Assume that sales revenue in 2022 changed to $755,00 and cost of goods changed to $512,000. Income tax rate is 30%. Show the impact of these changes on the vertical analysis of the income statement.

Q: Refer to the data for Pettijohn Inc. What is the firm's quick ratio? 0.49 0.61 O 0.73 0.87 O 1.05 Pe...

A: Quick Ratio = (Cash & Cash Equivalents + Accounts Receivables) / Current Liabilities Return on E...

Q: Question 2. Debackere Construction Corp. contracted with Aggretsuko Inc. to build a karaoke machine ...

A: Contract costing refers to identifying costs related to a contract with a customer and recognizing r...

Q: PROBLEM 2 (Cost of Goods Sold). For each of the following, determine the missing amounts. Beginning ...

A: Cost of Goods Available for Sale = Beginning Inventory + Purchases  Cost of Goods Sold = Cost of Goo...

Q: Luau Company issues 5,000 shares of restricted stock to its CFO, Sasha Fierce, on January 1, 2020. T...

A: Number of shares issued = 5000 shares Fair value of stock ( on the date of purchase ) = $ 148000 Ser...

Q: 1/2/21 Issued 15,000 shares of $20 par common stock at $30, receiving cash. 1/2/21 Issued 4,000 shar...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: QI. Explain how job costing is used in service sectors and manufacturing sectors? Provide examples b...

A: Job costing refers to an accounting method which is used in cost accounting; it is designed to track...

Q: A business has total assets of P 381,000 and owner’s equity of P 264,000. How much were the liabilit...

A: Solution Concept Accounting equation is given as Asset     =liabilities + owner’s equity Following t...

Q: Explain the call-put parity relation and how it is justified?

A: call-put parity relation 1. It shows the prices of calls and puts , consistency of underlying assets...

Q: 1. Prepare a journal entries to record the start of the licensing agreement on January 1, 20X1 in it...

A: SBITA are subscription based information technology arrangements. These are accounted in similar way...

Q: a. the cost of goods on hand at the beginning and the cost of goods purchased during the period b. t...

A: >Cost of Goods available for sale is includes:--Cost of goods manufactured as adjusted by increas...

Q: . How do the relationships between the balance sheet,  income statement, job cost ledger, and equipm...

A: A balance sheet is a financial statement which shows a company's assets, liabilities, and shareholde...

Q: The following information pertains to ABC: March 1 Beginning inventory = 30 units @ $5 March 3 Pur...

A: Under LIFO Method, cost of goods sold is calculated on the Assumption that units of inventory which ...

Q: How is contribution margin calculated? What about contribution margin ratio? Aren’t they the same th...

A: Subtracting the selling price per unit from the variable cost per unit yields the contribution margi...

Q: tatement 1: Measurement period is relevant if Fair Value of Net Assets of acquiree includes the reco...

A:   While Acquiring Assets and Liabilities Acquirer does not recognize contingent assets acquired in a...

Q: On December 31, 2019, the statement of financial position of BRY Partnership shows the following dat...

A: Solution Working note Amount available for distribution to partners Cash 1500000 Cash from...

Q: Which of the following factors will most likely have a negative impact or

A: Functions of Budget: Planning: It facilitates planning for future activities. Controlling: Budgets ...

Q: Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statemen...

A: The financial statements of the business includes the income statement, statement of shareholders' e...

Q: ABC Co. using perpetual inventory system, has the following intormation for the month of Jan Date Tr...

A: Using average method, cost per unit is calculated as total cost of goods divided by number of units.

Q: An outpatient surgery center performs 10,000 procedures in 2020 and incurs a total cost for utilitie...

A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest ...

Q: As of December 31, 2020, Yahiko, Konan, and Nagato have capital balances of P240,000, P370,000, and ...

A: Bonus to Nagato = Profit × rate 100 + rate = P120,000 × 20120 = P20,000

Q: Which of the following statements is not correct? Select your answer. Different users have different...

A: Statement 1 is correct as there are many users of financial statements and they have different uses ...

Q: The amortization on a bond premium:

A: The amortization on a bond premium: (d) Is calculated by multiplying the bond’s carrying value by th...

Q: Explain the auditor legal liability, this includes what law that procure such liability?

A: An auditor is expected to complete their tasks in good faith and with integrity and should operate e...

Q: What is the times interest earned ratio for 2021?

A: Times Interest Earned = EBITDA / Interest Expense EBITDA = Earnings before Interest and Taxes + Depr...

Q: On April 2, 2020, shortly after the $7.5 million deposit outflow, Key Bank had borrowed the needed f...

A: Introduction: A balance sheet is a summary of a company's financial situation based on specific info...

Q: 16. What is the balance of the accounts receivable after pencil footing the ledger? 38,000 debit O 1...

A: Accounts Receivable It is a money due to a firm for goods or services delivered or used but not yet ...

Q: Explain the difference(s) between a Retail operating cycle and that of Service operating cycle. Your...

A: Operating cycle refers to the average duration of time which is needed by a business to make an init...

Q: Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason wi...

A: Salaries are the fixed wages that employees receive. The expense represents the cost of non-hourly l...

Q: Part A A software company is considering launching a new product in the market. To record consumer b...

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the quest...

Q: Which of the following is not a type of bond? Select one: O a. Redeemable bonds b. Mortgage bonds c....

A: Bonds are securities issued by companies to raise debt capital from public. They become a source of ...

Q: On July 31, 2018, Snowday Corporation issued $100,000, 5%, 20-year bonds for $88,443 when the market...

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is ...

Q: Adjusting Enteries:  Supplies on hand are valued at $1,400. Accrued salaries are $3,195. Depreciati...

A: Journal Entry Journal entry is the basic process of accounting work,  Journal entry has two part one...

Q: S18-4 Common-size income statement Data for Muller Pty Ltd and Rose Pty Ltd follow: Muller Rose $10 ...

A: A common size income statement is that statement in which the figures of Revenue from Operation i.e....

Q: PROBLEM: Financial Perspective Gloria Corporation presents the following information for year 2020 &...

A: The correct answer for the above question is given in the following steps for your reference.

Q: Which of the following is a financial liability? a. Deferred revenue b. A warranty obligation c. A c...

A: Solution Concept As per the relevant accounting standard Financial liability is                 -con...

Q: 2. Apple Company purchases 80 percent of Mango. At the date of acquisition, Mango has revenue of P25...

A: The question is related to Consolidation. The details are given as under  Parent Share = 80% Non Con...

Q: The flexible budget will report for fixed costs.

A: Solution Concept Flexible budget is a budget in which the variable cost is adjusted on the basis of ...

Q: Remy opened her ToursAFun business. During the first month, January, she completed the following tra...

A: There are three golden rules in accounting for recording the transaction : Debit what comes in , C...

Q: An industrial firm can purchase a special machine for $22,000. A down ment of $2,500 is required, an...

A: In order to choose between two alternatives of projects, it is determined that whichever of those co...

Q: Find 9-year zero rate if 9-year 3% coupon bond is selling for $85 and a 9-year 7% coupon bond is sel...

A: Bonds are financial instruments in which an investor loans cash to a corporation or government for a...

Q: Patten Company uses activity-based costing (ABC). Patten manufactures toy cars using two activities:...

A: Total budgeted Overheads = $434000 Out of this, 80% is for Injection Molding & 20%is for decal A...

Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, $10,000; Accounts receivab...

A: Formula: Owners equity = Assets - Liabilities

Q: 1. _____ are controls that do not rely on the client's information technology (IT) environment for t...

A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first questi...

Q: ts & Short Investments 6.75% 6.4 5.97% 6.76% unts Receivable 6.2 ntories r Current Assets AL CURRENT...

A: Accounting Concepts are:- 1)Entity Concept 2)Money Measurement Concept 3)Periodicity Concept 4)Accru...

Q: Which of the following is NOT a corporate governance best practice? Question 8 options: Public compa...

A: Answer of Question 8:  Public company directors should hold meaningful amounts of stock as long as t...

Q: 2.A partially completed summary of financial data is given below. The data pertain to the fundamenta...

A: Assets = Liabilities + Equity  or , Liabilities = Assets - Equity Equity at the end = Equity in the ...

Q: If a bond issuer incurs a loss on bond redemption, the loss is reported on the income statement unde...

A: Revenue - It is amount of income earned through sales of goods or services .  Cost of goods sold - I...

Q: Singer and McMann are partners in a business. Singer's original capital was S43,200 and McMann's was...

A: Introduction: Partnership: Its an agreement between two or more partners for forming a  business and...

Q: The analyst can obtain a better picture of the operating performance of an entity if percentage of c...

A: The statement which is used to see the percentage change in one item in relation to other related it...

Q: On May 15, 2020, Aldean Company, a calendar year taxpayer, purchased and placed into service a nonre...

A:                                 As per USA Income Tax Act i.e rules of depreciation by IRS ,  a comm...