On 1 July 2022 Tiger Ltd acquired 20,000 shares in Island Ltd at a price of $5 each. There were brokerage fees of $3,000. The closing market price of Island Ltd on 30 June 2023 – which is the entity’s financial year end – was $7. Tiger Ltd has not make the election to account for its equity investments at fair value through OCI. Required:Provide the accounting journal entries for Tiger Ltd to account for the investment in Island Ltd when making the investments.

Croft Company sold land costing $10,000 for $12,000. In the investing activities section of the statement of cash flows, the company will report:Multiple ChoiceAn outflow of $12,000An inflow of $2,000An inflow of $12,000An outflow of $10,000

On 1 June 2020, Sam Ltd acquired all the shares in Sato Ltd. At the date of acquisition, all the identifiable net assets of Sato Ltd were at fair value except for inventory which was recorded by the subsidiary at $50,000. The fair value of the inventory was $85,000 at the date of acquisition. The inventory was sold on 1 October 2020 for $80,000. The consolidation entry required on 30 June 2021 is: Group of answer choices

Tiger Pty Ltd prepares quarterly financial statements. The adjusted trial balance on 30 September 2021 is shown below. Using the information provided: Tiger Pty Ltd Adjusted trial balance 30 September 2021 No. Account Name Dr Cr 100 Cash 4,500 110 Accounts receivable 3,200 120 Prepaid insurance 2,300 130 Office equipment 4,000 131 Accumulated depreciation — equipment 1,500 200 Accounts payable 3,600 210 Rent revenue received in advance 1,400 300 Share Capital 3,900 310 Retained earnings 2,000 311 Dividends 500 400 Rent revenue 7,300 410 Service revenue 1,500 500 Salaries expense 3,100 510 Rent expense 2,800 520 Depreciation expense 450 530 Insurance expense 350 $21,200 $21,200 2-(B) Prepare for a statement of financial position for quarter ending 30 September 2021.

Tiger Pty Ltd prepares quarterly financial statements. The adjusted trial balance on 30 September 2021 is shown below. Using the information provided: Tiger Pty Ltd Adjusted trial balance 30 September 2021 No. Account Name Dr Cr 100 Cash 4,500 110 Accounts receivable 3,200 120 Prepaid insurance 2,300 130 Office equipment 4,000 131 Accumulated depreciation — equipment 1,500 200 Accounts payable 3,600 210 Rent revenue received in advance 1,400 300 Share Capital 3,900 310 Retained earnings 2,000 311 Dividends 500 400 Rent revenue 7,300 410 Service revenue 1,500 500 Salaries expense 3,100 510 Rent expense 2,800 520 Depreciation expense 450 530 Insurance expense 350 $21,200 $21,200 2-(C) What is the purpose of closing the temporary accounts? Identify which accounts should be closed on 30 September.

Tiger Pty Ltd prepares quarterly financial statements. The adjusted trial balance on 30 September 2021 is shown below. Using the information provided: Tiger Pty Ltd Adjusted trial balance 30 September 2021 No. Account Name Dr Cr 100 Cash 4,500 110 Accounts receivable 3,200 120 Prepaid insurance 2,300 130 Office equipment 4,000 131 Accumulated depreciation — equipment 1,500 200 Accounts payable 3,600 210 Rent revenue received in advance 1,400 300 Share Capital 3,900 310 Retained earnings 2,000 311 Dividends 500 400 Rent revenue 7,300 410 Service revenue 1,500 500 Salaries expense 3,100 510 Rent expense 2,800 520 Depreciation expense 450 530 Insurance expense 350 $21,200 $21,200 2-(A) Prepare for a statement of profit or loss for the quarter ending 30 September 2021.