The following data were taken from the statement of realization and liquidation of DLRCorporation for the quarter that ended September 30, 2022:Assets to be realizedAssets acquiredAssets RealizedAssets not realizedLiabilities to be liquidatedLiabilities assumedLiabilities liquidatedLiabilities not liquidatedSupplementary creditsSupplementary charges495,000540,000630,000225,000810,000270,000305,000675,000765,000937,000As of September 30, 2022, DLR's capital stock is P450,000 and retained earnings isP432,000. No additional shares were issued after that date.b. (252,000)c. (315,000)d. 315,00020. What is the ending cash balance?a. 1,305,000b. 840,000c. 1,050,000d. 1,080,00019. What is the net income (loss) for the period?a. 252,000

Name: The following data were taken from the statement of realization and l
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: The following data were taken from the statement of realization and liquidation of DLRCorporation for the quarter that ended September 30, 2022:Assets to be realizedAssets acquiredAssets RealizedAssets not realizedLiabilities to be liquidatedLiabili

The financial position of the company can be arrived from the income statement prepared by the…

Business

Accounting

The following data were taken from the statement of realization and liquidation of DLR Corporation for the quarter that ended September 30, 2022: Assets to be realized 495,000 540,000 Assets acquired Assets Realized Assets not realized Liabilities to be liquidated Liabilities assumed Liabilities liquidated Liabilities not liquidated Supplementary credits Supplementary charges 630,000 225,000 810,000 270,000 b. (252,000) c. (315,000) d. 315,000 305,000 675,000 765,000 937,000 As of September 30, 2022, DLR's capital stock is P450,000 and retained earnings is P432,000. No additional shares were issued after that date. 19. What is the net income (loss) for the period? a. 252,000

The following data were taken from the statement of realization and liquidation of DLR Corporation for the quarter that ended September 30, 2022: Assets to be realized 495,000 540,000 Assets acquired Assets Realized Assets not realized Liabilities to be liquidated Liabilities assumed Liabilities liquidated Liabilities not liquidated Supplementary credits Supplementary charges 630,000 225,000 810,000 270,000 b. (252,000) c. (315,000) d. 315,000 305,000 675,000 765,000 937,000 As of September 30, 2022, DLR's capital stock is P450,000 and retained earnings is P432,000. No additional shares were issued after that date. 19. What is the net income (loss) for the period? a. 252,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Prepare a single step income statement with respect to income from operations.

A: INCOME STATEMENTAn income statement is a financial report that depicts a company's income and…

Q: The net gain (loss) for the three-month period ending March 31 is * SG Company has been undergoing…

A: Liquidation: Liquidation of the company refers to a process of discontinuing business operations. It…

Q: Current Attempt in Progress For its fiscal year ending October 31, 2022, Martinez Corp. reports the…

A: Income Statement is a financial statement that includes revenue earned and expenses incurred during…

Q: 1. The following information is from Direct to You Corp.’s (DYC) financial records for its year…

A: Cash flow from investing activities includes sale/purchase of PPE, investments, intangible assets,…

Q: The current sections of Martinez Corp.’s balance sheets at December 31, 2021 and 2022, are presented…

A: Under the Cash flow statement, all activities are classified as: Cash flow from operating…

Q: Ayayai Corp, has income from continuing operations of $430,000 for the year ended December 31, 2022.…

Q: The following information was taken from the records of Crane Inc. for the year 2025: Income tax…

A: A company's income statement is presented in a more straightforward manner in a single-step income…

Q: Veltri Incorporated has the following assets and liabilities (assets are stated at net realizable…

A: The objective of the question is to calculate the amount of free assets after payment of liabilities…

Q: Pharoah Corporation has income from continuing operations of $278,400 for the year ended December…

A: PHAROAH CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025Income from…

Q: None

A: To calculate the net cash provided (used) by operating activities using the indirect method, we…

Q: he Kelly Services, Inc., and subsidiaries partial statement s of earnings from its annual report are…

A: Comparative balance sheet used to compare the financial statement of two or more periods. It is…

Q: The following information relates to Sunland Co. for the year ended December 31, 2025: net income…

A: Other comprehensive income refers to the expenses, revenues, losses, and gains that are yet to be…

Q: Assume that the debt investment in FourSquare Company was available-for-sale and the expected credit…

A: Bonds receivable: It is an investment in bonds of an organization which pays a fixed rate of…

Q: The following data were taken from the statement of realization and liquidation of ABC Corp. for the…

A: To calculate ending balance of cash, following is the formula:-Ending Balance of Cash = Beginning…

Q: Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a…

A: Given:Tax rate for 2018 and 2019: 30%Tax rate for the remaining years: 25%All income and losses are…

Q: Current Attempt in Progress The following information was taken from the records of Windsor Inc. for…

A: Income Statement - The Income Statement is a financial statement that includes revenue earned and…

Q: The following are selected account balances from Penske Company and Stanza Corporation as of…

A: a. Consolidated copyrights:Penske's copyrights: $990,000Stanza's copyrights: $384,000Fair value…

Q: Debits revenue est revenue on sale of investments on debt securities on projected benefit obligation…

A: Step 1: Introduction to statement of comprehensive incomeThe statement of income is produced at year…

Q: Coop Incorporated has the following assets and liabilities (assets are stated at net realizable…

A: Liquidation of a company refers to the process of winding up and closing down the affairs of a…

Q: The following information was taken from the records of Blue Inc. for the year 2025: Income tax…

A: Introduction: An income statement is a financial report that depicts a company's income and…

Q: Compute Measures for DuPont Disaggregation Analysis Use the information below for 2018 for 3M…

A: Return on Assets Ratio(ROA) refers to the financial ratio or it is the indicator that shows the…

Q: A statement of financial affairs created for an insolvent corporation that is beginning the process…

A: Insolvency of the enterprises :— Insolvency is a state of financial distress in which a business or…

Q: The Statement of Financial Position of Oliver Ltd as at 30 June 2021 showed the following assets and…

A: Deferred tax: Deferred tax is the effect of timing or temporary differences. The difference between…

Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

Topic Video

Question

The following data were taken from the statement of realization and liquidation of DLR
Corporation for the quarter that ended September 30, 2022:
Assets to be realized
Assets acquired
Assets Realized
Assets not realized
Liabilities to be liquidated
Liabilities assumed
Liabilities liquidated
Liabilities not liquidated
Supplementary credits
Supplementary charges
495,000
540,000
630,000
225,000
810,000
270,000
305,000
675,000
765,000
937,000
As of September 30, 2022, DLR's capital stock is P450,000 and retained earnings is
P432,000. No additional shares were issued after that date.
b. (252,000)
c. (315,000)
d. 315,000
20. What is the ending cash balance?
a. 1,305,000
b. 840,000
c. 1,050,000
d. 1,080,000
19. What is the net income (loss) for the period?
a. 252,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Marchant Ltd. reported the following abbreviated statement of financial position and statement of income for 2024. MARCHANT LTD. Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Cash $ 60,000 $ 70,000 Accounts receivable 120,000 140,000 Inventory 320,000 280,000 Property, plant, and equipment 700,000 650,000 Less: Accumulated depreciation (260,000) (230,000) Total assets $940,000 $910,000 Accounts payable $ 82,000 $ 85,000 Wages payable 8,000 10,000 Loan payable 350,000 400,000 Common shares 200,000 150,000 Retained earnings 300,000 265,000 Total liabilities and shareholders’ equity $940,000 $910,000 MARCHANT LTD. Statement of Income For the year ended December 31, 2024 Sales revenue $450,000 Cost of goods sold 240,000 Gross profit 210,000 Other expenses: Supplies expense $ 15,000 Depreciation expense 30,000 Wages expense 100,000 Other operating expenses 5,000 Interest expense…
the balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 242,000 $ 130,000 Accounts receivable 98,000 102,000 Inventory 105,000 90,000 Investments 5,000 3,000 Long-term assets: Land 580,000 580,000 Equipment 890,000 770,000 Less: Accumulated depreciation (528,000 ) (368,000 ) Total assets $ 1,392,000 $ 1,307,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 109,000 $ 95,000 Interest payable 7,000 13,000 Income tax payable 9,000 6,000 Long-term liabilities: Notes payable 110,000 220,000 Stockholders' equity: Common stock…
answer in text form please (without image)
The trial balance of Rollins Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Loss on sale of investments Loss on debt investments Gain on projected benefit obligation Cost of goods sold Selling expense Restructuring costs Interest expense General and administrative expense Debits $ 20,000 100,000 3,500,000 300,000 130,000 10,000 200,000 Credits $ 4,900,000 35,000 210,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive ncome. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a 2024 multiple-step income statement for Rollins Incorporated with earnings per share disclosure. Note: Round Earnings per share answer to 2 decimal places.
The balance sheet of National Company on December 31, 2020, with related current fair value data, was as follows: National Company Balance Sheet (prior to business combination) December 31, 2020 Carrying Amounts Current Fair Values Assets Current assets $180,000 640,000 $ 220,000 700,000 Plant assets (net) Intangible assets (net) (All recognizable under generally accepted accounting principles for business combinations.) Total assets Liabilities and Stockholders' Equity Current liabilities 80,000 $900,000 90,000 $1,010,000 $ 80,000 190,000 $ 270,000 $ 80,000 200,000 $280,000 $400,000 220,000 $620,000 $900,000 Long-term debt Total liabilities Common stock, no par or stated value Retained earnings Total stockholders’ equity Total liabilities and stockholders’ equity On December 31, 2020, United Corporation issued $200,000 common stock, $2 par value ($3 fair value) and paid $188,120, for all the net assets of National. Out of pocket costs paid by united, totaled $40,000, for legal fees to…
WB Inc. reported profits of P 100,000 in its March 31, 2022 interim financial statements. Additional information is shown below (amounts are net of tax): • AP 10,000 cumulative-effect gain resulting from a change in inventory cost flow formula was recognized in profit or loss during the 1 quarter. • In March 2022, a component of an entity was classified as held for sale. Of the total loss on discontinued operations of P 12,000, only P 3,000 has been recognized in the 1" quarter. WB Inc. intends to allocate the remaining P 9,000 loss to the other quarters in 2022. REQUIRED: Compute for the restated profit after tax for the 1" quarter of 2022.
The comparative balance sheet of Gus Company at December 31, 2024 and 2023 appears below:Assets:12/31/202412/31/2023Cash$ 53,000 $ 120,000 Accounts receivable (net)37,000 48,000 Inventories108,500 100,000 Equipment573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable$ 62,500 $ 43,800 Bonds payable, due June 20240 100,000 Common stock, $10 par335,000 285,000 Paid-in capital in excess of par - Common stock74,000 55,000 Retained earnings 158,200 58,200 $629,700 $542,000 The income statement for the year ended December 31, 2024 appears below:Sales $625,700 Cost of merchandise sold 340,000 Gross profit 285,700 Operating expenses (includes $26,000 depreciation expense) 94,000 Operating Income 191,700 Interest expense 6,000Income before income tax 185,700 Income tax 60,700 Net income $125,000 Also in 2024, fully depreciated equipment costing $60,000 was scrapped at no salvage…
For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2019, if any. Capital gain or loss for year indicated Corporation 2013 2014 2015 2016 2017 2018 4,700 $11,600 $(14,550) $ 7,000 $ 4,950 $(1,450) 3,870 3,010 6,290 11,550 (61,490) 9,350 8,550 4,950 (3,040) 2,970 3,340 15,00е (26,810) (24,600) 8, 200 11,150 2,680 2,250 Assume that 2013 is the first year of operation for each corporation. (Do not leave cells blank, enter "0" if there is no effect.) Carried forward capital losses Reported capital gains Corporation 2013 2014 2015 2016 2017 2018 2019 A B C
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…
The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from…
The following items were taken from the adjusted trial balance of the Dylex Corporation for the year ended December 31, 2020. Assume an average 25% income tax on all ens. The accounting period ends December 31, and all amounts given are pre-tax. Dylex Corporation had 11,000 common shares outstanding in 2020 and follows IFRS Cost of goods sold Depreciation expense, building Gain on exchange Gain on sale of assets from discontinued operations Insurance expense Interest expense Interest income Loss on sale of trading investment 140,000 23,000 a) Prepare a multi-step income statement in good form. Please make sure your final anewarts) are accurate to 2 decimal places Dylex Corporation For the Year Ended December 31, 200 125,000 100,000 54,000 52,000 X 58,000 135,000 Operating loss of discontinued operation to disposal date 100,000 Salaries expense 160.000 Sales ** 900,000 REQUIRED DISCLOSURES b) Calculate basic eamings per share (EPS) from continuing operations. Please make sure your final…
GALLAGHER CORPORATION Income Statement For the Year Ending December 31, 2021 Sales revenue 950,000 Less: Cost of Goods Sold 600,000 Gross Profit 350,000 Less Operating Expenses 250,000 100,000 Income from Operations Other revenues and expenses 15,000 (3,000) Gain on sale of investments Loss on sale of equipment 12,000 Income before taxes 112,000 Income taxes 45,000 Net Income $ 67,000 Additional Information 1. Equipment costing $10,000 was sold and was 60% depreciated. New equipment was also purchased during the year 2. Cash dividends were declared and paid. 3. Common stock was exchanged for Land. 4. Debt investments costing $35,000 were sold during the year. New debt investment were purchased during the year for $5,000. 5. Accounts receivable are shown net of the allowance for doubtful accounts, because there were no account write-offs during the year. 6. Operating expenses include: Depreciation Expense, $21,000, Amortization Expense, and Interest Expense, $3,300 Instructions: 1.…