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Chapter 1

MGAB01H3 Chapter Notes - Chapter 1: Corus Entertainment, Retained Earnings, Payroll Tax


Department
Financial Accounting
Course Code
MGAB01H3
Professor
G.Quan Fun
Chapter
1

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E1-1 Leon's Furniture Ltd.
Statement of financial Position
As at December 31, 2012
(In millions)
ASSETS
Current Assets
Cash and cash equivalents 75
Inventories 86
Trade Receivables 30
Other current assets 152
Total Current Assets 343
Non-current Assets
Intangible Assets and goodwill 14
Net property, plant, and equipment 218
Other assets 11
Total Non-current Assets 243
Total Assets 586
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Dividends payable 7
Trade and other payables 74
Other current liabilites 35
Total Current Liabilities 116
Non-currnet Liabilties 18
Total Liabilties 134
Shareholders' Equity
Contributed Capital 27
Retained Earnings 425
Total Sharholders' Equity 452
Total Liabilties and Shareholders' Equity 586

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E1-2 Read More Store Co.
Statement of Financial Position
As at December 31, 2014
ASSETS
Cash 48900
Trade Receivables 25000
Store and office equipment 49000
Total assets 122900
LIABILTIES AND SHAREHOLDERS' EQUITY
Liabilities
Trade payables 7000
Note payable 3000
Interest payable 120
Total Liabilties 10120
Shareholder's Equity
Contributed capital 100000
Retained Earnings 12780
Total Shareholders' Equity 112780
Total Liabilties and Shareholders' Equity 122900
Net Earnings is $12780

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E1-3 Sales: 119000 + 1000 = 120000
Cost of Goods Sold: 40 000
Expenses: 38000 + 600 = 38600
Net Earnings = Sales - COGs -Expenses
= 120000 - 40000 - 38600
= 41400
Net Earnings disregarding income taxes for september is 41400
E1-4 Corus Entertainment Inc
Condensed Statement of Income
For year ended August 31,2012
Revenues 838598
Cost of Gales 417015
Total Revenues 421583
Expenses
General Administrative Expenses 135282
Deprecitation Expense 25639
Interest Expense 52269
Total Expenses excluding Income Tax Expenses 213190
Earnings before Income Taxes 208393
Income Tax Expense 57242
Net Earnings 151151
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