Answered: The pro-rata payment to stockholders on…

Business

Accounting

The pro-rata payment to stockholders on the peso is

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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C. Reither Co. reports the following information for 2025: sales revenue $700,000 cost of goodssold $500,000, operating expenses $80,000, and an unreliazed holding loss on available-for-sale debt securities of 2025 of $60,000. It declared and paid a cash dividend of $10,000 in 2025. C. Reither Co. has Janaury 1, 2025, balances in common stock $350,000; accumulated other comprehensive income $80,000; and retained earnings $90,000. It issued no stock during 2025. Prepare a statement of stockholders' equity. (Ignore income taxes).
The following items were displayed in the statement of affairs of a Corporation: Unsecured liabilities without priority P150,000 Fully secured creditors 20,000 Partially secured creditors (Secured with asset valued at P10,000)15,000 Stockholder's equity 50,000 Loss on realization of assets 60,000 Estimated taxes and administrative costs that have not been entered in the records 10,000 Based on the foregoing information, how much should the partially secured creditors expect to receive on the liquidation?
Data pertaining to the current position of Lucroy Industries Inc. follow:Cash $ 800,000Marketable securities 550,000Accounts and notes receivable (net) 850,000Inventories 700,000Prepaid expenses 300,000Accounts payable 1,200,000Notes payable (short-term) 700,000Accrued expenses 100,000Instructions1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios in parts b through j to one decimal place.2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick RatioCompute the working capital, the current ratio, and the quick ratio after each of the…
1. Winston Corporation purchases all of Harley Company's stock on June 1 for P1,200,000. At that date, Harley had the following book and market values: Book Value Market Value Cash and Receivables P80,000 P80.000 Inventory 230,000 270,000 Plant Assets (net) 900,000 1.230,000 Cost of Goods Sold 750,000 Operating Expenses 170,000 Dividends 20,000 Liabilities 600,000 600,000 Common Stock 25,000 Retained Earnings 525,000 Sales 1,000,000 What amount of retained earnings is eliminated in the acquisition date worksheet elimination?
C. Reither Co. reports the following information for 2025: sales revenue $700,000 cost of goodssold $500,000, operating expenses $80,000, and an unreliazed holding loss on available-for-sale debt securities of 2025 of $60,000. It declared and paid a cash dividend of $10,000 in 2025. C. Reither Co. has Janaury 1, 2025, balances in common stock $350,000; accumulated other comprehensive income $80,000; and retained earnings $90,000. It issued no stock during 2025. Prepare a statement of stockholders' equity. (Ignore income taxes).
45. SLEX Company purchased a machine with a cash price of P350,000. SLEX gave the following as payment: · Cash- P100,000· Notes payable, non-interest bearing (payable in three equal annual payments, beginning 1/1/23)- P150,000 · SLEX 1,000 ordinary shares, P100 par (fair value P130)- P100,000 How much is the discount on notes payable to be recorded on the date of purchase?
Additional information: * All purchases of inventories are on credit * The selling and administrative expenses include depreciation of R320 000 * Property, plant and equipment were purchased during the year but there were no disposals * The total dividends for the year ended 31 December 2021 amounted to R360 000 * The issued share capital consisted of 100 000 ordinary shares * The market price of the shares on 31 December 2021 was R35
10. The January 31, 2022 Statement of Financial Position of Pink Corporation follows: Cash 800,000 Accounts receivable ( net of P2,000 allowance for bad debts) 3,800,000 Inventory 1,600,000 Property, plant and equipment (net of P6,000,000 accumulated dep'n) 4,000,000 Total assets 10,200,000 Accounts payable 8,250,000 Ordinary shares 5,000,000 Retained earnings (Deficit) (3,050,000) Total Liabilities and Shareholders' equity…
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A Corporation had the following liabilities at December 31, 1996: Accounts payable P 110,000 Uncollateralized notes, 8%, due 7/1/97 800,000 Accrued expenses 70,000 Contingent liability 900,000 Deferred income tax liability 50,000 Senior bonds, 7% due 3/3/1/97 2,000,000 The contingent liability is an accrual for possible losses on a P2,000,000 lawsuit filed against A. A’s legal counsel expects the suit to be settled in 1998, and has estimated that A will be liable for damages in the range of P900,000 to P1,500,000. The deferred income tax liability is note related to an asset for financial reporting and is expected to reverse in 1998. What amount should A report in its December 31, 1996 balance sheet as current liabilities?
The following is the balance sheet of Sameed Brothers Corporation (000s omitted). Sameed Brothers CorporationBalance SheetDecember 31, 2020 Assets Current assets Cash $26,000 Marketable securities 18,000 Accounts receivable 25,000 Inventory 20,000 Supplies 4,000 Stock investment in subsidiary company 20,000 $113,000 Investments Treasury stock 25,000 Property, plant, and equipment Buildings and land 91,000 Less: Reserve for depreciation 31,000 60,000 Other assets Cash surrender value of life insurance 19,000 Total assets $217,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $22,000 Reserve for income taxes 15,000 Customers' accounts with credit balances 1 $ 37,001 Deferred credits Unamortized premium on bonds payable 2,000 Long-term liabilities Bonds payable 60,000 Total liabilities 99,001 Common…