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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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…
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
Accounting equation The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: Assets ABC Liabilities XYZ $47,172 $45,757 20,756 21,963 Determine the stockholders' equity of each company. ABC Corporation stockholders' equity $ XYZ Corporation stockholders' equity $ million million
Luther Corporation Consolidated Income Statement Year ended December 31 (in $ millions) Total sales Cost of sales Gross profit Selling, general, and administrative expenses Research and development Depreciation and amortization Operating income Other income Earnings before interest and taxes (EBIT) Interest income (expense) Pretax income Taxes Net income Price per share Shares outstanding (millions) Stock options outstanding (millions) Stockholders' Equity Total Liabilities and Stockholders' Equity 2012 610.1 (500.2) 109.9 (40.5) (24.6) (3.6) 41.2 --- $16 10.2 126.6 2011 578.3 (481.9) 96.4 41.2 31.3 (25.1) (15.8) # 16.1 (5.5) 15.5 (5.3) 10.2 10.6 533.1 (39.0) (22.8) (3.3) 31.3 $15 8.0 0.2 502 63.6 386.7 Calculate Luther's price - earnings ratio (P/E) for the year ending December 31, 2012
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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