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Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of-town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 £'000 Land 2.000 1.800 Direct materials 1.600...
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The question is complete
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of- town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 2,000 Land...
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On January 1, 2019, Penguin Corporation bought 80% of the stock
of Sea Gull Corporation for $700,000. The Balance Sheets of the two
companies immediately after the acquisition (January 1, 2019) of
Sea Gull Corp. showed the following amounts:
On the date of acquisition, the Book Value of Sea Gull equaled
its Fair Market Value, except for land that had a fair market value
of $200,000, the fair value of previously unrecorded identifiable
intangibles (2-year life) of Sea Gull was...
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On January 1, 2019, Penguin Corporation bought 80% of the stock
of Sea Gull Corporation for $700,000. The Balance Sheets of the two
companies immediately after the acquisition (January 1, 2019) of
Sea Gull Corp. showed the following amounts:
On the date of acquisition, the Book Value of Sea Gull equaled
its Fair Market Value, except for land that had a fair market value
of $200,000, the fair value of previously unrecorded identifiable
intangibles (2-year life) of Sea Gull was...
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NewCat Ltd, a manufacturer and retailer for pet products, commenced operations on 1 July, 2018 by issuing 100 000 $2.00 shares, payable in full on application. There were no share issue costs For the year ending 30 June 2019, the company recorded the following aggregate transactions S'000 4 265 1 800 723 285 130 95 212 210 120 Accounts les Cost of sales Other income Administration charges Selling and distribution expenses Employee entitlement expenses - (selling) Wages and salaries -...
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Protecto Corporation purchased 60 percent of Strand Company's outstanding shares on January 1, 20X1, for $27,000 more than book value. At that date, the fair value of the noncontrolling interest was $17,000 more than 40 percent of Strand's book value. The full amount of the differential is considered related to patents and is being amortized over an eight-year period. In 20X1, Strand purchased a piece of land for $70,000 and later in the year sold it to Protecto for $84,000....
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HK Ltd has prepared its draft trial balance to 30 June 2011, which is shown below.$$Freehold land2,100,000Freehold buildings5,500,000Plant and machinery (cost $3,096,000)1,268,122Fixtures and fittings (cost $864,000)518,400Trade receivables7,263,000Allowance for receivables123,600Trade payables2,591,000Inventory (1 July 2010)11,794,000Bank balance10,968,5788% Long term investment100,000,000Development cost capitalised140,000,000Sales381,600,000Purchases102,310,000Administration expenses14,000,000Distribution costs30,100,000Directors’ emoluments562,000Irrecoverable debt157,000Tax payable (1 July 2010)141300Revaluation surplus2,200,800Loan interest324,000Dividends paid – preference162,000Dividends paid – ordinary426,0009% loan (Long term)7,200,000Share capital– irredeemable preference shares- ordinary shares 3,600,0005,400,000Retained earnings12,364,000Share premium11,520,000Suspense995,000Total427,594,400427,594,400Further information:1. Closing inventory is amounted $12,560,000. During the year a fire took place...
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You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
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You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
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You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. WHITELEY LTD Unadjusted Trial Balance as...
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of-town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 £'000 Land 2.000 1.800 Direct materials 1.600...
The question is complete
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of- town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 2,000 Land...
On January 1, 2019, Penguin Corporation bought 80% of the stock
of Sea Gull Corporation for $700,000. The Balance Sheets of the two
companies immediately after the acquisition (January 1, 2019) of
Sea Gull Corp. showed the following amounts:
On the date of acquisition, the Book Value of Sea Gull equaled
its Fair Market Value, except for land that had a fair market value
of $200,000, the fair value of previously unrecorded identifiable
intangibles (2-year life) of Sea Gull was...
On January 1, 2019, Penguin Corporation bought 80% of the stock
of Sea Gull Corporation for $700,000. The Balance Sheets of the two
companies immediately after the acquisition (January 1, 2019) of
Sea Gull Corp. showed the following amounts:
On the date of acquisition, the Book Value of Sea Gull equaled
its Fair Market Value, except for land that had a fair market value
of $200,000, the fair value of previously unrecorded identifiable
intangibles (2-year life) of Sea Gull was...
NewCat Ltd, a manufacturer and retailer for pet products, commenced operations on 1 July, 2018 by issuing 100 000 $2.00 shares, payable in full on application. There were no share issue costs For the year ending 30 June 2019, the company recorded the following aggregate transactions S'000 4 265 1 800 723 285 130 95 212 210 120 Accounts les Cost of sales Other income Administration charges Selling and distribution expenses Employee entitlement expenses - (selling) Wages and salaries -...
Protecto Corporation purchased 60 percent of Strand Company's outstanding shares on January 1, 20X1, for $27,000 more than book value. At that date, the fair value of the noncontrolling interest was $17,000 more than 40 percent of Strand's book value. The full amount of the differential is considered related to patents and is being amortized over an eight-year period. In 20X1, Strand purchased a piece of land for $70,000 and later in the year sold it to Protecto for $84,000....
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. WHITELEY LTD Unadjusted Trial Balance as...