Accounts Payable Salary Payable Current Liabilities Long Term Debt Total Liabilities Common Stock Retained Earnings Total Equity Total Liabilities and Equity Liabilities 12/31/20 1,600 315 1,915 1,823 3,738 Equity 10,000 8,854 18,854 22,592 Common Sized 12/31/21 3,573 1,228 4,801 409 5,210 13,500 10,151 23,651 28,861 Common Sized
Q: You are an audit senior in Planet and Co and you are commencing the planning of the audit of this…
A: Auditors are the professionals who check each detail furnished by the client through his/her…
Q: Auditor You are an audit senior in Planet and Co and you are commencing the planning of the audit…
A: An audit procedure is a specific test or task that an auditor performs in order to gather evidence…
Q: Question 14. A manufacturer of playground equipment has a standard costing system based on machine…
A: Note : Fixed overhead budget variance = Budgeted fixed overhead - Actual total fixed overhead Fixed…
Q: Prepare a bank reconciliation at July 31. (List items that increase cash balance
A: Bank reconciliation is a financial document that that compares and matches the cash balance to a…
Q: Josiah is a golf enthusiast. He teaches and plays the game of golf. A few years back, he was able to…
A: Budget is prepared at the beginning of an accounting period to estimate expenses and income for…
Q: Calculate pension expense for 20X3 and 20X4. Prepare the required journal entries for 20X3 and 20X4.
A: This is the follow-up question. The pension expenses for the year is to be computed which has been…
Q: Kingbird Merchandising uses an aging schedule to determine its estimated uncollectible accounts at…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: What are the typical criteria for nexus for income/franchise tax purposes?
A: Nexus is a legal term used in tax law to determine the extent to which a business is liable to pay…
Q: You just started work at an auditing firm, City Auditors CC. The firm is a well-known and…
A: The letter to the management and shareholder is as below
Q: Prepare an income statement for the three months ended December 31, 2020. BUSINESS SOLUTIONS Income…
A: Income Statement A company's sales, expenses, gains, and losses for a given period—usually a quarter…
Q: real life example of Absorption costing and traditional costing
A: Absorption costing is a managerial accounting method in which we capture all costs that is…
Q: As of December 31, 2022, Sandy Beach had $8,300,000 in 5.0 percent serial bonds outstanding. Cash of…
A: Governmental accounting deals with the recording of governmental activities, it records income and…
Q: On April 5, 2022, Janeen Camoct took out an 5% loan for $10,000. The loan is due March 9, 2023.…
A: Interest is defined as any compensation made by the borrowing party to the person from whom money…
Q: Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied…
A: Transaction analysis is the process of examining and identifying the specific accounts affected by a…
Q: Jessica purchased a home on January 1, 2022, for $500,000 by making a down payment of $200,000 and…
A: The maximum amount of interest that can be claimed as deduction for the interest on loan is…
Q: PROBLEM 4-13 Comprehensive Problem; Second Production Department-Weighted- LO4-2, LO4-3, LO4-4,…
A: Solution: Equivalent units of production = Units completed and transferred out + Units in ending WIP…
Q: Q-5 At what amount Berhay has to pay the old partners if the purchase is at book value after the…
A: Given in the question: Partners Capital Fractional Share Panganiban ₱…
Q: Acme Auto Repair entered into an agreement to lease equipment from Cromley Motor Products on July 1,…
A: Solution : Annual lease payment = $420,000 Period of lease = 5 years Interest rate = 8%
Q: A company produces a product and sells 25000 units a month at a selling price of £38. Direct…
A: The break even sales are the sales where business earns no profit no loss during the period. The…
Q: What is the purpose of an audit of a company's financial statements?
A: Auditing is the process of examining financial statements, records, and other financial information…
Q: What approaches might be used to decide the sequence in which to allocate supportdepartments when…
A: A support department's direct costs and any costs it receives in allocations from other support…
Q: Walt Disney Company (Disney) is a diversified inter- Walt Disney Company national entertainment…
A: Return on common equity is the profitability ratio that measures how much amount the common…
Q: The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash…
A: Solution: Net income = Revenues - Expenses Ending owner's capital =Beginning owner's capital + Net…
Q: Which of the following is the difference between variable costs and fixed costs? (CMA adapted)…
A: Variable cost includes direct material cost, direct labour cost, variable overhead etc. While fixed…
Q: Prepare an answer sheet with the column headings shown here. For each of the following transactions…
A: Financial statements are those statements which are prepared at the end of accounting period for…
Q: Prepare the following a. Direct method b. Step-down method (allocate MR first) c. Step-down…
A: Part a: Direct Method: Workings:
Q: After the success of the company's first two months, Santana Rey continues to operate Business…
A: Financial statements are prepared at the end of an accounting period. Balance sheet is one of the…
Q: The Solid Systems Company began operations on December 1, 2021. The unadjusted trial balance of the…
A: Closing journal entries are the journal entries that are recorded in the books of accounts at the…
Q: Calculate the company's sales price variance and comprehensive sales activity variance, specifying…
A: Sales price variance is the difference between actual and estimated units selling price multiplied…
Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20%…
A: OASDI full form is Old Age Survivor and Disability Insurance also known as social security , created…
Q: Rios Co. is a regional insurance company that began operations on January 1, 20Y2. The following…
A: Journal entries are the first step in the accounting cycle and are used to record financial…
Q: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answ to 1…
A: In accounts we often have to prepare contribution format segmented income statement. This special…
Q: Given the profit loss (income statement) and balance sheet for Sam's Sandwich Delivery (Table 4-8,…
A: Hi student Since there are multiple subparts asked, we will answer only first three subparts. If you…
Q: Assume that on September 30, 2017, Flyair, an international airline based in Germany, purchased a…
A: The Straight Line Method (SLM) of Depreciation reduces the value of an asset consistently till it…
Q: The following data were extracted from the income statement of Keever Inc.: Current Year Sales…
A: Inventory turnover is the measure which is used to check the efficiency of the company in selling…
Q: Blossom Company issues 12,200 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025.…
A: In the case of restricted stock, employees receive non-transferable shares with restrictions on when…
Q: old Mining Company has purchased a tract of mineral land for $972,000. It is estimated that this…
A: Depletion is used in the mining and depletion is decrease in value of mines due to extraction of…
Q: Albert billy and Cathy share profits and losses of their partnership as 1:4:3 if the net income is…
A: Share of profit and losses of partners as follows Albert share = 1 Billy Share = 4 Cathy Share =…
Q: 4. The records of Quest Company included the following accounts (with normal balances). Cash sales,…
A: The allowance for doubtful accounts has the normal credit balance. The bad debt expense is estimated…
Q: The following is Cullumber Tours Inc's unadjusted trial balance at its year-end, November 30, 2025.…
A: Journal entry: It refers to the recording of company's financial transactions in it's primary book…
Q: Where is the current quarte adjustment for fraction of cents coming from?
A: Tax returns are defined as the documents filed by taxpayers on which the details regarding their…
Q: Which of the following does NOT correctly describe the specific identification cost formula? This…
A: Specific identification cost formula use to valuation of inventory by tracking each and every item…
Q: Prepare an answer sheet with the column headings shown here. For each of the following transactions…
A: Financial statements are those statements and reports that are prepared at the end of accounting…
Q: Old Country Links, Incorporated, produces sausages in three production departments-Mixing, Casing…
A: Hi student Since there are multiple subparts asked, we will answer only first three subparts.…
Q: Problem 5-20A (Algo) Allocating product costs between cost of goods sold and ending inventory:…
A: There are different methods for valuing inventories .LIFO,FIFO,Average cost method,Specific…
Q: You plan to save Php7,000 per year, beginning immediately. You will make 3 deposits in an account…
A: The future value of money in account would be the amount that is being deposited and amount of…
Q: TamariskFurniture Company started construction of a combination office and warehouse building for…
A: The term avoidable interest refers to the interest cost amount which could have been avoided…
Q: Suppose Dave's Discount's Merchandise Inventory account showed a balance of $8,000 before the…
A: The journal entry was used by commercial organizations to keep track of their financial transactions…
Q: evaluation of and synthesis of key costing techniques
A: Costing techniques are important tools used by businesses to analyze and control their costs.
Q: [Choose] Inventory leaves the assembly line as complete, and is ready for sale Indirect factory…
A: The direct costs incurred for production are debited to work in process account. The indirect costs…
find the percentages
Step by step
Solved in 2 steps with 1 images
- l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 What is the firms ROE (Return on Equity)?Group of answer choices 9.45% 9.63% 9.84% 10.20%BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 9 What is the firm's Debt Ratio? Group of answer choices 60.0% 65.0% 70.0% 75.0% Question 10 What is the firm's Inventory Turnover? 4.41 4.55 4.69 4.83 Question 11 What is the firm's DPS…
- BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 5 What is the firm's EBITDA coverage? Group of answer choices 3.51 3.69 3.88 4.17 Question 6 What is the firms DSO (Days Sales Outstanding)? Group of answer choices 51.30 days 52.80 days 53.50…Category Prior Year Current Year Accounts payable 3,123.00 5,969.00 Accounts receivable 6,987.00 8,940.00 Accruals 5,642.00 6,108.00 Additional paid in capital 19,885.00 13,325.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,986.00 18,120.00 Current portion long-term debt 500 500 Depreciation expense 1,035.00 988.00 Interest expense 1,290.00 1,167.00 Inventories 3,006.00 6,743.00 Long-term debt 16,856.00 22,001.00 Net fixed assets 75,521.00 74,000.00 Notes payable 4,072.00 6,540.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,244.00 34,874.00 Sales 46,360 45,055.00 Taxes 350 920 What is the firm's cash flow from financing?Category Prior Year Current Year Accounts payable 3,147.00 5,976.00 Accounts receivable 6,925.00 8,910.00 Accruals 5,635.00 6,187.00 Additional paid in capital 19,527.00 13,950.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,974.00 18,270.00 Current portion long-term debt 500 500 Depreciation expense 975.00 976.00 Interest expense 1,278.00 1,155.00 Inventories 3,048.00 6,717.00 Long-term debt 16,569.00 22,919.00 Net fixed assets 75,968.00 73,882.00 Notes payable 4,045.00 6,584.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,870.00 34,759.00 Sales 46,360 45,347.00 Taxes 350 920 What is the firm's cash flow from operations? What is the firm's dividend payment in the current year? What is the firm's net income in the current year?
- need the calculation for debt to assets ratio, debt equity ratio, long-term debt to equity and times interest earned ratio. CURRENT ASSETS Cash and cash equivalents $ 5,910 $ 5,238 Marketable securities 406 503 Accounts receivable 10,888 9,645 Less: Allowance for credit losses (138) (93) Accounts receivable, net 10,750 9,552 Assets held for sale 1,197 0 Other current assets 1,953 1,810 Total Current Assets 20,216 17,103 Property, Plant and Equipment, Net 32,254 30,482 Operating Lease, Right-of-Use Asset 3,073 2,856 Goodwill 3,367 3,813 Intangible Assets, Net 2,274 2,167 Investments and Restricted Cash 25 24 Deferred Income Tax Assets 527 330 Other Non-Current Assets 672 1,082 Total Assets 62,408 57,857 Current Liabilities: Current maturities of long-term debt, commercial paper and finance leases 2,623 3,420 Operating Lease, Liability, Current 560 538 Accounts payable 6,455 5,555 Accrued wages and withholdings 3,569 2,552…Balance SheetAssets LiabilitiesCurrent Assets Current LiabilitiesCash 46 Accounts payable 39Accounts receivable 23 Notes payable/short-term debt 5Inventories 20Total current assets 89 Total current liabilities 44Long-Term Assets Long-Term LiabilitiesNet property, plant,and equipment 121 Long-term debt 133Total long-term assets 121 Total long-term liabilities 133Total Liabilities 177Stockholders' Equity 33Total Assets 210 Total Liabilities and 210Stockholders' Equity The above diagram shows a balance sheet for a certain company. Allquantities shown are in millions of dollars. What is the company's networking capital? ExplainItem Prior year Current year Accounts payable 8,126.00 7,784.00 Accounts receivable 6,078.00 6,607.00 Accruals 994.00 1,452.00 Cash ??? ??? Common Stock 10,696.00 12,040.00 COGS 12,650.00 18,346.00 Current portion long-term debt 5,031.00 5,088.00 Depreciation expense 2,500 2,797.00 Interest expense 733 417 Inventories 4,240.00 4,781.00 Long-term debt 14,366.00 13,914.00 Net fixed assets 51,539.00 54,520.00 Notes payable 4,323.00 9,909.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,408.00 29,699.00 Sales 35,119 45,984.00 Taxes 2,084 2,775 What is the firm's cash flow from financing?
- Item Prior year Current year Accounts payable 8,194.00 7,893.00 Accounts receivable 6,066.00 6,786.00 Accruals 977.00 1,572.00 Cash ??? ??? Common Stock 11,869.00 12,264.00 COGS 12,616.00 18,108.00 Current portion long-term debt 5,038.00 5,064.00 Depreciation expense 2,500 2,825.00 Interest expense 733 417 Inventories 4,145.00 4,778.00 Long-term debt 13,680.00 14,055.00 Net fixed assets 50,966.00 54,551.00 Notes payable 4,331.00 9,956.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,104.00 29,983.00 Sales 35,119 45,456.00 Taxes 2,084 2,775 What is the firm's net income in the current year? . .Item Prior year Current year Accounts payable 8,101.00 7,904.00 Accounts receivable 6,019.00 6,552.00 Accruals 1,040.00 1,528.00 Cash ??? ??? Common Stock 11,291.00 12,618.00 COGS 12,748.00 18,034.00 Current portion long-term debt 5,099.00 4,934.00 Depreciation expense 2,500 2,811.00 Interest expense 733 417 Inventories 4,253.00 4,792.00 Long-term debt 14,116.00 13,147.00 Net fixed assets 50,495.00 54,147.00 Notes payable 4,377.00 9,813.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,298.00 29,819.00 Sales 35,119 46,964.00 Taxes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year?Requirement: Carrying value of debt securities on 12/31/2010 at amortized cost using the effective interesr rate and the interest income to be reported for 2010 using the effective interest method.