Case 3. Accumulated ProfitsThe following information pertains to Mikhail Corporation for the year endedDecember 31, 20Y1:Accumulated profits, January 1, 20Y1Net income for 20Y1Cash dividends declared December 1, 20Y1 anddistributable on January 10, 20Y2Share dividends declared November 25, 20Y1 anddistributed on December 15, 20Y1P1,500,000800,000190,000170,000Required:a. What is the balance of the Accumulated Profits account as of December 31,20Y1?b. If the year-end balance of the Accumulated Profits account is not appropriated,can the total amount of this account be declared as dividends the followingyear?

Accumulated profits is the profit earned by the entity and which is lying in the Balance Sheet of…

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.18MCE

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The following information pertains to BTS Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
The following information pertains to BT21 Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
10. From the following inform ation, prepare a retained earnings statement for TAY Corporation for the year ended December 31, 20X0. Net income for the year .... Dividends declared during the year Dividends pa id during the year Retained Earnings, January 1, 20X0 $30,000 12,000 6,000 60,000 TAY Corporation Retained Earnings Statement For Year Ended December 31, 20XO Retained earnings, January 1, 20XO Add: Net income $60,000 _30,000 $90,000 12,000 $78,000 Deduct: Dividends declared ... Re tained earnings, December 31, 20XO
For the year ended December 31, the following results were given: Dividend Paid Net Income Parent Company P15,000 P30,200Subsidiary Company 4,000 9,400 Using the proportionate basis or partial goodwill method, compute the Dividend Income for the year.A. P 0 C. P 4,000B. P 3,600 D. P 8,400
4. For the year ended December 31, the following results were given:Dividend Paid Net IncomeParent Company P15,000 P30,200Subsidiary Company 4,000 9,400The investment balance on December 31:A. P 0 C. P 122,160B. P 120,600 D. P 125,4605. Using the same information in No. 5, compute the Dividend Income for the year:A. P 0 C. P 4,000B. P 3,600 D. P 8,4006. Using the same information in No. 5, the non-controlling interest in net income on December 31:A. P 0 C. P 610B. P 540 D. P 940
b. Below are excerpts from XYZ corporation's financial statements. Value Particulars Income from continuing operations Income from discontinued operations Extraordinary gains Tax rate Dividend payout rate Calculate: i. Net income ii. Dividends iii. (Retained earnings 500,000,000 10,000,000 5,000,000 30% 45%
The following data was taken from the accounting records of Pina Colada Corporation: Total assets Total liabilities Preferred shares Common shares Retained earnings Additional data: Net income Interest expense Sales revenue 2024 O 20.1% 21.1% 19.1% 18.1% 2023 $962000 $883000 271000 250000 81300 81300 303000 303000 The return on assets for 2024 is 306700 248700 167000 35500 981000
View Policies Current Attempt in Progress A portion of the combined statement of income and retained earnings of Blossom Inc. for the current year follows. Income from continuing operations Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at the beginning of the year Dividends declared: On preferred stock-$6.00 per share On common stock-$1.75 per share Retained earnings at the end of the year Extraordinary Loss Income before Extraordinary Loss Net Income /(Loss) BLOSSOM INC. Income Statement December 31 eTextbook and Media Save for Later Note 1. During the year, Blossom Inc. suffered a major loss from discontinued operations of $1,325,200 after applicable income tax reduction of $1,190,000. $276,000 At the end of the current year, Blossom Inc. has outstanding 8,530,000 shares of $10 par common stock and 46,000 shares of 6% preferred. On April 1 of the current year, Blossom Inc. issued 990,000 shares of common stock for $33 per share…
Use the information provided to answer the questions that follows below: Extract of Statement of Changes in Equity for the year ended 31 December 2020 Retained earnings R Balance on 01 January 2020 1500 000 Profit after tax 480 000 Dividends paid and proposed in 2020 (180 000) Balance on 31 December 2020 1 800 000 INFORMATION The information provided below was extracted from the accounting records of Harmony Limited on 31 December 2020: Harmony Limited Extract of Statement of Comprehensive Income for the year ended 31 December 2020 Sales 6 600 000 Cost of sales (3 900 000) Gross profit 2 700 000 Operating expenses (1710 000) Selling and administrative expenses 1 260 000 Depreciation 450 000 Operating profit 990 000 Interest expense (270 000) Profit before tax 720 000 Company tax (240 000) Profit after tax 480 000
The following information was extracted from the accounting records of Royal (Pty) Ltd for the financial year ended 31 May 2021. Royal (Pty) Ltd Extract: Statement of financial position as at 31 May 2021 Property, plant and equipment: Land and buildings at cost.. Equipment at carrying amount... Investment in shares... Inventory....... Trade debtors.. Prepaid expenses.. Ordinary share capital.. Retained earnings.... 12% Debentures... Trade creditors.. Bank overdraft.. Income tax payable.. Dividends payable. 31 May 2021 R 300 000 45 000 247 500 186 000 55 500 Nil 600 000 500 82 30 000 37 500 31 500 7 500 45 000 31 May2020 R 240 000 52 500 165 000 180 000 42 750 2 250 442 500 7 500 90 000 63 750 37 500 11 250 30 000
How is the year-end balance of the NCI in Net Income (NCINI) account calculated? O A) NC1% of S's book/reported net income - NCI's % of Amort of Differential. B) NCI% of S's book/reported net income - NCI's % of Amort of Differential - NCI's% of S's dividends. C) NCI% of S's book/reported net income + NCI's % of Amort of Differential. D) NC1% of S's book/reported net income - NCI's % of Amort of Differential + NCI's% of S's dividends.
I need amounts for total current assets, total assets, retained earning, dec 31, year 1, and tiotal stockholders equity:Gross profit $1,554,000Total selling expenses $885,000Total administrative expenses $267,500Total operating expenses $1,152,500Income from operations $401,500Net other expenses and income $68,000Income tax $140,500Net income $329,000Earnings per common share (rounded to the nearest cent) $2.29Retained earnings, January 1, Year 1 $9,319,725Total current assets $Investment in Dream Inc. bonds $90,000Total property, plant, and equipment $11,174,000Total assets $Total current liabilities $238,300Net long-term liabilities $519,000Total liabilities $757,300Total paid-in capital preferred 5% stock $1,750,000Total paid-in capital common stock, $20 par $2,886,800Total paid-in capital $4,649,800Retained earnings, December 31, Year 1 $Total stockholders' equity

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