Thankyou for any help.
Cold Ltd had the following transactions and events occur in the year ended 30 June 2021: paid an interim dividend of $8,000 paid the 30 June 2020 final dividend declared of $12,000 transferred $15,000 from the asset revaluation reserve to the general reserve closed loss for the year of $9,000 Assuming the balance in retained earnings on 1 July 2020 was $68,000, Cold Ltd should report a balance for retained earnings in the statement of financial position for the year end 30 June 2021 of: O a. $69,000 O b. $24,000. O c. $39,000. O d. $51,000. On 2 January 2021 Marsha Ltd paid an interim dividend of $20,000 by issuing a bonus share dividend of $6,000 and the remainder paid in cash. The journal entry to record the dividend is: O a. DR Dividends declared 20,000; CR Bonus Share issue 6,000; CR Cash 14,000. O b. DR Retained Earnings 20,000; CR Share Capital 6,000; CR Cash 14,000. O c. DR Dividends Paid 20,000; CR Bonus Shares 6,000; CR Cash 14,000. O d. DR Cash 14,000; DR Share Capital 6,000; CR Retained Earnings 20,000. On 30 June 2021 the directors of Amy Ltd decided that shareholders should receive a final dividend of 30 cents for every 5 shares that they held in Amy Ltd. Shareholder approval is not needed. On 30 June 2021 the following detail was available from the draft statement of financial position: Equity 30 June 2021 Share capital (ordinary shares issued at $2) $220,000 Retained earnings $35,000 Total equity $255,000 To recognise the final dividend, the directors should: O a. O b. DR Retained Earnings $6,600, CR Cash $6,600 DR Retained Earnings $13,200, CR Dividend Payable $13,200 DR Retained Earnings $13,200, CR Cash $13,200 O c. O d. DR Retained Earnings $6,600, CR Dividend Payable $6,600 Omar Ltd made an accounting profit before tax of $50,000 for the year ended 30 June 2021. Included in the accounting profit were the following items of expense: entertainment expense $8,000 and bad debts expense $12,000. Omar Ltd wrote off $16,000 in bad debts for the year ended 30 June 2021. The company income tax rate is 30%. Omar Ltd should record: Select one: O a $16,200 credit for current tax liability. O b. $15,000 debit for income tax expense. OC. $18,600 debit for income tax expense. O d. $13,800 credit for current tax liability. The accounting profit before tax of Pipe Ltd for the year ended 30 June 2021 was $10,000 and included the following income and expense items: rent revenue $45,000, depreciation expense - plant $13,000. A draft statement of financial position as at 30 June 2021 revealed the following: rent receivable $25,000 (30 June 2020 $20,000), plant $ 130,000 (30 June 2020 $130,000). For tax purposes, plant is depreciated at 20% straight-line. The company tax rate is 30%. For the year ended 30 June 2021 the current tax journal entry is: Select one: O a. DR Deferred tax asset 8,000 CR Income tax expense (current) 8,000 O b. DR Deferred tax asset 2,400 CR Income tax expense (current) 2,400 O c. DR Income tax expense (current) 2,400 CR Current tax liability 2,400 O d. DR Deferred tax asset 9,300 CR Income tax expense (current) 9,300
