Required Information [The following information applies to the questions displayed below.] The ge...

Required Information [The following information applies to the questions displayed below.] The general ledger of Pops Firewo

1 N 3 > Record the services provided to customers on account, $12,000. Note: Enter debits before credits.

< 1 2. 3 ל Record the cash received from the customer with sales discount against the receivable on account, $7,500.

1 2 ليبيا Record the accounts receivable written off as uncollectible, $2,000.

2. Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select

2. Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select

3. Prepare an adjusted trial balance as of December 31, 2021. POPS FIREWORKS Adjusted Trial Balance December 31, 2021 Debit

4. Prepare an income statement for the period ended December 31, 2021. (Amounts to be deducted should be Indicated with a min

5. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be Indicated with a minus slgn.

8. Record closing entries. (If no entry is required for a particular transaction/event, select No Journal Entry Required In

6. Record closing entries. (If no entry is required for a particular transaction/event, select No Journal Entry Required In

7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net i

Thank you so much in advance for your assistance.

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ACCOUNTING 1 Answer Arely Guadalupe

B The Silver Corporation unes a predetermined overhead rote to apply manufacturing overhead to jo...


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ACCOUNTING 1 Answer Ahsan Jawaid

Help Save & Eat Gilchrist Corporation bases its predetermined overhead rate on the estimated mach...


Help Save & Eat Gilchrist Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming y

О O $32.55 per machine-hour О O $31.55 per machine-hour O $4.47 per machine-hour О O $28.08 per machine-hour

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ACCOUNTING 1 Answer Harshvardhan Gupta

Seve Sub 3 Nissley Wedding Fantasy Corporation makes very elaborate wedding cakes to order. The o...


Seve Sub 3 Nissley Wedding Fantasy Corporation makes very elaborate wedding cakes to order. The owner of the company has prov

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ACCOUNTING 1 Answer Aparna B

Saved Help Save & EX The following cost data pertain to the operations of Quinonez Department Sto...


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ACCOUNTING 1 Answer keerthana chouhan

Calculate comparative basic earnings per share (BEPS) for Fzer Group Berhad for the years ended 3...

Ezer Group Berhad is a leading pharmaceutical company in Malaysia. In recent year, Ezer Group Berhad has experienced rapid ex

4. The 8% convertible loan stock was issued on 1 January 2019. Each RM1,000 of the loan stock is convertible into 250 ordinar

  1. Calculate comparative basic earnings per share (BEPS) for Fzer Group Berhad for the years ended 31 December 2019 and 2020.

(5 Marks)

  1. Prepare a table of earnings per incremental share (EPIS) for all potential ordinary share (POS) for the year ended 31 December 2020. Indicate whether each POS is dilutive or anti- dilutive.

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ACCOUNTING 1 Answer Ali Bhatti

QUESTION 2 Below is the partial statement of financial position of AXL Bhd as at 31 Decemb...

QUESTION 2

Below is the partial statement of financial position of AXL Bhd as at 31 December 2017.

Equity:

RM

10% cumulative convertible preference shares at RM10 per share; 1,000,000 shares authorised, 500,000 shares issued and outstanding

5,000,000

Ordinary share capital valued at RM5 per share; 2,000,000 shares authorised, 1,000,000 shares issued and outstanding

5,000,000

Retained earnings

25,000,000

Total equity

35,000,000

Long-term debt:

Convertible bonds payable (Issue A)

6,000,000

Convertible bonds payable (Issue B)

4,000,000

Total long-term debt

10,000,000

Additional information:

  1. The 10% cumulative, convertible preference shares were issued at the beginning of 2017. Each preference share is convertible into two ordinary shares. On 1 July 2018, 50,000 convertible preference shares were converted into ordinary shares.
  2. Both convertible bonds were issued in 2017. Each bond has a face value of RM1,000 and is convertible into 25 shares of ordinary shares. In 2018, interest expense for convertible bonds (Issue A) is RM200,000 and interest expense for convertible bonds (Issue B) is RM90,000.
  3. Shares options were granted at the beginning of 2017 to purchase 200,000 ordinary shares at RM20 per share. During 2018, the average market price of the shares was RM25 per share.
  4. The board of directors authorized a 3-for-1 share split which became effective on 1 September 2018. The rate of conversion for convertible securities and the right under shares options are adjusted for the share split.
  5. Income tax rate is 26%.
  6. Preference dividends were not declared in 2018.
  7. Net income in 2018 was RM7,500,000.
  8. Round the answer to TWO (2) decimal points.

REQUIRED:

  1. Calculate the basic earnings per share (BEPS) for 2018.

RM

Net income

7,500,000

(-) 10% Convertible PS [10% x (----) x RM10 x ------]

(333,000)

Profit attributable to ordinary shareholders

7,167,000

Shares= ------x 3 (share split) x 12/12 + ------x 6/12 = 3,150,000

BESP= ------/------= 2.28

(FILL IN THE BLANK)

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ACCOUNTING 1 Answer Razan Al Ayoubi