Global Trading Ltd. reported the following amounts (in dollars) for 2024: • • Net Income: $280,000 Unrealized gain on foreign currency translation: $15,000 Unrealized loss on available-for-sale securities: $(45,000) Unrealized gain on pension plan adjustments: $25,000
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- Determine total comprehensive income for 2020The DeVille Company reported pretax accounting Income on Its Income statement as follows: 2024 2025 2026 2027 $ 420,000 340,000 410,000 450,000 Included in the income of 2024 was an installment sale of property in the amount of $58,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $23,200 in 2025, $29,000 in 2026, and $5,800 in 2027. Included in the 2026 Income was $24,000 Interest from Investments in municipal governmental bonds. The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. Required: Prepare, the year-end Journal entries to record income taxes for the years 2024-2027. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction list Journal entry worksheet < 1 2 Record 2024 income taxes. Date December 31, 2024 3 Note:…Investment in Trading and AFS Securities A company purchases debt securities for $100,000 at the beginning of 2022. It classifies as trading securities and $60,000 as AFS securities. It sells the securities in 2023. Required For each of the following scenarios, indicate the net effect on income and other comprehensive income in each year 2022 and 2023. In each case, any unrealized decline in value below cost is expected to be recovered and is attributed to market factors. a. Fair value, end of 2022 Selling price, 2023 Note: Use a negative sign with an answer to indicate the net effect amount decreases Income or OCI. Income OCI 5,000 ✓ (1,000) * End of 2022 $ 2023 b. Trading securities AFS securities $38,000 $65,000 43,000 64,000 Fair value, end of 2022 Selling price, 2023 (2,000)✓ $ 5,000 x End of 2022 $ 2023 Trading securities AFS securities $45,000 $56,000 42,000 68,000 Note: Use a negative sign with an answer to indicate the net effect amount decreases Income or OCI. OCI (4,000)✓ 0…
- 20 Danica Company had the following assets at December 31, 2024: Cash (of which P25,000 is earmarked for the acquisition of equipment) 490,000 Trading securities (including P200,000 investment in FVOCI) 380,000 Accounts receivable, net 1,250,000 Non-trade notes receivable (due in equal semi-annual installments of P50,000 every March 1 and September 1) 300,000 Merchandise inventory 900,000 Prepaid expenses 80,000 Plant and equipment, net 3,750,000 How much is Danica Company’s total current asset? Group of answer choices 3,400,000 2,425,000 2,745,000 2,975,000Powell Panther Corporatlon: Income Statements for Year Ending December 31 (millons of dollars) 2021 2020 Sales 2,185.0 S 1,900.0 Operating costs excluding depreciation and amortization 1,748.0 1,615.0 EBITDA 437.0 S 285.0 Depreciation and amortization 46.0 42.0 Earnings before interest and taxes (EBIT) 391.0 S 243.0 Interest 48.1 41.8 Earnings before taxes (EBT) 342.9 S 201.2 Taxes (25%) 137.2 80.5 Net income 205.7 S 120.7 Common dividends 185.1 S 96.6 Powell Panther Corporatlon: Balance Sheets as of December 31 (mllons of dollars) 2021 2020 Assets Cash and equivalents 34.0 $ 27.0 Accounts receivable 251.0 228.0 Inventories 502.0 456.0 Total current assets 787.0 $ 711.0 Net plant and equipment 460.0 418.0 Total assets 1,247.0 S 1,129.0 Liabilities and Equity Accounts payable 219.0 $ 190.0 Accruals 137.0 114.0 Notes payable 43.7 38.0 Total current liabilities 399.7 342.0 Long-term bonds 437.0 380.0 Total liabilities 836.7 $ 722.0 Common stock 353.5 370.8 Retained earnings 56.8 36.2…The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…
- The DeVille Company reported pretax accounting income on Its income statement as follows: Help Save & Exit 2021 2022 2023 2024 $375,000 295,000 365,000 405,000 Included in the income of 2021 was an installment sale of property in the amount of $38,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $15,200 in 2022, $19,000 in 2023, and $3,800 in 2024. 22 Included in the 2023 income was $14,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2021-2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transactlon Ilst Journal entry worksheet 3. 4 Record 2021 income taxes. Next 33 of 39…Suppose the Crane Ltd's 2020 financial statements contain the following selected data (in millions). Current assets Total assets Current liabilities Total liabilities NT$3,536.0 31,408.0 3,016.0 16,640.0 Compute the following values. Interest expense Income taxes Net income NT$520.0 (a) Debt to assets ratio. (Round to O decimal places, e.g. 62%.) 1,976.0 4,590.0 (b) Times interest earned. (Round to 2 decimal places, e.g. 6.25.) % timesNellie Company provided the following information at the end of each year: 2020 2019Borrowings 2,500,000 800,000Share capital 3,500,000 2,000,000Retained earnings. 950,000. 750,000 Borrowings of 300,000 were paid during 2020 and a new borrowing include P200,000 vendor financing arising on the acquisition of property.The movement in retained earnings comprised profit for 2020 of 900,000 and 700,000 net of cash dividend paid to the shareholders. The movement in share capital arose from issuance of share capital for cash during the year. What is the amount of net cash provided or used by financing activities?
- Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 AssetsCash $ 440,000 $ 200,000Short-term investments 600,000 —Accounts receivable (net) 1,020,000 1,020,000Inventory 1,380,000 1,200,000Long-term investments 400,000 600,000Plant assets 3,400,000 2,000,000Accumulated depreciation (900,000)…P17.11 (Page 17 – 70) Fernandez SA invested its excess cash in equity investments during 2019. The business model for these investments is to profit from trading on price changes. Instructions (a). As of December 31, 2019, the equity investment portfolio consisted of the following. Investment Quantity Cost Fair Value Lindsay Jones, Inc. Poley Corp. Arnold Aircraft € 15,000 € 21,000 42,000 60,000 1,000 shares 40,000 72,000 €127,000 2,000 shares 2,000 shares Totals €123,000 What should be reported on Fernandez's December 31, 2019, statement of financial position relative to these investments? What should be reported on Fernandez's 2019 income statement? (b). During the year 2020, Fernandez sold 2,000 shares of Poley Corp. for €38,200 and purchased 2,000 more shares of Lindsay Jones, Inc. and 1,000 shares of Duff Company. On December 31, 2020, Fernandez's equity investment portfolio consisted of the following. Investment Quantity 1,000 shares Cost Fair Value Lindsay Jones, Inc. Lindsay…P10.6 (LO 2) Chen Group has been operating for several years, and on December 31, 2020, presented the following statement of financial position (amounts in thousands). Chen Group Statement of Financial Position December 31, 2020 ¥220,000 140,000 70,000 Plant assets (net) ¥220,000 95,000 75,000 Share capital-ordinary Mortgage payable Accounts payable Inventory Receivables Cash 40,000 ¥430,000 ¥430,000 The mortgage payable is due in 2023. Instructions Compute the current ratio and the working capital.