following information was taken from ABC's accounting records for the period: Net sales P5,400,000 Cost of sales 4,000,000 Selling, general and administrative expenses • Research and development costs 1,600,000 1,200,000 Interest expense 400,000 For the period September 1, 2020 to December 31, 2020, what amount should ABC report as net loss?1. Evaluation of the company financial statement.