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75. The Farell Co. Ltd. had a net loss of $60,000 last year. The following data...
62. The Farell Co. Ltd. had a net loss of $60,000 last year. The following data...
62. The Farell Co. Ltd. had a net loss of $60,000 last year. The following data for last year are available: Dividends paid $40,000 Amortization expense $30,000 Proceeds from issuing shares $100,000 Increase in accounts payable $15,000 Retirement of debt $50,000 What was the amount of net cash provided (or used) from operations last year? a) $85,000 b) $(30,000) c) $(15,000) d) $(5,000 e) $(70,000)
73. Under activity-based costing, where the cost driver is the material moves, what would be the...
73. Under activity-based costing, where the cost driver is the material moves, what would be the material handling costs traced to one set of draperies? 1) $17.50 2) $35.00 3) $46.67 4) $70.00 74. A company has several product lines. One has a contribution margin of $100,000 and fixed costs totalling $120,000. If this product is dropped, $80,000 of the costs will continue unchanged. If the company drops this product, what will be the effect on the company's net operating...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
the questions are highlighted in yellow loss co had the following items of income and deductions...
the questions are highlighted in yellow
loss co had the following items of income and deductions fir the
current year
in addition, loss co has the following capital loss carry
forward and NOL carry forward schedules. update the carry over
tables after each year.
calculate the dividends recieved deduction and net operatibg
loss for the following three years
н B C D E F G Dividends Received Deduction and Net Operating Loss Example Loss Co. had the following items of...
A Ltd acquires all the net assets of B Ltd and applies the requirements of AASB...
A Ltd acquires all the net assets of B Ltd and applies the requirements of AASB 3 Business Combinations. Details regarding the net assets of B Ltd are as follows: Carrying amount Fair value $ $ Assets Cash 50,000 50,000 Furniture 20,000 15,000 Fittings 40,000 20,000 Accounts receivable 25,000 20,000 Goodwill 10,000 10,000 Liabilities Accounts payable 20,000 20,000 Assume A Ltd issues 100,000 shares at $1.50 each to acquire the net assets of B Ltd. The acquisition analysis would disclose...
LeDuc Construction Ltd. had 60,000 common shares and 20,000 $0.75 preferred shares outstanding on December 31,...
LeDuc Construction Ltd. had 60,000 common shares and 20,000 $0.75 preferred shares outstanding on December 31, 2019. On April 30, 2020, the company issued 6,000 additional common shares and split the common shares 2 for 1 on December 1, 2020. There were no other share issuances and no share repurchases during the year ended December 31, 2020. Income for the year from continuing operations was $70,000, and loss on discontinued operations (net of income tax) was $4,000. Required Compute LeDuc...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Increase Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000 Accumulated depreciation (200,000) (180,000) 20,000 Deferred tax asset 30,000 40,000 (10,000) Liabilities and stockholders’ equity: Accounts payable 400,000 420,000 (20,000) Interest payable 8,000 6,000 2,000 Accrued expenses payable 10,000 7,000 3,000...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000...
Section C: Cash Flows from Operations The Golden Rams Company reported net income of $100,000 for...
Section C: Cash Flows from Operations The Golden Rams Company reported net income of $100,000 for 2020. Net income include gain of $6.000 on the sale of land and a loss on the sale of equipment of $10.000. Depreciation on fixed assets for the year was $15,000. Balances of select accounts at the end and beginning of the year are listed below. Balances 2020 2020 Ending Beginning $ 65,000 Cash $ 70,000 . 78,000 70,000 Accounts Receivable . 85,000 Inventories...
62. The Farell Co. Ltd. had a net loss of $60,000 last year. The following data for last year are available: Dividends paid $40,000 Amortization expense $30,000 Proceeds from issuing shares $100,000 Increase in accounts payable $15,000 Retirement of debt $50,000 What was the amount of net cash provided (or used) from operations last year? a) $85,000 b) $(30,000) c) $(15,000) d) $(5,000 e) $(70,000)
73. Under activity-based costing, where the cost driver is the material moves, what would be the material handling costs traced to one set of draperies? 1) $17.50 2) $35.00 3) $46.67 4) $70.00 74. A company has several product lines. One has a contribution margin of $100,000 and fixed costs totalling $120,000. If this product is dropped, $80,000 of the costs will continue unchanged. If the company drops this product, what will be the effect on the company's net operating...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
the questions are highlighted in yellow
loss co had the following items of income and deductions fir the
current year
in addition, loss co has the following capital loss carry
forward and NOL carry forward schedules. update the carry over
tables after each year.
calculate the dividends recieved deduction and net operatibg
loss for the following three years
н B C D E F G Dividends Received Deduction and Net Operating Loss Example Loss Co. had the following items of...
LeDuc Construction Ltd. had 60,000 common shares and 20,000 $0.75 preferred shares outstanding on December 31, 2019. On April 30, 2020, the company issued 6,000 additional common shares and split the common shares 2 for 1 on December 1, 2020. There were no other share issuances and no share repurchases during the year ended December 31, 2020. Income for the year from continuing operations was $70,000, and loss on discontinued operations (net of income tax) was $4,000. Required Compute LeDuc...
Section C: Cash Flows from Operations The Golden Rams Company reported net income of $100,000 for 2020. Net income include gain of $6.000 on the sale of land and a loss on the sale of equipment of $10.000. Depreciation on fixed assets for the year was $15,000. Balances of select accounts at the end and beginning of the year are listed below. Balances 2020 2020 Ending Beginning $ 65,000 Cash $ 70,000 . 78,000 70,000 Accounts Receivable . 85,000 Inventories...
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