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1.A Ltd acquired all issued shares of B Ltd. B Ltd recorded goodwill in its books prior to being acquired by A Ltd. In preparing the consolidated financial statements of A Ltd’s group, the goodwill recorded by B Ltd must: a.not recognised in the business combination b.be recognised only if it’s non-purchased goodwill

c. be recognised at cost on acquisition

d. be recognised at carrying amount on acquisition

2.Learning Objectives P-F:4-29A Preparing financial statements including a classified balance sheet in report form, preparing and posting closing entries, and preparing a post-closing trial balance The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2024, follows: 1. Net Loss $(9,500) I ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2024 Balance Account Title Debit Credit Cash $ 4,600 Accounts Receivable 5,300 Office Supplies 1,500 Prepaid Insurance 1,700 Land 13,000 Building 82,000 Accumulated Depreciation-Building $ 25,200 Accounts Payable 18,700 Interest Payable 8,500 Salaries Payable 2,400 Unearned Revenue 7,600 Notes Payable (long-term) 40,000 Common Stock 3,000 Retained Earnings 39,500 Dividends 27,300 Service Revenue 48,100 Insurance Expense 4,400 Salaries Expense 33,500
2,400 7,600 40,000 3,000 39,500 27,300 48,100 Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense-Building Total 4,400 33,500 300 8,500 2,700 8,200 $ 193,000 $ 193,000 Requirements 1. Prepare the company's income statement for the year ended June 30, 2024. 2. Prepare the company's statement of retained earnings for the year ended June 30, 2024. 3. Prepare the company's classified balance sheet in report form at June 30, 2024. 4. Journalize the closing entries. 5. Open the T-accounts using the balances from the adjusted trial balance and post the closing entries to the T-accounts. 6. Prepare the company's post-closing trial balance at June 30, 2024.

3.The accountant of Novak Shoe has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2022. £37,120 23,040 Rent revenue Interest expense Unrealized gain on equity securities designated at fair value through other comprehensive income, net of tax Selling expenses Income tax Administrative expenses Cost of goods sold Net sales Cash dividends declared Loss on sale of plant assets 39,680 179.200 39,168 231,680 660,480 1.254,400 20,480 19,200 There were 20,000 ordinary shares outstanding during the year. (a) Prepare a comprehensive income statement using the combined statement approach. (Round earnings per share to 2 decimal places, eg. 1.48.) NOVAK SHOE Statement of Comprehensive Income V £ £ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above.

4. The following cost data relates to Abu Dhabi Co. for the year 2019. Raw material purchased Beginning balance, Work in process inventory Ending balance, Work in process inventory Beginning balance, Raw materials inventory Ending balance, Raw materials inventory Beginning balance, Finished Goods inventory Ending balance, Finished Goods inventory Sales Commissions Indirect materials used Rent of factory buildings Direct Labor Indirect labor Rent of Office building Insurance on Factory Building Maintenance - Factory Equipment Depreciation - Factory's equipment Depreciation - Office building Miscellaneous Expenses Office Utilities - Factory Use the last 6 digits of your ICT 60,000 50.000 30,000 40,000 110,000 120,000 45,000 70,000 120,000 330,000 80,000 260,000 55.000 45.000 35,000 25,000 45,000 65,000 Prepare a schedule of Cost of Goods Sold for Abu Dhabi Co.