The following was reported by Church Financial in its December 31, 2024, financial statements: Investments at FVTPL, December 31, 2023 Investments at FVTPL, December 31, 2024 Investment income or (loss) Additional information: 1. 2. 3. $13,400 18,300 (600) The investments at FVTPL are investments in equity securities held for trading purposes. Investment income or loss consists of: holding gain on the FVTPL investments of $3,100, and loss on sale of the FVTPL investments of $3,700. The carrying amount of the FVTPL investment sold was $4,900.
Q: [The following information applies to the questions displayed below.]
A: Journal entry is a primary entry that records the financial transactions initially. The transactions…
Q: Sorry, to bother you but I am not sure where you came up with these numbers. They don't seem to be…
A: The original question deals with process costing where two or more processes are involved. Thus, we…
Q: nding. What answer to 2
A: Answer : Payout ratio = 1-Retention ratio Payout ratio = 1- 0.50 Payout ratio = 0.50 Payout ratio =…
Q: Gary and Georgeann have the following objectives: If Gary predeceases Georgeann, to provide her…
A: A power of appointment trust provides a legal right or authority to the spouse of the deceased or…
Q: Nicholas Technologies operates two divisions: Hardware Services and Software Services. During the…
A: Income statement is the financial statement that records all the income and expenses of the company.…
Q: ermines that it cannot collect y unexpectedly pays its accoun es to record the above transact
A: Answer : Date Account title Debit Credit 11 March Bed debt expenses a/c Dr. $8,600 To…
Q: Using the direct method, allocate service department costs to producing departments and calculate…
A: We have, Cafeteria overheads(based on no. of employees) = P200,000 Personnel overheads(based on no.…
Q: Pele, who lives in a common law state, would like to make his brothers and sister part owners of the…
A: The correct answer is: (B) As tenements in common. This would be the most appropriate way for Pele…
Q: A local museum has its historical collections on display for the museum visitors. The majority of…
A: There are a few reasons why the not for profit would only show $1 for the historical collections.…
Q: What is the value of assets if: Liabilities = R50,000 and Capital = R10,000
A: Lets understand the basics. As per balance sheet equation, total assets is always equal to total…
Q: A business uses delivery trucks and is considering purchasing model A or model Model A costs…
A: Equivalent annual annuity approach 1. The equivalent annual annuity approach is one of two methods…
Q: The management of Furrow Corporation is considering dro upcoming year appear below: Sales $970,000…
A: Financial advantage (disadvantage) is based on the current income and income after discontinuing the…
Q: applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It…
A: Computation of cost assigned to ending inventory using FIFO : Perpetual FIFO: Goods Purchased…
Q: Problem 3 The following accounts were taken from Joel's General Merchandise's adjusted trial balance…
A:
Q: Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory…
A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…
Q: Begin by selecting the formula to compute the earnings per share.
A: Earnings per shares shows the net income held in hands of the common shareholders of the company…
Q: A machine costing $212,600 with a four-year life and an estimated $17,000 salvage value is installed…
A: Depreciation: It implies to a fall in the fixed asset's value as a result of it's continuous usage…
Q: Balance Sheet includes one of the followings: Net Income Gross Profit Salaries Expense Common Stock
A: Financial statements comprises of income statement, Balance sheet and Statement of stockholders…
Q: Sweet Company’s outstanding stock consists of 1,800 shares of cumulative 5% preferred stock with a…
A: Dividend per share: Dividend per share is calculated for Preferred stock as well as Common Stock.…
Q: Give one reason to explain the materials variances. Give one reason to explain the labor variances.…
A: One possible reason for materials variances is that the quantities of materials used in production…
Q: Required information [The following information applies to the questions displayed below] Data…
A: Revenue is the amount earned from the sale of product or service. Net revenue is the amount after…
Q: Jillet Corporation began the year with inventory of 16,000 units of its only product. The units cost…
A: ANSWER:- Ending inventory =199,820 Cost of Goods Sold (75,000 units) = 735,700 Income before…
Q: Required: 1. National Supply reacquired shares of Its common stock in two separate transactions and…
A: Shares refer to the unit issued by the company to raise funds from the market by making an agreement…
Q: At January 1, 2021, Canaday Corporation had outstanding the following securities: 680 million common…
A: Basic EPS=Net income-Preferred dividendsWeighted average number of common shares outstanding during…
Q: The Field, Brown & Snow are partners and share income and losses equality. The partner decide to…
A: Partnership means where two or more person comes together to run the business and share profit or…
Q: The Cook Corporation has two divisions--East and West. The divisions have the following revenues and…
A: Net operating income means the amount of income earned by an entity from its operations whereas net…
Q: A company that uses job order costing reports the costs incurred below. Overhead is applied at the…
A: Job Cost Sheet Job 1 Job 2 Job 3 Direct Materials $6,300 $8,300 $2,800 Direct Labor $11,100…
Q: Coa Corporation recently needed to find temporary inventory storage space when transitioning from an…
A: Finance lease is the lease where the lessor transfer the ownership rights to the lessee at the end…
Q: Swifty Incorporated purchased equipment for $1913000 in 2020. Four years later accumulated…
A: Impairment loss: It is the loss incurred when the market value of an asset is less than its…
Q: Flint Tooling Company is considering replacing a machine that has been used in its factory for two…
A: Replacement Decisions are concerned with taking a decision as to a particular asset should be…
Q: (Click the icon to view the partial financial reports.) Compute rate of return on common…
A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…
Q: Required information [The following information applies to the questions displayed below.] WeDeliver…
A: Lets understand the basics. As per balance sheet equation, total assets are always equal to total…
Q: “I know headquarters wants us to add that new product line,” said Dell Havasi, manager of Billings…
A: The return on investment (ROI) is a straightforward ratio that is calculated by dividing the…
Q: Standard Quantity Standard Price or Rate Standard Cost 5.8 pounds $ 0.60 per pound $33.50 per hour…
A: Labor efficiency variance measures the difference between the standard labor hours and actual labor…
Q: On August 1 of year 0, Dirksen purchased a machine for $25,500 to use in its business. On December 4…
A: MACRS stands for Modified accelerated recovery system. Under this method, the tax deductions for the…
Q: Clabber Company has bonds outstanding with a par value of $107,000 and a carrying value of $101,500.…
A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…
Q: Why is it important to verify if the activity on the trial balance equals the activity per the…
A: The activity in the trial balance means the accounts listed on the both side of trial…
Q: Required information [The following information applies to the questions displayed below.] At…
A: Accounts receivable are an asset of the company. The company should record all the accounts…
Q: 1: FX Ltd owns 100 percent of Tech Ltd. On 1 July 2017, FX Ltd sold an item of plant to tech Ltd for…
A: Consolidated eliminating entries must be made at the end of the financial year to remove…
Q: Bett Inc. has the following 8 units A-H Description A B Assets 50 70 Revenue Profit Units 7 C 40 650…
A: A entity should report all the segments which has at least 10℅ of revenue, or 10℅ of profit or…
Q: The following information applies to Denton Incorporated’s sale of 10,000 foreign currency units…
A: Lets understand the basics. Management in order to hedge the currency risk, entered into forward…
Q: bor costs costs Osts ermined overhead rate for W
A: Answer : Predetermined overhead rate base on direct labor cost =Total estimated overhead cost /…
Q: A manufacturing company that has only one product has established the following standards for its…
A: A variable overhead variance is said to be favourable when the actual variable overheads are less…
Q: Abel Corporation uses activity-based costing. The company makes two products: Product A and Product…
A: The activity rate is defined as the rate which is arrived at by dividing the value of the total cost…
Q: Aylin Selin has a small shop selling clothes and shoes. Her commercial income in the year 2022…
A: This is a question of Turkish Taxation. Taxable business income is calculated by subtracting the…
Q: Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations,…
A: 1. StandardQuantity or Hours StandardPrice or Rate StandardCost Alpha6: Direct…
Q: Use the following information for the Exercises below. (Algo) [The following information applies to…
A: Answer:- Balance sheet meaning:- A balance sheet is one of the most important financial statement…
Q: Last year, your client and his wife gave their adult son a one-third interest in a commercial office…
A: Estate Tax The estate tax is a statutory tax imposed on the distribution of a decedent's property.…
Q: Lusk Corporation produces and sells 15,200 units of Product X each month. The selling price of…
A: Financial advantage is used to analyse whether the operations should be continued or not. It is…
Q: Income statements under absorption costing and variable costing Fresno Industries Inc. manufactures…
A: The company prepares the income statement as per the requirement of SEBI guidelines to depict the…
Step by step
Solved in 2 steps
- Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated depreciation (60,000) Franchise Total assets O $255,000 O $0 $339,000 O $465,000 O $585.000 $ 126,000 120,000 210,000 90.000 255.000 285,000 210.000 $1.575.000 Accounts payable Salaries and wages payable Note payable (due 2028) Total liabilities Common stock Retained: earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110.000 $1.575.000Investments in Equity Securities Manson Incorporated reported investments in equity securities of 60,495 as a current asset on its December 31, 2018, balance sheet. An analysis of Mansons investments on December 31, 2018, reveals the following: During 2019, the following transactions related to Mansons investments occurred: Required: 1. Assuming Manson prepares quarterly financial statements, prepare journal entries to record the preceding information. 2. Show the items of income or loss from investment transactions that Manson reports for each quarter of 2019. 3. Show how Mansons investments are reported on the balance sheet on March 31, 2019; June 30, 2019; September 30, 2019; and December 31, 2019.Problem 2. DOLE acquires an investment for P250,000. Transaction costs amount to P15,000. Journalize the initial measurement if the investment is classified as: a. Financial asset held for trading b. Held-to-maturity investments c. Available-for-sale assets
- Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 25,494 29,800 $ 52,676 69,608 7,901 216,273 Cash $ Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 73,888 91,962 8,459 236,656 30,737 40,577 42,778 3,348 189,960 Total assets $ 436,459 $ 376, 258 $ 307,400 Liabilities and Equity $ 106,505 64, 223 $ 40,577 Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 83,695 68,615 162,500 35,708 $ 376, 258 $ 307,400 89,136 162,500 162,500 83,759 60,399 Total liabilities and equity $ 436,459 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three year period?2019 (Rs. In Thousands) 2020 Assets Freehold Property at Cost 66 48 Plant and machinery (cost less depreciation) 41.6 121 Inventories 60.7 65.7 Sundry Debtors 40.2 49.5 Cash and bank 18.5 33.6 Preliminary Expenses 2.4 1.2 229.4 319 Liabilities Issued Share capital 120 150 Share Premium Account - 10 Capital Reserve - 34 Profit and Loss Account 43 42.4 Sundry Creditors 54.4 65.2 Proposed Dividends 12 17 229.4 319 There is no sale for plant and machinery in year 2020. Depreciation written off during year 2020 was Rs. 15000. Net Profit for the year was Rs. 16,400. dividend paid during 2020 in respect of previous year was Rs. 12,000 . Capital reserve represented a profit on sale of freehold premises. You need to prepare: (i) a Statement showing Changes of Working Capital during 2020; and (ii) A Funds Flow Statement for the same period.ucation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FI... A ork 7 1 Trial Balance-December 31, 2020 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Increase in Fair Value of Investments Distributions-Scholarships Interest Income Investment in Bonds Net Position: Restricted for Scholarships 3 $ * District. Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School O f5 % Question 3 - Ch 07 Homework - Connect 5 t f6 Complete this question by entering your answers in the tabs below. 4- 6 110 111 Help GE67°F Ⓒ 0: Save & Exit Check my work Subm Co & 8:52 PM 10/13/202 backspa
- The intangible assets section of Cheyenne Corp.'s balance sheet at December 31, 2022, is presented here. Patents ($75,000 cost less $7,500 amortization) $67,500 Copyrights ($53,400 cost less $37,380 amortization) 16,020 Total $83,520 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $27,000 legal costs to successfully defend the patent against infringement by another company. Jan.-July Sept. 1 Oct. 1 Developed a new product, incurring $139,000 in research and development costs during February. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $20,000. Paid $50,000 to a quarterback to appear in commercials advertising the company's products. The commercials aired in September. Acquired a copyright for…Current Attempt in Progress Your answer is partially correct. Crane College pooled the individual investments of three of its funds on December 31, 2024. The recorded value and the fair market value of the investments on December 31, 2024, are presented here: Loan fund Quasi-endowment fund Life income fund Total Recorded Value $114,750 118,850 142,400 $376,000 Fair Value $97.750 Account Titles and Explanation Loan Fund 136,850 156,400 $391.000 During 2025, the investment pool earned dividends of $10.700 and interest of $19.200 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $15.000 and were reinvested in securities held in the pool. Prepare the journal entries that are necessary in the records of each of the funds to account for the earnings of the investment pool during 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,…From the following data, indicate the effect that the changes in the relevant items will have on the working capital:ParticularsJan 1, 2020Dec 31, 2020ParticularsJan 1, 2020Dec 31, 2020 Land4400068000Goodwill1300013000 Debentures2000025000Prepaid Expenses70300 Stock3000028000Bills Payable1500900 Machinery180000180000Bills Receivable30002000 Trade Creditors80005320Mortgaged Loan5000040000 Cash290009000Equity Share Capital100000120000 Long Term Investments100006250Preference Share Capital12000075000 Accrued Expenses350160Trade Debtors1900020000 Short-term Debt32205170 Your answer must indicate the overall and individual effect of changes in relevant items.
- Compound Interest Table Complete the following schedule for investments a through f by indicating the relevant factor from the present value or future value table and the final present or future value amount. Investment Compounding a. Annuity b. Annuity Annually Semiannually Semiannually Annually c. Annuity d. Single Payment e. Single Payment Semiannually f. Single Payment Semiannually Factor Answer $ a. $ Annual Interest Rate Amount 5% $2,000 4% 1,000 6% 14,000 •Note: Round your answers to the nearest whole dollar. •Note: Do not use a negative sign (-) with your answers. b. 5% 9,000 6% 16,000 4% 9,600 $ C. Investment $ Period d. $ Payment at Beg. or End e. of Period 2 years End 3 years Beginning 4 years Beginning 6 years n/a 5 years n/a 4 years n/a $ f. Future Value or Present Value Future Present Future Present Future PresentAn entity acquired a machine and incurred the following costs: Cash paid for machine, including VAT of 896,000 96,000 Cost of transporting machine Cost of installation 30,000 50,000 Cost of testing machine 40,000 Cost of safety rails and platform surrounding 60,000 machine Cost of water device to keep machine cool 80,000 Cost of adjustment to machine to make it operate more efficiently Cost of repairing damage during installation 75,000 45,000 Cost of spare parts to cover breakdowns 155,000 65,000 Estimated dismantling cost to be incurred as required by contract Insurance cost for the current year 15,000 Cost of training personnel who will use the 25,000 machine What total amount should be capitalized as cost of the machine?1) What is the "Net Investment in Fixed Assets" Ending Net Fixed Assets = Question 1 of 19 -Beginning Net Fixed Assets = Question 2 of 19 +Depreciation = Question 3 of 19 Net Investment in Fixed Assets = Question 4 of 19 2) Please Calculate the "Chante in Net Working Capital" 2019 2018 Ending NWC Question Blank 5 of 19 - Question 6 of 19 = Question 7 of 19 -Beg NWC Question Blank 8 of 19 - Question Blank 9 of 19 = Question Blank 10 of 19 Change in NWC = Question Blank 11 of 19 3) Please Calculate the "Operating Cash Flow" EBIT = Question Blank 12 of 19 +Depreciation =…