COMPUTE FOR YOUR CARRYING AMOUNT FOR THE YEAR ENDED 2021
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- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossNet Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.
- COMPUTE FOR YOUR CARRYING AMOUNT FOR THE YEAR ENDED 2020 * MAB Company acquires 45% equity interest from BAM Company on January 1, 2020 for P 860, 000. On December 30, 2020 BAM Company reported a P 940, 000 losses and declared a dividends P 200, 000. December 30, 2021 • Reported profit P 180, 000 Declared a dividends of P 120, 000 December 30, 2022 Reported losses P 120, 000 Declared dividends of P 80, 000On January 1, 2019, Lallo Company purchased 15% of Vintar Company's ordinary shares for P20,000,000. The following data concerning Vintar Company are available: 2019 2020 Net income P6,000,000 P7,000,000 Cash dividend paid None 15,000,000 In its income statement for the year ended December 31. 2020, how much should Lallo report as income from this investment? O P2,250.000 O P600.000 O P700.000 O P1.950.000PART C Petro Incorporated and Sport Company reported summarized balance sheets as shown below, on December 31, 2019. Petro $1,050,000 1,675,000 $575,000 875,000 Sport $525,000 1,075,000 $125,000 375 000 Current assets Noncurrent assets Current liabilities Long-term debt On January 1, 2020, Petro purchased 80% of the outstanding capital stock of Sport for $980,000, of which $230,000 was paid in cash, and $750,000 was borrowed from their bank. The debt is to be repaid in 10 annual installments beginning on December 31, 2020, with each payment consisting of $75,000 principal, plus accrued interest. The excess fair value of Sport Company over the underlying book value is allocated to inventory (70 percent) and to goodwill (30 percent). Required: Calculate the balance in each of the following accounts, on the consolidated balance sheet, immediately following the acquisition. a. Current assets b. Noncurrent assets c. Current liabilities. d. Long-term debt e. Stockholders' equity. [END OF…
- Pacquired an 80% of S Company at a cost of $200,000 on January 1, 2020. S reported net income in 2020 of $60,000 and in 2021 of $40,000. P received $15,000 dividends from S in 2020 and $25,000 in 2021. P uses the equity method to record its investment. P should record "equity in S income" during 2021 of Select one: O a. $32,000. Ob. $40,000. Oc. $25,000. O d. $7,000.ABC company had the following balances at 1/1/2020 Share capital $40,000 $40,000 $40,000 Revaluation surplus Retained earnings Non-controlling interests $4,000 During the year, ABC company had the following transactions. 1- Prior period error: understatement of 2019 depreciation expense, net of tax $2000 2- Net income for the year ended in 2020 was $12000 (2000 for non-controlling interests, 10000 for the pa 3- Gains on revaluation surplus, net of tax $8000 (1000 for non-controlling interests, 7000 for the parent) Instructions: Under IAS 1, The ending balance of Total Equity at 31-12-2020 is: Select one: a. 284000 b. 124000 c. 135000 d. 142000 e. All answers are false f. 150000 g. 146000January 1, 2019 SOS company invested 2,400,000 $ for75% of RAT company, in that date the fair value of RAT is equal to its book value except inventories was undervalued 20,000, equipment (10years) undervalued 80,000 ,6% 5 years bonds undervalued 60,000. The owner’s equity was $1,300,000 shares, 900,000 premiums and 600,000 as retained earnings, the following are selective information about the parent and its subsidiary: During 2019 1- The subsidiary reported net income for 2019 was$152,000 and declared and paid $50000 dividend. During 2020 2- 1/1/ 2020 the parent sold a land cost 200,000 for $220,000. The reported income for the subsidiary was 90,000 and 10,000 dividends 3- 1/1/ 2020 the subsidiary sold an equipment for parent for 120,000 and net book value 110,000, five years remaining use life. 4- 1/11/2020 the parent sold goods for 250,000 including 25% markup, the subsidiary ending inventory include 60000$ inventory from parent. 5- The subsidiary sold goods at 150,000 which…
- Blush Company has the ability to exercise significant when the fair value of net assets was P20,000,000. outstanding ordinary shares of an investee for P4,000,000 On July 1, 2020 Blush Company purchased 20% of the influence over the operating and financial policies of the investee. The following data concerning the investee are available: 12 months ended December 31, 2020 December 31, 2020 6 months ended Net income Dividend declared and paid 3,000,000 1,900,000 1,600,000 1,000,000 in the income statement for the year ended December 31, o020, what amount of income should be reported from the investment?Fill in the blanks: On January 1, 2020 Iskrambol Company purchased 20% of lce Buko Company's ordinary shares for P3,000,000.00. During 2020, Ice Buko reported a net income of P3,500,000.00 and paid a cash dividends of P2,000,000.00 on its ordinary shares. Compute a Investment Income for 2020 The balance of "Investment in associale" as of 12.31.2020 ( Previous 23 fcompany's accounting year ends December 31. Date of Acquisition Cost 9/20/23 $38,000 10/2/23 14,000 Investment Colt Company stock Dana Company stock What amount is reported for gain or loss on these securities in 2023 income? Select one: O a. $800 loss O Fair Value 12/31/23 Date Sold Selling Price $37,000 2/10/24 $42,000 14,200 1/17/24 13,000 b. $1,000 loss c. No gain or loss d. $3,000 gain ہے
