compute the total income subject to income tax
Q: Following is the list of balance for Amarillo as at 31 December 2020 Trade receivables…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Information about ZMB Corporation’s Accounts Receivable on year end are the ff: 2015 2014…
A: Formulas: Bad debts expense = Ending allowance for doubtful accounts + Written off accounts -…
Q: Use the following information of Prescrip Co. to prepare a calendar year-end statement of…
A: The Comprehensive Income Statement includes a description over a span of time of the net profits of…
Q: Based on the following transactions, what is the total revenues for 2020? Cash sales of…
A: Cash Sales in 2020 = ₱ 1,000,000 Add:- Cash Received in 2020 = ₱ 4,500,000 Total Revenue = ₱…
Q: Batman Company provides the following data for the year 2020: Cash sales - 500,000; Collection from…
A:
Q: The following balances are taken from the Statement of Comprehensive Income of JR Bellen Trading.…
A: Income statement: It refers to a financial statement that presents all the income earned by the…
Q: In 2021 Waterway Co. had credit sales of $1890000 and sales returns and allowances related to these…
A: Debtors collection period: The average time it takes for a firm to recover money owing to it by its…
Q: Selected Financial information related to ABC Pvt. Ltd. are presented below: In Rupees (Rs.) 2021…
A:
Q: Maligalig Company Comparative Statement of Financial…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening…
A: Trade payables are referred to those suppliers from whom the business has purchases the supplies on…
Q: X Corp. reported the following data for 2017. Total net sales – P4,000,000; Goods purchased –…
A: X Corp.'s for 2017 : 1. Net sales = P4000000 Goods purchased = P2400000 Beginning inventory =…
Q: 4.4 ROE decomposition 2021 Tax Effect Financial Cost Effect Operating Margin…
A: ROE: It is a measure of profitability and is estimated by dividing the net income by the equity…
Q: Selected information from the comparative financial statements of Barcelona Company for the year…
A: 1. Calculate inventory turnover for 2017.
Q: The company’s total assets at year-end 2016 were CHF 131,900 million. What reasonable conclusions an…
A: The solvency, profitability, liquidity and efficiency of any company in the industry can be…
Q: From the books of Krabby Co. for 2017: Sales…
A: Comprehensive income is the complete picture of all incomes and expenses.
Q: The income statement of Kyonggi Inc. in Suwon, Korea, contains the following condensed information…
A: Statement of Cash Flows The Statement of cash flows includes only the cash dealt transactions. It…
Q: Suppose the following information was taken from the 2022 fınancial statements of FedEx Corporation,…
A: Account receivable turnover indicates the rate of collection of accounts receivable in a year.
Q: Yellow Company reported the following information in 2021: · Sales revenue- P500,000 ·…
A: Comprehensive income statement: It is a financial statement that represents standard net income and…
Q: The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December…
A: Comprehensive income statement: This is a statement prepared to determine the total revenue,…
Q: JBW Corporation Statement of Comprehensive Income For the Year Ended December 31, 20X1 Net income…
A: Given: Sales $2,929,500 Cost of Goods Sold $1,786,995 Gross Profit…
Q: Accounting for foreign currency - denominated receivables and payables - multiple years The…
A:
Q: Moxley Corporation had January 1 and December 31 balances as follows. 1/1/17 12/31/17…
A: Cash payments to suppliers = Beginning Accounts payable + Purchases - Ending Accounts payable
Q: Mishima, Inc. indicated in a recent annual report thatapproximately $19 million of merchandise was…
A:
Q: Information about KKM Corporation’s Accounts Receivable on year end are the ff: 2015 2014…
A: Formulas: Bad debts expense = Ending allowance for doubtful accounts + Written off accounts -…
Q: The Crane Company has disclosed the following financial information in its annual reports for the…
A: Cash flow from operating activities is the cash inflow and outflow which has resulted from the…
Q: In 2018, Martinez Corporation reported net sales of $232,900, cost of goods sold of $139,700,…
A: Given the following information: Year 2018 Net sales: $232,900 Cost of goods sold: $139,700…
Q: The Pharoah Company has disclosed the following financial information in its annual reports for the…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: Suppose the following information was taken from the 2022 financial statements of FedEx Corporation,…
A: Accounts receivable turnover [in times] = Credit sales for 2022 / Average net accounts receivable…
Q: The following table shows income statement and balance sheet data for five U.S. industries in 2017.…
A: Solution Cash cycle Expresses how manu days it takes a company to convert cash in to inventory and…
Q: The comparative financial statements of Bettancort Inc. are as follows. The market price of…
A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…
Q: Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent): 2017…
A: Balance Sheet Formula used in the above sheet
Q: Suppose the following information was taken from the 2022 financial statements of FedEx Corporation,…
A: Days in collection of account receivable means the number of days which we take to recover the…
Q: Blige Corporation had sales revenue of $12,000,000 in 2019 and $15,000,000 in 2020. Accounts…
A: Ratios are the measures of performance of the items of the statement of profit & loss and…
Q: E8-11 Suppose the following information was taken from the 2014 financial statements of FedEx…
A:
Q: Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.4 billion and cost of…
A: Ratio analysis helps to analyze the financial performance of the company. The management can take…
Q: Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $4.8 billion and cost of…
A: Answer 1) Calculation of Current Ratio for 2017 Current Ratio = Current Assets/ Current Liabilities…
Q: The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December…
A:
Q: Determine the NLF, NSF and the liquidity ratio for the FY 2021; Determine the days receivable, Days…
A: A]. NLF = Net Long Term Financing = Long Term Financing — Net Fixed Assets =…
Q: Lala Company reported the following information in 2021: · Sales revenue- P500,000 ·…
A: Answer) Total Comprehensive income before tax includes all Operating and non-operating incomes net…
Q: Serven Corporation has estimated its accrual-basis revenue and expenses for June 2017 and would like…
A:
Q: Company A's net credit sales in 2020 and 2021 are 21115 and 35118 respectively. Cost of sales in…
A: To calculate cash collections from customers in 2021, we will prepare accounts receivable ledger and…
Q: The following financial information from Muscat Company are provided to you. Muscat Company 2018…
A: Ratio analysis is a management tool which gives an insight about the company's performance during an…
Q: During the year ended 31 March 2019, a business made sales of GH₵ 560,000 of which 25% were for…
A: Trade receivables turnover = Net Credit Sales / Average trade receivables Where, Average trade…
Q: Calculate the Trade payables turnover ratio from the following figures: Credit purchases during…
A: Ratio analysis is a method of measuring the financial position of the organization with different…
Q: 5. Blige Corporation had sales revenue of $12,000,000 in 2019 and $15,000,000 in 2020. Accounts…
A: Accounts Receivable Turnover Ratio is also known as Debtors…
Q: The following figures and ratios are related to a company: Credit sales for the year- ₹ 30,00,000…
A: The balance sheet is one of the financial statement that is used to report all the assets,…
X Corp. reported the following data for 2017. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent of 60,000 to apply for 2018; P80,000 total interest income from customers promissory note earned. P60,000 of this was collected.; Unrealized foreign exchange gains from foreign currency receivables – P120,000; Using cash basis, compute the total income subject to income tax. Using Accrual basis, compute the total income subject to income tax.
Step by step
Solved in 3 steps
- Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.During the year ended 31 March 2019, a business made sales of GH₵ 560,000 of which 25% were for cash. The trade receivables at 31 March 2018 were GH₵ 52,000 and at 31 March 2019 they were GH₵56,000. What is the trade receivables turnover based on average trade receivables?The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2018.In addition, during the year the company experienced a positive foreign currency translation adjustment of$240,000 and had unrealized losses on investment securities of $80,000. The company’s effective tax rate on allitems affecting comprehensive income is 30%. Each component of other comprehensive income is displayed netof tax.Required:Prepare a separate statement of comprehensive income for 2018.
- The income statement of Kyonggi Inc. in Suwon, Korea, contains the following condensed information (currency unit in thousand Korean won, ₩ 000’s): KYONGGI INC. Income Statement Year Ended December 31, 2019 Sales ₩ 6,583,000 Cost of goods sold 3,427,000 Gross profit 3,156,000 Operating expenses 2,349,000 Profit from operations 807,000 Interest expense 124,000 Profit before income tax 683,000 Income tax expense 203,000…Use the following information of Prescrip Co. to prepare a calendar year-end statement of comprehensive income. Total comprehensive income (final total) $ 9,400 Other comprehensive income (subtotal) $ (600) Net income . 10,000 Change in foreign currency translation 1,400 Change in value of available-for-sale securities (2,000)This information was taken from the books of XYZ Co. for 2020: Sales 9,500,000 Interest Expense 350,000 Loss on sale of equipment 100,000 Revaluation surplus during 2020 50,000 Cost f goods sold 6,000,000 Bank service charges 150,000 Selling Expenses 500,000 Administrative expenses 300,000 Translation gain on foreign operation 100,000 Income Tax Expense 850,000 Unrecorded 2019 interest on notes payable 100,000 Over-depreciation during 2019 75,000 How much is the total…
- XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income Statement Items: Sales $76,000 - Cost of goods sold 49,000 Gross profit 27,000 - Cash Operating expenses $9,000 - Depreciation 2,000 Total Operating Expenses 11,000 EBIT 16,000 - Interest expense 840 EBT 15,160 - Income tax expense 5,306 Net Income $9,854 Balance Sheet Items: Cash $9,000 Marketable securities 2,000 Accounts receivable 11,000 Inventories 7,000 Fixed Assets, net 24,000 Total Assets $53,000 Accounts payable $8,000 Accrued payables 3,000 Bonds payable 12,000 Common stock 16,000 Retained earnings 14,000…At January 1, 2024, Tarjee Inc. reported the following information on its statement of financial position: Accounts receivable $530,000 40,000 Allowance for expected credit losses ,40,000 During 2024, the company had the following summary transactions for receivables: Sales on account, $1,930,000; cost of goods sold, $1,061,500; return rate, 5% Selling price of goods returned, $76,000; cost of goods returned to inventory, $41,800 Collections of accounts receivable, $1,700,000 Write-offs of accounts receivable deemed uncollectible, $53,000 Collection of accounts previously written off as uncollectible, $12,000 After considering all of the above transactions, total estimated uncollectible accounts, $32,000 Prepare the journal entries to record each of the above summary transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…The Sunland Company has disclosed the following financial information in its annual reports for the period ending March 31, 2017: sales of $1.426 million, cost of goods sold of $815,000, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has an average tax rate of 35 percent. Compute the cash flows to investors from operating activity. (Round answer to 2 decimal places, e.g. 15.25.) Cash flow from operating activity $
- The following balance sheet accounts of a foreign subsidiary at December 31, 2017, have been translated into U.S. dollars as follows: Translated at Current Rates Historical Rates Accounts receivable, current $ 600,000 $ 600,000 Accounts receivable, long-term 300,000 324,000 Inventories carried at market 180,000 198,000 Goodwill 190,000 220,000 $1,270,000 $ 1,402,000 What total should be included in the translated balance sheet at December 31, 2017, for the above items? Assume the U.S. dollar is the functional currency. $1,354,000 $1,270,000 $1,288,000 $1,300,000Calculate the Trade payables turnover ratio from the following figures: Credit purchases during 2014-15 = 12,00,000 Creditors on 1.4.2014 = 3,00,000 Bills Payables on 1.4.2014 = 1,00,000 Creditors on 31.3.2015 = 1,30,000 Bills Payables on 31.3.2015 = 70,000The asset side of the 2017 balance sheet for the Corporation is below. The company reported total revenues of $37,728 million in 2017 and $37,047 million in 2016. in millions May 31, 2017 May 31, 2016 Current assets: Cash and cash equivalents $ 21,784 $ 20,152 Marketable securities 44,294 35,973 Trade receivables, net of allowances for doubtful accounts of $319 and $327 as of May 31, 2017 and May 31, 2016, respectively 5,300 5,385 Inventories 300 212 Prepaid expenses and other current assets 2,837 2,591 Total current assets 74,515 64,313 Non-current assets: Property, plant and equipment, net 5,315 4,000 Intangible assets, net 7,679 4,943 Goodwill, net 43,045 34,590 Deferred tax assets 1,143 1,291 Other assets 3,294 3,043 Total non-current assets 60,476 47,867 Total assets $134,991 $112,180 How do I figure what the company’s gross amount…
