Cas Inc., corporation, has the following pertinent information happened during the year P 1,980,000 510,000 100,000 630,000 450,000 120,000 270,000 110,000 80,000 1,000,000 150,000 Net income Depreciation expense Amortization Decrease in accounts receivable Increase inventory Increase in accounts payable Payment of dividends Purchase of available for sale securities Decrease in income tax payable Increase in long-term note payable Decrease in short-term borrowings
Q: Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units C...
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods fo...
Q: National Co. needs to borrow P300,000 for the next 6 months. The company has a line of credit with a...
A: The company does not have sufficient compensating balance so it will have to borrow a sum greater th...
Q: Continuation from picture, the answers are all different, please help and answer a, b1 and ii 4. As...
A: 1. Allowance Method - Under allowance method company make provision of uncollectible accounts at the...
Q: The DEF Corp has $3,000 of accumulated E&P and $18,000 of current E&P. It distributed $5,000 on Febr...
A: A company has two Earnings & Profit accounts: Current earnings and profit (E&P) – for curren...
Q: Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct la...
A:
Q: You intend to purchase a 10-year, $1,000 face value bond that pays interest of $60 every 6 months. I...
A: The price of the bond shall be the present value of face value of the bond and semi annual coupons d...
Q: Vanquish, Incorporated, a C Corporation, had the following items of income and expense during 2021.
A: C Corp is a corporation in which shareholders are taxed seperately from t...
Q: Fred is considering three job offers in advertising. A full-time position as a coordinator that pay...
A: Gross is the income ,which a person get without deduction of tax,social security tax, medicare tax ...
Q: Interest versus dividend expense Derwent Ltd., has announced that the eamings before income and taxe...
A: Income statement means the statement which show the cost of goods sold and selling price and give ou...
Q: The following transactions occurred in the formation of Enercon Service Makers partnership: 1. Perez...
A: 1 Cash a/c 500000 To Pervez capital 500000 (Being cash investment made by...
Q: Joshua Owen commenced business on 1 September, and had several special transactions during the month...
A: Journal entries are passed to record day to day transactions of the business.
Q: Required information (The following information applies to the questions displayed below.] The follo...
A: Net Accounts receivables = Total accounts receivables - Allowance for un-collectible accounts Accoun...
Q: Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $20 per un...
A: Formula: Contribution Margin ratio = Contribution margin / sales
Q: On the first day of the current fiscal year, $1,500,000 of 8%, 10-year bonds, with interest payable ...
A: Journal entries are the initial reporting of the transactions in the books of an entity.
Q: Al Mdina Traders based in Shrjah mainland area imported 100 mobile phones from China. The transactio...
A: While calculating assessable value for calculating customs duty on a import whose terms are CIF, the...
Q: Oat bought 20% of Flax on 1 January 20X1 for £500,000 when Flax had £1,000,000 share capital and £3,...
A: Investment in the joint venture or associate is recorded using the equity method. The equity method ...
Q: James Company purchased 900 shares of POP Company's stock as a long-term investment for $57,600. Fou...
A: Formula: Purchase price per share = Total purchase value / Number of shares purchased
Q: 1. Determine the ending cash balance for the year a. P 3,430,000 b. P 3,280,000 c. P 3,000,000 d. ...
A: 1. Ending Cash Balance can't be determined with the data given. 2. Calculation of Cash used in Fin...
Q: You plan to borrow P10,000 from your bank, which offers to lend you the money at a 7.5% nominal rate...
A: Nominal rate (D)= 7.5% Borrowed amount = P10,000
Q: .. Comparative balance sheet accounts of Blue Inc. are presented below
A: In this question, we have to make a cash flow by direct method and by the indirect method Cash flow...
Q: Worldwide Fuels, a public limited company, is preparing its financial statements for the year ending...
A: Calculation of above requirement with proper explanation are as follows.
Q: Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. o T...
A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit th...
Q: For 2020, Ross Corporation had pretax ordinary income of $500,000 and sold for $150,000 an asset pur...
A: Tax Rate for Companies in US for FY 2020 is Flat 21 % Therefore Tax on ($500,000 +$25,000 ) = $525,0...
Q: Problem . Valuation of equity X Company paid dividends of 2.12 in 2022. The dividends are expec...
A: Current dividend (D0) = 2.12 Growth rate (g) = 5% Cost of equity (r) = 9.40%
Q: Every 15 days a company receives P10,000 worth of raw materials from its suppliers. The credit terms...
A: It is given that Price of Raw material – P 10,000 Frequency – every 15 days Discount – 2%, if paid w...
Q: Monica, Phoebe, Rachel, Chandler, Joey, and Ross bid on a much coveted resource (Marcel the monkey)....
A: according to the guidelines we are allowed to solve 3 subpart (first 3) subpart in case multiple sub...
Q: The tax owed is $ (Туре (Type an integer or a decimal. Round to the nearest cent as needed.)
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any c...
Q: Use the data in Exhibit 14.5 On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at ...
A: journal entry under cost accounting integrated set where both financial and cost systems are recorde...
Q: he chief financial officer (CFO) of New Age Fashion Ltd. has just received a request from a project ...
A: Here the situation to taken the best possible decision to making to approve the expenditure which ar...
Q: The tax liability this year is $ (Round to the nearest dollar.)
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any c...
Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful life of 10 years a...
A: Assets held for sale are recorded at lower of carring amount in books and fair value less cost of sa...
Q: White purchased 10% of an investee's 100,000 outstanding ordinary shares on January 1, 2022 for P1,0...
A:
Q: The following data refer to various annual costs relating to the inventory of a single-product compa...
A: Given that: Freight on Purchase = P0.20 Storage per unit = P0.12 Insurance per unit = P0.10 Alternat...
Q: Marigold Corporation reported net income of $49,400 in 2020. Depreciation expense was $16,700. The f...
A: Cash from operating activities means the amount of cash flows from the routine business activities.
Q: A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes.) Revenue...
A: A contribution income statement is a tool of cost volume profit analysis. It is used for analyzing s...
Q: Pluto Ltd meets the criteria of a "close company" for corporation tax purposes: Ivor, who is a share...
A: This given case is related to the close company given loans to participator. The Penalty tax rate is...
Q: Al's Advertising Company trades in a red vehicle which had originally cost the Company $22,000 for a...
A:
Q: At the start of the current year, Violet Company held 30% of ABC Company’s 150,000 outstanding share...
A: From ABC Company DEF Company No of share held by Violet 45,000 10,000 ...
Q: Question 17, P1-9 (book/static) Part 1 of 5 Interest versus dividend income Depot Logistics Inc. has...
A: Given information, pre-tax income from its operations=$560,000. Interest payment =$40,000 Income fr...
Q: Determine the amount of gain to be allocated to Fred and to Felix.
A: Gain or loss is the amount of money which a company or partnership has gained or incurred loss due t...
Q: Bravo Company has the following information at month-end: Sales - P100,000 Sales Returns and Allowan...
A: Net sales = Gross sales -Sales returns and allowances - Sales Discounts
Q: Only statement 1 is true Only statement 2 is true Both statements are true O Both statements are fal...
A: Statement -1 Split up increase the number of share held and decreases the cost per share Statemen...
Q: Collaborative Learning -KKI Chocolato Co is a supplier chocolate for Orangtua Corporation. It has ha...
A: Journal Entry of Chocolato co. for 2020 and 2021
Q: If the effective annual interest rate is 4%, compute the annual effective interest compounded contin...
A: If interest is compounded continuously, we should calculate the effective interest rate using the fo...
Q: Russia Company provided the following information on December 31, 2021: Jan. 15, 2022 - P3,000,000 o...
A: Adjusting entries refer to journal entries which are made at the end of the accounting year or perio...
Q: Division A of Arctic Co., makes a part that can either be sold to customers or transferred internall...
A: Note: As per general rule, in the case of sufficient capacity available, the minimum transfer price ...
Q: Menlo Company distributes a single product. The company's sales and expenses for last month follow: ...
A: Formula: Break even point in units = Fixed cost / Unit contribution margin
Q: 1. A is a non-VAT registered tax payer with a grocery store. The following data are available fo 201...
A: Percentage tax due is an indirect tax levied on sale of goods or rendering of services in Philippine...
Q: Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. o T...
A: Accounts Receivable - Accounts Receivables are the amount which is due but not paid by the customer....
Q: Prepare the cash flows from operating activities section of Sarasota’s 2020 statement of cash flows ...
A: 1. Increase in Accounts Receivables of $13000 will be subtracted from Cash Flow from Operating Activ...
1. Determine the net cash provided in operating activities
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Ratio of fixed assets to long-term liabilitiesThe 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…Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places (b)Acid-test ratioenter the ratio rounded to 2 decimal places…
- Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places
- Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (i)Earnings per share$enter a dollar amount rounded to 2 decimal places (j)Payout ratioenter percentages rounded to 0 decimal…A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 days
- The accounting records of EZ Company provided the data below. Prepare a reconciliation of net income to netcash flows from operating activities. Net income.................... $50,000Depreciation expense ............7,000Increase in inventory ...........1,500Decrease in salaries payable............ 800Decrease in accounts receivable............ 2,000Amortization of patent .............500Amortization of premium on bonds............ 1,000Increase in accounts payable ..........4,000Cash dividends............ 12,000Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?