No. 31 On January 1, 2021, IBM Company paid P1,200,000 for 40,000investment in the net assets of Apple. IBM has the ability toordinary shares of Apple Corp., which represent a 25%ordinary shares of Apple Corp., which represent a 250IBM receivedexercise significant influence over Apple.dividend of P3 per share from Apple in 2021. The reported profsof Apple for the year ended December 31, 2021 was P640,000aThe balance of IBM's Investment in Apple at December 31, 2021should beP1,200,000P1,240,000P1,360,000P1,480,000а.b.С.d.

Investments is one of the important assets of the business. This can be investment in shares or…

Answered: ordinary shares of Apple Corp., which…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Pleaase provide solution for the following. Answers are already given 9. Pineapple Co. reported total assets of P2,100,000 and total liabilities of P1,360,000 in its December31, 2020 balance sheet. The following transactions occurred during 2021:• On August 1, Pineapple Co. issued an additional 10,000 ordinary shares at P25 per share• The company paid dividends totaling P160,000• Net income during the year was P220,000• Reacquired treasury shares of 4,000 at P30; subsequently reissued 2,000 shares for P39 per share• No other changes occurred in Stockholders’ Equity during the year.What is the balance of the Stockholders’ Equity section in its December 31, 2021 balance sheet?a) P800,000b) P1,008,000-answerc) P1,050,000d) P1,370,000 12. In 2020, Lychee Appliance Manufacturing introduced a fully automatic washing machine with a dryer.The sales price per unit, which comes with a warranty, is P40,000. The company offers a three-yearwarranty against defects and provides service other than…
On July 1, 2021, APPLE's Company board of directors declared a 10%share dividend. The market price of Apple's 400,000 outstanding ordinaryshares, ₱50 par value, was ₱80 per share on the date of declaration. Theshare dividend was distributed on September 1, 2021, when the marketprice of shares was ₱100 per share. What amount should be charged toretained earnings as a result of the share dividend? a. ₱ 3,200,000b. ₱ 2,000,000c. ₱ 4,000,000d. ₱ 0
On May 2, 2022, the separate statement of financial position of Peter Corporation and Simon Company are as follows: Peter Simon Cash 145,700 15,000 Accounts receivable 120,500 35,800 Inventories 42,500 10,200 Plant assets 185,800 78,000 Total assets 494,500 139,000 Liabilities 110,400 28,800 Capital stock, P100 par 200,000 50,000 Additional paid-in capita l 50,000 0Retained earnings 134,100 60,700 Total liabilities and equity 494,500 139,500 On May 2, 2022 Peter acquired 90% of Simon's outstanding voting shares for P108,000. Peter incurred additional P32,000 in acquisition- related costs. All the assets of Simon are fairly valued except the plant assets with a fair value of P90,000 on…
Fisafolia Corporation has gross income from operations of $426,600 and operating expenses of $362,610 for 2020. The corporation also has $42,660 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent. Below is the Dividends Received Deduction table to use for this problem. Percent Ownership 2020 DividendsReceived Percentage Less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporation's dividends received deduction for 2020.
Coronado Ltd. had sales revenue of £ 550,800 in 2022. Other items recorded during the year were: Cost of goods sold £ 336,600 Selling expenses 122,400 Income tax 25,500 Increase in value of employees 15,300 Administrative expenses 10,200 Prepare an income statement for Coronado for 2022. Coronado has 100,000 shares outstanding. (Round earnings per share to 2 decimal places, e.g. 1.48.) CORONADO LTDIncome Statementchoose the accounting period enter an income statement item £ enter a pound amount enter an income statement item enter a pound amount select a summarizing line for the first part enter a total amount for the first part enter an income statement item £ enter a pound amount enter an income statement item enter a pound amount enter a subtotal of the two previous amounts select a summarizing line for the second part enter a total amount for two parts enter an…
Fisafolia Corporation has gross income from operations of $426,600 and operating expenses of $362,610 for 2020. The corporation also has $42,660 in dividends from publicly-traded domestic corporations which the ownership percentage was 45 percent. Below is the Dividends Received Deduction table to use for this problem. 2020 Dividends Percent Ownership Received Percentage Less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% If require, round final answers to the nearest dollar. a. Calculate the corporation's dividends received deduction for 2020. b. Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $319,950. Calculate the corporation's dividends received deduction for 2020. c. Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporation's dividends received deduction for 2020.
ABC Company paid dividends of P400,000 and P600,000 at the end of 2020 and 2021, respectively. The company has not paid any other dividends since its organization on January 1, 2019. the outstanding shares are 40,000, 12% preference shares, par P100 and 60,000 ordinary shares, par P100. If preference share are noncumulative and nonparticipating, preference and ordinary, respectively will receive in 2020: P320,000 and P80,000 P400,000 and P-0- P300,000 and P100,000 P200,000 and P200,000
On January 1, 2021, MNO Company acquired 12,500 of the outstanding common shares of Esther Corporation stocks at P40 per share. Esther Corp. had a total of 62,500 shares outstanding on the same date. Esther Corp. declared total dividends of P20,000 to shareholders on December 20, 2021 and reported a net income of P150,000 for 2021. What is the amount of dividend income to be presented in profit or loss for the year ended December 31, 2021? 5.
At the beginning of 2021, Southwest Airlines had the following amounts on their balance sheet: Amounts in millions Common Stock 10 APIC 2,690 Retained Earnings 9,165 Accumulated other comprehensive Income 265 During 2021, Southwest Airlines has net income of $478 million without considering any gains or losses from the sale of securities. During 2021, Southwest has a pension loss of $37 million and a currency translation gain of $16 million before taxes. They also sold debt securities held for sale that had an original cost of $46 million for $36 million (realized). At the beginning of 2021, the valuation allowance for securities sold was a credit of $5 million – remember to reverse. Southwest also paid dividends of $89 million and sold 10 million shares of $.10 par stock for $320 million in cash. Southwest’s tax rate is 30% Requirements: Prepare a journal entry for the sale of the debt securities during 2021 that had been left off the financial statements previously. Prepare a…
The following events are for Toronto Investment Inc.: 2023 Jan. 14 Purchased 18,520 shares of Quatro Inc. common shares for $169,900 (including transaction fees of $50). Quatro has 92,600 common shares outstanding and has acknowledged the fact that its policies will be significantly influenced by Toronto. Oct. 1 Quatro declared and paid a cash dividend of $3.90 per share. Dec. 31 Quatro announced that profit for the year amounted to $663,000. 2024 April 1 Quatro declared and paid a cash dividend of $4.00 per share. Dec. 31 Quatro announced that profit for the year amounted to $746,100. 31 Toronto sold 7,300 shares of Quatro for $110,820. Required: Prepare general journal entries to record each transaction. (Round per share calculations to 2 decimal places. Round your final answers to the nearest dollar.) View transaction list Journal entry worksheet < 1 2 3 4 Record the purchase of investment. Note: Enter debits before credits. Date Jan 14, 2023 5 General Journal 6 Debit Credit
The following events are for Toronto Investment Inc.: 2023 Jan. 14 Purchased 18,200 shares of Quatro Inc. common shares for $161,900 (including transaction fees of $50). Quatro has 91,000 common shares outstanding and has acknowledged the fact that its policies will be significantly influenced by Toronto. Oct. 1 Quatro declared and paid a cash dividend of $3.10 per share. Dec. 31 Quatro announced that profit for the year amounted to $655,000. 2024 April 1 Quatro declared and paid a cash dividend of $3.20 per share. Dec. 31 Quatro announced that profit for the year amounted to $738,100. 31 Toronto sold 6,500 shares of Quatro for $106,820. Required: Prepare general journal entries to record each transaction. (Round per share calculations to 2 decimal places. Round your final answers to the nearest dollar.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the purchase of investment. Note: Enter debits before credits. Date Jan 14, 2023 Record entry General Journal Clear…
Accounting NEED ASAP PLEASE AND THANK U! Sheridan Company had 219,600 shares of common stock outstanding on December 31, 2021. During the year 2022, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year 2022, Sheridan Company reported net income of $265,000 after a loss from discontinued operations of $43,200 (net of tax). What earnings per share data should be reported at the bottom of its income statement? (Round answers to 2 decimal places, e.g. $2.55.) Sheridan Company Income Statement December 31, 2022

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS