Your Pal Postcard Company Limited report the following for 2014: sales revenue $900,000; cost of sales $750,000; operating expenses $100,000; and unrealized gain on fair value-OCI investments $60,000. The company had January I, 2014 balances as follows: common shares $600,000; accumulated other comprehensive income $250,000; and retained earnings $900,000. The company did not issue any shares during 2014. On December 15, 2014, the board of directors declared a $300,000 dividend payable on January 31, 2015. T he company accounts for its investments in accordance with IAS 39. Prepare a statement of changes in equity. Ignore income tax.
Answer to relevant QuestionsGlobal Corporation prepares financial statements in accordance with ASPE. At January I, 2014, the company had retained earnings of $529,000. In 2014, net income was $1,646,000, and cash dividends of $660,000 were declared ...Several of Jae Corporation's major customers experienced cash flow problems in 2014, mainly due to their increasing labour and production costs in 2013 and 2014. As a result, Jae's accounts receivable turnover ratio (net ...Taylor Corporation had net sales revenue of 52,780,000 and investment revenue of$103,000 in 2014. Other items pertaining to 2014 were as follows: Taylor has 10,000 common shares outstanding. Prepare a single-step income ...Rainy Day Umbrella Corporation had the following balances at December 31, 2013 (all amounts in thousands): preferred shares $2,006; common shares $5,291; contributed surplus 52,225; retained earnings $ 13,692; and ...Certain account balances follow for Vincenti Products Corp. Instructions Based on the balances, calculate the following: (a) Total net revenue, (b) Net income or loss, and (c) Dividends declared during the current year.
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