Please do not give solution in image format thanku Novak, Incorporated had net income for 2025 of $5460000. Additional information is as follows:(Amortization of patentsDepreciation on plant assetsLong-term debt:Bond premium amortizationInterest paidProvision for doubtful accounts:Current receivablesLong-term nontrade receivablesAnswer Choices:$44600a) $7332000b) $7301100c) $7202600d) $7283400165100064700905000What is the net cash provided by operating activities in the statement of cash flows for the yearended December 31, 2025, based solely on the above information?8080030900

Cash flow from operating activities is the cash inflows and cash outflows from day to day business…

Answered: Novak, Incorporated had net income for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 2,430,000
The entity has an unsecured overdraft of R20000 at prospect Bank that carries an interest rate of 22% per annum. In which one of the following statement will this item be shown? A.Statement of financial position as a current liability B.Statement of financial position as a non current liability C.Statement of income and expenditure as finance costs C.Statement of financial position as current asset
Show the solution in good accounting form Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position?
At December 31, 2025, the available-for-sale debt portfolio for Pharoah, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $17,900 $14,400 $(3,500) B 11,100 14,000 2,900 C 23,300 25,700 2,400 Total $52,300 $54,100 1,800 Previous fair value adjustment balance-Dr. 400 Fair value adjustment-Dr. $1,400 On January 20, 2026, Pharoah, Inc. sold security A for $14,500. The sale proceeds are net of brokerage fees. Pharoah, Inc. reports net income in 2025 of $115,000 and in 2026 of $138,000. Unrealized holding gains or losses equal $41,000 in 2026. (a) Prepare a statement of comprehensive income for 2025, starting with net income. PHAROAH, INC Statement of Comprehensive Income (b) eTextbook and Media Save for Later $ Attempts: 0 of 3 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above.
At December 31, 2020, the available-for-sale debt portfolio for Crane, Inc. is as follows. Security A B C Total Previous fair value adjustment balance-Dr. Fair value adjustment- Dr. Cost $17,500 12,200 500 Fair Value $1,300 $15,000 23,400 25,700 $53,100 $54,900 14,200 Unrealized Gain (Loss) $(2,500 2,000 2,300 1,800 ) On January 20, 2021, Crane, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees. Crane, Inc. reports net income in 2020 of $118,000 and in 2021 of $143,000. Total holding gains (including any realized holding gain or loss) equal $49,000 in 2021. Prepare a statement of comprehensive income for 2020, starting with net income. Prepare a statement of comprehensive income for 2021, starting with net income. Please show underlying calculations (especially for reclassification adjustment for 2021). I correctly identified the statement of income for 2020, but am stuck on the one for 2021. Thank you!
During 2019, the first year of operation, Maly Corporation made various investments in trading securities. On December 31, 2019, the investments had the following cost and market value: Cost Market Value P 1,300,000 800,000 1,000,000 12/31/2019 P 1,250,000 900,000 700,000 XYZ MNO FGH How much should be included as unrealized loss on the income statement for the year 2019?
Marigold Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020. Amortized cost $51,100 Fair value 42,200 Expected credit losses 12,600 A. What is the amount of credit loss that marigold should report on this available-for-sale security at december 31, 2020? Amount of the credit loss $ 8,900 B. Prepare the journal entry to record the credit loss, if any ( and other adjustments needed), at December 31, 2020? date account titles and explanations debit credit 12/31/20 8,900 8,900 Please note that the answer is NOT Debit Loss on available for sale debt securities and Credit avilable for sale debt securities. These are the account titles I can choose from... Accumulated Other…
As of 12/31/24, XYZ Inc. had available -for-sale debt investments with a fair value of $510,000, an amortized cost of $525,000, and a credit balance in the Fair Value Adjustment - Available for Sale Debt Investments account of $7,500. What is the amount of gain or loss reported by XYZ related to these available - for-sale debt investments and how should it be reported? O A. Unrealized Loss of $22,500, reported as part of Net Income. O B. Unrealized Loss of $22,500, reported as part of Other Comprehensive Income. OC. Unrealized Loss of $7,500, reported as part of Net Income. O D. Unrealized Loss of $7,500 reported as part of Other Comprehensive Income.
On January 1,2021, XYZ Corporation purchased a land for P 15,000,000. In exchange of the land, ABC issued a non-interest bearing note which is due on December 31,2025. There is no readily available market value for the building, but the current market rate of interest for comparable notes is 15% How much should be presented as non-current liabilities in the notes payable balance as of December 31,2021 in the statement of financial position?
MBA Corporation reported net income of P7,410,000 for 2020, which included the following items: Unrealized loss on financial assets at FVOCI (P540,000); Loss from fire (P1,400,000); Gain on early retirement of long term debt: P2,200,000; Gain from change in fair value attributable to credit risk of financial liability designated at FVPL : P500,000; Prior period adjustment for depreciation, net of tax (P750,000). How much is the true net income for 2020? A. P6,500,000 B. P7,200,000 C. P8,200,000 D. P8,700,000 E. answer not given
Assume that the debt investment in FourSquare Company was available-for-sale and the expected credit loss was $960,000. Prepare the journal entry to record this impairment on December 31, 2021.
At December 31, 2020, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $17,500 $15,000 ($2,500) B 12,500 14,000 1,500 C 23,000 25,500 2,500 Total $53,000 $54,500 1,500 Previous fair value adjustment balance—Dr. 400 Fair value adjustment—Dr. $1,100 On January 20, 2021, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees. Assume that Steffi Graf, Inc. reports net income in 2020 of $120,000 and in 2021 of $140,000. Total holding gains (including any realized holding gain or loss) equal $40,000 in 2021. Instructions a. Prepare a statement of comprehensive income for 2020, starting with net income. b. Prepare a statement of comprehensive income for 2021, starting with net income.

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