Adjusted Trial Balance May 31 2022 Debit Credit Cash 4550 Supplies 975 Prepaid Insurance 2860 Land 15600 Buildings 78000 Accumulated Depreciation-Buiidings 325 Equipment 18000 Accumulated Depreciation-Equipment 150 Notes Payable 52000 Accounts Pavable 14544 Unearned Rent Revenue 1430 Salaries and Wages Payable 885 Interest Payable 520 Common Stock 45500 Rent Revenue 14750 Advertising Expense 780 Depreciation Expense 475 Supplies Expense 1739 Interest Expense 520 Insurance Expense 260 Salaries and Wates Expense 5175 Utilities Experse 1170 Totals 130104 130104
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- T Provided below is the information from the QPR property and casualty insurance company: (000'$) Premiums Written 157,500.00 Loss Adjustment Expenses 10,340.00 Underwriting Expenses 52,500.00 Premiums Earned 187,500.00 Incurred Losses 113,750.00 Interest expense on bonds 1,400.00 Interest and dividend income 4,000.00 Questions: For 2021 (show your calculations): 1) Calculate the loss ratio 2) Calculate the expense ratio 3) Calculate the operating ratio 4) Calculate the investment ratio 5) Was the company profitable without the investment income? 6) Was the company profitable overall? Why?The following information is for Sweet Day Real Estate: Sweet Day Real EstateBalance SheetDecember 31, 2021 Cash $ 24500 Accounts Payable $ 60600 Prepaid Insurance 29700 Salaries and Wages Payable 14700 Accounts Receivable 50300 Mortgage Payable 85800 Inventory 68600 Total Liabilities 161100 Land Held for Investment 83900 Land 118500 Buildings $101200 Common Stock $122100 Less Accumulated Depreciation (20200) Retained Earnings 244300 366400 81000 Trademark 71000 Total Liabilities and Stockholders’ Equity Total Assets $527500 $527500 The total dollar amount of assets to be classified as current assets is A) $257000. B) $104500. C) $173100. D) $188400.Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…
- On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…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…A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
- 1.Presented below are the financial statements of KJ Electronics KJ Electronics Inc. Comparative Balance Sheets September 30 Assets 2021 2020 Current Assets Cash $92000 $42980 Short Term Investments 29500 22500 Accounts Receivable 56900 22300 Inventory 102,300 90220 Long Term Assets Long term Investments 96,300 103000 Equipment 198,000 215000 Accumulated depreciation- equipment (50000) (48000) Total $525,000 $448,000 Current Liabilities Accounts Payable $85,300 $30200 Accrued Expenses payable 26700 15000 Long Term Liabilities Bonds Payable 97,300 79,570 Stockholders’ Equity Common Stock 150,000 165500 Retained Earnings 165,700 157,730 Total $525,000 $448,000 KJ Electronics Inc. Income Statement For the Year Ended September 30, 2021 Sales Revenue Less: Sales Returns and Allowances Net…Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net ProfitPlease see attachment. The bottom portion is what I cannot figure out. The following financial information is for Priscoll Company. Priscoll CompanyBalance SheetsDecember 31 Assets 2020 2019 Cash $ 84,700 $ 78,650 Debt investments (short-term) 66,550 48,400 Accounts receivable 125,840 108,900 Inventory 278,300 199,650 Prepaid expenses 30,250 27,830 Land 157,300 157,300 Building and equipment (net) 314,600 223,850 Total assets $1,057,540 $844,580 Liabilities and Stockholders’ Equity Notes payable (short-term) $205,700 $145,200 Accounts payable 78,650 62,920 Accrued liabilities 48,400 48,400 Bonds payable, due 2023 302,500 205,700 Common stock, $10 par 242,000 242,000 Retained earnings 180,290 140,360 Total liabilities and stockholders’ equity $1,057,540 $844,580 Priscoll CompanyIncome StatementFor…
- Compute RNOA with Disaggregation Refer to the balance sheet information below for Home Depot. $ millions Feb. 3, 2019 Jan. 28, 2018 Operating assets $9,940 $9,636 Nonoperating assets 419 846 Total assets $10,359 $10,482 Operating liabilities $3,926 $3,777 Nonoperating liabilities 6,874 6,362 Total liabilities $10,800 $10,139 Net sales $25,471 Operating expense before tax 21,815 Net operating profit before tax (NOPBT) 3,656 Other expense 229 Income before tax 3,427 Tax expense 809 Net income $2,618 a. Compute return on net operating assets (RNOA). Assume a statutory tax rate of 22%. Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute 2018 RNOA. Numerator Denominator RNOA Answer Answer Answer Answer b. Disaggregate RNOA into components of profitability (NOPM) and productivity (NOAT). Assume a…Q3. The following is the summarized balance sheet of Michael Ltd. LIABILITIES 2018 2019 Equity Share Capital Debentures Securities Premium General Reserve Profit & Loss A/C Sundry Creditors Proposed Dividend Provision for Depreciation Plant & Machinery Furniture 200000 50000 - 30000 48000 130000 20000 140000 6000 240000 - 10000 50000 68000 150000 24000 150000 4000 624000 696000 ASSETS Land & Building Plant & Machinery (Cost) Furniture (Cost) Inventories Sundry Debtors Cash 105000 290000 9000 130000 75000 15000 150000 320000 10000 105000 85000 26000 624000 696000 ADDITIONAL INFORMATION: Furniture which cost Rs. 5,000, written down value Rs. 1,000 was sold during the year 2019 for Rs. 2,000.2. Plant and Machinery which cost Rs. 20,000 and in respect of which Rs. 13,000 had been written off as depreciation was sold during the year for Rs. 3,000.3. The dividend of 2018 was paid during 2019.You…The comparative balance sheet of Gus Company at December 31, 2024 and 2023 appears below:Assets:12/31/202412/31/2023Cash$ 53,000 $ 120,000 Accounts receivable (net)37,000 48,000 Inventories108,500 100,000 Equipment573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable$ 62,500 $ 43,800 Bonds payable, due June 20240 100,000 Common stock, $10 par335,000 285,000 Paid-in capital in excess of par - Common stock74,000 55,000 Retained earnings 158,200 58,200 $629,700 $542,000 The income statement for the year ended December 31, 2024 appears below:Sales $625,700 Cost of merchandise sold 340,000 Gross profit 285,700 Operating expenses (includes $26,000 depreciation expense) 94,000 Operating Income 191,700 Interest expense 6,000Income before income tax 185,700 Income tax 60,700 Net income $125,000 Also in 2024, fully depreciated equipment costing $60,000 was scrapped at no salvage…