QUESTION 1 The following balances relate to Wales plc for the year ended 31st December 2022: £ £1 ordinary shares 10% £1 preference shares 2% Debentures Plant and equipment Stock at 31st December 2022 Sales Cost of sales Trade receivable Trade payable Cash and bank Retained profits at 1st January 2022 Ordinary dividend paid Preference dividend paid Administrative expenses Interest paid Directors remuneration Distribution costs The following information is relevant: 1. Corporation tax for the year is estimated at £100,000. 1,250,000 510,850 578,650 170,125 96,000 20,000 30,000 30,000 2,000 5,000 28,000 2.720.625 £ 900,000 500,000 200,000 800,000 188,625 132,000 2.720.625 2. Salesmen are owed commission of £3,000 in respect of December sales. It will be paid on 31st January 2023 and has not been recorded in the ledger accounts yet. 3. Goods valued at £980 were sent to customers on 31st December 2022. Payment is due on 28 February 2023. This has not been recorded in the ledger accounts yet. 4. The preference shares should be included within equity.

QUESTION 1 The following balances relate to Wales plc for the year ended 31st December 2022: £ £1 ordinary shares 10% £1 preference shares 2% Debentures Plant and equipment Stock at 31st December 2022 Sales Cost of sales Trade receivable Trade payable Cash and bank Retained profits at 1st January 2022 Ordinary dividend paid Preference dividend paid Administrative expenses Interest paid Directors remuneration Distribution costs The following information is relevant: 1. Corporation tax for the year is estimated at £100,000. 1,250,000 510,850 578,650 170,125 96,000 20,000 30,000 30,000 2,000 5,000 28,000 2.720.625 £ 900,000 500,000 200,000 800,000 188,625 132,000 2.720.625 2. Salesmen are owed commission of £3,000 in respect of December sales. It will be paid on 31st January 2023 and has not been recorded in the ledger accounts yet. 3. Goods valued at £980 were sent to customers on 31st December 2022. Payment is due on 28 February 2023. This has not been recorded in the ledger accounts yet. 4. The preference shares should be included within equity.

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 5E: Multiple-Step and Single-Step In coin Statements The following items were derived from Gold...

See similar textbooks

Similar questions

The accumulated profit account of One San Miguel Co, follows: Date Item Debit Credit 07/01/2020 Balance 48,500.00 08/31/2020 Dividends paid 12/31/2020 Net income for the year 20,000.00 32,400.00 04/01/2021 Premium on capital share 06/30/2021 Gain on treasury share 15,000.00 10,000.00 09/30/2021 Dividends declared 30,000.00 12/31/2021 Net Income for the year 45,100.00 Appraisal increase of land 30,000.00 Balance 131,000.00 181,000.00 181,000.00 What is the correct balance of Accumulated Profits on December 31, 2021?
The following data was taken from the accounting records of Pina Colada Corporation: Total assets Total liabilities Preferred shares Common shares Retained earnings Additional data: Net income Interest expense Sales revenue 2024 O 20.1% 21.1% 19.1% 18.1% 2023 $962000 $883000 271000 250000 81300 81300 303000 303000 The return on assets for 2024 is 306700 248700 167000 35500 981000
The following are extracts from the Statement of Financial Position dated 30/09/2023: Equity £1 share capital Retained Profit Non-Current Liabilities Debentures Bounce-back Loan 30/09/2023 2 14,605 189,874 59,727 30/09/2022 2 18,389 154,037 80,601 Total dividends of 53,714 were paid to shareholders in the year. How much in total should be shown on the Statement of Cashflows for Financing Activities for the year ended 2023? [NOTE: If negative enter number with a "-" first.]
Problem 1 (Adapted)The shareholders’ equity of Yelan Company showed the following account balances on December 31, 2018:Share capital, P100 5,000,000Share Premium 1,000,000Retained earnings 2,000,000Revaluation surplus 800,000 Compute the book value per share on December 31, 2018.
Problem 2 The shareholders' equity of Tony Corporation revealed the following on June 30, 2018: Preference share, P100 par vale Preference share premium Ordinary share, P15 par value Ordinary share premium Ordinary share subscribed Retained earnings Notes payable Subscriptions receivable - ordinary P230,000 80,500 525,000 275,000 5,000 190,000 400,000 40,000 28. How much is the legal capital? 29. Using the data in problem #2, how much is the additional paid in capital? 30. Using the data in problem #2, how much is the total shareholders' equity? Problem 3 A corporation declared a 40% share dividend on its 60,000 shares of P20 par ordinary shares on a day when the market price is P50. 31. How much was debited to retained earnings on the date of declaration? 32. Using information in problem #3, what is the peso dividend per ordinary share? 33. Using information if problem #3 and assuming the share capital dividend declared is 4/40, what is the share premium from stock dividends?
Question 13 Thorn Ltd (SoFP) extracts Equity Share Capital Retained Earnings Non-current liabilities Current liabilities Total equity and liabilities Plant Fixtures -cost -dep'n -nov -cost -dep'n - nbv Non-current assets Stock /Inventory Debtors Recibles Cash Current assets Total assets Dividends Relained Profil Thorn Ltd (income statement) extracts Sales Revenues Cost of Sales Operating Expenses Operating Profit Interest Profit for the Year 11% Loans (2017) Payables Other Information: 1610 Average Payment Period Average Collection Period Cash Conversion Period 600 112 1,310 488 1,130 490 80 2,400 431 Ye-20x9 1,900 790 320 3.010 488 822 1,310 1.700 3.010 3,100 2.831 269 87 182 142 40 1,000 460 1,160 368 700 390 120 28 1,950 There were no non-current asset disposals in either year, All dividends due had been paid by Ye-31/12/20X9 Ye-20X8 1,250 860 270 2.380 378 792 1,170 1.210 2.380 2,600 2.384 216 95 121 91 30
Suppose that you have been provided with the following financial information about a company. 2019 352 2020 323 Common Shareholders' Equity (S/E) Cash dividends Common share repurchases 0 Common share issues 20 45 60 50 13 In addition to this information, you have also been informed that the company has net financial obligations (NFO) of 25 in 2019 and 35 in 2020, and net financial expenses of 3 in 2019 and 4 in 2020. Based on this information, what is the company's free cash flow (FCF) for 2020? 1.-30 2.-24 3.-39 4.-1
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…
+ INCOME STATEMENT sales cost of goods sold gross gofit selling and administrative expenses amortization expenses operating expenses interest expenses earnings before taxes taxes earnings after taxes Brefered stock dividends earning available to common shareholder shares outstanding earnings per share Retained earnings balance, January 1, 20xx Add; earnings available to common $ en shareholders 20xx Deduct: cash dividends declared and paid in 20xx retained earnings balance, December 31, 20xx 4700000 2925000 1775000 630000 290000 855000 52,000 803000 390000 413000 STATEMENT OF RETAINED EARNINGS FO THE YEAR ENDED DECEMBER 31, 2003 50000 363000 226875 1.6 880000 363000 200000 1043000
RATIO ANALY SIS OF COMPARATI VE FIN ANCIAL STATE MENT S Refer to the financial statements in Problem 24-8B. REQUIRED Calculate the following ratios and amounts for 20-1 and 20-2 (round all calculations to two decimal places). (a) Return on assets (Total assets on January 1, 20-1, were 111,325.) (b) Return on common stockholders equity (Total common stockholders equity on January 1, 20-1, was 82,008.) (c) Earnings per share of common stock (The average numbers of shares outstanding were 6,300 shares in 20-1 and 6,900 in 20-2.) (d) Book value per share of common stock (e) Quick ratio (f) Current ratio (g) Working capital (h) Receivables turnover and average collection period (Net receivables on January 1, 20-1, were 28,995.) (i) Merchandise inventory turnover and average number of days to sell inventory (Merchandise inventory on January 1, 20-1, was 32,425.) (j) Debt-to-equity ratio (k) Asset turnover (Assets on January 1, 20-1, were 111,325.) (l) Times interest earned ratio (m) Profit margin ratio (n) Assets-to-equity ratio (o) Price-earnings ratio (The market price of the common stock was 120.00 and 110.00 on December 31, 20-2 and 20-1, respectively.)
Multiple-Step and Single-Step In coin Statements The following items were derived from Gold Companys December 31 adjusted trial balance: Additional data: 1. Screen thousand share of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a multiple-st income statement. 2. Prepare a single step income statement. 3. Next Level Discuss how Gold Companys income statement in Requirement I might be different if it used IFRS
Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year: Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock. Required: Prepare the income statement for Rule.