ADVANCED FIN. ACCT. LL W/ACCESS>CUSTOM<
12th Edition
ISBN: 9781265074623
Author: Christensen
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 7.14Q
To determine
Non-Controlling Interest
Non-Controlling Interest is also known as minority interest. It is that ownership position in which shareholder owns less than 50% of outstanding shares and has no control over decision.
: An additional account which require adjustment when sale occurs on January 1, 20X3.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
QUESTION 2
The following is the Trial Balances extracted from the books of Rosemary Garden Enterprise
as at 31 December 2021:
Debit (RM)
Credit (RM)
153,900
Capital
Drawings
3,500
Sales
400,000
Purchases
250,000
Return Inwards and outwards
4,150
450
Inventory as at 1 January 2021
Delivery van at cost
Office equipment at cost
Accumulated depreciation at 1 January 2021
Delivery van
Office equipment
65,000
20,000
36,000
4,500
10,800
Account Receivable
90,000
Account Payable
32,000
Insurance on machinery
750
Allowance for doubtful debts as at 1 January 2021
1550
Discount allowed and discount received
350
800
Stationery
General expenses
Rental expense
300
2,200
3,300
Interest on loan
5,600
Cash in hand
4,250
Cash at bank
Carriage inwards
Wages and salaries expenses
10% Long term investment
8% Loan from Tekun
9,000
1,500
16,100
162,000
70,000
674,000
TOTAL
674,000
Additional information:
a) The closing inventory as at 31 December 2021 is RM 30,000.
b) The amount of a debtor of RM750 is to be…
Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0.
Federal income tax due for the previous year is paid.
Blyth Traders are a well-established wholesale business operating in the north of England
and south Scotland. Their trial balance for year ended 31" December 2021 is presented
below:
Dr [E]
Cr (E]
Non-current assets (cost):
Plant and machinery
150,000
Vehicles
100,000
Premises
600,000
Accumulated depreciation (1-1-21):
Plant and equipment
Vehicles
90,000
50,000
Premises
96,000
Sales
Sales returns
Purchases
Carriage in
Wages and salaries
Discounts allowed
Electricity costs
Vehicle maintenance
Advertising and marketing
Irrecoverable debts
829,000
2,000
335,000
15.000
114.000
4.500
37.500
8,000
2,500
14,000
3,000
Allowance for receivables
Bank
1,500
19,200
Accounts payable
Accounts receivable
31,600
60,000
Inventory (1-1-21)
91,700
Drawings
Bank loan [10%]
Capital (1-1-21)
60,000
150.000
324,900
1.594.700
1.594.700
Additional notes:
1) Inventory at 31" December 2021 was valued at £94,000. However, on 4th
January 2022 additional lines of inventory were uncovered that had not been
included…
Chapter 7 Solutions
ADVANCED FIN. ACCT. LL W/ACCESS>CUSTOM<
Ch. 7 - Prob. 7.1QCh. 7 - Prob. 7.2QCh. 7 - Prob. 7.3QCh. 7 - Prob. 7.4QCh. 7 - Prob. 7.5QCh. 7 - Prob. 7.6QCh. 7 - Prob. 7.7QCh. 7 - Prob. 7.8QCh. 7 - Prob. 7.9QCh. 7 - Prob. 7.10Q
Ch. 7 - Prob. 7.11QCh. 7 - Prob. 7.12QCh. 7 - Prob. 7.13QCh. 7 - Prob. 7.14QCh. 7 - Prob. 7.15QCh. 7 - Prob. 7.16QCh. 7 - Prob. 7.17QCh. 7 - Prob. 7.18AQCh. 7 - Prob. 7.1CCh. 7 - Prob. 7.2CCh. 7 - Prob. 7.3CCh. 7 - Prob. 7.4CCh. 7 - Prob. 7.5CCh. 7 - Prob. 7.1.1ECh. 7 - Prob. 7.1.2ECh. 7 - Prob. 7.1.3ECh. 7 - Prob. 7.1.4ECh. 7 - Prob. 7.1.5ECh. 7 - Prob. 7.2.1ECh. 7 - Prob. 7.2.2ECh. 7 - Prob. 7.2.3ECh. 7 - Prob. 7.2.4ECh. 7 - Prob. 7.2.5ECh. 7 - Prob. 7.2.6ECh. 7 - Prob. 7.3ECh. 7 - Prob. 7.4ECh. 7 - Prob. 7.5ECh. 7 - Prob. 7.6ECh. 7 - Prob. 7.7ECh. 7 - Transfer of Depreciable Asset at Year-End Pitcher...Ch. 7 - Prob. 7.9ECh. 7 - Sale of Equipment to Subsidiary in Current Period...Ch. 7 - Prob. 7.11ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Prob. 7.15ECh. 7 - Prob. 7.16ECh. 7 - Prob. 7.17ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.20ECh. 7 - Prob. 7.21ECh. 7 - Prob. 7.22ECh. 7 - Prob. 7.23AECh. 7 - Prob. 7.24PCh. 7 - Prob. 7.25PCh. 7 - Prob. 7.26PCh. 7 - Prob. 7.27PCh. 7 - Prob. 7.28.1PCh. 7 - Prob. 7.28.2PCh. 7 - Prob. 7.28.3PCh. 7 - Prob. 7.28.4PCh. 7 - Prob. 7.29PCh. 7 - Prob. 7.30PCh. 7 - Prob. 7.31PCh. 7 - Prob. 7.32PCh. 7 - Prob. 7.33PCh. 7 - Prob. 7.34PCh. 7 - Prob. 7.35PCh. 7 - Prob. 7.37PCh. 7 - Prob. 7.38PCh. 7 - Prob. 7.41AP
Knowledge Booster
Similar questions
- Which accounting principle guides the application of the installment method for reporting income? a ) Matching principle b) Revenue recognition principle c) Consistency principle d) Materiality principlearrow_forwardRetrospective changes require all but which of the following? Group of answer choices adjustments to assets and liabilities to reflect the cumulative effect of the change on periods prior to those presented restatement of financial statements to reflect the effects of the change for each period presented detailed numerical comparisons of all prior periods to restated statements retained earnings restated for the cumulative effect of the change on income for periods prior to those presentedarrow_forwardHow/where is a revenue increase shown on a pro forma income statement?arrow_forward
- Prepare the Note to the financial statements for inventories and prepare the Statement of Comprehensive Income for the year ending 31 August 2020 according to the nature of expense method. Proper identification of the statement and layout according to IAS1 – Presentation of financial statements is required. Ignore the Other Comprehensive Income section of the statement.arrow_forwardDiscuss how the provision for income taxes is computed and reflected in interim financial statements.arrow_forwardWhat is the purpose of arranging an income statement toshow subtotals for income from continuing operations andincome before extraordinary items?arrow_forward
- The cost of inventory sold during the current year is classified as aln) in the O Liability, Balance sheet O Asset; Balance sheet O Revenue; Income statement O Expense; Income statementarrow_forwardGenerally accepted methods of accounting for a change in accounting principle include O ncluding the cumulative effect of the change in current period net income. restating prior years' financial statements presented for comparative purposes. O making a prior period adjustment. O prospective changes.arrow_forwardOn 1 September 20X2, Ad-Deen Enterprise had a van which was purchased on 1 January 20X2 at a cost of RM34,000. During the year ended 31 August 20X3, two more vans were purchased in cash. The details are as follows: Date of Purchase 1 April 20X3 1 July 20X3 RM RM Purchase price 40,000 / 52,000 400 / 520 Delivery charges Plate number 50 50 Road tax 1,300 1,600 Petrol 20 30 Painting of company's van (inclusive of company's name, address and logo) 500 600 Insurance R 2,000 2,500 Ad-Deen Enterprise depreciated the vans using the straight line method over four years and assumed that the vans would have zero scrap value. Depreciation. was provided for a full year in the year of purchase. Ad-Deen Enterprise's accounting year ends 31 August every year.arrow_forward
- Which is not generally accepted in presenting the income statement? A) the condensed income statement B) including income tax in determining income. including prior period error in determining income D) the consolidated income statement To Darrow_forwardGenerally accepted methods of accounting for a change in accounting principle include restating prior years' financial statements presented for comparative purposes. making a prior period adjustment. prospective changes. including the cumulative effect of the change in current period net income.arrow_forwardAssume Maple Corporation has just completed the third year of its existence (year 3). The table below indicates Maple's ending book inventory for each year and the additional §263A costs it was required to include in its ending inventory. Maple immediately expensed these costs for book purposes. In year 2, Maple sold all of its year 1 ending inventory, and in year 3 it sold all of its year 2 ending inventory. Ending book inventory Additional $263A costs Ending tax inventory Year 1 $ 2,400,000 60,000 $ 2,460,000 Year 2 $ 2,700,000 70,000 $ 2,770,000 Year 3. $ 2,040,000 40,000 $ 2,080,000 Required: a. What book-tax difference associated with its inventory did Maple report in year 1? Was the difference favorable or unfavorable? Was it permanent or temporary?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning