??!! On January 1, 2021, Nohara Inc, had cash and share capital of Yen60,000,000. At that date, the company had no other asset, liability, orequity balances. On January 2, 2021, it purchased for cash Yen20,000,000 of equity securities that it classified as non-trading. Itreceived cash dividends of Yen 4,500,000 during the year on thesesecurities. In addition, it has an unrealized holding gain on thesesecurities of Yen 6,500,000 net of tax. Determine the following amountsfor 2021: a) Net income. b) Comprehensive income. c) OtherComprehensive Income, and d) Accumulated other comprehensiveincome (end of 2021).

We determine the required amounts step by steps as follows: Given Information:• Initial Cash &…

Answered: On January 1, 2021, Nohara Inc, had…

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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ABAKA Co. reported the following differences in the statement of financial position accounts on December 31, 2023 and 2022. Additional information: - Net income for the current year was P1,900,000 - During 2023, ABAKA Co. purchased trading securities for P900,000 cash and sold trading securities costing P500,000 for P800,000. On December 31, 2023, the market value of the remaining trading securities increased to P500,000. - Cash dividend of P500,000 was declared. - Equipment costing P800,000 and having a carrying amount of P550,000 was sold for P650,000. - Equipment costing P3,000,000 was acquired through issuance of long-term debt. - The long-term investment pertains to 20% common stock investment in SANDALS Corp. which was purchased on December 31, 2022. SANDALS Corp. reported 2023 net income at P5,000,000 and declared and paid dividends of P500,000. - 100,000 ordinary shares were issued for P20. Requirements: Determine the net cash provided by: a) Operating activities b)…
On January 1, 2020, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $20,000 of debt securities that it classified as available-for-sale. It received interest of $3,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $4,000 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020).
On January 1, 2015, Zhang Inc. had cash and share capital of P 10,000,000. At that date, thecompany had no other asset, liability, or equity balances. On January 5, it purchased for cashP6,000,000 of equity securities that it classified as non-trading. It received cash dividends of P800,000 during the year on these securities. In addition, it has an unrealized loss on thesesecurities of P 600,000. The tax rate is 20%. What is the amount of comprehensive income?
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, it purchased for cash ¥3,000,000 of equity securities that it classified as available-for-sale. It received cash dividends of ¥400,000 during the year on these securities. In addition, it has an unrealized loss on these securities of ¥300,000. The tax rate is 20%. Compute the amount of comprehensive income. a. ¥100,000 b. ¥80,000 C. ¥320,000 d. ¥300,000 can you explain why the answer is b $80,000?
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,470,000, $154,000 in the common stock account, and $2,790,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,720,000, $164,000 in the common stock account and $3,090,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $101,000 and the company paid out $159,000 in cash dividends during 2022. The firm’s net capital spending for 2022 was $1,100,000, and the firm reduced its net working capital investment by $139,000. What was the firm's 2022 operating cash flow, or OCF?
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,460,000, $152,000 in the common stock account, and $2,770,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,700,000, $162,000 in the common stock account and $3,070,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $100,000 and the company paid out $157,000 in cash dividends during 2022. The firm's net capital spending for 2022 was $1,080,000, and the firm reduced its net working capital investment by $137,000. What was the firm's 2022 operating cash flow, or OCF? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Operating cash flow Prev 9 of 10 ▬▬▬ ‒‒‒ Next >
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,420,000, $144,000 in the common stock account, and $2,690,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,620,000, $154,000 in the common stock account and $2,990,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $96,000 and the company paid out $149,000 in cash dividends during 2022. The firm's net capital spending for 2022 was $1,000,000, and the firm reduced its net working capital investment by $129,000. What was the firm's 2022 operating cash flow, or OCF? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Operating cash flow $ 556,500
Boulter, Incorporated, began business on January 1, 2024. At the end of December 2024, Boulter had the following investments in debt securities: Trading Available-for-Sale Cost $ 60,000 $ 110,000 Fair value 54,000 107,500 All declines in value are deemed to be temporary in nature. How should the corresponding losses be reflected in the financial statements at December 31, 2024? Income Statement Accumulated Other Comprehensive Income in Shareholders' Equity a. $ 8,500 $ 0 b. $ 0 $ 8,500 c. $ 6,000 $ 2,500 d. $ 2,500 $ 6,000
In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 116.0 Payment for the early extinguishment oflong-term bonds (book value: $93.0 million) 98.0 Proceeds from the sale of treasury stock (cost: $29.0 million) 34.0 Gain on sale of land 3.8 Proceeds from sale of land 11.4 Purchase of Microsoft common stock 166.0 Declaration of cash dividends 63.0 Distribution of cash dividends declared in 2020 60.0 2. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2021?
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,405,000, $141,000 in the common stock account, and $2,660,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,590,000, $151,000 in the common stock account and $2,960,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $94,500 and the company paid out $146,000 in cash dividends during 2022. The firm's net capital spending for 2022 was $970,000, and the firm reduced its net working capital investment by $126,000. What was the firm's 2022 operating cash flow, or OCF? Operating cash flow=
[The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 96.0 Payment for the early extinguishment oflong-term bonds (book value: $88.0 million) 93.0 Proceeds from the sale of treasury stock (cost: $24.0 million) 29.0 Gain on sale of land 3.3 Proceeds from sale of land 9.9 Purchase of Microsoft common stock 156.0 Declaration of cash dividends 58.0 Distribution of cash dividends declared in 2020 54.0 Required:1. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)…

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