Delta Air Lines, Inc. (DAL) ponides cargo and passenger services throughout the workd. The following aperating data (in millions) were adapted from recent financial statements of Delta. Year 1 Year 2 Ravenue $ 37,773 $ 40 362 Operating expens Fuel... $ 8397) S(11,668) (13,070) (10,905) .513) S8,156) $ 1,206 Aircraft related (11225) Seling and general . Other expenies.... Total operating espenses Operating income- (1,92) 34373) $ 1400 1. Prepare cimmon-sized income stalements for Years i and 2. Round to one decimal place. 1. Using your answer to (1), analyze and comment on the performance of Delta in Tear 2.
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Delta Air Lines, Inc. (DAL) provides cargo and passenger services throughout the world. The following operating data( in millions) were adapted from recent financialstatemtns ofDelta. |
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- Prepare a SFP for ABM Company for this year ended December 31, both in account and report form using the following information below:ABM Capital ₱21,950 Unearned Revenue ₱1,000Accounts Payable ? Accumulated Depreciation ₱2,000Accrued Expense ₱4,500 Inventory ₱39,800Building ₱100,000 Cash ₱32,800Prepaid Rent ₱1,000The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is asfollows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,600 $ 337,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704,400 609,600Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,600 865,800Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,600 26,400Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,386,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980,000 $ 990,000Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . (397,200) (366,000)Equipment . . . . . . . . . . . . . . . . . . .…1. Barack Company reported operating expenses in two categories namely distribution and general administrative expenses. The adjusted trial balance at year-end included the following expense and loss accounts for the current year: Accounting and legal fees P1,200,000, Advertising P1,500,000, Freight out P800,000, Interest P700,000, Loss on sale of long term investment P300,000, Officer's salaries P2,250,000, Rent for office space P2,200,000, Sales salaries and commissions P1,400,000. Additional information: One-half of the rented premises is occupied by the sales department. What amount should be reported as Total Distribution costs?
- For the just completed year, Hanna Company had a net income of $35,000. Balances in the company’scurrent asset and current liability accounts at the beginning and end of the year were:End Beginningof Year of YearCurrent assets:Cash ................................................... $30,000 $40,000Accounts receivable ........................... $125,000 $106,000Inventory ............................................. $213,000 $180,000Prepaid expenses ............................... $6,000 $7,000Current liabilities:Accounts payable ............................... $210,000 $195,000Accrued liabilities ................................ $4,000 $6,000The Deferred Income Taxes Payable account on the balance sheet increased by $4,000 during the year, anddepreciation charges were $20,000.Required:Using the indirect method, determine the net cash provided by operating activities for the yearFor item 5. An SME has the following informationRetained Earnings P 2,400Transactions during the yearRevenues 5,000Dividend Income 800Dividend income and other expenses 3,200Dividend Declared P 350Additional information:• During the year, the SME changed the cost flow for its inventories from the FIFO method to theweighted average.FIFO AverageJan. 1 P 3,200 P 2,600December 31 5,300 6,4005. If the SME opts present a statements of income and retained earnings, the bottom line in thestatement shows an amount equal toa. P2,600 b. P2,850 c. P4,550 d. P4,050The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…
- At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service revenue above had been…Financial statementsThe assets and liabilities of Global Travel Agency on December 31, 20Y5.and its revenue and expenses for the year are as follows: Accounts payableAccounts receivableCashCommon stockFees earnedLandMiscellaneous expense Rent expenseSuppliesSupplies expenseUtilities expenseWages expense $ 108,000539,000200,000575,000940,0001,500,000$ 19,50056,0006,00012,70034,80415,000 Common stock was $525,000 and retained earnings was $1,250,000 as ofJanuary 1. 20Y5. During the year, additional common stock of $50,000was issued for cash, and dividends of $90,000 were paid. Instructions1. Prepare an income statement for the year ended December 31.20Y5.2. Prepare a statement of stockholders' equity for the year ended December 31. 2015.3. Prepare a balance sheet as of December 31, 20Y5.4. What items appears on both the statement of stockholders'equity and the balance sheet?ACCOUNTS PAYABLE 14,500.00ACCOUNTS RECEIVABLE 7,500.00CAPITAL STOCK 20,000.00CASH 21,000.00CONSULTING REVENUE 18,000.00OFFICE EQUIPMENT 13,000.00OFFICE SUPPLIES 500.00RENT EXPENSE 9,000.00UTILITIES EXPENSE 1,500.00Above is a list of balances for Iron Works Construction as at 31st December 2021 .The following additional information was provided :1. Depreciation Charge on Office Equipment is $2,0002. All Office Supplies were used during the period.3. Rent Expense includes $1000 for January 20224. $200 was still owing on Utilities Expense Prepare the adjusted Trial Balance as at31st December ,2021
- The accounts and balances shown below were taken from ACCCOB2 Company’s trial balance on December 31, 2021. All adjusting entries have been made: Cash P 175,000 Prepaid rent 136,000 Inventory 820,000 Investment - FVPL 153,000 Accounts receivable 366,000 Sinking fund asset 525,000 Investment in associates 1,020,000 Property, plant & equipment, net 1,700,000 Patents, net 150,000 Wages payable 250,000 Dividends payable 140,000 Taxes payable 228,000 Accounts payable 248,000 Bonds Payable 648,000 How much should be reported in ACCCOB2’s December 31, 2021 statement of financial position as current and non-current assets, respectively? Group of answer choices P1,800,000 and P2,225,000 P1,650,000 and P3,395,000 P1,800,000 and P3,795,000 P1650,000 and P2,375,000A Company reported the following balances on its unadjusted trial balance as of December 31, 2021:Assets P870,000Liabilities 250,000Equity 110,000Revenues 630,000Expenses 120,000 The following adjustments were noted: a. The total premium paid on March 31, 2020, was P40,000 for a four-year fire insurance policy. This was initially recorded as an asset.b. Depreciation of office equipment purchased on October 1, 2021 with a depreciable amount of 50,000, useful life of 5 years based on straight line method and a residual value of P5,000.c. The Company issued a note for P30,000 for its September 1 purchase of merchandise. The note is dated on the same date, matures in 6 months and bears 5% interest. d. Rent income received from tenant on November 1, 2021 representing four months’ rent amounted to P20,000. This was recorded as a credit to a real account.e. An allowance for doubtful accounts of 1% of the accounts receivable is to be established. Accounts receivable amounted to…The asset account Office Supplies has a balance of $820 at the beginning of the year. The amount on hand at the end of the year is $540. The company has calculated the Supplies Expense for the year to be $3,900. Based on this information, what amount of office supplies was purchased during the year? Multiple Choice $3,360 $4,440 $3,620 $0