Acct mod 3 paper

Calculate net profit margin of the year 2019 and 2020

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Problem 13-02A (Video) The comparative statements of Cullumber Company are presented here: Cullumber CompanyIncome StatementsFor the Years Ended December 31     2020   2019 Net sales   $1,891,640   $1,751,600 Cost of goods sold   1,059,640   1,007,100 Gross profit   832,000   744,500 Selling and administrative expenses   501,100   480,100 Income from operations   330,900   264,400 Other expenses and losses            Interest expense   23,700   21,700 Income before income taxes   307,200   242,700 Income tax expense   93,700   74,700 Net income   $213,500   $168,000 Cullumber CompanyBalance SheetsDecember 31 Assets   2020   2019 Current assets            Cash   $60,100   $64,200    Debt investments (short-term)   74,000   50,000    Accounts receivable   118,900   103,900    Inventory   127,700   117,200      Total current assets   380,700   335,300 Plant assets (net)…

hapter 15, 16, and 17 Saved education.com%252F#/activity/q Help Save & E Isaac Incorporated began operations in January 2024. For some property sales, Isaac recognizes income in the period of sale for financial payments. reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment In 2024, Isaac had $712 million in sales of this type. Scheduled collections for these sales are as follows: 2024 $ 68 million 2025 148 million 233.53 2026 147 million 2027 170 million pped 179 million eBook eferences 2028 $ 712 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2024 balance sheet? Note: Round your answer to the nearest whole million. MC Graw Type here to search Multiple Choice # 2 3 W E R 4. S Z Alt C 85 00 9:25 PM High winds soon ^ la 4»)…

Required information Problem 17-6AA (Algo) Income statement computations and format LO A2 [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 40% for all items. a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold. Problem 17-6AA (Algo) Part 4 4. What is the amount of…

104-Principles of Management Acco y courses/ BUSS 104-2-20202 / TEST 2 SCHEDULED FOR 12TH APRIL 2021 IN CL The BCD Company had the following income statement on 31.12.2020 Deprecation 10000 Net income 190000 OMR The following accounts decreased during 2020: Accounts receivable 22000 inventory 15000 OMR. Rent payable 19000, Machinery 15000 OMR The following accounts increased during 2020:Notes receivable 14000 Accounts Payable 13000 long term Bonds payable 30000 OMR Calculate cash flows from operating activities Select one: O a. 245000 OMR O b. NONE OF THESE Oc. 217000 OMR O d. 249000 OMR Next page page s unit 4 Jump to.. nned in se Moor Rakhit Almaschani na uth

Intermediate Accounting 105 May I please have explanations and calculations to this exercise Thank you

QUESTION SIX   The following financial statements relate to ZB Plc. ZB PLC     Statement of comprehensive Income for the year ended 31st December:       2021 2020    K'000  K'000 Revenue 3,068,959 2,305,425 Cost of sales -2,024,857 -1,346,701 Gross profit 1,044,102 958,724 Other expenses -244,307 -458,473 Net impairment credit on financial assets 12,291 3,002 Distribution costs -208,749 -178,028 Administrative expenses -413,157 -302,323 Operating profit 190,180 22,902 Finance Income 2,978 1,557 Interest Expense -86,936 -15,974       Profit before income tax 106,222 8,485 Income tax credit (expense) 41,730 -2,546 Profit for the year 147,952 5,939 Other comprehensive income     Total comprehensive income for the year 147,952 5,939         ZB PLC     Statement of Financial Position as at 31st December:…

Atlantic Corporation reported the following financial statements: E (Click the icon to view the financial statements.) The company has 2,200 shares of common stock outstanding. What is Atlantic's earnings per share? (Round the earnings per share to two decimal places, X.XX. O A. $1.90 Financial Statements O B. $3.58 OC. $2.49 O D. 3.19 times Atlantic Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents 2,052 $ 1,655 Accounts Receivable 1,951 1,731 Merchandise Inventory 1,342 1,094 1,615 1,817 Prepaid Expenses Total Current Assets 6,960 6,297 18,240 16,174 Other Assets 2$ 25,200 $ 22,471 Total Assets Liabilities Current Liabilities 24 7.087 $ 8,158 4,698 3,844 Long-term Liabilities Total Liabilities 11,785 12,002 Stockholders' Equity Common Stock, no par 7,015 4,169 6,400 6,300 Retained Earnings Click to select your an Total Stockholders' Equity 13,415 10,469 24 25,200 $ 22,471 Clear Al All parts showing Total…

HW - Ch 20-2   Prepare journal entries to record the effects on Shannon’s accounting records at December 31, 2021, for each of the items described above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars not in thousands of dollars.) (1)  Record the gain on sale of investment with an original cost of $186,000 for $232,000 (2)  Record the adjustment of equity securities for the investment of $232,000 as on the date of sale. (3)  Record the fair value adjustment. (4)  Record the loss-lawsuit. (5)  Record correction of inventory error. (6) Record correct assets that were incorrectly expensed. (7)  Record the 2021 adjusting entry for depreciation. (8) Record the income tax expense.

31 5:31 2020-Target-Annual-... TARGET CORPORATION 2020 Form 10-K FINANCIAL STATEMENTS REPORTS . 5G 55 Table of Contents Index to Financial Statements Report of Management on the Consolidated Financial Statements Management is responsible for the consistency, integrity, and presentation of the information in the Annual Report. The consolidated financial statements and other information presented in this Annual Report have been prepared in accordance with accounting principles generally accepted in the United States and include necessary judgments and estimates by management. To fulfill our responsibility, we maintain comprehensive systems of internal control designed to provide reasonable assurance that assets are safeguarded and transactions are executed in accordance with established procedures. The concept of reasonable assurance is based upon recognition that the cost of the controls should not exceed the benefit derived. We believe our systems of internal control provide this…

What is the Operating Expense for 2020 and 2019?

How much was the profit of the company

Subject-Accounting

Prince Albert Roman Catholic Separate School Division No. 6Statement of Operations and Accumulated Surplus from Operationsfor the year ended August 31, 2019 2019 2019 2018Budget Actual Actual$ $ $REVENUES(Note 13)Property Taxes and Other Related 2,831,005 2,882,539 1,216,168Grants 26,723,613 26,687,615 28,529,827Tuition and Related Fees 166,707 180,917 210,457School Generated Funds 350,000 1,120,806 987,387Complementary Services (Note 11) 785,980 775,933 776,320Other 71,800 700,358 114,979Total Revenues (Schedule A) 30,929,105 32,348,168 31,835,138EXPENSESGovernance 144,802 163,558 131,686Administration 1,628,935 1,503,201 1,642,800Instruction 22,910,432 23,066,736 23,059,888Plant 4,956,098 5,154,355 4,486,792Transportation 1,789,440 1,994,623 1,981,976School Generated Funds 350,000 1,055,276 883,152Complementary Services (Note 11) 725,479 822,509 762,074Other 84,125 83,765 296,461Total Expenses (Schedule B) 32,589,311 33,844,023 33,244,829Operating Deficit for the Year (1,660,206)…

Intermediate Accounting 105 May I have help with this problem, please?     Thank you so much for the help

31-12 31-12 2019 2020 655 Alex & Co Alex & Co year Balance Sheet ($m) Current Assets Cash & Bank Deposits Trade Receivables Income Statement ($m) Sales Revenue [b] |- Cost of Goods Sold [c] 2020 3,149 -2,279 870 -337 883 86 151 236 289 277 416 26 Gross Profit Selling, General & Admin Costs - Other Operating Costs Depreciation Expense Profit before Interest & Tax |- Interest Expense |- Uncollectible Receivables + Other Operational Income - Other Operatinal Expense +/- Net Investment Income (Expense) 78 Inventories Prepaid Expenses Other Current Assets Non-Current Assets Plant, Machinery & Equipment, net Land & Buildings Other Non-Current Assets 33 -83 U L. -14 436 11 13 422 612 -35 241 375 -4 176 232 5 -6 Total Assets Current Liabilities Short-Term Bank Loans Trade Payables Interest Payable Corporate Tax Payable Accrued Expenses Other Current Liabilities Long-Term Liabilities Total Liabilities Owner's Equity Paid-in Capital [a] Equity Reserves Retained Earnings Current Period Profit…

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ect Assignment The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement. For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains. Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share $ 435 6 128 569 247 158 41 446 $123 $ 12.30 Saved Help Additional information: 1. Selling and administrative expense includes $28 million in restructuring costs. 2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $8 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $10 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material.…

Problem 17-6AA (Algo) Income statement computations and format LO A2 [The following information applies to the questions displayed below] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 40% for all items. a. Interest revenue. b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable. e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings B. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold Debit $ 35,400 27,250 107,800 19,650 53,400 17,400 25,150 496,500 Credit $…

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Year ended December 31,   2023 2022 2021 Revenues $4,578,041 $3,864,324 $3,003,610 Costs and expenses:       Cost of goods sold $2,227,189 $2,089,089 $2,005,691 Selling and administrative 922,261 836,212 664,061 Interest 29,744 32,966 30,472 Other expenses (income) 1,475 2,141 (43) Total costs and expenses $3,180,669 $2,960,408 $2,700,181 Income before income taxes $1,397,372 $903,916 $303,429 Income taxes 229,500 192,600 174,700 Net income $1,167,872 $711,316 $128,729 Venus IndustriesConsolidated Balance Sheets (in thousands)   December 31, ASSETS 2023 2022 Current assets:     Cash and equivalents $291,284 $260,050 Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046 826,977 616,064 Inventories 592,986 512,917 Deferred income taxes 26,378 28,355 Prepaid expenses 40,663 32,977 Total current assets $1,778,288 $1,450,363 Property, plant, and equipment $571,032 $497,795 Less accumulated depreciation (193,037)…

17 & Exit Submit The financial statement amounts for the Atwood Company and the Franz Company as of December 31, 2024, are presented below. Also included are the fair values for Franz Company's net assets (all numbers are in thousands). 02:17:14 Cash Atwood Book Franz Book Franz Fair Value 12/31/2024 Value 12/31/2024 Value 12/31/2024 $ 870 $ 240 $ 240 Receivables 660 600 600 Inventory 1,230 420 580 Land 1,800 260 250 Buildings (net) 1,800 540 650 Equipment (net) 660 380 400 Accounts payable (570) (240) (240) Accrued expenses Long-term liabilities (270) (60) (60) (2,700) (1,020) (1,120) Common stock ($20 par) (1,980) Common stock ($5 par) (420) Additional paid-in capital (210) (180) Retained earnings 1/1/24 (1,170) (480) Revenues (2,880) (660) Expenses 2,760 620 Note: Parenthesis indicate a credit balance Assume an acquisition business combination took place at December 31, 2024. Atwood issued 50 shares of its common stock with a fair value of $35 per share for all of the outstanding…

EA#9 Tax on Corporation: Problem Solving FnB Question 9 of 43 Fill in the blanks For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2,463,500 ents Sales returns & allowances 27.500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 586,040 operating expenses Answer the following: 1. Gross income is 2. Normal corporate income tax is 3. Minimum corporate income tax is NOTE Answers are in numerical form, COMMA PESO SIGN and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera e es

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STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31     2020 2019 2018 Turnover 373,578 424,486 456,300 Cost of sales (253,604) (254,210) (198,900) Gross profit 119,974 170,276 257,400 Impairment of financial assets (2,477) (1,800) (5,400) Distribution costs (87,036) (91,309) (96,100) Administrative expenses (32,556) (50,656) (67,200) Other operating income 2,369 10,039    3,500 Operating profit 274 36,550 92,200 Finance income 2,594 4,949 7,200 Finance costs (2,069) (2,765) (3,400) Profit before income tax 799 38,734 96,000 Income tax expense (285) (13,718) (15,450) Profit for the year 514 25,016   80,550 Other comprehensive income - - - Total comprehensive income 514 25,016 80,550 Table 1 Source (Author, 2022)         CLOUD 9 LTD STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31     Non-current…

Question 25 The statement of comprehensive income and the statement of financial position disclosed relates to Boakye Limited. Boakye Limited Statement of Comprehensive Income for the year ended December 31, 2021 GHC GHC Sales 7,051,088 Opening Inventory 845,000 Purchases 7,050,250 7,895,250 (2,650,000) 5,245,250 Closing inventory Gross profit 1,805,838 Operating expenses Admin expenses (1,057,567) Distributive expenses (418,033) Depreciation (50,000) (1,525,600) NPIT/EBIT 280,238 Interest (35,600) PBT 244,638 Tax PAT (154,638) 90,000 2021 Non-current assets GHC 22 Statement of Financial Position as at December 31, 2021 2020 GHC GHC GHC