Based on the above information, determine the cash received for interest during 2020.
Q: 2014 revenues were $76,000. 2014 expenses were $48,500. Dividends declared and paid during 2014…
A: Correct option is Retained earnings at December 31, 2014 were $55,000
Q: Charmaine purchases goods to the value of R503,48 from a supermarket .The VAT-exclusive items are…
A: The VAT stands for Value Added Tax. The VAt is a type of indirect tax that is charged on the goods.…
Q: If actual fixed overhead was P54,000 and there was a P1,300 unfavorable spending variance and a…
A: Spending variance is the difference between budgeted and overhead and actual overhead incurred.
Q: show all entries please
A: Given:- WDV of Vehicle as on December 31, 2020 = Cost - Accumulated Depreciation = R100000 - R60000…
Q: Gana Company maintains its accounting records on the cash basis. During 2020, it paid a total of…
A: The accrual basis accounting system state that expenses should be recognized when goods or services…
Q: share of Partnership A's loss is $40,000. If he has passive income from other sources of $35,000,…
A: Partnership income is the income which has been earned by the partnership during the year and the…
Q: Statement 1: In converting to accrual basis sales, write-off of Accounts receivable is deducted from…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: A subsidiary entity, crystal ltd, is for sale at a price $6 million. There has been someinterest…
A: Consolidation- Consolidation legally refers to the joining of two or more business organisations or…
Q: In 2018, a businessman borrowed Php500 000.00 at a 10% interest rate, payable for 1 year for a new…
A: Polya devised four steps for solving a particular problem. They are, The very first step is to…
Q: Gem Factory produces two similar products - small lamps and desk lamps. The total plant budget is…
A: Factory overhead that should be allocated per hour = Total plant budget/Estimated direct labor hours…
Q: Dart, Inc. makes and sells umbrellas. The company is in the process of preparing its Selling and…
A: Cost can be classified into two categories such as fixed cost and variable cost. The fixed cost…
Q: 17. Bahati Zuri obtained an installment loan for $25,000 so he could be a partner in a new…
A: Interest = net loan * 9%* 36/12
Q: An entity had an outstanding loan of P3,000,000. The loan has an effective interest rate of 12%. On…
A: Bond interest expenditure is the total interest expense for a company's bonds due throughout an…
Q: The adjusting entry to record depreciation includes O a. a debit to an expense account. b. a debit…
A: Depreciation Expenses refers to gradually decrease in the value of assets over the year due to its…
Q: ew Policies how Attempt History urrent Attempt in Progress Axteks Corporation has the following cost…
A: The cost of goods manufactured includes the total costs incurred to get the finished goods during…
Q: I can't even read your handwriting. And the images are sideways. Can you type it up?
A: 1. 1 Computation of Predetermined OH Rate =$252000/20000 hours $12.60 per DLH…
Q: Lana Powell has cumulative earnings of $116,000 at the end of September. In the first week in…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Which of the following statements is not correct about ESG? a.A mature ESG presence helps companies…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Tired Company’s assets for the current year decreased by P135,000 while its liabilities increased by…
A: As per accounting equation, assets equals to sum of liabilities and shareholders equity.
Q: 2. Consider the following: On May 5, My bookkeeper received a utility bill for the month of April of…
A:
Q: Assuming the company produced 24,000 fully and partially finished units during the year, determine…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: Refer to the income statements in requirement 1 above. For both current operations and the proposed…
A: Operating Leverage defined as “firms ability to use fixed operating costs to magnify effect of…
Q: a) A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into…
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: Assuming the machine is depreciated using SYD and estimated residual value of P120,000 after its 6…
A: *The depreciation for 2022= Depreciable amount *6/21 = (4646000-120000)*6/21 = 1293143 The…
Q: On January 1, 2019, Tulip signed an agreement to operate as a franchise of Flower Service Inc. for…
A: In the context of the given question, we are required to compute the carrying amount of intangible…
Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…
A: Formula used : Number of Excess hours worked = Total hours worked - Weekly working hours
Q: An entity uses the periodic inventory system. Beginning inventory listed 20,000 units at P6.10 each.…
A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods:…
Q: Given for one of the products of Juarez Co. Sales price per product unit Variable expenses per…
A: Contribution margin = Selling price - Variable cost per unit Break-even sales = Fixed cost /…
Q: Credit sales P6,000,000 Cash sales 1,000,000 Collection from customers 5,600,000 Cash purchases…
A: Purchases under the cash basis is purchases that have been paid for during the year It includes cash…
Q: ariable cost is P 15 per unit; standard fixed overhead cost is P 25 per unit. The selling and…
A: A method of attributing only variable costs to inventories is referred to as "variable costing."This…
Q: ~Why would investors provide a business with cash? ~ Why must a business provide an income statement…
A: Answer:- Investors provide a business with cash:- A company may satisfy its daily business demands…
Q: 4. A man borrowed 24000 from two money lenders. For one loan he paid 15% annum and for the other 18%…
A: The loan is the amount borrowed by one person from another person called a lender. The lender…
Q: Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following:…
A: Trade receivables are those receivables which the company have which has not been received by the…
Q: Use the 2021 tax rates to find Social Security and Medicare deductions for the following problems.…
A:
Q: Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own…
A: As per goodwill method, the amount of goodwill is calculated by the fair market value of all the…
Q: Why does april get 10% and june 30%?
A: Your planned cash receipts seem to be the sums of money you expect to receive based on the sales…
Q: prepare manufacturing acc
A: The requirement is to prepare the manufacturing account for James ltd. The manufacturing account…
Q: The adjusted trial balance is prepared a. prior to completing the adjusting entries. O b. after…
A: Trial is the summary of all ledgers which are shown under two columns, namely debit and credit. It…
Q: More info A Investors would like to earn a 10% return on investment on the company's $270,000,000 of…
A: The operating income shows the income from the operating of the entity. it also indicates the…
Q: Overhead (2 hours @ $18.50 per hour) Standard cost per unit 37 $ 101 The standard overhead rate…
A: The direct material variation is the difference between the standard cost of materials derived from…
Q: The Abel Company provided the following information from its financial records: Net income…
A: The earnings per share is calculated as net income available to common shareholders divided by…
Q: s not useful for analyzing changes in financial state s useful in analyzing relationships within a…
A: Vertical analysis of financial statements is a where each line item is expressed as a percentage…
Q: ould you explain please how you calculated Ending iventory - y can see you result is 7173000 but…
A: The answer is stated below:
Q: Industrious Inc. disclosed the following information: Accounts payable, after deducting debit…
A: Current Liabilities: - Current Liabilities are those liabilities that are due within one year or…
Q: Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the…
A: The net income is calculated as difference between revenue and expenses of the current period.
Q: McKnight Co. is considering acquiring a manufacturing plant. The purchase price is $1,100,000. The…
A: The payback period is the time to recover the cost of your investment.
Q: If the adjustment for unearned revenues is not recorded O a. net income will be correctly stated. O…
A: The unearned revenue is the amount of revenue which is received on advance but not earned yet. The…
Q: 3. Frank decides he better make a budget! Use the following information to calculate his budget.…
A: You have posted multiple-part question, so as per our policy only the first three sub-parts are…
Q: culate sales
A: Current month Ending Inventory Will be the next month beginning inventory.
Q: The following data are available for X Corp: Gross profit is 20% based on cost. Using ABC, compute…
A: Activity-based costing (ABC) is a method of allocation of the overhead costs incurred in the…
Step by step
Solved in 2 steps
- Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableComprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.
- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Roseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income statement. It has collected the following information at the end of 2019: 1. Net income: 120,400. Included in the net income is income from continuing operations of 130,400 and a loss from discontinued operations (net of income taxes) of 10,000. Corporate income tax rate: 30%. 2. Common stock outstanding on January 1, 2019: 20,000 shares. 3. Common stock issuances during 2019: July 6, 4,000 shares; August 24, 3,000 shares. 4. Stock dividend: On October 19, 2019, the company declared a 10% stock dividend that resulted in 2,700 additional outstanding shares of common stock. 5. Common stock prices: 2019 average market price, 30 per share; 2019 ending market price, 27 per share. 6. 7% preferred stock outstanding on January 1, 2019: 1,000 shares. Terms: 100 par, nonconvertible. Current dividends have been paid. No preferred stock issued during 2019. 7. 8% convertible preferred stock outstanding on January 1, 2019: 800 shares. The stock was issued in 2018 at 130 per share. Each 100 par preferred stock is currently convertible into 1.7 shares of common stock. Current dividends have been paid. To date, no preferred stock has been converted. 8. Bonds payable outstanding on January 1, 2019: 100,000 face value. These bonds were issued several years ago at 97 and pay annual interest of 9.6%. The discount is being amortized in the amount of 300 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 9. Compensatory share options outstanding: Key executives may currently acquire 3,000 shares of common stock at 20 per share. The options were granted in 2018. To date, none have been exercised. The unrecognized compensation cost (net of tax) related to the options is 4 per share. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Show how Roseau would report these earnings per share figures on its 2019 income statement. Include an explanatory note to the financial statements.Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
- Using the following Company W information, prepare a Retained Earnings Statement. Retained earnings balance January 1, 2019, $43,500 Net income for year 2019, $55,289 Dividends declared and paid for year 2019, $18,000Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.
- Balance Sheet Calculations Cornerstone Development Companys balance sheet information at the end of 2019 and 2020 is provided in random order, as follows: Additional information: At the end of 2019, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding. During 2020, the company (a) issued 100 shares of common stock for 25 per share, (b) earned net income of 20,600, and (c) paid dividends of 1 per share on the common stock outstanding at year-end. Required: Next Level Fill in the blanks lettered (a) through (p). All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a 2019 multiple-step income statement. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 statement of comprehensive income.