Schedule 91. Just Beet It owns 65% of You Make My Heart Beet, as well as 10% of the shares of Tunip ForWhat. You Make My Heart Beet owns 35% of the shares of Turnip For What Mr. Beet, whoowns all of theshares of Just Beet It, also owns 5% of the shares of Turnip For What and hasoptions in thoseshares that would, if exercised, increase his ownership by another 10%. Mr.Beet's 12-year old sonowns 15% of the Turnip For What shares. Indicate which one of thesecompanies are associatedand why.

Associate company: It is the company that is owned in part by another company. Another company…

Schedule 9 1. Just Beet It owns 65% of You Make My Heart Beet, as well as 10% of the shares of Tumip For What. You Make My Heart Beet owns 35% of the shares of Tumip For What Mr. Beet, who owns all of theshares of Just Beet It, also owns 5% of the shares of Tumip For What and has options in thoseshares that would, if exercised, increase his ownership by another 10%. Mr. Beet's 12-year old sonowns 15% of the Turnip For What shares. Indicate which one of these companies are associatedand why.

Schedule 9 1. Just Beet It owns 65% of You Make My Heart Beet, as well as 10% of the shares of Tumip For What. You Make My Heart Beet owns 35% of the shares of Tumip For What Mr. Beet, who owns all of theshares of Just Beet It, also owns 5% of the shares of Tumip For What and has options in thoseshares that would, if exercised, increase his ownership by another 10%. Mr. Beet's 12-year old sonowns 15% of the Turnip For What shares. Indicate which one of these companies are associatedand why.

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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The capital accounts and profit and loss ratio of A and B are shown below: Capital Profit and Loss ratio P 60,000 40,000 P 100,000 50% 50% 100% A в Give the journal entries under the following cases: 1. C purchases one-half interest of A for P35,000. 2. B sells one-fourth of his interest to C for P12,000. 3. C purchases one-half interest of both A and B for P55,000 (use two methods) 4. C invests P20,000 for a one-sixth interest in the new firm. The agreeed new capital is p120,000. 5. C invests P40,000 for a one-fourth interest in the new firm. 6. C invests P35,000 for a one-fourth interest in the new firm with agreed capitalization of *135,000. 7. Cinvests P35,000 for a one-fourth interest in the firm. The agreed new capital is P140,000. After the admission of C, the capital con- tributions must be made equal to the new profit and loss ratio. 8. Cinvests P40,000 for a one-third interest in the firm with a total new capital of P150,000.
42 0 Several years ago, Sonja purchased 250 shares of Sugar Inc. at a price of $14 per share. Recently, she wrote a covered call for 250 shares of Sugar. The December call carries a strike price of $20 at a premium of $2.25 per share. Ignoring commissions, if the call option is exercised, what is Sonja's total gain? O a) $ 937.50 O b) $1,500.00 O c) $2,062.50 O d) $4,062.50
The Daddy Group has the following group structure:Daddy Ltd80% 80%27%Son 1 Ltd Son 2 Ltd Son 3 Ltd70% 55%30 %Son 4 Ltd Son 5 Ltd10% 5% 45% 95%Son 6 Ltd Son 7 Ltd(a) Reproduce and complete the following controlling and non-controlling interest table. Show your calculations. (b) What percentage of voting in Son 7 Ltd will be controlled by Daddy Lt(c) What percentage of the dividend declared by Son 7 Ltd will be received by Daddy Ltd?
A2
Rr.19.a
Question 58 Choose the correct answer from the choices.
48.On January 1, 2020, XYZ, Inc. acquired for $ 1,000,000 100% of the voting shares of ABC, Inc. As of December 31, 2020, the market value of the shares was $ 1,450,000. XYZ bought this investment with the objective of retaining it for an indefinite time. Which of the following statements is true regarding XYZ's investment and financial statements? Select one: a. This investment requires the XYZ and ABC financial statements to be consolidated and the investment account does not appear in the Statement of Financial Position. b. In XYZ's unconsolidated books, the investment is reported at amortized cost. c. This investment requires the financial statements of ABC and XYZ to be consolidated, and the investment account is reported as a long-term asset in the Consolidated Statement of Position. d. In XYZ's unconsolidated books, the investment is classified as Available for sale.
Question 2 Melanie owns a small share portfolio. She holds these shares as a held as a passive investor (i.e. she is not regarded as a share trader). During the year she sold some of her shares, as follows: Shares Dog Ltd Cat Ltd Bird Ltd Date purchased Cost of purchase 1 March 2013 $6,000 1 July 2021 $10,000 1 March 2012 $8,000 Date sold 1 June 2022 1 June 2022 1 June 2022 Sales proceeds $14,000 $18,000 $5,000 You can assume that apart from the purchase price, she did not incur any costs associated with the purchase or sale of these shares. You can also assume she has no capital losses from prior years. Calculate Melanie's net capital gain or loss for the year ended 30 June 2022, assuming she wants to minimise her tax liability.
Question 14 Last year Ryland acquired a 15% investment in Susan for GHS10,000 and that remains carried at cost in Ryland accounts. This investment now has a fair value of GHS30,000. Ryland has just made a further acquisition of 40% of the shares in Susan for GHS100,000. The net assets of Susan have now been determined at GHS60,000 and the fair value of the NCI at GHS80,000. Ryland has a policy of valuing the NCI at fair value at the date of acquisition. Required: Calculate the goodwill arising on the acquisition of Susan. Question 15 Truran, the parent, owns 80% of a subsidiary and the NCI in the subsidiary is currently measured at GHS100,000. Truran, the parent has just acquired all the remaining shares paying GHS90,000. Truran, the parent has acquired 5% of the shares reducing the NCI to 15% paying GHS80,000. Required: Calculate the difference arising that will be taken to equity in both situations.