Below are the Statement of Financial Position and Statenment of Result of Operation of JFC for the Years 2012 to 2014. Perforin a Horizontal and Vertical analyses on both statements. 2014 2013 2012 nes ASSETS Current Assets Cash 7,618.0 9,903.0 8,848.0 Receivables 7,479.0 3,128.0 2,715.0 Inventories 5,972.0 3,560.0 2,630.0 Other current assets 2,952.0 1,793.0 1,430.0 24,012.0 18,384.0 15,623.0 Non-current Assets Property, plant, and equipment 13,363.0 11,772.0 11,059.0 Finaricial Investments 3,410.0 3,353.0 3,139.0 Other non-current assets 13,324.0 12,517.0 11,947.0 30,097.0 27,642.0 26,145.0 TOTAL. ASSETS 54,118.0 46,026.0 41,768.0
Q: Division Z of a company produces a component that it currently sells to outside customers for P20…
A: Facts of the case Division Z is operating at 60%…
Q: [The following information applies to the questions displayed below.] Allied Merchandisers was…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Required information PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three…
A: Fixed asset : Assets which provide long term benefits are called fixed assets. These assets are…
Q: rnal entries to record the following merchandising transactions of Lowe's, which uses the perpetual…
A: Journal Entry The act of recording or keeping track of any financial or non-financial action is…
Q: Question #1 North Carolina Manufacturing Co. purchased a new industrial press and installed it in…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Which statement is true with respect to the tax treatment of a partnership __________? A…
A: Introduction A Partnership is an association between two or more people to trade or carryout…
Q: Problem 8: You were assigned to audit he books of BACOLOD CORP. for the period ended December 31,…
A: Net sale is sum of the cash sales and credit sale reduced by sales returns and discount. The cost of…
Q: when required reserves fall, banks cease granting new loans, which cause _________(assets/…
A: In Banking Sector, when new loans are given which results in flow of money, it is said that money is…
Q: (The following information applies to the questions displayed below.] Jimmie's Fishing Hole has the…
A: Under FIFO Method, using periodic inventory system, value of ending inventory and cost of goods sold…
Q: Find the current yield (as a %) of a bond whose coupon rate is listed as 4.875 and currently selling…
A: Current Yield = Annual Coupon/ Current price of Bond Current Yield = $ 4.875/ $ 104.875 Current…
Q: Asset purchased for $900,000. The expected life is 5 years. salvage value is $100,000. what is the…
A: In case of straight line method of depreciation the depreciation expense will be same for each year.…
Q: production-management software that costs $600,000, has
A: The average investment amount can be calculated by adding the cost price with residual value and…
Q: Budgeting is important not only for businesses. Also in our personal lives we have scarce resources,…
A: Budgets are the quantitative estimates for revenues and costs for a particular period, which are to…
Q: Puget Sound Divers is a company that provides diving services such as underwater ship repairs to…
A: Flexible budget is prepared according to the changes in activity level. All variable cost will…
Q: Accounting January 1, 2020 WI entered into a two year interest rate swap in with DI Corp. WI…
A: Answer: As Given WI and DI Corp signed into a two-year interest rate swap on January 1, 2020. WI…
Q: Oct. 01, 2022: Mr. Alberto invested P500,000 cash in the computer.rental shop.
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: What is Sixten's EOQ and average inventory for the year?
A: EOQ is the economic order quantity which is that order of quantity which has been ordered by the…
Q: Find the total proceeds (in $) from the sale of 20 bonds with a coupon rate of 8.75 and a current…
A: Introduction: A commission is a payment made by an employee based on the sale of a product or…
Q: Which of the following would qualify a company to be regarded as a parent of another A parent should…
A: Issue of shares is the source of finance that is being used by the business. There can be common…
Q: main reason that U.S. currency cannot be turned in to the government in exchange for a tangible…
A: The answer is stated below:
Q: QUESTION 2 1. On 1 January 2015, Dinara Enterprise purchased a printing machine for RM90,000 cash.…
A: Fixed assets are assets of a non-current nature that are essential for the performance of a…
Q: A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It…
A: Basic Accounting concepts Fund Accounts balance
Q: High-Low Method Ziegler Inc. has decided to use the high-low method to estimate the total cost and…
A: Answer a) Calculation of Variable cost per unit using High-low method Variable cost per unit =…
Q: Sam Bhd. is registered with an authorised capital of 600,000 ordinary shares of RMI. The following…
A: Preparation of Balance sheet and Profit & Loss A/c
Q: Setting Standards, Materials and Labor Variances Tom Belford and Tony Sorrentino own a small…
A:
Q: Question Content Area During the year, a company purchased raw materials of $77,323, and incurred…
A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…
Q: Consider the following information pertaining to OldWest's inventory: Net Realizable Value Quantity…
A: Formula: Inventory value = Quantity x Cost or NRV which ever is lower
Q: а. What would be the best way to describe Chen's agreement: reducing balance loan, interest-only…
A: Concept of basic Accounting
Q: Asset purchased for $900,000. The expected life is 5 years. salvage value is $100,000. what is the…
A: Formula used: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life years
Q: Question 18) January 01 supplies was $ 50000 supplies balance on December 31 is $ 25000 Purchases…
A: Formula used: Supplies expense = Beginning supplies balance + Purchases during the year - Ending…
Q: January 1, 2020 WI entered into a two year interest rate swap in with DI Corp. WI received 8% fixed…
A: Journal entry A journal entry is the method used to record all individual financial transactions…
Q: Calculating and Using a Single Charging Rate The expected costs for the Maintenance Department of…
A: 1.Single charging rate = Total variable and fixed cost/Total maintenance hours
Q: Which of the following statements is not correct about defined contribution plans?
A: The defined contribution plan shows the retirement benefit to the employees of the company. The…
Q: E.F. Lynch Company is a diversified investment company with three operating divisions organized as…
A:
Q: Here are comparative financial statement data for Bramble Company and Debra Company, two…
A: Answer 1) Bramble Company Return on Assets Return on Assets = Net Income/ Average Total Assets…
Q: spring semester tuition, which is the same as the fall tuition. The following information relates to…
A: Personal budget is helps in allocation future income towards expenses . Expenses are estimated on…
Q: Identify the financial statement on which each of the following accounts would appear: the income…
A: The financial statements of the business are classified as balance sheet, retained earnings, income…
Q: Sunland Company borrows $47,600 on July 1 from the bank by signing a $47,600, 13%, one-year note…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: For each item that follows, indicate whether a debit or acredit applies A. increase in prepaid…
A: Introduction: Each and every business effects two aspects one is giving and taking aspect. 1 ) debit…
Q: Requiring an employee who does not handle accounting records to open the mail is an example of…
A: Accounting is the process of recording, classifying and summarising accounting information. After…
Q: JOURNAL Page 43 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Nov. 6…
A: In the context of the given question, we should answer the questions asked from the journal entries.…
Q: Windsor Corporation incurred the following costs during 2022. Direct materials used in product…
A: Cost of goods sold = Finished goods inventory, January 1 + cost of goods manufactured - Finished…
Q: Pit Coporation owns 75% of Stop Company's outstanding common stock. On 01/01/21, Pit sold sold a…
A: Consolidated means the combination of two firms. When two firms join together into one. For example…
Q: Each of the four independent situations below describes a sales-type lease in which annual lease…
A:
Q: You are the junior accountant at CBW Bank. You have been asked to assist with the 30 June 2022 tax…
A: Fringe benefit tax Fringe benefits are the additional benefits or we can say compensation given by…
Q: On January 1, 2022 Romano Company purchased a machine for $180,000. It is estimated that the machine…
A: The declining balance method is a method of depreciation that calculates depreciation on a reduced…
Q: FSGC) is a calendar-year corporation.
A: FSGC holds 40% shares of MC Corporation.…
Q: nd Joria are married and file a joint return. They have the following items for th ries S345,000 s…
A: The calculation of AGI is straightforward. Simply add all of your sources of income together and…
Q: 6 Lewis Services is evaluating six investment opportunities (projects). The following table…
A: Cash is one of the important current asset of the business. Incoming of cash is known as cash…
Q: purchased on January 01, 2019 for $600.000. The expected life is 8 years. salvage value is $10000.…
A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear,…
Step by step
Solved in 2 steps with 4 images
- Effect of transactions on current position analysis Data pertaining to the current position of Newlan Company are as follows: Instructions Compute (a) the working capital, (h) the current ratio, and (c) the quick ratio.he condensed balance sheet and income statement data for SymbiosisCorporation are presented below.SYMBIOSIS CORPORATIONBalance SheetsDecember 312014 2013 2012Cash $ 30,000 $ 24,000 $ 20,000Accounts receivable (net) 110,000 48,000 48,000Other current assets 80,000 78,000 62,000Investments 90,000 70,000 50,000Plant and equipment (net) 503,000 400,000 360,000$813,000 $620,000 $540,000 Current liabilities $ 98,000 $ 75,000 $ 70,000Long-term debt 130,000 75,000 65,000Common stock, $10 par 400,000 340,000 300,000Retained earnings 185,000 130,000 105,000$813,000 $620,000 $540,000SYMBIOSIS CORPORATIONIncome StatementsFor the Years Ended December 312014 2013Sales revenue $800,000 $750,000Less: Sales returns and allowances 40,000 50,000Net sales 760,000 700,000Cost of goods sold 420,000 406,000Gross profit 340,000 294,000Operating expenses (including income taxes) 230,000 209,000Net income $110,000 $ 85,000Additional information:1. The market price of Symbiosis common stock was $5.00, $3.50, and…The summarized Statement of Financial Position of P Bhd. and S Bhd. as at 31December 2016 is shown below: P Bhd.RM ‘000 S Bhd.RM ‘000 Non – current assetsProperty, plant &equipment 720 160 Investment in SBhd. 185 Current assets 175 951,080 255Share capital 400 100Retained earnings b/f 500 60Retained earnings –current year 60 12Current liabilities 120 831,080 255 Additional information:(i) P Bhd. acquired 60% of S Bhd. on the date of acquisition (1/7/2016) (ii) P Bhd. adopts the proportional net assets value method in valuation of non-controlling interest. (iii) At date of acquisition, fair value of NCI was RM 50,000Prepare the Consolidated Statement of Financial Position as at 31/12/2016.
- The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) IVANHOE COMPANYBalance SheetsDecember 3120172016Current assets Cash and cash equivalents$330$360 Accounts receivable (net)640570 Inventory530460 Prepaid expenses120160 Total current assets1,6201,550Investments180180Property, plant, and equipment (net)420380Intangibles and other assets530510 Total assets$2,750$2,620Current liabilities$1,070$960Long-term liabilities480450Stockholders’ equity—common1,2001,210 Total liabilities and stockholders’ equity$2,750$2,620 IVANHOE COMPANYIncome StatementsFor the Year Ended December 3120172016Sales revenue$3,870$3,530Costs and expenses Cost of goods sold1,1251,060 Selling & administrative expenses2,4002,330 Interest expense2520 Total costs and expenses3,5503,410Income before income taxes320120Income tax expense9636Net income$ 224$ 84 Compute the following ratios for 2017 and 2016.…The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) IVANHOE COMPANYBalance SheetsDecember 3120172016Current assets Cash and cash equivalents$330$360 Accounts receivable (net)640570 Inventory530460 Prepaid expenses120160 Total current assets1,6201,550Investments180180Property, plant, and equipment (net)420380Intangibles and other assets530510 Total assets$2,750$2,620Current liabilities$1,070$960Long-term liabilities480450Stockholders’ equity—common1,2001,210 Total liabilities and stockholders’ equity$2,750$2,620 IVANHOE COMPANYIncome StatementsFor the Year Ended December 3120172016Sales revenue$3,870$3,530Costs and expenses Cost of goods sold1,1251,060 Selling & administrative expenses2,4002,330 Interest expense2520 Total costs and expenses3,5503,410Income before income taxes320120Income tax expense9636Net income$ 224$ 84 Compute the following ratios for 2017 and 2016.…Here is comparative balance sheet for 2021 and 2022, stating each asset as a percent of total assests and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. 2020 (%) 2021 (%) Assets Cash 43,500 8.84 55,000 14.25 Inventory 22,000 4.47 23,500 6.09 Equipment and fixures 380,000 77.24 255,000 66.08 Supplies 3,800 0.77 4,100 1.06 Prepaid expenses 9,200 1.87 12,500 3.24 Store design/Buildout 27,000 5.49 27,000 7.00 Loan Fee 4,000 0.81 5,500 1.42 Advertising and Marketing 2,500 0.51 3,300 0.86 Total assets 492,000 100.00 385,900 100.00 Bank Loan 150,000 30.49 170,000 44.05 Other liability (Balancing figure) 292,000 59.35 170,900 44.29 Owner contribution 50,000 10.16 45,000 11.66 Total equity and liability 492,000 100.00 385,900 100.00 Please explain or make an assumption of the figure
- Randall Corporation reported the following revenue data:Year Net revenues (in millions)$$$$6,8007,0046,7327,2762016201720182019Use 2016 as the base year. The trend percentage in 2019 is closest toa. 93%.b. 104%.c. 107%.d. 112%Wakanda Mulla has presented the following financial data for 2017 : Balance Sheet 2016 2017 Non-Current Assets Cost Depn NBV Cost Depn NBV Goodwill 260,000 210,000 Tangible Assets 1,800,000 (360,000) 1,440,000 2,300,000 (450,000) 1,850,000 Long term Investment 130,000 130,000 1,830,000 2,190,000 Current Assets Closing Stock 35,000 55,000 Debtors 65,000 20,000 Short term Investment 40,000 65,000 Bank 0 40,000 Cash 2,000 142,000 17,000 197,000 Total Assets 1,972,000 2,387,000 Capital & Reserves Share Capital 700,000…Required:a. Calculate the following ratios for Sweets plc for 2021 and 2020, showing the formulas and workings:4- Net profit margin5- Asset turnover6- Stock holding days7- Debtors collection period8- Current ratio9- Gearing ratio10- Interest cover
- 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…Presented below is the balance sheet of Pina Corporation for the current year, 2020. PINA CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets $ 486,360 Current liabilities $ 381,360 Investments 641,360 Long-term liabilities 1,001,360 Property, plant, and equipment 1,721,360 Stockholders’ equity 1,771,360 Intangible assets 305,000 $3,154,080 $3,154,080 The following information is presented. 1. The current assets section includes cash $151,360, accounts receivable $171,360 less $11,360 for allowance for doubtful accounts, inventories $181,360, and unearned rent revenue $6,360. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $41,360; investments in common stock, short-term $81,360 and long-term $271,360; and bond sinking fund $247,280. The cost and fair value of investments in common stock are the same.…Comparative balance sheets for Hamilton Company are presented below. Hamilton Company Comparative Balance Sheet Decemebr 31 Assets 2017 2016 Cash 78000 12000 Accoutns Receivable 93000 76000 Inventory 180000 189000 Land 75000 100000 Equipemnt 250000 210000 Accu Dep - Equipment (66,000) (42,000) Total 610000 545000 Liability and Equity Accounts Payable 34000 47000 Bonds Payable 150000 200000 Common Stock ($1 Par ) 214000 164000 Retained Earnings 212000 134000 Total 610000 545000 Additional information: 1. Net income for 2017 was $134000 2. Cash dividends of $65,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.…