Summarized financial position statement of 3 companies as at 31 Dec 2014 wasas follows:J(K) ltdK(C) ltdLes ltdSh 000sh '000sh 000Tangible fixed assetsInvestment in subsidiary972843405jin K (700,000 shares)356kin L(300,000 shard)229Net current assets2052291641,5331,320570Ordinary shares of sh 1Per share1,2001,000400Reserves profit & lossOther233200100100120701,5331,320570At the date of acquisition (1st April 2014) by J of its holdings K profit andloss account had a Credit balance of sh 100,000 and other reserves sh 50,000. It Kacquired its holding in K ltd on the same day being a newly established company.REQUIRED:Consolidated balance sheets of the J group as at 31 Dec 2014

To prepare a consolidated balance sheet for the J group as of 31 December 2014, we need to…

Answered: Summarized financial position statement…

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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What is the Equity Multiplier for the firm in the picture?
QUESTION I Below are the balances available for Delima Berhad as at 31 December 2015: Statement of Financial Position of Delima Berhad as 31 December 2015 RM 170,000,000 115,000,000 150,000,000 435,000,000 Non-current assets Current assets (except cash at hank) Cash at bank Issued share capital 100,000,000 ordinary shares Retained profits Non-current liability 50,000,000 5% redeemable preference shares Current liabilities Additional information: On 1 January 2016, the directors decided on the following matters 100,000,000 3. To redeem 5% redeemable preference shares at a premium of 10% 240,000,000 55,000,000 20,000,000 435,000,000 1. To issue bonus shares of one (1) ordinary shares for every ten (10) shares held to the existing shareholders. 2. To repurchase 2,000,000 ordinary shares at RM1.50 each for cancellation. (u 4 To issue 30,000,000 ordinary shares at RMI. The application were paid and fully subscribed Required: a) Prepare journal entries to record above transactions b) Prepare…
The financial statements of three companies are as follows: Statement of financial position Ocean Sea Lake GHS’000 GHS’000 GHS’000 Investment in Sea (90%) 800 Investment in Lake (40%) 500 Investment in Lake (30%) 800 Assets 700 250 800 2,000 1,050 800 Share capital (GHS1) 500 200 80 Share premium 500 Nil 60 Retained earnings 850 400 510 Equity 1,850 600 650 Liabilities 150 450 150 2,000 1,050 800 Statements of profit or loss Ocean Sea Lake GHS’000 GHS’000 GHS’000 Revenue 3,150 2,000 2,500 Operating costs (2,300) (1,820) (2,000) Operating profit 850 180 500 Tax (350) (80) (250) Profit for the year 500…
Comparative balance sheets at the end of 2004 and 2005 of OASIS LIMITED appear below: OASIS LIMITED Comparative Balance Sheets Assets 31, Dec 2004 31 Dec 2005 Cash and Bank Balance 50,000 45,000 Marketable Securities 40,000 25,000 Accounts Receivable 320,000 330,000 Merchandise Inventory 240,000 235,000 Plant & Equipment (net) 600,000 640,000 Total 1250,000 1275,000 Liabilities & Shareholder's Equity Accounts Payable 150,000 160,000 Accrued Expenses 60,000 45,000 Mortgage Loan (long term) — 70,000 Debenture Payable (due 2010) 500,000 350,000 Ordinary Share Capital 160,000 160,000 Retained Earnings 380,000 490,000 Total 1250,000 1275,000 Additional information: Net income for the year amounted to Rs. 250,000 Cash dividends of Rs 140,000 were declared and paid. Depreciation of plant and equipment for the year was Rs. 60,000 Marketable securities costing Rs. 15,000 were sold Rs. 35,000 cash. INSTRUCTIONS Prepare a cash flow statement using indirect method for the year ended…
A corporation using the equity method of accounting for its investment in a 40% owned investee,which earned $20,000 and paid $5,000 in dividends ,the debit side of recording the income from subsidiary will be Select one: a. no entry b. investment c. income d. cash
Firm A has Net Income of $17M and has 123,000 shares outstanding. Estimate its share price based on the following information about its peers: Firms B CDE 119 P/E 5.2 -5.0 7.0 8.8
Gold River Corporation has the following data: Current Assets $206,000 Total Assets $20,000 Net Income $345,000 Current Liabilities $125,000 Total Liabilities $250,000 Stockholders' equity $270,000 Average common shares outstanding 10,000 What is Gold River's current ratio? a. 2.08 b. 1.64 c. 1.56 d. 0.82 Just want to confirm. My answer is 1.64
REQUIRED: 1. Compute for the Current Liabilities 2. Compute for the Non-current Liabilities 3. Compute for the Stockholders' Equity including the Non-Controlling Interest.
The Wondai Ltd Croup reports the following balances in its consolidated financial statements for the year ending 30 June Financial year 2018 $ 2017 $ Buildings 524,000 268,000 ACC Depr. - Buildings 190,000 143,000 Depr Expense - Buildings 50,000 23,000 On1 July 2017. the Wondai Ltd Group acquired 80%. the shares in Yallingup Ltd. which recorded the following account balances at that date: 1 July 2017 $ Buildings 80,000 Acc Depr.- Buildings 32,000 During the year ended 30 June 2018, the Wondai Ltd Group disposed of buildings with a carrying. amount of $63,000 Required: Calculate the amount of consolidated cash flows from investing activities in relation to the purchase of buildings for the year ending 30 June 2018
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The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts: PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Corporation Saloon Company Assets Cash and Receivables Inventory Buildings and Equipment (net) Investment in Saloon Company Total Assets Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total Liabilities and Equity $ 118,000 162,000 315,000 224,900 $ 819,900 $ 115,900 185,000 $19,000 $ 819,900 $ 60,000 103,000 281,000 $ 444,000 $ 65,000 131,000 248,000 $ 444,003 Pint acquired the shares of Saloon Company on January 1, 20X8. On December 31, 20XB, assume Pint sold inventory to Saloon during 20X8 for $107,000 and Saloon sold inventory to Pint for $312,000. Pint's balance sheet contains inventory items purchased from Saloon for $97,000. The items cost Saloon $57,000 to produce. In addition, Saloon's inventory contains goods it purchased from…

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