Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 15 5 pts Prepare the Statement of Comprehensive Income of Poskie Ltd for the year ended 31 July 2019, but only up to and

image text in transcribedimage text in transcribed

Question 15 5 pts Prepare the Statement of Comprehensive Income of Poskie Ltd for the year ended 31 July 2019, but only up to and including EBIT. (Please omit 000's in your answer. For example, $1,000,000 should be shown as $1,000.) Your Statement of Comprehensive Income should be in the form and format prescribed in this course, including a proper heading. Copy and paste this table as a template to prepare your answer. You may add additional lines if you need to. Poskie Ltd Statement of Comprehensive Income (000's) 12pt v Paragraph VT~ ... Questions 15-16: Financial Statements Poskie Ltd prepares annual adjusting entries for its 31 July financial year-end. Its adjusted trial balance appears below. Poskie Ltd Adjusted Trial Balance 31 July 2019 (000's) Cash Accounts Receivable Office Supplies Investment Property Land Office Equipment Accumulated Depreciation Office Equipment GST Clearing Accounts Payable Loan Payable Unearned Revenue Share Capital Retained Earnings Treasury Shares Dividends Service Revenue Other Operating Expenses Loss on Sale of Equipment Loss on Bond Redemption Income Tax Expense Interest Expense Office Supplies Expense Depreciation Expense Rent Expense Totals Debit Credit $ 6,000 2,200 1,800 80,000 20,000 15,000 $ 4,000 2,000 3,300 20,000 6,000 65,000 14,400 12,000 2,500 59,300 10,000 1,000 5,000 12,000 1,500 600 2,500 1,900 $174,000 $174,000 After the adjusted trial balance was prepared, Poskie's accountant discovered that certain events had not yet been considered and therefore not reflected in the above balances (note that the 000's have not been omitted for these events): i) In July 2019, the Board of Directors declared and distributed a $10,000,000 share dividend to supplement the $2,500,000 cash dividend paid earlier in the year (see the ATB above). ii) Poskie Ltd had elected to show its investment property at fair value. On 31 July 2019, the investment property was valued at $100,000,000. At the end of the previous year, the investment property had been revalued from $120,000,000 to $80,000,000. iii) Poskie Ltd had also elected to re-value its land (considered PP & E) to fair value. (This is the first year of using the fair value model.) An appraiser has appraised the land at $120,000,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Securing And Auditing Data On DB2 For Z/Os

Authors: IBM Redbooks

1st Edition

0738432857, 978-0738432854

More Books

Students also viewed these Accounting questions

Question

What are the two key reasons for the success of Tableau?

Answered: 1 week ago

Question

4. Identify cultural variations in communication style.

Answered: 1 week ago