A Co. and B Co. are joint venturers of C.Co, a producer of high tech machinery. A and B, each have 50% interest in the net assets of C. During the year, A earns revenue of P1,000,000 from its own operations while B reports revenue of P400,000. How much total revenue shall be reported in A Co.'s statement of profit or loss for the year? * Your answer
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- Tech Co. and Robotics Co. are joint venturers of Mecha Co., a producer of high tech machinery. Tech and Robotics, each have a 50% interest in the net assets of Mecha Co. During the year, Tech Co. earns revenue of P1,000,000 from its own operations while Mecha Co. reports revenue of P400,000. How much total revenue shall be reported in Tech Co.'s statement of profit or loss for the year?XYZ Co. has current assets of OR 75000 and total assets of OR 210000. It has current liabilities of OR 45000 and total liabilities of OR 110000. If during the year he had drawings OR 7500, retained earnings OR 34000 & Net Profit for the year OR 12500. What will be the amount of XYZ's Opening Capital?Presuming the company sells for $100,000,000.00 but also has $10,000,000.00 of debt on the balance sheet, what will the owners receive in proceeds?
- ABC Co. and DEF Co. are joint venturers of XYZ Co., a producer of high tech machinery. ABC and DEF, each have a 50% interest in the net assets of XYZ Co. During the year, ABC Co. earns revenue of $1,000,000 from its own operations while DEF Co. reports revenue of $400,000. How much total revenue shall be reported in ABC Co.'s statement of profit or loss for the year? 1,000,000 1,200,000 1,400,000 either a orbFisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________The related data of Estonia Company: On March 2, 2021, Aruba Inc. declared a cash dividend of P750,000, on which Estonia Company had an 18% ownership. The date of record is March 31, 2021, and the date of payment is April 30, 2021. On May 30, 2021, Estonia Company received a property dividend with a carrying amount of P70,000. The fair value of the property on that date is P80,000 and the fair value on June 30, 2021, which is the date of payment is P89,500. On July 15, 2021, Australia Company declared a liquidating dividend of P500,000, of which Estonia had a 15% interest. How much is the dividend income reported in the Income Statement in 2021?
- Taballa Ltd owns all the share capital of Amaroo Ltd. The income tax rate is 30%. The following transactions took place during the periods ended 30 June 2023 or 30 June 2024. (a) On 1 May 2023, Amaroo Ltd sold inventories costing $600 to Taballa Ltd for $1 200 on credit. On 30 June 2023, only half of these goods had been sold by Taballa Ltd, and Taballa Ltd had paid $600 to Amaroo Ltd. All remaining inventories were sold to external entities by 30 June 2024 and Taballa Ltd paid the outstanding amount to Amaroo Ltd on 5 May 2024. (b) On 1 January 2023, Taballa Ltd sold an item of plant to Amaroo Ltd for $10 000. Immediately before the sale, Taballa Ltd had the item of plant on its accounts for $ 12 000. Taballa Ltd depreciated items at 5% p. a. on the diminishing balance and Amaroo Ltd used the straight-line method over 10 years. (c) An inventories item with a cost of $4 000 was sold by Taballa Ltd to Amaroo Ltd for $3 600 on 1 January 2024. Amaroo Ltd intended to use this item as…Company A acquired 37% investment in Company B for R196 000. During the first year after acquieition Company B made net income of R400 000. Using the equity accounting method, what will happen to Company A's investment in Company B? Select one: O a. It remains the same O b. It increases by R148 000 O c Ilt decreases by R196 000 O d. It decreases by R148 000Suppose that AXE company acquires exactly 25% of the voting common stock of Company SARDAR Inc. for $3,000,000 at the beginning of the year 2020. Pfizer company reports $1,200,000 earnings for the year in its net income and pays $550,000 in cash dividends at the end of the year 2020. 1. Using the cost method, what is the investment income and the balance sheet investment account balance respectively for AXE company? * A) $137,500, $3,000,000 B) $300,000; $3,162,500 C) $137,500; $2,300,000 D) None of the above. 2. Using the equity method, what is the investment income and the balance sheet investment account balance respectively for AXE company? * A) $137,500, $3,000,000 B) $300,000; $3,162,500 C) $137,500; $2,300,000 D) None of the above.
- XYZ Corporation, a calendar year C Corporation, has $100,000 gross business receipts, $5,000 interest income from corporate bonds, $20,000 qualified dividend income from a 5% owned C Corporation, $110,000 business expenses, and $2,000 charitable contribution. How much is XYZ's taxable income (or net operating loss) for the current year?\\n\\nGroup of answer choices\\n\\n$0 Taxable income.\\n\\n$3,000 Taxable income.\\n\\n$6,500 Taxable income.\\n\\n$6,750 Taxable income.depreciation was< 35,000, was SUlo for 12,000. 11. Prem, Kumar and Arti were partners in a firm sharing profits in the ratio of 5:3:2 respectively. On 31 March 2020, their balance sheet was as follows: Balance Sheet as at 31st March 2020 Liabilities (2) Assets (2) Capitals: Prem 25.000 Building Plant & Machinery 30,000 20,000 20,000 8,000 2,000 10,000 15.000 10,000 10,000 5,000 25,000 Kumar Investment Arti Debtors General Reserve Stock Investment Fluctuation Reserve Cash Sundry Creditors 90,000 90.000 On this date, Kumar retired. The terms of retirement were: (a) Kumar sold his share of goodwill to Prem for 8,000 and to Arti for 4,000. (b) Stock was found to be undervalued by 1,000 and building by 7,000. (c) Investments were sold for 11,000. (d) There was an unrecorded creditor of 7,000. (e) An amount of 30,000 was paid to Kumar in cash. The balance amount of Kumar was settled by accepting a bill of exchange in favour of Kumar. Prepare Revaluation Account, partners' capital account and…14. A company has the following information during the year? Total consideration from share issuances amounted to P3,000,000. A land and building were acquired through a lump sum payment of P450,000. A mortgage amounting to P150,000 was assumed on the land and building. Total payments of P70,000 were made during the year on the mortgage assumed on the land and building, The payments are inclusive of interest amounting to P20,000. Additional capital of P220,000 was obtained through bank loans. None of the bank loans were paid during the year. Half of the bank loans required a secondary mortgage on the land and building. There is no accrued interest as of year-end. Dividends declared during the year but remained unpaid amounted to P63,000. No other transactions during the year affected liabilities. Retained earnings as of December 31, 20x1 is P130,000 How much is the profit for the year? 15. Using the information on the preceding number, how much is the total assets as of the end of the…