900000. Required:1) Prepare income statement for the year ended Dec. 31, 2010.
Q: The following information was extracted from the 2020 financial statements of Max Company: Income…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: MWF Company had the following transactions during the quarter ended March 31, 2021: • Loss…
A: Expenses - Expenses are the amount incurred in the financial year to earn revenue. Expenses are as…
Q: The following selected accounts are taken from ABC Company on Dec. 31, 2022: Accounts…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: The entity has collected P20,000 interest during 2020. While P3,700 is recorded in interest…
A: When a company follows accrual basis of accounting, there may be differences between the interest…
Q: Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using…
A: Answer and calculations are given below
Q: BE4.9 Portman corporation has retained earnings of $675000 at January 1, 2020. net income during…
A: Statement of Retained Earnings is a financial statement that represents changes in earnings over a…
Q: Louie Makulet Corporation provided the following balances on December 31, 2020 which has been…
A: Current assets are used or sold within a year whereas, non current assets are sold or utilized after…
Q: In its December 31, 2020, balance sheet Oakley Corporation reported as an asset, “Net notes and…
A: Balance Sheet: It is a financial statement that reports the financial position of an organization…
Q: had been made. (-) Puuchass fuom COGS 3,70,00-3000, (4) adveelixuy m 0E You are required to prepare…
A: Profit and loss statement: Profit and loss statement is one of the financial statements of the…
Q: oss on Sale- 900,000 • Payment of fire insurance premium for calendar year 2021- 400,000 •…
A: Solution: Determination of the net income or loss for any quarter is based on revenues or expenses…
Q: #210 BALJEET Company reported the following information for the year ended December 31, 2020:…
A: Solution:- Preparation of the income statement of "BALJEET" Company for the year ended December 31,…
Q: DALLAS Corp. is preparing the December 31, 2020, year-end financial statements. Following are…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Forecasting an Income Statement ADP reports the following income statement. AUTOMATIC DATA…
A: Operating expenses have a significant impact on a company's profitability and cash flow. Operating…
Q: BT21 Corp. collected P24,700 in interest during 2021. BT21 showed P3,700 in interest receivable on…
A: The interest revenue can be calculated as interest collected and changes in interest receivable…
Q: TS Corp. collected P24,700 in interest during 2021. BTS showed P3,700 in interest receivable on its…
A: Solution: Interest revenue = Interest collected + ending interest receivable - beginning interest…
Q: You are required to prepare the balance sheet as on 31-12-2017 by using net change method from the…
A: Current Purchase Power Method The basic factor of using the current purchase power method amount of…
Q: The following information is provided to you by Ahmed LLC for the financial year ending 31st…
A: Net assets(liabilities) = closing assets - closing liabilities = OMR 60000 - 120000 = OMR-60000
Q: Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 July…
A: SOLUTION : DEFERRED TAX means the difference between the calculation of Tax implication of book…
Q: Based on the data above, Retained Earnings at December 31, 2020 was O $951,920 O $952,220 O $948,920…
A: Retained earning means amount of profit remain after all the adjustment of expense and adjustments.
Q: What is the effect of the errors to the Retained Earnings at the beginning of 2019? * 400,000…
A: Retained earnings are the accumulated earnings of the business, which belongs to the owners and…
Q: Last year, which is used as the base year, a firm had cash of P46, accounts receivable of P132,…
A: Common base year: It is the expression in which items of financial statements in a given year is…
Q: ended 30 June 2021. Prepare an income statement for the year ended 30 June 2021. Note: An Earnings…
A:
Q: Leni Company had the following transactions during the quarter ended March 31, 2021: • Loss…
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…
Q: The entry to close Income Summary to Nova, Capital includes The income statemernt for the year 2008…
A: Formula: Net income = Revenues - expenses
Q: In its December 31, 2017, balance sheet Oakley Corporationreported as an asset, “Net notes and…
A: Receivables (Notes and Accounts): A legal written document that promises to pay the mentioned amount…
Q: On De 500,00
A: The expense recognition is based on the concept of accrual accounting. Property taxes paid for the…
Q: What is the income from continuing operations for 2020?
A:
Q: The income statement for the year 2020 of Culver Co. contains the following information: Revenues…
A: Formula: Ending owner's equity = Beginning Owners equity - Net loss - Drawings
Q: Prepere s multiple-step income statement for the period ended January 31, 2021.
A: Big Blast Fireworks Multiple Step operating income statement For period ended 31st January…
Q: Find the NWC for 1998 and 1999 with the following information: Dec 31 1998: Current Assets = $2000…
A: Difference between the current assets and current liabilities called as net working capital (NWC).
Q: The following trial balance of Robertson Co. at December 31, 2020 has been adjusted except for…
A: Lets start with basic understanding of term current asset. Current asset are assets which are…
Q: Bell Company provided the following trial balance on December 31, 2019 which had been adjusted…
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…
Q: gnoring income tax, the accounting change should preferably be reported by the company in its year…
A: As the question specified ignoring income taxes, the cumulative effect on retained earnings will be…
Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…
A: Deferred Tax Liabilities are the additional tax payable when the tax as per authorities is higher…
Q: Title Use the information for Sorpon Corporation in E18-6, and assume that the company reports…
A: Taxable income includes the income earned to be taxed as obligation to be given to the government…
Q: The following information was available for the year ended December 31, 2019: Earnings before…
A: Debt equity ratio measures the percentage of debt concerning the equity of the company.
Q: Required: Based on the preceding information, answer the following questions. All questions pertain…
A: The Numerical has covered the concept of Adjusting Entries. Adjusting Entries are prepared at the…
Q: adjusted balance of accounts payable on December 31, 2021?
A: Answer: Unadjusted Balance of Accounts payable as on Dec 31,2021…
Q: BE4-9 Portman Corporation has retained earnings of $675,000 at January 1, 2020. Net income during…
A: Statement of Retained Earnings is a financial statement that represents changes in earnings over a…
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: In simple terms, net income is the income that comes after deducting all expenses from the total…
Q: The following accounts are excerpt trial balance of Strawberry Corp. at December 31, 2021 has been…
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…
Q: During the year ended December 31, 2012, Francisco Company paid interest totaling P100,000. The…
A: Interest expense is a form of non operating expense and this is an important part of income…
Q: The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017.…
A: Ratio Analysis: Ratio analysis is a system of analysis or comparison of the ratio of the company…
Q: If current assets are P90,000 and total assets are P270,000, what percentage of total assets are…
A: Given: Current assets = P90,000 Total assets = P270,000
Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000…
A: Purchases = Ending accounts payable balance + Amount paid to suppliers - Beginning accounts payable…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: Cash flow statement is a statement showing the flow of cash in an organization from 3 main…
Step by step
Solved in 2 steps with 1 images
- Inventory analysis Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected financial information for both companies from a recent year's financial statements (in millions): a. Determine for bom companies (1) the inventory turnover and (2) the days' sales in inventory. Round to one decimal place. b. Compare and interpret the inventory metrics computed in (a).A firm is preparing to make adjusting entries at the end of the accounting period. The balance of the merchandise inventory account is 100,000. If the firm is using the perpetual inventory system, what does this balance represent?Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
- Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.Presented below is selected information related to Metlock, Inc. for the year ended January 31, 2022. Ending inventory per Insurance expense $ 11,150 perpetual records $ 31,180 Rent expense 21,280 Ending inventory actually Salaries and wages expense 55,630 on hand 30,480 Sales discounts 11,090 Cost of goods sold 218,770 Sales returns and allowances 15,740 Freight-out 7,290 Sales revenue 404,680 Prepare the necessary adjusting entry for inventory.On June 1, Calumet Corp. paid $25,000 for inventory previously purchased on account. Which of the following statements is correct with respect to how this transaction should be shown on the transaction worksheet? Select one: a. The cash account will decrease and the deferred revenue account will decrease. b. The inventory account will decrease and the cash account will decrease. c. The cash account will decrease and the accounts payable account will decrease. d. The cash account will decrease and the retained earnings account will decrease. e. The cash account will increase and the accounts payable account will increase.
- The unadjusted trial balance of S&M Corporation as on June 30, 2020 are as follows: Cash $188,640 Salaries and wages expense (sales) $287,640 Inventory 538,640 Salaries and wages expense (office) 349,640 Sales revenue 4,278,640 Purchase returns 18,640 Unearned sales revenue 120,640 Sales returns and allowances 82,640 Purchases 2,789,640 Freight-in 75,640 Sales discounts 37,640 Accounts receivable 146,140 Purchase discounts 30,640 Sales commissions 86,640 Selling expenses 72,640 Telephone and Internet expense (sales) 20,640 Accounting and legal services 36,640 Utilities expense (office) 35,640 Insurance expense (office) 27,640 Miscellaneous office expenses 11,640 Advertising expense 57,640 Rent revenue 243,640 Delivery expense 96,640 Extraordinary loss (before tax) 73,640 Depreciation expense (office equipment) 51,640…The following information relates to extract from financial data of Dorah Willemse Ltd for the ended 31 December 2010: Current assets - R 65000 Current liabilities - R60000 Accounts receivables - R20000 Inventory - R2000 Goodwill - R40000 Sales (on credit) - R365000 Cost of goods sold - R 280000 Calculate the Current Ratio Select one: A. 2.10 to 1 B. 0.10 to 1 C. 0.90 to 1 D. 1.08 to 13. The following records were taken from the books of the Company and its branch on December 31, 2021: (see image below) Expenses incurred by the HO is P382,000 and branch incurred P101,500. In 2021, home office billed the branch at 120% of cost which was lower by 5% than last year’s. The Company applies FIFO inventory system What is the a.combined net income and b. balance of the Unrealized Gain account?
- On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.1.The following items were among those that appeared on Rubi Co.’s books at the end of 20X1:Merchandise inventory P600,000Loans to employees 20,000 What amount should Rubi classify as monetary assets in preparing constant peso financial statements? a.0b.20,000c. 600,000d.620,0002. The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:Demand bank deposits P650,000Net Long-Term Receivables 400,000Patents and Trademarks 150,000 In preparing constant peso financial statements, how much should Baird classify as monetary assets?a.1,200,000b.1,050,000c.800,000d.650,000The following selected accounts and the current balances apper in the ledger of Anderson Co., for the fiscal year ended May 31, 2020. Advertising Expense $550Cost of Merchandise Sold 7850Customer Refunds Payable 40Delivery Expense 16Depreciation Expense-Office Equipment 50Depreciation Expense-Store Equipment 140Estimated Returns Inventory 22Insurance Expense 48Interest Expense…