PUP CAF Company, provided the following income and expenses for the current year: · Dividend income from investments- P9,200,000 · Share of profit of associate- P500,000 · Interest income on deposits- P700,000 · Income from bank treasury bills- P100,000 · Unrealized gain on derivative contracts- P400,000 · Income from dealing in securities and derivatives held for trading

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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ABC Company, provided the following income and expenses for the current year. Dividend income from investments- P9,200,000 Share of profit of associate- P500,000 Interest income on deposits- P700,000 Income from bank treasury bills- P100,000 Unrealized gain on derivative contracts- P400,000 Income from dealing in securities and derivatives held for trading- P600,000 Writedown of securities and derivatives held for trading-P150,000 Other income- P250,000 Finance cost- P300,000 Administrative staff costs- P3,800,000 Selling expenses- P1,200,000 Income tax expense- P1,700,000 What is the total comprehensive income for the year?
Won Hae Hyo Company, an investment entity, provided the following income and expenses for the current year: Dividend income from investments- P9,200,000; Distribution income from trusts- P500,000; Interest income on deposits- P700,000; Income from bank treasury bills- P100,000; Unrealized gain on derivative contract P400,000; Income from dealing in securities and derivatives held for trading- P600,000; Write-down of securities and derivatives held for trading- P150,000; Other income- P50,000; Finance cost- P300,000; Administrative staff costs- P3,800,000; Sundry administrative costs- P1,200,000 interest expense- P1,700,000. What is the total comprehensive income for the current year? A. P3,800,000 B. P4,200,000 C. P4,400,000 D. P9,200,000
An analysis of R Corporation's Investment in Marketable Securities account during 20x6 disclosed the following: Debit Entries P175,000 Credit Entries P245,000 The company's come statement included a P35,000 gain on sale of marketable securities and P20,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. 1. Cash Paid for the purchase of marketable securities 2. Cash proceeds recerved for the sale of marketable securities 3. Cash flow from operating activities 4. Cash flow from investing activities. Usc negative sign if your answer is net cash used.
Ray Company had the following liabilities on December 31, 2021:· Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000· Accrued expenses- P136,000· Interest payable- P96,000· Income tax payable- P150,000· Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000· Share dividends declared but not yet issued- P300,000· Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position? A. P2,207,000 B. P1,272,000 C. P1,722,000 D. P2,022,000
A Company provided the following data for the current year: Gain on sale of equipment – P60,000; Proceeds from sale of equipment – P100,000; Purchase of bonds with P2,000,000 face value – P1,800,000; Amortization of bond discount – P20,000; Dividends declared – P450,000; Dividends paid – P380,000; Proceeds from sale of treasury shares (at cost P650,000) – P750,000 What amount should be reported as net cash used in investing activities? [A] 1,700,000 [B] 1,760,000 [C] 1,880,000 [D] 1,940,000
The following trial balance relates to Selt.plc for the year ended 31 December 2021: Equity shares of £1 each Share Premium Retained earnings at 1 January 2021 Property at cost Depreciation on property at 1 January 2021 Plant and equipment at cost Depreciation on plant and equipment at 1 January 2021 Inventory at 1 January 2021 Trade receivables Cash and cash equivalents Trade payables 5% Loan repayable 2026 Revenue Purchases Distribution costs Administrative expenses Research and development expenditure Loan Interest paid Dividend paid Further notes: £'000 34,800 22,800 Required: A Statement of Profit or Loss for the year ended 31 December 2021. A Statement of Financial Position as at 31 December 2021 4,900 4,000 6,840 155,000 22,050 12,750 19,600 300 4,000 287,040 £'000 56,000 2,000 7,780 3,200 4,500 1,560 12,000 200,000 287,040 2) 1) Inventory was valued at £3,800,000 on 31 December 2021. (This valuation is before note (4) below is considered). Property includes land valued at…
Pax Limited showed the following assets and liabilities in its financial statements at 31 December 2018. DETAILS CARRYING AMOUNT FAIR VALUE PPE 10,000,000 14,000,000 Inventory 4,200,000 4,400,000 Long Term Loans (3,500,000) (3,500,000) Account Payable (2,500,000) (2,500,000) 8,200,000 12,400,000 The current market rate for similar transactions is 8.5% per annum. Chelsea Limited planned to acquire all the assets and liabilities of Pax Limited on 1 July 2018 and agreed to pay R13,400,000 in cash on 1 July 2019 in full settlement of the acquisition. Required: Calculate the purchase consideration. Calculate the goodwill or bargain purchase for this transaction. Prepare the journal entries required in the books of Chelsea Limited relating to this transaction.
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?
The following information pertains to BT21 Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
The following information for Neptune Ltd has been provided for the year ended 31 March 2022. Balances as at 31 March 2022. R Gross Profit 12 500 000 Trade payables 900 000 Land and Buildings 11 500 000 Mortgage loan (repayable in full on 31 August 2022) 2 750 000 Trading inventory 8 750 000 Ordinary share capital (R30 per share) 15 000 000 Earnings attributable to ordinary shareholders 5 000 000 Trade receivables 3 250 000 Fixed deposit (Maturing 28 February 2026) 1 450 000 Interest on loan 915 000 Bank (debit balance) 180 000 Additional information: The mark up percentage has been correctly calculated as 25% for the year ended 31 March 2022. Trading inventory was calculated at R7 125 000 at 31 March 2021. The shares are currently trading at R50 per share and total dividends paid at 31 March 2022 amounted to R2 000 000. REQUIRED: Calculate the following ratios for the year ended 31 March…
The net changes in the balance sheet accounts of Amy Corporation for the year 2021 are shown below. Account Debit Credit Cash $ 103,530 Short-term investments $143,990 Accounts receivable 93,058 Allowance for doubtful accounts 15,827 Inventory 88,298 Prepaid expenses 27,132 Investment in subsidiary (equity method) 29,750 Plant and equipment 249,900 Accumulated depreciation 154,700 Accounts payable 96,033 Accrued liabilities 25,585 Deferred tax liability 18,445 8% serial bonds 83,300 Common stock, $10 par 107,100 Additional paid-in capital 178,500 Retained earnings—Appropriation for bonded indebtedness 71,400 Retained earnings—Unappropriated 45,220 $765,884 $765,884 An analysis of the Retained Earnings—Unappropriated account follows: Retained earnings unappropriated, December 31, 2020 $1,547,000 Add: Net income…
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?