Determine the current ratio. Round to two decimal places. 1.59 4.89 1.52 None of the above 316
Q: The partner equity balances are Jack, Capital 30000,Current 90000; Bob, Capital 35000, Current…
A: Lets understand the basics. In partnership, partners accounts divided into two types. (1) Capital…
Q: Suppose that you are the manager of a coffee shop, and you are planning to invest o new coffee-maker…
A: Income Statement : It is the financial statement to prepared to know the performance and net income…
Q: The fundamental ethical principles that all chartered accountants and registered auditors should…
A: Auditors are the professionals who check each detail furnished by the client through his/her…
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…
A: The variable cost per unit remains constant and total variable cost changes with level of production…
Q: Woxy company is considering its forthcoming projections for cash budget purposes. Woxy's forecasts…
A: Given data: Cash sales are 10% of total sales Credit sales are collected 50% in the month of sales…
Q: If 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to…
A: Relevant range of production is an important concept in accounting in general and in costing in…
Q: ncial Projection Please provide a sample Financial Projection for a ice cream start up business.…
A: Financial Statements : These are the statements of a Company/ Enterprise / Organisation that shows…
Q: Required: 4. Record the adjusting journal entries (k) through (p). (If no entry is required for a…
A: Transaction occured during the year are directly recorded by the accountants, but there are some…
Q: Benefit Cost Ratio of Project Cos (expressed to three decimal places). Internal Rate of Return of…
A: Computation of depreciation per year amount of Project Cos Initial Investment in Project Cos =…
Q: The 2020 income statement of Blossom Corporation showed net income of $1,271,000, which included a…
A: Net Income- Net income is the remaining amount after expenses and cost of goods sold have been…
Q: Explain four (4) emerging issues in the auditing profession and the work of an auditor in general.
A: Answer:- Auditing meaning:- Auditing can be defined as the systematic examination of the books of…
Q: e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on…
A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: project. 1. Record transactions with journal entries in the General Journal. 2. Post journal entries…
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into…
Q: Find the compound amount and interest on P360,000 for 8 years and 6 months at 10% compounded…
A: Compound interest is the interest on interest received and this will increase with increase in…
Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…
A: Introduction: Journals: 1 ) Journals are book of prime records. 2 ) All the business transactions…
Q: Here is comparative balance sheet for 2021 and 2022, stating each asset as a percent of total…
A: Vertical Analysis There are two type of financial reporting analysis are there one is Horizontal…
Q: [S1] Valuation will lead to a universal value for an asset. [S2] Valuation when done correctly, will…
A: Here discuss about the details of the valuation of the assets which determine the fair value…
Q: Nature of Transaction 1. Cash payment on hydro bill that arrived today 2. Cash sale 3. Bank interest…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals also…
Q: Suppose that the cost of producing X units of a product in a manufacturing company is F + VX where F…
A: As per the high-low method, Unit variable cost=Highest activity cost-Lowest activity costHighest…
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…
A: Variable costs :- are costs that change with each level of output while fixed costs do not change…
Q: A and B agreed to dissolve their relationship on January 1, 20x1. Their capital balances were P400,…
A: >Partnership is the business entity where there are two or more than two owners, known as…
Q: Machinery Purchased for $ 800000 Accumulated depreciation value is $ 600000 Sold for $400000
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: 35,000 invested on April 16, At what rate compounded quarterly is interest computed?
A: Under Compound Interest, interest is calculated on beginning outstanding amount for the first time.…
Q: Can the owner of a small business receive unemployment compensation? Explain.
A: Income Taxes- Federal, state, and local governments levy taxes on the gross income of individuals…
Q: For many years, Manama Corporation has used a straightforward absorption costing approach to…
A: Manama Corporation has been following absorption based costing approach. Absorption costing is the…
Q: Required Information [The following information applies to the questions displayed below.] On…
A: A warranty expense is a cost associated with fixing, replacing, or compensating a customer for any…
Q: whats happening with question 11 and 12? answer please
A: The total return of a portfolio can be calculated by multiplying the weights of the asset by its…
Q: At December 31, 2020, BFAR Corp. had 20,000 treasury shares that had been re-acquired in 2020 at P14…
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…
Q: program itself will:
A: If Auditing isn’t done by testing the input an output of a computer system instead of a computer…
Q: Alameda Hospital is expecting its new cancer center to generate the following cash flows: Givens…
A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…
Q: 9 15 Purchased supplies on account for $1,100 from Digital Shot Company. Received $3,500 cash…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…
A: The incremental cost is also known as marginal cost. It is an additional cost incurred due to an…
Q: Nature of Transaction 1. Cash payment on hydro bill that arrived today 2. Cash sale 3. Bank interest…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Totals $ 107 $ 107 Transactions and events during 2021 (summarized in thousands of dollars) follow:…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Sand Inc., a company that produces and sells a single product, has provided its contribution format…
A: Introduction: The contribution margin can be stated either grossly or per unit. It reflects the…
Q: A. What is stockholders' equity? B.Cary Jones corp stockholders' equity totaled 99,000 at the…
A: Lets understand the basics. Balance sheet is divided mainly in three parts which are, (1) Equity…
Q: [S1] An advantage of the discounted cashflow valuation method is that it is less exposed to market…
A: Discounted cash flow method of valuation of investment is one of the methods of valuation of an…
Q: 3. If money is invested at 13% compounded quarterly, find the present value of P11,200 due at the…
A: Present Value :— It Means value of Money Or Cash Flow in today. It uses Time Value of Money Fir it's…
Q: A and B agreed to dissolve their relationship on January 1, 20x1. Their capital balances were P400,…
A: Partnership is one of the agreement between two or more persons in which they invest their capital,…
Q: Cullumber Limited competes in the fast food industry with Bramble Limited. Cullumber underwent a…
A: The ratio analysis helps to analyze the financial statements with different elements of financial…
Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…
A: Introduction: Discount amount: Discount is calculated on face value of the note. Multiplying the…
Q: Evaluate the success of the project. Assume a discount rate of 12%. (If the net present value is…
A: Net Present Value :— It Means the summation of all present Value of cash flows. For decision…
Q: Marcus purchased a equipment which was an depreciable asset for P38,000 on January 1, 2017. The…
A: Depreciation was used to record value of various machineries after its wear and tear where sum of…
Q: An obligation of P31,300 is due on April 16, 2013. What is the value of this obligation on December…
A: Lets understand the basics. For calculating the obligation, we need to use below formula. Obligation…
Q: A primary advantage of using generalized audit software packages to audit the financial statements…
A: The primary advantage of using a prepacked audit system is determine by the use cases.
Q: Problem #2 Adjusting Entries and Accounting Policy The following are some of the transactions made…
A: Adjusting Entry – The inputs that make the accrual principle operate for the organization are known…
Q: ABC and DEF are asked by the ABC to handle the marketing of a benefit basketball game. Being avid…
A: Here given the details of the joint arrangement between the parties who share the commission for the…
Q: A company has the following budgeted sales data: January February March April Credit Sales…
A: A cash budget specifies the expected revenue and expenditure in the future. This budget is used to…
Q: Gabrus Company produces a product in two departments: (1) Cooking and (2) Finishing. The company…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $30,000 cash…
A: For a company or an organization cash is an important source which are are used by the company to…
Step by step
Solved in 3 steps
- Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000Comprehensive 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.Klynveld Companys balance sheet shows total liabilities of 94,000,000, total stockholders equity of 75,000,000, and total assets of 169,000,000. Required: Note: Round answers to two decimal places. 1. Calculate the debt ratio. 2. Calculate the debt-to-equity ratio.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 Days’ sale in receivable
- Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was 82.60 on December 31, 20Y2. Instructions Determine the following measures for 20Y2 (round to one decimal place, including percentages, except for per-share amounts): 1. Working capital 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days sales in receivables 6. Inventory turnover 7. Number of days sales in inventory 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders equity 10. Times interest earned 11. Asset turnover 12. Return on total assets 13. Return on stockholders equity 14. Return on common stockholders equity 15. Earnings per share on common stock 16. Price-earnings ratio 17. Dividends per share of common stock 18. Dividend yieldErnst Companys balance sheet shows total liabilities of 32,500,000, total stockholders equity of 8,125,000, and total assets of 40,625,000. Required: Note: Round answers to two decimal places. 1. Calculate the debt ratio. 2. Calculate the debt-to-equity ratio.
- The following trial balance was extracted from the books of J. Brown as at 31 May 2021. DRCR $$ Purchases and Sales65,730 125,910 Stock at June 1, 202015,480 - Bank overdraft- 13,050 Capital- 21,600 Cash270 - Discounts4,320 2,880 Return inwards2,430 - Return outwards- 1,710 Carriage outwards6,480 - Carriage inwards2,850 - Rent and Rates5,220 - Provision for bad debts- 1,980 Machinery5,100 - Van9,300 - Provision for depreciation on Vans- 3,000 Provision for depreciation on Machinery- 1,500 Accounts Receivable and Payables35,730 18,180 Drawings8,640 - Wages and Salaries26,820 - General office expenses1,440 - 189,810 189,810 Notes:Closing stock $22,000Wages and salaries: accrual $900; Office expenses accrued $500Rent and rates prepaid $800Increase the provision for bad debts to $2,000Provision for depreciation Van 10% of cost, and Machinery 15% on the reducing balance method.(See requirements on next page.) Required:1: Prepare an Income Statement for the year ended May 31, 2021 2: From…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 daysThe following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?
