Statements of Financial Position At December 31, Year 6 HD Ltd. Olympics Homes Assets Properties under renovation
Question:
Statements of Financial Position | ||||||
At December 31, Year 6 | ||||||
HD Ltd. | Olympics | |||||
Homes | ||||||
Assets | ||||||
Properties under renovation | $0 | $420,000 | ||||
Investment in Olympics | 120,000 | |||||
Inventory | 420,000 | 0 | ||||
Cash | 60,000 | 42,000 | ||||
Other assets | 1,220,000 | 744,000 | ||||
$1,820,000 | $1,206,000 | |||||
Shareholder's Equity and Liabilities | ||||||
Ordinary share/contributed capital | 510,000 | 360,000 | ||||
Retained/Accumulated earnings | 250,000 | 31,500 | ||||
Mortgage payable | 252,000 | |||||
Loan payable to Mr. Saeid | 141,000 | |||||
Account Payable | 390,000 | 210,000 | ||||
Other Liabilities | 670,000 | 211,500 | ||||
$1,820,000 | $1,206,000 | |||||
Income Statement | ||||||
For the Year Ended Dec 31, Year 6 | ||||||
HD Ltd. | Olympics | |||||
Homes | ||||||
Sales | $1,950,000 | $1,290,000 | ||||
Income from Olympic | 43,000 | 0 | ||||
1,993,000 | 1,290,000 | |||||
Cost of goods sold | 1,365,000 | 838,500 | ||||
Selling Expenses | 260,000 | 165,000 | ||||
Other expenses | 120,000 | 126,000 | ||||
Income Tax expense | 90,000 | 0 | ||||
1,835,000 | 1,129,500 | |||||
Profit | $158,000 | $160,500 | ||||
Intercompany sales | 117,000 | ||
Property under renovation | 45,000 | ||
Income distributed by Olympic | 43,000 | ||
Mark up | 20% | ||
Capital Contribution | 120,000 | ||
Financial Accounting IFRS
ISBN: 978-1118285909
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso