A medium entity provided the following data at year-end: Cash 25,000 530,000 Accounts receivable Prepayments Inventories 60,000 60,000 Investment in associate 110,000 Property, plant and equipment Accumulated depreciation Software - net of amortization and impairment Deferred tax asset 3,250,000 700,000 10,000 5,000 Bank overdraft 80,000 Bank loan, payable in two years and prepayable without penalty Trade accounts payable Interest payable Current tax liability Warranty liability Employee benefit obligation, current portion P4,000 Finance lease liability, current portion P20,000 Share capital Retained earnings 50,000 430,000 2,000 270,000 14,000 10,000 44,000 2,000,000 450,000 1. What amount should be reported as total current assets? 2. What amount should be reported as total noncurrent liabilities? 3. What amount should be reported as total shareholders' equity?
Q: The income statement disclosed the following items for the year: Depreciation expense $53,200 Gain…
A: The cash flow statement is an essential part of the financial statements of the organization. It is…
Q: At the beginning of the current year, an entity sold used equipment for ₱100,000, which is equal to…
A: Lets understand the basics. Cashflow statement is divided into three type of activities which are,…
Q: The following information is available from the current period financial statements: Net income…
A: Increase in current assets or decrease in current liabilities are subtracted. Decrease in current…
Q: Madisen company reported net income for year 4 of $200,000 the company reported depreciation expense…
A: Statement of Cash Flows: Statement of Cash Flow is one of the main four financial statements,…
Q: The following information is available about the transactions of UBF Company for the year ended…
A: UBF Company Cash Flow Statement (Direct Method) For the year ended December 31, 2021 Cash Flow…
Q: The income statement disclosed the following items for the year: Depreciation expense…
A: Introduction: Statement of cash flows: All cash in and out flows are recorded in statement of cash…
Q: Malaysia Inc. purchased a capital expenditure amounting to Php1,500 and reported revenue of…
A: 1. Calculation of Tax Amount Particulars Amount Revenue 125,000 Less: Operating…
Q: Lake Norman Company reported net income of $225,000 for the current year. Depreciation recorded on…
A: We have the following information: Net Income: $225,000 Depreciation on Buildings and Equipments:…
Q: Refer to the following data of SG Company: Assets to be realized 1,375,000 Liabilities liquidated…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The net income reported on the income statement for the current year was $310,000. Depreciation…
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…
Q: The net income reported on the income statement for the current year was $80,100. Depreciation…
A: Cash flows from (used for) investing activities = -Purchase of equipment - Purchase of land
Q: The operating expenses and taxes (including $ 80,000 of depreciation) of a company for a given year…
A: Indirect method: Under indirect method, net income is reported first, then non-cash expenses, losses…
Q: Ripley Corporation's accumulated depreciation-equipment account increased by $15,325 while $3,800 of…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Sage Hill Company reported net income of $330,000 for the current year. Depreciation recorded on…
A: Solution: Cash flows from operating activities section of statement of cash flows using indirect…
Q: The following information is from a new business. Assets - Liabilities = Owner’s Equity End of…
A: As per the accounting equation, assets are always equal to the sum of liabilities and owner's…
Q: Refer to the following data of SG Company: Assets to be realized 1,375,000 Liabilities liquidated…
A: Beginning Cash Balance = Ending Cash Balance - Cash received During the year +Cash disbursements…
Q: he net income reported on the income statement for the current year was $220,000. Depreciation…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: Statement of financial position as at 30 June 2021 Provision for depreciation Costs (RM) Net Book…
A: Realisation A/c Dr. Cr. Particulars Amount Particulars Amount Freehold Land…
Q: Marigold Corporation reported net income of $49,400 in 2020. Depreciation expense was $16,700. The…
A: Marigold Corporation Cash Flow Statement (Indirect Method) For the year ended December 31, 2020…
Q: for the Zeff Company prepared first year of operations: 1,600,000 Pretax financial income Nontaxable…
A: Income tax is calculated by multiplying the taxable income by the tax rate.
Q: The accounts and balances shown below were taken from Unique Low Company's trial balance on December…
A: Current Assets means the assets which can be easily convertible in to cash with in short period of…
Q: A company has depreciation of $250,000 for the year. Interest is $75,000 on an outstanding loan of…
A: Pay as you earn system or tax deduction at source in some countries are the advance tax payment…
Q: Presented below is a list of balance sheet accounts.Accounts payable CashAccounts receivable Common…
A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…
Q: I need help on this problem. Pearce Enterprises reported the following information for the past…
A: Free Cash Flow = Cash from operations – Capital Expenditure = Net Income…
Q: Blue Spruce Photography reported net income of $92,000 for 2022. Included in the income statement…
A: Cash flow statement is the statement that provides the details regarding the funds and the usage of…
Q: Refer to the following data of SG Company: Assets to be realized 1,375,000 Liabilities liquidated…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Seoul Company, the head office of a network of multinational companies, had the following…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: USING THE FOLLOWING DATA, CALCULATE THE DOLLAR AMOUNT ($) OF TOTAL INTANGIBLE ASSETS DEPRECIATION…
A: Intangible assets are those which does not have physical substance. It includes copyright, goodwill,…
Q: The income statement disclosed the following items for the year: Depreciation expense $37,100 Gain…
A: The cash flow statement gives the details of net cash inflows or outflows from various activities in…
Q: Kela Corporation reports net income of $570,000 that includes depreciation expense of $78,000. Also,…
A: The cash flow from operating activities include net income and accounting for non cash expenses
Q: The statement of financial position and profit or loss of an entity on December 31, 20x1 shows the…
A: Statement of Financial Position ASSETS Current Assets Cash and cash equivalents…
Q: Rainey Enterprises loaned $50,000 to Small Co. on June 1, Year 1, for one year at 6 percent…
A: Given that: Loan to Small co. = $50,000 Rate of interest = 6%
Q: Hendrickson Corporation reported net Income of $50,000 in 2020. Depredation expense was $17,000. The…
A: Compute net cash provided by operating activities. (Show amounts that decrease cash flow with either…
Q: Given the following account balances at year end, compute the total intangible assets on the balance…
A: We have the following information: Cash $1,500,000 Accounts Receivable: $1,000,000 Trademarks:…
Q: rrent asset and liability accounts for the year are as follows: Increase (Decrease) Accounts…
A: Cash Flows from Operating Activities Net Income $542,000 Adjustment to reconcile net…
Q: The net income reported on the income statement for the current year was P255,800. Depreciation…
A: A cash flow statement is a financial statement that provides aggregate data regarding all cash…
Q: The following balance sheets have been prepared on December 31, Year 13 for Albert Corp. and Becky…
A: A consolidated balance sheet is a document that shows the entire financial situation of a parent…
Q: Rubiks Company provided the following information at year-end: Cash and cash equivalents Accounts…
A: The current ratio is calculated as current assets divided by current liabilities. Accounting…
Q: The income statement disclosed the following items for the year: Depreciation expense $40,700 Gain…
A: Solution a: Statement of Cash Flows (Partial) Particulars Amount Cash flows from operating…
Q: Cash Flow from Operating Activities Net Income 56,000 Add (deduct) items to convert net income to…
A:
Q: uavo Mining Co. acquired mineral rights for $16,500,000. The mineral deposit is estimated at…
A: The accounting equation states, Assets = Liabilities + Shareholder's equity
Q: The net income reported on the income statement for the current year was SAR 250,000. Depreciation…
A: Given that Net income = SAR 250000 Depreciation = 40000 Amortization= 9000
Q: Kela Corporation reports net income of $480,000 that includes depreciation expense of $78,000. Also,…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: On December 30, Billy's Boat Yard (BBY) had $90,000 of cash, $20,000 of liabilities, $30,000 of…
A: SOLUTION ACCOUNTING EQUATION -. ASSETS = CAPITAL + LIABILITIES.
Step by step
Solved in 2 steps
- An SME provided the following on December 31, 2022: Cash Accounts receivable Prepayments Inventories Investment in associate Property, plant and equipment Accumulated depreciation and impairment Software - net of amortization and impairment Deferred tax asset Bank overdraft Bank loan, fully payable in 2022 and prepayable without penalty Trade payables Interest payable Current tax liability Provision for warranty. Employee benefit obligation, current portion, P4,000 Finance lease liability, current portion, P20,000 Share capital Retained earnings 5. What is the total amount of current assets? A. 675,000 B. 615,000 C. 785,000 D. 725,000 6. What is the total amount of current liabilities? A. 810,000 B. 860,000 C. 786,000 D. 806,000 7. What is the total shareholders' equity? A. 2,460,000 B. 2,400,000 C. 2,430,000 D. 2,700,000 25,000 530,000 60,000 60,000 110,000 3,250,000 700,000 10,000 5,000 80,000 50,000 430,000 2,000 270,000 4,000 10,000 44,000 30,000 2,430,000Which of the following formulas for the capital expenditure on intangibles is correct? Assume the current time (now) is t1 and last year is to, and that 'Intangible assets' is a carrying value net of accumulated amortisation. Select one: a. CapExOnIntangibles(t1) = IntangibleAssets (t1) + IntangibleAssets (t0) + Amortisation ExpenseOnIntanglibles (t1) b. CapExOnIntangibles(t1) = IntangibleAssets (t1) - IntangibleAssets(t0) + Amortisation ExpenseOnIntanglibles(t1) c. CapExOnIntangibles (t1) = IntangibleAssets(t1) - IntangibleAssets(t0) - Amortisation ExpenseOnIntanglibles (t1) d. CapExOnIntangibles(t1) = IntangibleAssets (t1) + AmortisationExpenseOnIntanglibles (t1) e. CapExOnIntangibles (t1) = IntangibleAssets (t1) - Amortisation ExpenseOnIntanglibles (t1)Following is a list of items relating to the financial statements of YKN Bhd for the year ended 31December 2020• Amortisation of intangible assets of RM346,339• Corporate tax rate is at 24%.• Finance costs of RM831,138• Finance income of RM173,421• Gain due to exchange differences from translating functional currencies into presentationcurrency of RM120,000• Gain on disposals of major subsidiaries amounted to RM1,500• Gain on sales of manufacturing operating segment of RM100,000• Gains on re-measuring available-for-sale investment of RM80,000• Loss on litigation settlements of RM2,125,000• Loss amounted to RM450,000 due to disposal of its cotton mills, which constitute amajor line of business• Loss arising from translating the financial statements of a foreign operation of RM33,000• Loss from disposal of financial assets of RM50,000• Loss on disposals of items of property, plant and equipment of RM34,000• Loss on impairment of goodwill of RM110,000• Loss on re-measuring financial…
- Account MNO Corporation had the following information regarding its fixed assets: Beginning of the year: $500,000Additions during the year: $100,000Disposals during the year: $50,000Accumulated depreciation at the beginning of the year: $200,000Depreciation expense for the year: $50,000Calculate the net book value of fixed assets at the end of the year.Following is a list of items relating to the financial statements of YKN Bhd for the year ended 31December 2020• Amortisation of intangible assets of RM346,339• Corporate tax rate is at 24%.• Finance costs of RM831,138• Finance income of RM173,421• Gain due to exchange differences from translating functional currencies into presentationcurrency of RM120,000• Gain on disposals of major subsidiaries amounted to RM1,500• Gain on sales of manufacturing operating segment of RM100,000• Gains on re-measuring available-for-sale investment of RM80,000• Loss on litigation settlements of RM2,125,000• Loss amounted to RM450,000 due to disposal of its cotton mills, which constitute amajor line of business• Loss arising from translating the financial statements of a foreign operation of RM33,000• Loss from disposal of financial assets of RM50,000• Loss on disposals of items of property, plant and equipment of RM34,000• Loss on impairment of goodwill of RM110,000• Loss on re-measuring financial…Prepare an income statement with the information listed below: Accumulated Depreciation $ 35,000Accounts Payable $ 65,000Advertising Expense $ 20,625Prepaid Advertising $ 61,875Common Stock $ 50,000Depreciation Expense $ 12,500Dividend Payable $ 50,000Dividends $ 100,000Income Tax expense $ 48,000Income Tax Payable $ 35,000Interest Expense $ 3,750Interest Revenue $ 500Loss on Disposal of Assets $ 10,000Prepaid Rent $ 56,250Rent Expense $ 18,750Retained Earnings $ 836,875Sales Revenue $ 300,000Utilities Expense $ 8,750Utilities Payable $ 7,000Wage Expense $ 41,250Wages Payable $ 10,125
- QUESTION 5 Below are relevant extracts from Pitzer Bhd's financial statements for the financial year ended 31 December 2020 and 31 December 2021: 2020 (RM) 2021 (RM) ASSETS: Freehold land Plant and machinery at cost Inventories Bank Tax recoverable 386,000 182,000 44,000 13,000 6,000 20,000 86,400 737,400 477,000 212,000 52,000 55,000 Fixed deposits Account receivables 27,000 97,200 920,200 LIABILITIES & EQUITIES Ordinary Share Capital General reserve Retained earnings 5% Bank loan Bank overdraft Account payables Tax payable Accumulated depreciation of Plant & Machinery 264,000 112,420 36,400 169,400 13,400 69,780 364,000 112,420 135,280 135,400 7,600 62,340 9,960 93,200 920,200 72,000 737,400Problem 17-10 (AICPA Adapted) P7,000,000.. of the acquired net assets was P6,000,000. The excess of cost over carrying amount was attributed i. an identifiable intangible asset which was undervalued investee's statement of financial positión and which had . remaining useful life of ten years. on The investee reported net income of P1,800,000 for the current year and paid cash dividend of P600,000 on the ordinary shares. What is the carrying amount of the investment in associate at year-end? a. 6,780,000 b. 7,140,000 c. 7,000,000 d. 6,900,000amount. An entity reported the following data for the current year. What net amount in OCI that may not be recycled to profit or loss? * Net sales Cost of goods sold Selling expenses Administrative expenses P9.500,000 4,000,000 1,000,000 1,200,000 Interest expense 700,000 Gain from expropriation of land 500,000 Income tax 800,000 Income from discontinued operations Unrealized gain on equity investment at FVOCI Unrealized loss on futures contract designated as a cash flow hedge Increase in projected benefit obligation due to actuarial assumptions Foreign translation adjustment- debit Revaluation surplus 600,000 900,000 400,000 300,000 100,000 2,500,000
- Sunland Company had net income for 2021 of $2960000. Additional information is as follows: Depreciation of plant assets $1204000 Amortization of intangibles 244000 Increase in accounts receivable 418000 Increase in accounts payable 546000 Sunland's net cash provided by operating activities for 2021 was $4536000. $4280000. $2656000. $4408000.how did you get these numbers ? Year 2022: Weighted-Average accumulated expenditure Date Amount Capitalization period Weighted Average Accumulated Expenditures 1-Jan-22 $8,100,000 9/9 $8,100,000 31-Jan-22 $450,000 8/9 $400,000 30-Apr-22 $783,000 5/9 $435,000 31-Aug-22 $1,080,000 1/9 $120,000 Total $10,413,000 $9,055,000PROBLEM 1 BHEVERLYNN CORPORATIONSTATEMENTS OF FINANCIAL POSITIONAS AT MARCH 31,2021 AND 2020 (in peso)2021 2020 ASSETS Noncurrent AssetsProperty, Plant and equipment 1,125,000 742,000 Intangible assets 320,000 150,000 Financial asset at amortized cost 289,600 294,000 Investment in associate 144,000 120,000 Total noncurrent Assets 1,878,600 1,306,000 Current AssetsInventories 390,000 237,000 Prepaid expenses 23,000 15,000 Trade receivables 284,000 319,000 Financial assets at fair value through profit or loss (FVPL) 175,000 325,000 Temporary investments 148,000 46,000 Cash 54,000 102,000 Total current assets 1,074,000 1,044,000TOTAL ASSETS 2,952,600 2,350,000 EQUITY AND LIABILITIES Equity Share capital – P1 ordinary shares 550,000 400,000 Share premium 300,000 100,000 Revaluation surplus 130,000 60,000 Retained earnings 321,000 264,000 Retained earnings appropriated 250,000 100,000 Treasury shares (17,500) (25,000) Total equity 1,533,600 899,000 Noncurrent Liabilities Long-term loans…