User Account

All Pages

How much is taken to profit or loss

Assignment Help Accounting Basics
Reference no: EM132863879

Question - Shangrila bought shares of Crossing, Inc. in two batches as follows:

June 10, 2019 2,000 shares at P100 P200,000

December 5, 2019 3,000 shares at P120 P360,000

Total P560,000

Shangrila designated the Crossing shares as At Fair Value though OCI.

The Crossing shares were quoted at P125 on December 31, 2019

The following were the transactions for 2020:

March 10 Received cash dividend at P10 per share

June 20 Received 20% bonus issue. Shares sell at P120 after the bonus issue.

December 10 Sold 3000 shares at P120 per share (Coming from the December 5, 2019 lot)

The Crossing shares were quoted at 125 at December 31, 2020.

Required -

a. How much is taken to profit or loss a result of the foregoing events affecting the equity investments for the year ended December 21, 2020?

b. How much is the gain or loss on the sale of shares?

c. How much should Shangrila report as cumulative OCI in the equity section of its SFP at December 31, 2020?

Reference no: EM132863879

Questions Cloud

What is the investment carrying value at December : Aloha received a cash dividend of P50 per share. Based only on the foregoing information, what is the investment carrying value at December 31, 2021
What points support the job-sharing plan : Please read the case study "What Would You Do?: Staffing Trade-offs" from the chapter 10 of the Business ethics textbook that you find in the reading assignment
Describe briefly the potential consequences : Describe briefly the potential consequences of each of the following working capital strategies on the profits and liquidity of business: (1) Aggressive policy
Analysis of network society and role of technology : Analysis of network society and role of technology in the Information Age - networks that constitute the core of the global network society over
How much is taken to profit or loss : How much is taken to profit or loss a result of the foregoing events affecting the equity investments for the year ended December 21, 2020
Important csr initiative : What do you feel is the most important CSR initiative that a company should make a priority for their organization? Justify your answer.
Estimate the futures price : The six-month risk-free rate is 4% per annum and the dividend yield over the next six months is 2% per annum. Estimate the futures price
Communicate the competitiveness strategies to stakeholders : Strategy or plan for Disney company to communicate the competitiveness strategies to stakeholders
What is the present value of the annuity : Suppose that an annuity pays 20 annual payments of $1540, with the first payment coming 11 years from now. What is the present value of the annuity

Reviews

Write a Review

Accounting Basics Questions & Answers

  Use the following data to find the total direct labor cost

Use the following data to find the total direct labor cost variance if the company produced 3,200 units during the period

  How much gain or loss must devon recognize

Devon bought a business machine for $15,000. In later Year, she sold the machine for $12,800 when the total allowable depreciation is $8,500.

  Prepare the adjusting journal entries for Fall Inc

Fall, Inc. - The following unadjusted trail balance is presented for Fall, Inc. as of December 31, 2013. Prepare the adjusting journal entries for Fall Inc

  What is the sales volume variance and sales price variance

Master Budget: Price=$300; Sales Volume=6,000; Unit VC=$100; Fixed Costs=$250,000. What is the Sales Volume Variance and Sales Price Variance

  Prepare the correcting entry for the given problem

The reported net incomes for the first 2 years of Nash Products, Inc., were as follows: 2017, $157,500; 2018, $170,400. Early in 2019, the following errors.

  Reliable enterprises sells distressed merchandise on

reliable enterprises sells distressed merchandise on extended credit terms. collections on these sales are not

  A loan is being repaid by 15 annual installments of 1 000

a loan is being repaid by 15 annual installments of 1 000 each. interest is at an effective rate of 5. immediately

  What is the break-even-point or bep in units

What is the break-even-point (BEP) in units? B&B produces and sells one single product: BT5. The production capacity of B&B is 48,000 units.

  Calculate the balances at the end of the year

Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts

  Difference between microeconomics and macroeconomics

An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in

  What is the amount of net cash flow from operating activitie

What is the amount of net cash flow from operating activities for 2014?

  Alternative tax on net capital gain

Agnes is able to reduce her regular income tax liability from $40,000 to $36,000 as the result of the alternative tax on net capital gain. Agnes' tentative AMT is $50,000

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd