On January 1, 2019, Lallo Company On January 1, 2019, Lallo Company purchased 15% of VintarCompany's ordinary shares for P20,000,000. The following dataconcerning Vintar Company are available:20192020Net incomeP6,000,000P7,000,000Cash dividend paidNone15,000,000In its income statement for the year ended December 31, 2020, howmuch should Lallo report as income from this investment?O P700,000O P600,000O P2,250,000O P1,950,000

Income from investment means dividend received by Lallo company paid by Vintar company.

Answered: On January 1, 2019, Lallo Company…

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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On January 1, 2020, Sheridan Company, a calendar-year company, issued S608000 of notes payable, of which $152000 is due on January 1 for each of the next four years. Ignoring interest the proper balance sheet presentation on December 31, 2020, is O Current Liabilities, $152000; Long-term Debt, $456000. O Long-term Debt, $608000. O Current Liabilities, $608000. O Current Liabilities, $456000: Long-term Debt, $152000.
ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary. Required: Show entries for the year ended 31stDecember 2020: To record the outstanding December salary. As they would appear in the Statement of Profit and Loss. As they would appear in the Statement of Financial Position.
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(b) Prepare the general journal entries, if any, the accountant should make at December 31, 2023. Factor in tax effects. The company has a 25% tax rate for 2019 to 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round the rate of deprecition under double decling balance method to 5 decimal places, ie. 13.33333%. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Dec. 31, 2023 Dec. 31, 2023 (To correct for the omission of depreciation expense in 2020) Dec. 31, 2023 (To adjust for change in depreciation method) (To record adjusting entry for depreciation) Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer
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Sandhill Corporation's adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $101,750, Accounts Payable $77,800, Notes Payable (due in 90 days) $24,350, Salaries and Wages Payable $4,900, and Income Taxes Payable $8,730. Prepare the current liabilities section of the balance sheet.
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Several years ago. PEPA Company purchased a P3,000,000 ordinary life insurance policy on its president and the company is the named beneficiary. Additional data are available for the year ended December 31, 2020.Cash surrender value of life insurance, December 31, 2020 - P117,000 Annual premium paid in advance on January 1, 2020 - P50,000 Life insurance expense recognized in the statement of comprehensive income for the year ended December 31, 2020 - P38,000How much must have been the cash surrender value of life insurance at PEPA's December 31. 2020 financial statements? a. P 12,000 b. P117,000 c. P129,000 d. P105,000

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