Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31 st December 2018.

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Answer 1

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 46AP

1.

To determine

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31^st December 2018.

2. a.

To determine

Identify the statements which report the result of operations of Incorporation VR and explain whether the operation is successful during 2018.

2. b.

To determine

Identify the statement that reports the financial position of the company.

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If an oil rig was built in the sea, the cost to be capitalised is likely to include the cost of constructing the asset and the present value of the cost of dismantling it. If the asset cost $10 million to construct, and would cost $4 million to remove in 20 years, then the present value of this dismantling cost must be calculated. If interest rates were 5%, the present value of the dismantling costs are calculated as follows: $4 million x 1/1.0520 = $1,507,558 The total to be capitalised would be $10 million + $1,507,558 = $11,507,558. This would be depreciated over 20 years, so 11,507,558 x 1/20 = $575,378 per year. Each year, the liability would be increased by the interest rate of 5%. In year 1 this would mean the liability increases by $75,378 (making the year end liability $1,582,936). This increase is taken to the finance costs in the statement of profit or loss.

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Answer 2

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 46AP

1.

To determine

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31^st December 2018.

2. a.

To determine

Identify the statements which report the result of operations of Incorporation VR and explain whether the operation is successful during 2018.

2. b.

To determine

Identify the statement that reports the financial position of the company.

Expert Solution & Answer

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 46AP

1.

To determine

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31^st December 2018.

2. a.

To determine

Identify the statements which report the result of operations of Incorporation VR and explain whether the operation is successful during 2018.

2. b.

To determine

Identify the statement that reports the financial position of the company.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 46AP

1.

To determine

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31^st December 2018.

2. a.

To determine

Identify the statements which report the result of operations of Incorporation VR and explain whether the operation is successful during 2018.

2. b.

To determine

Identify the statement that reports the financial position of the company.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 46AP

1.

To determine

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31^st December 2018.

2. a.

To determine

Identify the statements which report the result of operations of Incorporation VR and explain whether the operation is successful during 2018.

2. b.

To determine

Identify the statement that reports the financial position of the company.

Answer 6

Chapter 3, Problem 46AP

1.

To determine

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31^st December 2018.

Answer 7

Chapter 3, Problem 46AP

1.

To determine

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31^st December 2018.

Answer 8

2. a.

To determine

Identify the statements which report the result of operations of Incorporation VR and explain whether the operation is successful during 2018.

Answer 9

2. a.

To determine

Identify the statements which report the result of operations of Incorporation VR and explain whether the operation is successful during 2018.

Answer 10

2. b.

To determine

Identify the statement that reports the financial position of the company.

Answer 11

2. b.

To determine

Identify the statement that reports the financial position of the company.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - Prob. 7DQ Ch. 3 - Prob. 8DQ Ch. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31 st December 2018.

Solution Summary: The author explains the income statement, statement of retained earnings, and balance sheet of Incorporation VR for the year ending 31 st December 2018.

Concept explainers

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Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31^st December 2018.

Identify the statements which report the result of operations of Incorporation VR and explain whether the operation is successful during 2018.

Identify the statement that reports the financial position of the company.

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Chapter 3 Solutions

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31 st December 2018.

Solution Summary: The author explains the income statement, statement of retained earnings, and balance sheet of Incorporation VR for the year ending 31 st December 2018.

Concept explainers

Videos

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31st December 2018.

Identify the statements which report the result of operations of Incorporation VR and explain whether the operation is successful during 2018.

Identify the statement that reports the financial position of the company.

Want to see the full answer?

Chapter 3 Solutions

Prepare the income statement, statement of retained earnings and the balance sheet of Incorporation VR for the year ending 31^st December 2018.