You are to draw up a consolidated statement of financial position as at 31 December 2018 from
Question:
You are to draw up a consolidated statement of financial position as at 31 December 2018 from the following:
At the date of the statement of financial position, Son 1 owed Pa and Mum £2,500 and Son 2 £1,100, and Pa and Mum owed Son 2 £2,100.
Pa and Mum had sold goods which had cost £1,400 to Son 2 for £2,100, and of these goods ½ had been sold by Son 2 by the year end.
Transcribed Image Text:
Pa and Mum Statement of Financial Position as at 31 December 2018 £ Investment in subsidiaries: Son 1 90,000 shares bought 31.12.2017 Son 2 56,000 shares bought 31.12.2017 Other non-current assets Current assets Inventory Accounts receivable Bank Total assets Current liabilities: Accounts payable Share capital Retained profits: As at 31.12.2017 Less Loss for 2018 General reserve (as at 31.12.2017) Non-current assets Inventory Accounts receivable Bank 43,000 38,000 17,000 Son 1 Statement of Financial Position as at 31 December 2018 £ Current liabilities: Accounts payable Share capital Retained profits: As at 31.12.2017 Add Profit for 2018 53,000 (16,000) 34,000 21,000 18,000 23,000 26,000 £ 125,000 85,000 210,000 170,000 380,000 98,000 478,000 (16,000) 462,000 325,000 37,000 100,000 462,000 £ 72,000 73,000 145,000 (6,000) 139,000 90,000 49,000 139,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Consolidated Statement of Financial Position Amount Assets Noncurrent Assets Investment in ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Volume 2
ISBN: 9781292085050
13th Edition
Authors: Frank Wood, Alan Sangster
Question Posted:
Students also viewed these Business questions
-
The statements of financial position of CC Ltd and its two subsidiaries DD Ltd and EE Ltd as at 31 December 2017 are as follows: The following information is available: (a) CC Ltd acquired 60% of the...
-
From the following statements of financial position and supplementary information you are to draw up a consolidated statement of financial position as at 31 March 2017. During the year Parent...
-
The financial statements of JJ Ltd and KK Ltd for the year to 30 June 2018 are shown below: Statements of comprehensive income for the year to 30 June 2018. Statements of financial position as at 30...
-
. Current price of stock is $20 and expected price after one year is 22.5. If investor required return is 18%. What percentage of dividend should company pay?
-
Your company has been approached to bid on the contract to sell 17,500 voice recognition (VR) computer keyboards a year for four years. Due to technological improvements, beyond that time they will...
-
A survey was conducted in which 150 households were asked how many working televisions they owned. The results are as follows: Number of Televisions Number of Households 0 5 1 34 2 50 3 29 4 12 5 12...
-
Fatty acids and depression. A group of medical researchers studied the effects of the intake of omega-6 fatty acids relative to omega-3 fatty acids on depression. They randomly assigned 88 highly...
-
Haaki Shop, Inc. is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Total Sales Revenue...
-
The observation of a clients physical inventory is a mandatory auditing procedure when possible for the auditors to carry out and when inventories are material. Required: a. Why is the observation of...
-
7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...
-
The following summarised information relates to the Pagg group of companies. 1 Pagg acquired its shareholding in Ragg Ltd for 3,000 on 1 April 2012. Raggs retained profits balance at that time was...
-
You are presented with the following information from the Seneley group of companies for the year to 30 September 2016: Additional information: (a) The authorised, issued and fully paid share capital...
-
Assume that the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of...
-
Based on the following information, calculate the sustainable growth rate for Kaleb's Welding Supply: Profit margin Capital intensity ratio Debt-equity ratio Net income Dividends 7.5% 0.65 0.60...
-
Waterway Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $216,014 at both cost and market value. At December 31, 2025, the inventory was $283,252 at cost and $262,660 at market...
-
What is the 32-bit version of: 0000 0000 0001 0101
-
1. Let A = 2 1 4 3 Find AT, A-1, (A-1) and (AT)-1. 2. Let A = = [ -1 -1 2 22 (a) Find (AB), BT AT and AT BT. (b) (AB)-1, B-1A-1 and A-B-1. ] 1-5 and B = 1
-
Xavier Ltd. paid out cash dividends at the end of each year as follows: Year Dividend Paid 2018 $250,000 2019 $325,000 2020 $400,000 Assume that Xavier had 100,000 common shares and 5,000, $4,...
-
A random sample of leading companies in South Korea gave the following percentage yields based on assets (see reference in Problem 7): Use a calculator to verify that s 2 = 2.247 for these South...
-
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
-
What aspects of an organisations activities could be measured in a social audit?
-
What types of measure could be used to measure social well-being? What difficulties would be discovered in trying to use accounting in measuring these?
-
Why is an ongoing information system required in order to do this?
-
thumbs up if correct A stock paying no dividends is priced at $154. Over the next 3-months you expect the stock torpeither be up 10% or down 10%. The risk-free rate is 1% per annum compounded...
-
Question 17 2 pts Activities between affiliated entities, such as a company and its management, must be disclosed in the financial statements of a corporation as O significant relationships O segment...
-
Marchetti Company, a U.S.-based importer of wines and spirits, placed an order with a French supplier for 1,000 cases of wine at a price of 200 euros per case. The total purchase price is 200,000...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App