Jackson Moving & Storage Co. paid $160,000 for 25% of the common stock of Sellers Co. Sellers earned a net income of $50,000 and paid dividends of $35,000. The carrying value of Jackson's investment in Sellers is: A. $163,750 B. $210,000 C. $175,000 D. $160,000
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- Hy expert provide answerDuring 20X2, Evans Company had the following transactions: a. Cash dividends of 6,000 were paid. b. Equipment was sold for 2,880. It had an original cost of 10,800 and a book value of 5,400. The loss is included in operating expenses. c. Land with a fair market value of 15,000 was acquired by issuing common stock with a par value of 3,600. d. One thousand shares of preferred stock (no par) were sold for 4.20 per share. Evans provided the following income statement (for 20X2) and comparative balance sheets: Required: Prepare a worksheet for Evans Company.During 20X2, Norton Company had the following transactions: a. Cash dividends of 20,000 were paid. b. Equipment was sold for 9,600. It had an original cost of 36,000 and a book value of 18,000. The loss is included in operating expenses. c. Land with a fair market value of 50,000 was acquired by issuing common stock with a par value of 12,000. d. One thousand shares of preferred stock (no par) were sold for 14 per share. Norton provided the following income statement (for 20X2) and comparative balance sheets: Required: Prepare a worksheet for Norton Company.
- You have been given the following information for Corky's Bedding Corp.: a. Net sales = $12,550,000. b. Cost of goods sold = $9,100,000. c. Other operating expenses = $270,000. d. Addition to retained earnings = $1,050,000. e. Dividends paid to preferred and common stockholders = $385,000. f. Interest expense = $960,000, all of which is tax deductible. 4 The firm's tax rate is 21 percent. Calculate the depreciation expense for Corky's Bedding Corp. (Round your answer to the nearest dollar amount.) Depreciation expense3.During 20X6, X co. had the following income and expenses: Gross income from operations $1,000,000 Business expenses <400,000> Dividends received from Y co. (32% owned by X co.) 200,000 Capital gains 50,000 Capital loss carry forward <65,000> Net operating loss carry forward 100,000 a. Determine X co.’s dividends received deduction in 20X6? b. Determine X co.’s dividends received deduction in 20X6 assuming that there was no NOL carry forward and X co.’s business expenses were:(i) $1,030,000 or (ii) $1,100,000.United Company provided the following: Cash, P600,000; Equity investments at Fair Value Through Profit or Loss, P800,000; Accounts Receivable (net), P3,500,000; Merchandise Inventory, P1,500,000; Share Capital, P5,000,000; Share Premium, P2,000,000, Retained Earnings, P500,000; Treasury Shares, P300,000. What amount should be reported as total shareholders' equity? A P5,600,000 B) P6,600,000 P7,200,000 D P6,400,000
- Ryan Ltd. sold equipment with a book value of $80.000 for a $10,000 loss, sold Ryan Ltd. common stock for $145,000, repaid a notes payable for $220,000 (this amount includes $20,000 of interest on the notes payable), paid dividends of $35.000, resold treasury stock for $25,000 (the treasury stock was originally purchased for $15.000), and received dividends in the amount of $30,000. The net cash outflow from financing activities was:Hania Company provided the following data for the current year. Gain on sale of equipment - 60,000 Proceeds from sale of equipment - 100,000 Purchase of Ace bonds, face amount, (P2,000,000)- 1,800,000 Amortization of bond discount -20,000 Dividend declared -450,000 Dividend paid - 380,000 Proceeds from sale of treasury shares with carrying amount of (P650,000)- 750,000 What is net cash…Takaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company’s comparative balance sheet are as follows: Dec. 31, 20Y7 Dec. 31, 20Y6 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common stock for $12 per share. Prepare the Cash Flows from (used for) Financing Activities section of the statement of cash flows. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Takaki Inc.Statement of Cash Flows (partial) Cash flows from (used for) financing activities: $Cash received from issuing common stock Cash dividends $Net cash flows from financing activities
- (c) Sedgwick Company at December 31 has cash Tk. 20.000, noncash assets Tk. 100,000, liabilities Tk. 55,00, and the following capital balences: Floyd Tk. 45.000 and DeWitt Tk. 20.000. The firm is liquidated, and Tk. 105,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Instructions Prepare a schedule of cash payments.Puget Sound Co. sold marketable securities costing $80,000for $92,000 cash. In the company’s income statement andstatement of cash flows, respectively, this will appear as:a. A $12,000 gain and a $92,000 cash receipt.b. A $92,000 gain and an $8,000 cash receipt.c. A $12,000 gain and an $80,000 cash receipt.d. A $92,000 sale and a $92,000 cash receipt.The comparative balance sheets and income statement of Piura Manufacturing follow Additional transactions for 20X2 were as follows:a. Cash dividends of $8,000 were paid.b. Equipment was acquired by issuing common stock with a par value of $6,000. The fairmarket value of the equipment is $32,000.c. Equipment with a book value of $12,000 was sold for $6,000. The original cost of theequipment was $24,000. The loss is included in operating expenses.d. Two thousand shares of preferred stock were sold for $4 per share.Required:1. Prepare a schedule of operating cash flows using (a) the indirect method and (b) the directmethod.2. Prepare a statement of cash flows using the indirect method.3. Prepare a statement of cash flows using a worksheet similar to the one shown inExample 14.8 (p. 804). 4. Form a group with two to four other students, and discuss the merits of the direct andindirect methods. Which do you think investors might prefer? Should the FASB requireall companies to use the direct…