On January 1, 2011, Zhang Inc. had cash and share capital of ¥5,000,000. At that date,the company had no other asset, liability, or equity balances. On January 5, 2011, itpurchased for cash ¥3,000,000 of equity securities that it classified as available-for-sale. Itreceived cash dividends of ¥400,000 during the year on these securities. In addition, it hasan unrealized loss on these securities of ¥300,000. The tax rate is 20%.Compute the amount of comprehensive income.a. ¥100,000b.¥80,000C.¥320,000d.¥300,000can you explain why the answer is b $80,000?

Comprehensive income is the change in equity of a business enterprise during a period from…

Answered: On January 1, 2011, Zhang Inc. had cash…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Classify transactions by type of activity. E12.1 (LO 1), C Kiley Corporation had these transactions during 2022. a. Purchased a machine for $30,000, giving a long-term note in exchange. b. Issued $50,000 par value common stock for cash. c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. d. Declared and paid a cash dividend of $13,000. e. Sold a long-term investment with a cost of $15,000 for $15,000 cash. f. Collected $16,000 from sale of goods. g. Paid $18,000 to suppliers. Instructions Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity.
E12-1 Putnam Corporation had these transactions during 2014. (a) Purchased a machine for $30,000, giving a long-term note in exchange. (b) Issued $50,000 par value common stock for cash. (c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. (d) Declared and paid a cash dividend of $13,000. (e) Sold a long-term investment with a cost of $15,000 for $15,000 cash. (f) Collected $16,000 of accounts receivable. (g) Paid $18,000 on accounts payable. Classify transactions by t of activity. (LO 2), C 666 chapter 12 Statement of Cash Flows Instructions Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
For 2018, Sabil Corporation earned net income of $480,000 and paid dividends of $18,000. At January 1, 2018, Sabil had $200,000 of $10 par value common stock outstanding and $1,500,000 of retained earnings.On January 1, 2018, Phyit Corporation bought outstanding common stock of Sabil paying $200,000. All payments made by Phyit in excess of book value were attributable to equipment, which is depreciated over ten years on a straight-line basis. Prepare Phyit’s general journal entry for the acquisition of common stock of Sabil, the recognition of dividend income, and/or net income participation in Sabil under the following assumptions:1. Phyit purchased 10% of outstanding common stock.2. Phyit purchased 20% of outstanding common stock.
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On January 1, 2017 Del-V Company had a retained earnings balance of $206,000. During 2017, the following events occurred: 1. Treasury stock (ordinary) was acquired at a cost of $14,000. The law requires a restriction of retained earnings in an equal amount. The company reports its retained earnings restrictions in a note to the financial statements. 2. Cash dividends totaling $9,000 and share dividends totaling $6,000 were declared and distributed. 3. Net income was $58,000. 4. Two thousand shares of callable preference shares were recalled and retired at a price of $150 per share. This share had originally been issued at $130 per share. 5. A material error in net income for a previous period was corrected. This error correction decreased retained earnings by $12,600 after a related income tax credit of $5,400. Required: 1. Prepare a statement of retained earnings for the year ended December 31, 2017. 2. Prepare a note to disclose the restriction of retained earnings.
Argyle Corporation has a net loss of $-69,650 in 2019. A review of its accounts for 2019 reveals: Dividends declared and paid = $43,800 Depreciation Expense = $40,000 Increase in Accounts Payable = $20,000 Issuance (sale) of shares = $250,000 Retirement of Long Term Debt = $75,000 No other event took place in 2019 and no other account reports a genuine change in its balance except for Retained Earnings. Ignore tax implications. Required 1: what is the amount of cash provided (used) by operating activities? $ Required 2: what is the amount of cash provided (used) by financing activities? $ Required 3: Assume the opening balance of Retained Earnings was $150,000, what is the ending balance at the end of Year 2019? $
Grant Inc. reported retained earnings of $287,000 on its balance sheet on 12/31/2020, and it had $66,000 of net income during the year. The year before, on 12/31/2019, the company had reported $238,000 of retained earnings. No shares were issued or repurchased during 2020. How much dividends did the firm pay in 2020?
What is the net income in the current year?
On 12/31/2020, Heaton Industries Inc. reported retained earnings of $500,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020?
See Table 2.5 showing financial statement data and stock price data for Mydeco Corp. Suppose Mydeco repurchases 1.9 million shares each year from 2016 to 2019. What would be its earnings per share in 2019? (Assume Mydeco pays for the shares using its available cash and that Mydeco earns no interest on its cash balances.)
Robbin Corporation ended its fiscal year on September 30, 2018, with cash of $77 million, accounts receivable of $25 million, property and equipment of $31 million, and other long-term assets of $19 million. The company's liabilities consist of accounts payable of $33 million and long-term notes payable of $23 million. Robbin Corporation has total stockholders' equity of $96 million; of this total, common stock is $26 million. Solve for the company's ending retained earnings and then prepare Robbin Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet. Begin by solving for the company’s ending retained earnings. (Enter your answer in millions.) Robbin Corporation’s ending retained earnings balance is $ million.
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