a. Make all necessary journal for 2018 b. Make all necessary journal for 2019 and 2020 c. Determine the amounts to be reported for the accounts: Land, Other Comprehensive Income, Loss on Impairment, and Accumulated Other Comprehensive Income as of December 31, 2018, 2019, and 2020.
Q: December 31, 2021---------P222,000 How much unrealized loss on equity investment is recognized in…
A:
Q: ncome at Dec 31, 20x1 or
A: Receivables is the amount of money to be received from customers on some future date.
Q: Prepare the Income Statement for the month ended 31 December 2021 using the variable costing method.
A: Lets understand the basics. There are two type of costing system are followed which are, (1)…
Q: On July 1 Wiggins Associates enters into a contract to provide consulting services to Pennsylvania…
A: The business concept is to keep the asset until it is redeemed, however sales might be made to…
Q: compute the ending inventory using the retail method. Explain the steps that you would use in…
A: Inventory is the good which are the products which company have for the purpose of sale by the…
Q: For each transaction, (f) analyze the transaction using the accounting equation, (2) record the…
A: (1) Accounting Equation Event Assets = Liabilities + Equity a $114,000 $114,000 b…
Q: Dr. Bad Debt Expense 162,500; Cr. Allowance for Bad Debts 162,500
A: Particular Amount Account Receivable as of 1st Jan 2020 1250000 Sales during the Year 2020…
Q: The area of accounting concerned with providing internal users with information is called O a.…
A: There are mainly two types of users of accounting information - the external and . The external…
Q: Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions,…
A: Cost of sales = $18000, 1/3 rd of Unsold inventory doesn't have any impact in books of Sydney Ltd.
Q: 9. $177,400 $106,440 10. $2,330,000 11. $342,900 $264,033 Level 2 Chapter 18- Section II - Exercise…
A:
Q: What is the status of House Bill No. 3902?
A: Government accounting is the accounting which is the set principles and guidelines and the framework…
Q: High Roller Properties is considering building a new casino at a cost of P10 million at t = 0. The…
A: WACC = 11% Investment cost = $ 10,000 Cash flow with no tax = $ 3,750 Cash flow with tax = $…
Q: Question A 68-year old retiree has a pension savings of $51,000, a 401k of $58,000, and an IRA…
A: A pension is a fund into which an amount of cash is deposited throughout an employee's working years…
Q: Describe the many parts that come together to produce a complete information system. Where does the…
A:
Q: A 68-year old retiree has a pension savings of $51, 000, a 401k of $58,000, and an IRA account of…
A: The retiree has a pension savings of $51,000, which is relevant information for the amount he will…
Q: Current Attempt in Progress Blossom Industries incurs unit costs of $7 ($4 variable and $3 foxed) in…
A: Marginal cost is the cost of producing one additional unit of output.
Q: hi, can I get the solution or the computation?, thank you!
A: The computation is shown below:
Q: What is the carrying value of the franchise at December 31, 2022? How much is the amortization…
A: As Per Ind As 38 and IAS 38 : - A. An intangible asset is an identifiable non-monetary asset without…
Q: The fair value of the option on 1 January 2016 was RM5 each and was estimated to rise to RM6.50…
A: It is an employees compensation scheme of employees stock option plan by passing a resolution as per…
Q: e. The partners agreed to share income by allowing salaries of $83,000 for Thomas and $60,000 for…
A: The income distribution is as follows:
Q: Indicate if the following transactions increase or decrease cash and classify the transactions as…
A: Lets understand the basics. Cashflow are divided into three type of activities which are (1)…
Q: a. Determine the standard unit materials cost per pound for a standard batch. Round the per unit…
A: Solution:- a)Determine the standard unit materials cost per pound for a standard batch as follows…
Q: When the law itself provides for non-payment of taxes, such tax escap known as: a. Tax evasion b.…
A: Introduction:- Taxation plays vital role in every organization. Every company desire to reduce tax…
Q: How did you get 588.64 I am getting 1/12 = .0833 1/7*1.5 = .2143 and if you muliply that by…
A: Depreciation refers to the reduction in the value of the fixed asset recorded in the books in a well…
Q: During the year 2021, David Company purchased 1,000 shares of Goliath Company ordinary shares at…
A:
Q: Assets and liabilities of a company are $150,000 and $30,000, respectively. Determine stockholders'…
A: Basic accounting equation is Total assets = Total liabilities + Stockholders equity
Q: 1. Included in the statement of stakeholder earuity are A assets, income, and exchenses. 16) Net…
A: As per the guidelines, only one question is allowed to be solved so I am answering the first…
Q: cash of rupees 450000. He bought a life insurance policy and paid a premium of 50000 annually. He…
A: Taxable Income is a part of the company's gross income that government subjected to the taxes. It is…
Q: During the year 2021, Pal Company purchased 1,000 shares of Pak Company ordinary shares at P150 per…
A: It is pertinent to note that securities held for trading purposes are measured at fair value through…
Q: The following are the unit costs of making and selling an item at a volume of 30,000 units per month…
A: In case of defective products to be sold, the cost of manufacturing the defective products have…
Q: The numerator in the calculation of the ratio of liabilities to stockholders' equity is O a. Total…
A: c. Total Liabilities
Q: Which of the foll
A: National Internal revenue Code: It is a Tx Code of 1997 originated from Republic Act No. 8424,…
Q: The following are the selected account balances of ABC Company taken from its trial balance as of…
A: Net Realizable value of accounts receivable = Accounts receivable - Ending Allowance for Bad debts…
Q: Johnson last month (December) sales were 20,000 units @ $50. The company estimates an increase of…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: Smart Company incurred the following costs in 2021, in relation to developing a machine that will be…
A: R & D expenses are related to amount spent on reasearch and development to introduce new…
Q: Alabama Corp. acquired an investment property on January 2, 2022, at a total cost of P8 million. The…
A: Given that, Cost of investment property = P8,000,000 Useful life of investment property = 25 years…
Q: 5. Evaluate the firm's long-term solvency for 1998 by computing: a. Debt to Equity Ratio b. Cash…
A: Ratio Analysis The purpose of preparing the ratio analysis which knows the strength and weakness of…
Q: Sunshine Gardens overhead expenses are: Indirect material pounds per unit Indirect material cost per…
A: A manufacturing overhead budget includes all costs incurred by a manufacturing business or…
Q: "S Projects in thousands А A B C D 400 596 496 544 130 200 160 190
A: DISCOUNT PAY BACK PERIOD IS THE CAPITAL BUDGETING TECHNIQUE WHICH IS BEEN USE FOR THE SELECTION OF…
Q: Bought office supplies of P21,400 in cash on May 29, 2019. At the end of the fiscal reporting period…
A: Under Expense Method, we first calculate the office supplies used and then record journal entries.…
Q: SportsWorld purchased equipment costing $10,000. The equipment has a residual value of $1,000, and…
A: Number of shoes manufactured during the whole life or during the year aren't used as we need to find…
Q: On January 3, 2018, Honest company acquired an item of property, plant and equipment at a cost of…
A:
Q: Which of the following inherent limitations of the power of taxation is violated by the imposition…
A: Tax is collected by the government from the imposed taxes which has been imposed by the central…
Q: Porky Co. owns 40% of Watwat, Inc.'s ordinary shares. On July 1, 20x2, Porky Co. sells half of its…
A: As per ASC 860 ,when there is sale accounting of shares or financial assests then a gain or loss…
Q: 4. Paolo is a sales manager receiving a monthly salary of Php 240 000.00, a commission of 7% on his…
A: Paolo is a sales manager receiving a monthly salary of php 240,000 Commission is 7% Transportation…
Q: are added after the Using the same data, inspection point, the inspection takes place when the units…
A:
Q: .On April 1,2021, Beauty Company purchased a franchise for P3,000,000. In addition, the franchise…
A: As per IFRS 38, Intangible Assets shall be amortized on a systematic basis over its useful life.
Q: Much capital structure theory focusses upon minimising agency costs, taxes, and bankruptcy costs. It…
A: capital structure theory says that for any company or investment there is an optimal mix of debt and…
Q: Required Information [The following information applies to the questions displayed below] Simpson,…
A: Solution:- Given, Simpson age = 45 and he is single individual who is full-time employee by Duff…
Q: Using data in 1 and 3, how much is the capital balance of Elizabeth after the retirement of Hugo?…
A: Retirement of a partner could be defined as the removal of a member from the partnership with the…
Step by step
Solved in 2 steps
- QWC 2016 $000 2017 $000 2018 $000 2019 $000 2020 $000 2021 $000 Current ratio 0.66 0.58 0.96 0.92 1.06 0.83 Quick ratio 0.43 0.37 0.58 0.53 0.49 0.57 Operating cash flow ratio 0.10 0.01 0.01 0.00 0.02 0.07 MMC Current ratio 2.37 2.23 2.07 1.89 2.74 2.16 Quick ratio 0.93 0.95 0.81 0.80 1.36 1.01 Operating cash flow ratio 1.02 0.72 0.96 0.47 0.32 0.52 Please interpret the ratio for both the companies. Not required to explain the theory just interpret the values for the following: 1) Current Ratio 2) Quick Ratio 3) Operating cash flow ratioHow much is the gross profit realized in 2019? A. P1,600,000 B. P1,350,000 C. P500,000 D. P250,000tion 8Income statement for the year ended 31 December, 2019 of KKMTN Ghana Ltd2018 2019ȼ ‘000 ȼ ‘000Turnover 420,000 523,600Cost of sales (330,000) (417,200)Gross profit 89,000 106,400Expenses:Administration 44,600 50,200Selling and distribution 15,400 (60,000) 19,600 (69,800)Profit before interest 29,000 36,600Debenture interest - (2,800)Net profit before tax 29,000 33,800Taxation (8,000) (10,000)Net Profit after tax 21,000 23,800Ordinary dividend paid 8,400 9,250Ordinary shares issued 12 million and trading at ȼ3 each as at yesterday onGSE.You are required to compute the following investment ratios:a). Earnings per shareb). Dividend per sharec). Payout ratiod). Price earnings ratioe). Earnings yield
- CALCULATE THE EBITDA For the year ended December 31, Notes 2020 2019 Revenue ₱ 10,775,731.00 ₱ 11,334,976.00 Cost of Sales 7,175,540.00 7,552,700.00 Gross profit 3,600,191.00 3,782,276.00 General and Administrative expenses 3,278,202.00 3,417,740.00 Finance Cost Or Interest Expense 48,000.00 16,000.00 Net Income before Tax 273,989.00 348,536.00 Provision for Income Tax 82,197.00 104,561.00 NET INCOME AFTER TAX ₱ 191,792.00 ₱ 243,975.00 (See Notes to Financial Statement)2. The budget manual is a detailed set of documents that provide information and guidelines about the budgetary process. It should include the followings EXCEPT: Select one: A. statements of the budgetary purpose and its desired results. B. a calendar of scheduled budgetary activities. C. a economic forecast for the organisation for the next 24 month. D. original, revised and approved budgets. 3. Break-even point can be considered as: Select one: A. the number of units required to be sold to cover fixed costs. B. the minimum amount of contribution margin that should be made. C. the level of activity at which total sales equals total costs. D. the level of activity where variable costs are covered by sales revenue. 4. Ahmad Jelani Enterprise produces ladies’ veils using the brand name ‘Taqwa’, which are specially designed for local market. The main fabrics are imported from Laos. Details of the product costing for the past 3 months are as follow: Quantity produced…Computron's Balance Sheets (Millions of Dollars) Projection 2018 2019 2020E Assets Cash and equivalents $ 60 $ 50 $ 60 Short-term investments 100 10 50 Accounts receivable 400 520 530 Inventories 620 820 660 Total current assets $ 1,180 $ 1,400 $ 1,300 Net Fixed Assets 2,900 3,500 3,700 Total Assets $ 4,080 $ 4,900 $ 5,000 Liabilities and equity Accounts payable $ 300 $ 400 $ 330 Notes payable 50 250 100 Accruals 200 240 270 Total current liabilities $ 550 $ 890 $ 700 Long-term bonds 800 1,100 1,100 Total liabilities $ 1,350 $ 1,990 $ 1,800 Common stock (100,000 shares) 1,000 1,000 1,000 Retained earnings 1,730 1,910 2,200 Total common equity $ 2,730 $ 2,910 $ 3,200 Total liabilities and equity $ 4,080 $ 4,900 $ 5,000 Income Statements (Millions of…
- Computron's Balance Sheets (Millions of Dollars) Projection 2018 2019 2020E Assets Cash and equivalents $ 60 $ 50 $ 60 Short-term investments 100 10 50 Accounts receivable 400 520 530 Inventories 620 820 660 Total current assets $ 1,180 $ 1,400 $ 1,300 Net Fixed Assets 2,900 3,500 3,700 Total Assets $ 4,080 $ 4,900 $ 5,000 Liabilities and equity Accounts payable $ 300 $ 400 $ 330 Notes payable 50 250 100 Accruals 200 240 270 Total current liabilities $ 550 $ 890 $ 700 Long-term bonds 800 1,100 1,100 Total liabilities $ 1,350 $ 1,990 $ 1,800 Common stock (100,000 shares) 1,000 1,000 1,000 Retained earnings 1,730 1,910 2,200 Total common equity $ 2,730 $ 2,910 $ 3,200 Total liabilities and equity $ 4,080 $ 4,900 $ 5,000 Income Statements (Millions of…Computron's Balance Sheets (Millions of Dollars) Projection 2018 2019 2020E Assets Cash and equivalents $ 60 $ 50 $ 60 Short-term investments 100 10 50 Accounts receivable 400 520 530 Inventories 620 820 660 Total current assets $ 1,180 $ 1,400 $ 1,300 Net Fixed Assets 2,900 3,500 3,700 Total Assets $ 4,080 $ 4,900 $ 5,000 Liabilities and equity Accounts payable $ 300 $ 400 $ 330 Notes payable 50 250 100 Accruals 200 240 270 Total current liabilities $ 550 $ 890 $ 700 Long-term bonds 800 1,100 1,100 Total liabilities $ 1,350 $ 1,990 $ 1,800 Common stock (100,000 shares) 1,000 1,000 1,000 Retained earnings 1,730 1,910 2,200 Total common equity $ 2,730 $ 2,910 $ 3,200 Total liabilities and equity $ 4,080 $ 4,900 $ 5,000 Income Statements (Millions of…Xyz tradingCondensed comparative balance sheet 2021 2020 2019Assets:Current assets 468,000. 345,600. 300,000Property and equipment 600,000. 560,400. 500,400Other assets(advances ). 72,000. 126,000. 150,000Total assets. 1,140,000. 1,032,000. 950,400Liabilities and stockholders’ equityLiabilitiesCurrent liabilities 134,400. 112,800. 100,00012 % long-term notes payable. 240,000. 300,000 350,000Total liabilities. 374,400. 412,800. 450,000Stockholders’ equity10% preferred stock 120,000. 120,000. 120,000Common stock 300,000 240,000 200,000Additional paid in capital 84,000. 48,000 40,000Retained earnings…
- Total selling expenses for 2020 must be: A. P900,000 B. P1,050,000 C. P1,080,000 D. P1,230,000 E. Answer not givenLife-Positive’s Account Balances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00 Sales 58,000.00 62,500.00 Short-term Notes Payable 2,890.00 2,340.00 Shares outstanding 85,000.00 90,000.00 The tax rate is 32% 1.Prepare a balance sheet for 2021 and 2022 for the company, clearly showing information about each line item. 2.Prepare an income statement for 2021 and 2022 for the company. 3.For the year ending 2022, determine the Net New Equity, Change in Net Working Capital, Net Capital Spending and Operating Cash flow. 4.Calculate the cash flow from assets, cash flow to creditors,…Life-Positive’s Account Balances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00 Sales 58,000.00 62,500.00 Short-term Notes Payable 2,890.00 2,340.00 Shares outstanding 85,000.00 90,000.00 The tax rate is 32% 1.Calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders for 2022. 2.what is the Dividends per Share and Earnings per Share for each year for Brown Company. 3.Briefly comment on the company’s cash flows for 2022 in light of an expansion plan which will be financed by both debt and…