Account Cash A/R Rent Exp DR $40,000 20,000 12,000 CR
Q: What is the composition (weights) of the portfolio? (Round answer to 4 decimal places, e.g.…
A: In the question, Portfolio return is given and asked to calculate weights. In this case, we will…
Q: If Year 1 cost of goods sold equals $760, Year 2 cost of goods sold equals $820, and Year 3 cost of…
A: Horizontal analysis is the way to calculate the variance from the different year by year to show an…
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4.…
A: The balance sheet is one of the financial statements of the business, which represents the financial…
Q: Capital Prepaid insurance 5600 Salary expense 1000 Service Revenue Commission revenue Machinery…
A: The income statement is one of the financial statements of the business which tells about the…
Q: A fixed capital investment of ₱11,000,000 is required for a proposed manufacturing plant and an…
A: The rate of return is the percentage measure of the earnings of the company with respect to the…
Q: The following standard costs per unit, of one product, have been taken from the records of Bahrain…
A: The variance is the difference between actual data and standard output of the production.
Q: Udala Uke's had the following transactions involving notes payable: July 1, 2021 Borrows $50,000…
A: The adjusting entry at the reporting date about the note payable is the journal entry to record the…
Q: Journal entries? 1. Depreciation on the equipment for the year is $7,000. 2. Salaries earned (but…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Jen and Cassian earned $650,000 in salaries and $36,000 in interest income during the year. They had…
A: In the context of the given question, we are required to compute Jen and Cassian's taxes due or…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Factory overhead means all type of indirect costs being incurred on production and manufacturing of…
Q: At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the…
A: Answer - Working Note : Calculating the predetermined overhead rate= (Overhead ÷direct material) ×…
Q: Antonio Melton, the chief executive officer of Thornton Corporation, has assembled his top advisers…
A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows)
Q: ABC Tours is organizing a 5 day trip to Toronto. For this particular five-day trip, it will cost the…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Scotiabank approved a $250,000 line of credit for Buhler Industries at prime + 1%. It requires only…
A: Total interest charged to Buhler Industries on December 27 and January 27=$1990.76
Q: Fore Farms reported a pretax operating loss of $120 million for financial reporting purposes in…
A: Introduction: The income statement of a firm documents the company's success over a specific time…
Q: Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production…
A: In this, According to the giuven information , Entry for recording the Raw material usage in…
Q: For example, Master Chemicals produces bottles of a cleaning lubricant. The activity levels and the…
A: The least-square method helps to distinguish between the fixed and variable cost by plotting all the…
Q: Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting…
A: The balance sheet shows the financial position of the company. It includes the assets, liabilities,…
Q: Which of the following statements about ABC is not correct? answer choices When forming activity…
A: Answer:- Activity-based costing (ABC)= Activity-based costing (ABC) is a kind of method of costing…
Q: The following standard costs per unit, of one product, have been taken from the records of Bahrain…
A: The variance is the difference between actual production dat and standard production data. SP-…
Q: If you place $25,500 into an 80-day short-term GIC at TD Canada Trust earning 0.55% simple interest,…
A: Maturity value = Amount invested + Interest earned
Q: Income statement? Accounts Debit Credit (OMR) (OMR) Cash 120,000 Capital 100,000 Prepaid insurance…
A: An income statement is one of the financial statements prepared at the end of the reporting period…
Q: Week 5: Corporations • Due by the end of Week 5 at 11:59 pm, ET. It's the end of the month, and the…
A:
Q: Arabian Gulf Corporation reports the following stockholders' equity section on ecembe - Common…
A: The stock dividend increases the number of shares issued and decreases the retained earnings when…
Q: Portable Power Inc. buys portable generators for $470 and sells them for $750. They pay a sales…
A: A contribution margin is an excess value of sales revenue over the variable cost. It is also an…
Q: For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2021.…
A: Depreciation refers to the reduction in the value of asset due to its normal use and tear and wear.…
Q: A savings account at your local credit union holds a balance of $5,894 for the entire month of…
A: Simple interest is the amount of interest received on a deposit based on a flat rate. Formula:…
Q: On 31 October 2012 the carrying amount of an entity’s delivery truck was R200 000 when its…
A: Introduction: In accounting, impairment is a continuous decrease in the value of the a company's…
Q: Why might it be desirable to operate enterprise funds at a profit? H The Village of Seaside Pines…
A: The closing entries at the year end are presented hereunder : The purpose of recording closing…
Q: 9. The August 31 bank statement of Kelvin Inc. showed a balance of P113,000. Deducted in arriving at…
A: Lets understand the basics. Bank reconciliation is prepared by management to tally cash balance as…
Q: Working Capital and Current Ratio Current assets and current liabilities for Konex Properties…
A: Lets understand the basics. Working capital is a capital required to run a day to day business…
Q: Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020 -…
A: Introduction: A journal entry is a monetary transaction record kept in a company's accounting…
Q: Plant assets are used in business and have useful lives that extend over more than one accounting…
A: Assets are the rights and resources being held by the business. These can be long term assets or…
Q: Examine the purpose of the accounting function within an organization.
A: Accounting is the art and science of identifying, recording, classifying, summarising, and…
Q: Wilkins Inc. acquired 100% of the voting common stock of Granger Inc. on January 1, 2021. The book…
A:
Q: 8.On August 20X1, ABC Company bought 10,000 shares of Z Corp at P120,000. Commission and taxes…
A: The meaning of the hold collect and sell is that these are the securities that are held till the…
Q: 1. Materials were purchased on account for $35,425. 2. Materials were requisitioned to begin work on…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: What is the net income for the current year? During the year, Homo sold 100,000 shares with P20 par…
A: Net income for the current year This can be arrived using the Cash flow statement as follows:
Q: dividends paid as financing activities. If you determine that any of the items do not belong in any…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Foreign currency transactions Melbourne Ltd purchased goods from France on 3 April 2022 on credit…
A: Introduction: If goods are purchased from other countries and payment is deferred to a later date,…
Q: efficiency
A: Step 1 Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the…
Q: A, B and C as partners in a partnership stipulated and mutually agreed that A shall not share in the…
A: There are several forms of business organisation that is used by the business. These are sole…
Q: Question 12 of 40 In June, Widgets, Inc. makes on account sales to Customs Motors of $800 and…
A: Lets understand the basics. Account receivable control account is a account maintained to record…
Q: This is the situation where liquidation value is considered for industries which purpose are related…
A: The liquidation of any company is the process to wind up the company so because they loss money -…
Q: What are the partnership's earnings for 2015?
A: Marco's earnings = ending capital - beginning capital+ withdraw - additions =…
Q: counts Payable counts Receivable paid Insurance sh awing al assets are . $7,934 p. $3,947 $434 Fees…
A: Total assets are the value of everything a person has after all assets and obligations have been…
Q: partnership assets itors, the ledger of the Daniela, Erika and Eredline partnership showed the…
A: Insolvency of partner's in partnership firm: When any individual or firm or company is not able to…
Q: DEFERRAL-TYPE 1. A company paid on June 1, 2021, one-year rent for the ground floor of a building at…
A: Adjusting entries are made to accurately allocate income and expenditures to each accounting…
Q: Break-Even Point Sheridan Inc. sells a product for $90 per unit. The variable cost is $50 per…
A: Breakeven point(in units)=Fixed cost/contribution per unit where contribution per unit=Sales…
Q: Bill's Barber shop signed a one-year 7% bak loan payable in the amount of 5,000 on April 1,…
A: The loan is a liability reported under the head liability on the balance sheet of the company. The…
Step by step
Solved in 2 steps with 1 images
- Profitability metrics The following selected data were taken from the financial statements of The O'Malley Group Inc. for December 31, 20Y5. 20Y4. and 20Y3: No dividends on common stock were declared between 20Y3 and 20Y5. a.Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity Tor the years 20Y4 and 20Y5. Round to one decimal place. b. What conclusions can be drawn from these data as to the company's profitability?Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…Given : Total Assets :120.000,Long Term Liabilities : 20.000,Current Assets :80.000, and,Current Liabilities : 60.000Net Profits : 24.000Choose the incorrect Answera) Total Liabilities / Total Sources : 0,67b) Total Debt / Equity :1c) Current Ratio: 1,33d) Return on assets : 0,20
- 33- Compute total income from the following? Gross Profit OMR 10000, Rent Paid OMR 1000, Commission received OMR 3000 and Dividend received OMR 2000. a. OMR 14000 b. OMR 15000 c. OMR 16000 d. OMR 13000Given the following information :sales R10 000 000,calculated gross profit R7 000 000 ,operating expenses R3 200 000,Interest income R60 000,Interest expense R250 000 and income tax 28% of profit before tax . Net profit after tax is ?The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
- Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %Financial statementsThe assets and liabilities of Global Travel Agency on December 31, 20Y5.and its revenue and expenses for the year are as follows: Accounts payableAccounts receivableCashCommon stockFees earnedLandMiscellaneous expense Rent expenseSuppliesSupplies expenseUtilities expenseWages expense $ 108,000539,000200,000575,000940,0001,500,000$ 19,50056,0006,00012,70034,80415,000 Common stock was $525,000 and retained earnings was $1,250,000 as ofJanuary 1. 20Y5. During the year, additional common stock of $50,000was issued for cash, and dividends of $90,000 were paid. Instructions1. Prepare an income statement for the year ended December 31.20Y5.2. Prepare a statement of stockholders' equity for the year ended December 31. 2015.3. Prepare a balance sheet as of December 31, 20Y5.4. What items appears on both the statement of stockholders'equity and the balance sheet?Income 31955 , assets 213000, assets at end year, 259000. What return on assets
- DIRECTION: Compute the following PROFITABILITY RATIOS Gross Margin= Gross Profit/Net Sales Net Profit Margin= Net Profit/ Net Sales Return on Equity= Profit/Shareholder's Equity Return on Asset= Profit/Total Asset TREND ANALYSIS Net Income Growth Rate Total Assets Growth Rate And also compute the percentage beside the columns December 31, December 31, PERCENTAGE 2021 2020 USD USD Assets Current assets Cash and cash equivalents 34,115,412 25,681,845 Short-term financial instruments 71,417,748 80,798,680 Short-term financial assets at amortized cost 2,944,705 2,409,853 Short-term financial assets at fair value through profit or loss 35,624 62,452 Trade receivables 35,585,565 27,065,012 Non-trade receivables 3,930,828 3,150,548 Prepaid expenses 2,042,001 1,980,685 Inventories 36,172,043 28,007,314 Other current assets 4,441,629 3,281,589 Assets held-for-sale - 812,370 Total Current Assets…Compute total income from the following? Gross Profit OMR 15000, Rent Paid OMR 3000, Commission received OMR 4000 and Dividend received OMR 2000.The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is asfollows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,600 $ 337,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704,400 609,600Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,600 865,800Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,600 26,400Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,386,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980,000 $ 990,000Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . (397,200) (366,000)Equipment . . . . . . . . . . . . . . . . . . .…
