(c) Explain why the closing balance for each member on the net investmentstatement will not agree with the total of the balances of their ledgeraccounts which you have determined in exercise 1.2 above.Question 2The balances on the net investment statement of XYZ CC at 31 December2006 were as follows:YTotalRRRR100%375 00030%40%30%112 500150 000112 500The members' contribution were as follows:R100 000Y100 000100 000R300 000The balance of R75 000 arose from a revaluation of land and buildings twoyears earlier.It was agreed that X should retire and should sell his interest to Y and Z forR120 000 – each to pay R60 000. At the same time, M is to join thecorporation. M is prepared to contribute R10 000 in cash and provide a loan ofR50 000. What percentage interest should Y and Z offer to M, which would befair to themselves?Financial Accounting II / © ICG / Page 40Question 3Mpumalanga Engineers (Pty) Ltd. is a company that was registered in 1997. Itsfinancial year runs from 1 January to 31 December. Its balance sheet wasdrawn on 31 December 2007 and is shown below.MPUMALANGA ENGINEERS (PTY) LTD.Balance sheet at 31 December 2007RRRFUNDS EMPLOYEDShare capital 90 000Ordinary shares of R1 eachUndistributed profitsShareholders' equity90 00030 500120 500EMPLOYMENT OF FUNDSFixed assetsLand and buildings at costPlant at costLess: DepreciationMotor vehicle at cost57 200110 00057 20052 80015 000

As per rule, allowed to answer one question and post the remaining in the next submission.

Answered: nent statement of XYZ CC X Y

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 2CP

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Requirement 2. Prepare a partial balance sheet for Thyme's Vince investment as of December 31, 2018. Use the partial balance sheet below to show how to report the investment on Thyme's balance sheet at December 31, 2018. (Use a minus sign or parentheses to enter a loss. If a box is not used in the balance sheet, leave the box empty; do not sect a label or enter a zero.)
What will be the balance in the investment account on December 31, 20y4 under the equity method of accounting? A. 152,000 B. 150,000 C. 159,200 D. 155,600
On December 12th 2021 an equity investment costing $81000 was sold for a $102000 the investment was carried in the balance sheet at $76000 what accounted for under the equity method an error was made in which the total of the sale proceeds was called credit's called credited to the investment account 1 and 2 prepare the following journal entries
* CengageNOW2 | Onlin x 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 人 еВook Show Me How Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $288,750 $177,120 Property, plant, and equipment 498,750 452,640 Intangible assets 87,500 26,240 Current liabilities 175,000 85,280 Long-term liabilities 376,250 301,760 Common stock 78,750 72,160 Retained earnings 245,000 196,800 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan Company Comparative Balance Sheet For the Years Ended December 31 Current Current Previous Previous year year year year Amount Percent Amount Percent Current assets…
Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 25,494 29,800 $ 52,676 69,608 7,901 216,273 Cash $ Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 73,888 91,962 8,459 236,656 30,737 40,577 42,778 3,348 189,960 Total assets $ 436,459 $ 376, 258 $ 307,400 Liabilities and Equity $ 106,505 64, 223 $ 40,577 Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 83,695 68,615 162,500 35,708 $ 376, 258 $ 307,400 89,136 162,500 162,500 83,759 60,399 Total liabilities and equity $ 436,459 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three year period?
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What is the situation that best describes the following amortization schedule? Payment # Amount Paid Interest Portion Principal Portion Principal Balance 12,000.00 1 3,132.39 210.00 2,922.39 9,077.61 2 3,132.39 158.86 2,973.53 6,104.08 3,132.39 106.82 3,025.57 3,078.51 4 3,132.38 53.87 3,078.51 0.00 Total 12,529.55 529.55 12,000.00 a. Reuben received a loan of $12,000 from a bank to purchase office supplies. He obtained the loan at an interest rate of 7% compounded quarterly for 1 year. Calculate the size of her end-of-quarter payments and construct an amortization schedule for his loan. b. Fabrizio received a loan of $12,000 from a bank to purchase office supplies. He obtained the loan at an interest rate of 70% compounded quarterly for 1 year. Calculate the size of her end-of-quarter payments and construct an amortization schedule for his loan. C. Reuben received a loan of $12,000 froma bank to purchase office supplies. He obtained the loan at an interest rate of 7% compounded every…
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