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- Q10.4 Sheffield Corp. purchased equipment for $50400. Sales tax on the purchase was $3024. Other costs incurred were freight charges of $756, repairs of $441 for damage during installation, and installation costs of $839. What is the cost of the equipment? $53424 $50400 $55019 $55460A2 aii Use the following information for Delta Corporation: Year 20X1 20X2 Net sales $1,500,000 $1,656,598 Cost of goods sold 675,000 745,469 Depreciation 270,000 298,188 Interest paid 43,600 44,000 Cash 127,500 140,811 Account’s receivable 450,000 496,980 Inventory 525,000 579,809 Net fixed assets 1,800,000 1,987,918 Accounts payable 375,000 414,150 Notes payable 45,000 50,000 Long-term debt 500,000 500,000 Common stock 1,000,000 1,000,000 Retained earnings 982,500 1,241,368 Tax rate 35% 35% Dividend payout 30% 30% Delta has 600,000 common shares outstanding. The firm is projecting a 20% increase in net sales for the coming year (20X3). Delta uses the percentage of sales approach to plan for its financing needs. In using this approach, the firm assumes that cost of goods sold, all assets (current and fixed), and accounts payable will all remain a constant…Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
- Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).A company’s (sole proprietorship) PnL shows the following numbers: PnL Item Amount in kEUR Revenues 575.3 Material expenses -258.0 Personnel expenses -121.0 Depreciation -33.7 Other operating exp. -29.8 EBIT 132.8 Interest income 0.2 Interest expenses -3.8 EBT 129.2 Extraordinary expenses -12 Net Result 117.2 - 70% of material expenses are raw materials. These are included at historical costs. Current market values are 3% higher. - Prices for the remaing 30% of material expenses are assumed to be 3% higher - The owner’s management acitivity would result in add. costs of EUR 85k - Personnel expenses include extraordinary government aids of 17k positively - Depreciation includes 3.5k from assets no longer used in the operating process - Other operating expenses include 9k of losses from customer…Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other Assets:Equipment, net P340,000 P320,000Other Assets 15,000 15,000Total Property and Other Assets P355,000 P335,000 Total Assets…
- What is the net income for the year if the net revenue from by-product is treated as deduction from the cost of goods sold? Group of answer choices d. P118,000 b. P230,000 a. P200,000 c. P218,000Sales revenue $39,900 $75,300 $573,800 $35,400 $55,100Cost of goods sold 19,000 49,500 265,900 19,300 30,200Operating expenses 10,100 40,500 233,700 11,900 18,300 Total expenses 29,100 90,000 499,600 31,200 48,500Operating profit (loss) $10,800 $(14,700) $74,200 $4,200 $6,600Identifiable assets $35,200 $79,900 $493,400 $66,300 $49,900 Prepare the necessary disclosures required by GAAPQuestion The financial statements of Harry Ltd and its subsidiary Olivia Ltd have been extracted from their financial records at 30 June 2023 and are presented below. Harry Ltd$ Olivia Ltd$Sales 839 250 725 000Cost of goods sold (580 000) (297 500)Gross profit 259 250 427 500Dividends received 116 250 -Management fee revenue 33 125 Gain on sale of plant 43 750 Less Expenses Administration (38 500) (48 375)Depreciation (30 625) (71 000)Management fee - (33 125)Other expenses (126 375) (96 250)Profit before tax 256 875 178 750Tax expense (76 875) (52 750)Profit after tax 180 000 126 000Retained earnings 1 July 2022 399 250 299 000 579 250 425 000Dividends paid (171 750) (116 250)Retained earnings 30 June 2023 407 500 308 750 Statement of financial position Harry Ltd$ Olivia Ltd$Shareholders’ equity Retained earnings 407 500 308 750Share capital 437…
- Clay Company: What amount should be reported as operating profit for Segment One? * a. 1250000 b. 1000000 c. 650000 d. 500000Net sales OR 156000 Cost of the goods sold OR 99700 Details Debit. Credit General expenses 11700 Furniture 5100 Salaries. 9300 Depreciation. 2000 Account payable. 3575 Dividend revenue 2500here are the choices: what is the gross profit: a. 241000 b. 151000 c. 141000 d. none e. 177000 how much is the operating expense? a. none b. 141000 c. 151000 d. 241000 e.177000 How much is the operating income? a. 136150 b. none c. 124450 d. 130950 e. 137450