Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Balance Sheets
December 31, 20X6
Peony
Ltd.
Aster
Assets:
Cash
mce_markernbsp; 62,500
mce_markernbsp; 25,000
Accounts receivable
187,500
200,000
Inventories
225,000
125,000
Equipment
6,250,000
3,375,000
Accumulated amortization
(2,212,500)
(1,550,000)
Investment in Aster Ltd.
1,000,000
-
Other investments
____-____
Total assets
$5,637,500
$2,175,000
Liabilities and Shareholders' Equity
Accounts payable
mce_markernbsp; 562,500
mce_markernbsp; 250,000
Bonds payable
375,000
625,000
Total liabilities
937,500
875,000
Common shares
1,500,000
Retained earnings
3,200,000
925,000
Total shareholders' equity
4,700,000
1,300,000
Total liabilities and shareholders' equity
Income Statements
Year Ended December 31, 20X6
Sales revenue
$2,500,000
$1,875,000
Royalty revenue
Dividend income
93,750
Total revenue
2,781,250
1,875,000
Cost of sales
1,125,000
Other expenses
700,000
513,750
Total expenses
2,200,000
1,638,750
Net income
mce_markernbsp; 581,250
mce_markernbsp; 236,250
Statements of Retained Earnings
Retained earnings, beginning of year
$2,993,750
$ 801,250
581,250
236,250
Dividends declared
(375,000)
(112,500)
Retained earnings, end of year
$3,200,000
$ 925,000
Required: Prepare the consolidated financial statements for Peony at December 31, 20X6 using the direct method. Show all your work.
A company has $27 per unit in variable costs and $1,000,000 per year in fixed costs. Demand is estimated to be 100,000 units annually. What is the price if a markup of 40% on total cost is used to determine the price?
Assuming that the company’s $337,485 ending Finished Goods Inventory account for year 2011 had $137,485 of direct materials costs, determine inventory’s direct labor costs and its overhead costs.
Computation of doubtful expenses for the year ended - What amount is owed to pacific by Riva Co. for September collections plus accrued interest on the note to September 30?
Describe the failures in internal controls of Royal Dutch Shell plc. and explain how they contributed toward the financial reporting problems at Shell.
Which one of the subsequent statements best explains why companies want to distinguish between direct and indirect costs?
Prepare a schedule showing the distribution of net income, assuming net income is (1) $50,000 and (2) $36,000 and journalize the allocation of net income in each of the situations above.
Illustrate what should Campbell record as a net deferred tax asset or liability for the year ended Dec 31 2011 assuming that the enacted tax rates in effect are 40% in 2011 and 35% in 2012?
How can accounting information systems be utilized to protect the integrity of business transactions and the integrity of the business owners?
What is the current market value of this corporation's common stock What are the par values of the corporation's preferred stock and its common stock.
for the first nine months of 2006 the anderson company is experiencing considerably lower earnings than it had forecast
Suppose you create an inventory ratio calculated as inventory divided by current liabilities. How do you think S & S Airs ratio would compare to the industry average.
Why does the GAAP not allow a company to use the percentage of sales and the percentage of receivables methods at the same time?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd