The following information is provided for Atlas Corporation and Zephyr Limited: (in $ millions) Atlas Corporation Zephyr Limited Net income 2019 $300 $550 Net sales 2019 2,500 6,000 Total assets 12/31/17 1,800 3,500 Total assets 12/31/18 2,000 4,100 Total assets 12/31/19 2,200 4,700 Debt outstanding $200 $400 What is Zephyr Limited's return on assets (rounded) for 2019?
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- Alford Company and its 80 percent-owned subsidiary, Knight, have the following income statements for 2021: Knight $ (230,000) Alford $ (500,000) 300,000 40,000 140,000 10,000 20,000 20,000 (30,000) (36,200) $ (206, 200) Revenues Cost of goods sold Depreciation and amortization Other expenses Gain on sale of equipment Equity in earnings of Knight Net income 0 0 $ (60,000) Additional Information for 2021 • Intra-entity inventory transfers during the year amounted to $90,000. All intra-entity transfers were downstream from Alford to Knight. • Intra-entity gross profits in inventory at January 1 were $6,000, but at December 31, they are $9,000. • Annual excess amortization expense resulting from the acquisition is $11,000. • Knight paid dividends totaling $20,000. • The noncontrolling interest's share of the subsidiary's income is $9,800. . During the year, consolidated inventory rose by $11,000 while accounts receivable and accounts payable declined by $8,000 and $6,000, respectively. Net…Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): Sales Cost of sales Gross profit Operating expenses Net income 2019 $22,000 10,600 11400 5,700 $5700 2020 $18,500 9,900 8600 5,500 $3100 2021 $19,250 10,100 9150 6.000 $3150 ADDITIONAL INFORMATION 1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019-2021 period. Pub's separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017. 2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub's inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020. 3. Pub's inventory at December 31, 2020, included items acquired from Sub on which Sub…On January 1, 2020, AMI Corporation purchased the non-cash net assets of Sheffield Ltd. for $8,087,900. Following is the statement of financial position of Sheffield Ltd. from the company's year-end the previous day: Sheffield Ltd.Statement of Financial PositionAs at December 31, 2019 Cash $630,000 Accounts receivable 554,000 Inventory 2,510,000 Property, plant, and equipment (net) 2,070,000 Land 2,570,000 $8,334,000 Accounts payable $324,000 Common shares 2,520,000 Retained earnings 5,490,000 $8,334,000 As part of the negotiations, AMI and Sheffield agreed on the following fair values for the items on Sheffield's statement of financial position: Accounts receivable $552,400 Inventory 2,265,000 Property, plant, and equipment 1,870,000 Land 3,620,000 Accounts payable 313,500 Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of…
- Subject: acountingThe financial statements of Parent and Subsidiary are found in the table below. Assuming that Parent Inc acquires 90% of Sub Inc on August 1, 2019 for cash of $180,000. Cash Parent Parent Sub Sub (carrying value) (fair value) (carrying value) (fair value) 180,000 180,000 36,000 36,000 Accounts Receivable 100,000 95,000 40,000 40,000 Inventory 60,000 68,000 24,000 27,000 Plant and Equipment (net) 200,000 270,000 80,000 93,000 Goodwill 0 8,000 Trademark 0 12,000 15,000 Total Assets 540,000 200,000 Current Liabilities 80,000 81,000 50,000 50,000 Bonds Payable 320,000 350,000 20,000 24,000 Common Shares 90,000 80,000 Retained Earnings 50,000 50,000 Total Equity 540,000 200,000 Required: Prepare the Consolidated Balance Sheet on the date of acquisition if the identifiable net assets (INA) method were used?1- The following information relates to Panorama Corporation and its 70 percent-owned subsidiary, Scan, for the year 2022 is as follows (in thousands): Sales Income from Scan Cost of sales Depreciation expense Other expenses Panorama Scan $2,000 $800 98 (1,200) (400) (100) (80) (398) (180) I Required: a. Prepare a consolidated income statement for Panorama Corporation and Subsidiary for 2022. (Working paper not required) Assuming that Panorama acquired its 70 percent interest in Scan at book value on January 1, 2021, when the fair value of Scan'assets and liabilities were equal to recorded book values. There were no intercompany transactions during 2021 and 2022.
- Calculate evergreen inc.'s ROA for 2023?Presented below are the financial balances for the BonGiovi Company and the TerensCompany as of December 31, 2017, immediately before BonGiovi acquired Terens. Also included are the fair values for Terens Company's net assets at that date (thousands of US$). BonGiovi BV31.12.2017 Terens BV 31.12.2017 Terens FV 31.12.2017Cash 870 240 240Receivables 660 600 600Inventory 1,230 420 580Land 1,800 260 250Buildings (Net) 1,800…Below is the history of Barn Corporation's E&P. What is the company's Accumulated E&P at the beginning of 2023? Year 2020 2021 2022 2023 O $20,000 $27,500 O $62,500 O $15,000 Current E&P Distributions $10,000 $20,000 $5,000 $0 $20,000 $30,000 $5,000 $7,500
- Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and expenses for 2021 Gross Revenue $900,000 Dividend Received from 30% owned Corp 200,000 LTCG 30,000 STCL 12000 City of Lee's Summit Bond Interest 10000 COGS 375000 Administrative Expenses 325000 Charitable Contribution 60,000 Compute Hansen's C Corp Taxable income? a. 246,200 b. 276200 c. 2750001. The following information is from Direct to You Corp.’s (DYC) financial records for its year ended December 31, 2020: Select statement of financial position information: 2020 2019 Investments in financial assets (at fair value through profit or loss [FVPL]) 12,000 10,000 Inventory 575,000 498,000 Property, plant, and equipment (PPE) 1,984,000 1,396,000 Less: accumulated depreciation (650,400) (487,000) Copyright 126,000 135,000 Patents 564,000 417,000 Select statement of comprehensive income information: Depreciation of property, plant, and equipment (334,400) Amortization of patents (65,000) Interest expense (75,000) Impairment loss — copyright (9,000) Gain on sale of PPE 23,000 Additional information: PPE that originally cost $570,000 was sold during the year. 100,000 common shares were issued in 2020 to acquire $450,000 of property, plant, and equipment. DYC is subject to IFRS. What amount of net cash used…Tt2.