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The transport company have a following assets. Buses OMR 800,000 and Furniture OMR 50,000. The liability...
M/s. Al Hilal LLC started with Capital OMR 800,000, Total Tangible Assets OMR 1,000,000 and Current...
M/s. Al Hilal LLC started with Capital OMR 800,000, Total Tangible Assets OMR 1,000,000 and Current Liabilities OMR 100,000 and decided to admit a new partner in the business and also to receive the amount of goodwill from the incoming partner. The concern wishes to calculate the value of goodwill on the basis of four years purchase of the firm by different methods, such as Average Profit and Super Profit. The books of accounts revealed some information related to past...
Case No.1 Oman Oil Limited issued 80,000 shares of OMR 10 each, at par payable as...
Case No.1
Oman Oil Limited issued 80,000 shares of OMR 10 each, at par
payable as follows; on application OMR 3; on allotment OMR 2 and on
first call OMR 2 and final call OMR 2. All the shares were
subscribed for and the company received all the money due, with the
exception of the allotment and call money on 2,500 shares. These
shares were forfeited and re-issued at OMR 8 per share.
Question No. 1
i) You are required...
Exercise 1-2 Alpha Company is considering the purchase of Beta Company. Alpha has collected the following...
Exercise 1-2 Alpha Company is considering the purchase of Beta Company. Alpha has collected the following data about Beta: Beta Company Estimated Book Values Market Values Total identifiable assets $541,800 $734,700 Total liabilities 317,800 309,500 Owners' equity $224,000 Cumulative total net cash earnings for the past five years of $906,800 includes extraordinary cash gains of $64,800 and nonrecurring cash losses of $46,000. Alpha Company expects a return on its investment of 13%. Assume that Alpha prefers to use cash earnings...
Pepper Corporation acquired 100 percent ot Salt Company stock on January 1 2018 f for $970,000...
Pepper Corporation acquired 100 percent ot Salt Company stock on January 1 2018 f for $970,000 cash Following are pre-cdosing trial balance amounts for Pepper Corporation and Salt Company as SALT CORPORATION PEPPER CORPORATION Debit Credit- Deblt Credit 1,523,000 290,000 453,000 S323,000 74,000 156,000 s Receivable Inve Investment in Salt Corp. Land Buildings Equipment Cost of Goods Sold 225,000 360,000 196,000 197,000 18,000 21,000 57,000 750,000 25,000 15,000 51,000 ciatio nse, Buildin Deprediation Expense, Equipment Selling & Administrative Expense ividends...
[The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began...
[The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2018. For the year, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Use Exhibit 16-6. XYZ corp. Book Income Income statement For current year Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000 ) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,000 1...
[The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began...
[The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2017. For 2018, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Exhibit 16-6. XYZ corp. Book Income Income statement For current year Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000 ) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,000 1 Interest income...
The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began...
The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2017. For 2018, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Exhibit 16-6. XYZ corp. Book Income Income statement For current year Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000 ) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,000 1 Interest income...
Computer ProjectAlternative Investment Methods, Goodwill Impairment, andConsolidated Financial StatementsIn this project, you are...
Computer ProjectAlternative Investment Methods, Goodwill Impairment, and
Consolidated Financial StatementsIn this project, you are to provide an analysis of alternative
accounting methods for controlling interest investments and
subsequent effects on consolidated reporting. The project requires
the use of a computer and a spreadsheet software package (e.g.,
Microsoft Excel, etc.). The use of these tools allows you page
152to assess the sensitivity of alternative accounting methods on
consolidated financial reporting without preparing several similar
worksheets by hand. Also, by modeling a...
The following trial balance was extracted from the books of G & E Production Company Ltd...
The following trial balance was extracted from the books of G
& E Production Company Ltd on 31 December 2018 and presented to
you the Financial Accountant:
Trial Balance
Details/Accounts
Dr $
Cr $
Purchases of direct raw materials
24,200,000
Stock of direct raw materials 1 January 2018
5,500,000
Wages paid to manufacture goods
12,000,000
Insurance
2,000,000
Electricity
1,450,000
Cash at bank
28,000,000
Accounts payable
3,500,000
Discounts
450,000
500,000
Return of direct raw materials
200,000
Cash in hand
600,000
Work-in-progress...
The following trial balance was extracted from the books of G & E Production Company Ltd...
The following trial balance was extracted from the books of G & E Production Company Ltd on 31 December 2018 and presented to you the Financial Accountant: Trial Balance Details/Accounts Dr $ Cr $ Purchases of direct raw materials 24,200,000 Stock of direct raw materials 1 January 2018 5,500,000 Wages paid to manufacture goods 12,000,000 Insurance 2,000,000 Electricity 1,450,000 Cash at bank 28,000,000 Accounts payable 3,500,000 Discounts 450,000 500,000 Return of direct raw materials 200,000 Cash in hand 600,000 Work-in-progress...
Case No.1
Oman Oil Limited issued 80,000 shares of OMR 10 each, at par
payable as follows; on application OMR 3; on allotment OMR 2 and on
first call OMR 2 and final call OMR 2. All the shares were
subscribed for and the company received all the money due, with the
exception of the allotment and call money on 2,500 shares. These
shares were forfeited and re-issued at OMR 8 per share.
Question No. 1
i) You are required...
Exercise 1-2 Alpha Company is considering the purchase of Beta Company. Alpha has collected the following data about Beta: Beta Company Estimated Book Values Market Values Total identifiable assets $541,800 $734,700 Total liabilities 317,800 309,500 Owners' equity $224,000 Cumulative total net cash earnings for the past five years of $906,800 includes extraordinary cash gains of $64,800 and nonrecurring cash losses of $46,000. Alpha Company expects a return on its investment of 13%. Assume that Alpha prefers to use cash earnings...
Pepper Corporation acquired 100 percent ot Salt Company stock on January 1 2018 f for $970,000 cash Following are pre-cdosing trial balance amounts for Pepper Corporation and Salt Company as SALT CORPORATION PEPPER CORPORATION Debit Credit- Deblt Credit 1,523,000 290,000 453,000 S323,000 74,000 156,000 s Receivable Inve Investment in Salt Corp. Land Buildings Equipment Cost of Goods Sold 225,000 360,000 196,000 197,000 18,000 21,000 57,000 750,000 25,000 15,000 51,000 ciatio nse, Buildin Deprediation Expense, Equipment Selling & Administrative Expense ividends...
Computer ProjectAlternative Investment Methods, Goodwill Impairment, and
Consolidated Financial StatementsIn this project, you are to provide an analysis of alternative
accounting methods for controlling interest investments and
subsequent effects on consolidated reporting. The project requires
the use of a computer and a spreadsheet software package (e.g.,
Microsoft Excel, etc.). The use of these tools allows you page
152to assess the sensitivity of alternative accounting methods on
consolidated financial reporting without preparing several similar
worksheets by hand. Also, by modeling a...
The following trial balance was extracted from the books of G
& E Production Company Ltd on 31 December 2018 and presented to
you the Financial Accountant:
Trial Balance
Details/Accounts
Dr $
Cr $
Purchases of direct raw materials
24,200,000
Stock of direct raw materials 1 January 2018
5,500,000
Wages paid to manufacture goods
12,000,000
Insurance
2,000,000
Electricity
1,450,000
Cash at bank
28,000,000
Accounts payable
3,500,000
Discounts
450,000
500,000
Return of direct raw materials
200,000
Cash in hand
600,000
Work-in-progress...
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