The following trial balance was extracted (taken) from the books of Brussels Ltd, a furniturestore, on 31 December 2022. The authorised share capital is 350,000 ordinary shares at RIeach.Trial balance of Brussels Ltd as at 31 December 2022Dr(R)Turnover (cash sales)Cash purchasesImport dutyOpening stock 1/1/2022Loan interestWagesAdvertisingReservesMotor vehiclesEquipmentCashBank overdraftDebtors and creditorsDividends paid14% 40 year loanIssued share capital250 000 R1 ordinary shares160 0006.00014 0007.00016 80012 000END200 000230 0002.0006 00020 000673 800Cr(R)320 00018 0002 8003.00050 000280 000673 800(a) You are required to prepare (i) an income statement of Brussels Ltd for the year ending 31December 2022 and (ii) a statement of financial position as at that date.

Financial Statement comprises of Income Statement, Balance Sheet.Income Statement: It is a part of…

Answered: The following trial balance was…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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X,Y Company Ltd was registered with an authorized capital of Rs.8,000,000 divided into 800,000 ordinary shares of Rs.10 each. The company's books showed the following balances on June 30, 2011: Title of Account Cash in bank Accounts receivable Allowance for bad debts. Office supplies Merchandbe inventory 1.7.10 Prepaidinsurance Machinery-cost Allowance for depreciation-Machinery Preliminary expenses. Accounts payable 10% Bonds payable Paid up capital Retained ea mings Sales revenue Commission on income Sales retum & allowance. Purchases Transportation-in Purchases returns & allowances Salaries expenses Rent expenses Income taxexpenses Advertising expenses Data for Adjustments on June 30, 201. Debit 94,500, 150,000, 18,000 225,000 12,000 1,500,000, 10,000 20,000 900,000. 40,000 40,000 26,000 10,000 5,000 Credit 4,500 150,000 40,000 200,000 800,000 310,000 800,000 706,000 (g) Rent expenses for the year amounted to Rs. 30,000. (h) Merchandise inventory was valued on June 30, 2011 at…
a) The equity accounts of Mandevilla Bhd. on January 1, 2021, were as follows. RM Share Capital-Preference (9%, RM50 par, cumulative, 10,000 shares authorized) Share Capital Ordinary (RM1 stated value, 2,000,000 shares authorized) 1,000,000 Share Premium Preference Share PremiumOrdinary Retained Earnings Treasury Shares Ordinary (20,000 shares) 400,000 100,000 1,450,000 1,816,00 50,000 During 2021, the corporation had the following transactions and events pertaining to its equity. Feb 1 The company issued 30,000 ordinary shares for RM120,000. Apr 14 The company sold 9,000 treasury shares-ordinary for RM42,000. Sept 3 The company issued 7,000 ordinary shares for a patent valued at RM32,000.
Subject: accounting
Accounting A company purchases corporate bonds for $1,000,000 and categorizes them as AFS. At year-end, their market value is $750,000. $100,000 of the decline in value is attributed to a rise in market interest rates, and $150,000 of the decline is attributed to credit losses. Prepare the year-end adjusting entry in either a T-account or spreadsheet format. See above for location of spreadsheet template. A company invests in stock of other companies for trading purposes. Its accounting year ends December 31. Its investment activity during 2019, 2020, and 2021 is as follows: a. Purchased stock of Acme Company in 2019 for $250,000 for the purpose of taking advantage of short-term volatility in the market place. b. Sold the investment shortly after purchase for $235,000. c. Purchased stock of Beeber Company in 2019 for $300,000. d. The investment had a fair value of $275,000 at the end of 2019. e. It was sold for $310,000 in late 2020. f. Purchased stock of Cromwell Company in 2019 for…
Options were granted on July 1, 2019, to purchase 220,000 shares at $14 per share. Although no options were exercised during fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share. 1. 2. Each bond was issued at face value. The 7% convertible bonds will convert into common stock at 50 shares per $1,000 bond. The bonds are exercisable after 5 years and were issued in fiscal year 2019. 3. The preferred stock was issued in 2019. 4. There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 2020. 5. The 990,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,520,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Ayayai Pharmaceutical Industries. (Round answers to 2 decimal places, e.g. $2.45.) (a) Basic earnings per share. Basic earnings per share $ (b) Diluted earnings per…
You have been provided with the following information regarding Strummer PLCFinancial position statement as at 31st DecemberK000• Non-current Assets 33,344• Current Assets 15,345• Current Liabilities (9,679)• 5% bonds (redeemable in 6 years) (4,650)• 9% irredeemable bonds (8,500)• Bank Loan (3,260)22,600Ordinary shares (K1 par value) 6,4008% preference shares (K1 par value) 9,000Reserves 7,20022,6001. The current dividend, shortly to be paid, is K0.23 per share. Dividends in the future are expected to grow at a rate of 5% per year2. Corporate tax currently stands at 30%3. The interest rate on bank borrowings currently stand at 7%4. Stock market prices as at 31st December (all ex-dividend or ex-interest)Ordinary shares K4.17Preference shares K0.895% bonds K96 per K100 bond9% irredeemable bonds K108 per K100 bondRequired1. Calculate the costs of the individual sources of finance2. Calculate the book and market values of the individual sources of finance3. calculate the company’s current…
this is a simmilair question to one asked previously, so please dont think its the same one. questions are in the screen shots.
The balance below have been extracted from the accounting records at 31 December 2020: 1) Prepayment on building insurance 80,000 2) Retained profits 1 Jan 2020 2,058,000 Ordinary shares of £1 each 4,500,000 Share premium 500,000 Notes : 1)The prepayment on building insurance on 31 December 2020 was £100,000. 2) The company issued 12,000 additional shares at £2.50 each on 30 Decemeber 2020. The proceeds were paid as Christmas bonuses to employees. No entries have been made in the company's accounting records in respect of this transaction What value include in Income statement and Statement of financial position?
The following information was drawn from the year-end balance sheets of Solomon River, Inc. Account Title Year 2 Year 1 Bonds $750,000 $1,005,000 payable Common stock 213,000 121,000 Treasury 27,500 5,500 stock Retained 62,200 88,900 earnings Additional information regarding transactions occurring during Year 2: 1. Solomon River, Inc. issued $42,300 of bonds during Year 2. The bonds were issued at face value. All bonds retired were retired at face value. 2. Common stock did not have a par value. 3. Solomon River, Inc. uses the cost method to account for treasury stock 4. The amount of net income shown on the Year 2 income statement was $32,700. Required a. Determine the amount of cash flow for the retirement of bonds that should appear on the Year 2 statement of cash flows. b. Determine the amount of cash flow from the issue of common stock that should appear on the Year 2 statement of cash flows. c. Determine the amount of cash flow for the purchase of treasury stock that should…
Assume that on January 1, First Union Co. purchases for cash a $400,000 of Medford City 5% bond at 100 plus accrued interest of $4,500 as an investment on January 1. What accounts would be debited for the $4,500 in the journal entry to record the investment? DATE DESCRIPTION PREF DEBIT CREDIT Jan. 1 (?) $400,000 (?) 4,500 (?) 404,500 Investment in Medford City Bonds Interest receivable Cash Interest revenue O000

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