What would be the correct equity balances

Assignment Help Accounting Basics
Reference no: EM132571282

Question - Coolongolook Ltd reported the following information at 30 June 2020:

Accounts balances as at 1.7.2019 are as follows

Asset revaluation Surplus 36,000

Retained earnings 20,000

During the year ending 30 June 2020, Coolongolook Ltd made the following transactions.

Made after tax profit of $50,000

Dividend declared not yet paid on 30 June 2020 $10,000

Net increase in Land revaluation $40,000 (ignore tax effect)

What would be the correct equity balances shown in the Statement of Changes in Equity as at 30 June 2020?

Asset revaluation surplus $76,000

Retained earnings $60,000

Asset revaluation surplus $76,000

Retained earnings $70,000

Asset revaluation surplus $50,000

Retained earnings $70,000

Asset revaluation surplus $50,000

Retained earnings $60,000

None of these

Reference no: EM132571282

Questions Cloud

Report contents to relevant stakeholders : Describe the different ways in which your supervisor could present your report contents to relevant stakeholders within the organisation.
Are there any legislative requirements : What recommendations would you give to improve organisational procedures for record keeping?
Prepare bank reconciliation for Rida Supply Company for May : On 31 May, 2017, the Cash account of Rida Supply Company had a balance of Rs. 358,500. Prepare bank reconciliation for Rida Supply Company for May
Advising supervisor about future purchase requirements : You work as the purchasing officer for a medium-sized Safety Solutions business that sells safety products
What would be the correct equity balances : What would be the correct equity balances shown in the Statement of Changes in Equity as at 30 June 2020
What is the discounted value of note : Prevailing rate for a similar transaction being at 12%. Martian Manhunter Company uses calendar year for reporting purpose. What is the discounted value of note
Collaborative learning community assignment : When designing curriculum in higher education, it is likely that you will need to be a part of a curriculum design team.
Determine the cash proceeds from the discounted notes : Determine the cash proceeds from the discounted notes 10-month, 12% note for P6,400,00 dated May 1, 2018, discounted on August 1,2018
Development of diverse global group of employees : Write a paper that addresses the assessment and influence of culture as it relates to the development of a diverse global group of employees.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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