Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Revenue and net income were HKD 800000 and HKD 190000, The company purchased no investment........ Question Completion Status: QUESTION 27 CF, Inc. is a Hong

Revenue and net income were HKD 800000 and HKD 190000, The company purchased no investment........

image text in transcribedimage text in transcribed
Question Completion Status: QUESTION 27 CF, Inc. is a Hong Kong company and reported the following financial information for 2018: Revenue and net income were HK$800,000 and HK$190,000, respectively. The company purchased no investments, had only one long-term note payable transaction and one share capital transaction during the year. CF, Inc. Comparative Balance Sheets 31 December 2018, 2017 (In thousands, Hong Kong Dollar) Assets 2018 2017 Current: Cash 56 22 Accounts Receivable 108 86 Inventory 166 188 Non-Current: Long-term Investment 108 158 PPE, net 458 376 Total 896 830Liabilities Current: Accounts Payable 96 86 Unearned Revenue 32 38 Salary Payable 52 48 Non-Current: Long-term Note Payable 138 108 Shareholders' Equity Ordinary Shares 96 76 Retained Earnings 482 474 Total 896 830 Compute the proceeds from the sale of long-term investment in Compute the amount of new borrowing on long-term note payable in Compute the issuance of ordinary shares in Compute the payment of dividends in

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

Fundamentals Of Accounting

Authors: Claudia Gilbertson

10th Edition

1111581169, 978-1111581169

More Books

Students also viewed these Accounting questions