Determine Total Assets value?
Q: Denim, Inc. purchased a building on January 1, 2010. The building cost $2,600,000 and had an…
A: Introduction:- The following Basic information needs to understand as follows under:- Denim, Inc.…
Q: An organizations stock records show the following transactions for a specific item during last…
A: Weighted average method is one of the method used for inventory valuation, under which total costs…
Q: A 60-day, 5% note for $10,200, dated April 15, is received from a customer on account. The face…
A: The face value of the note is $10200
Q: A pension plan paid out benefits amounting to $343,200 during the year to retired plan members.…
A: Whenever any benefit is to be paid to member in future out of pension plan,we create 2 things in…
Q: Shields Company is preparing its interim report for the first quarter ending March 31. The following…
A: The amount that will be reported in the first quarter =( $800000 + $350000 +$260000)/4 = $352500
Q: TRI reported $699,000 as net income and 233,000 weighted average common shares in 2021. TRI also…
A: The denominator in case of Basic and diluted earning per share is - weighted average number of…
Q: The Mixing Department performs a series of processes in which a fluid chemical is concentrated.…
A: GIVEN The Mixing Department performs a series of processes in which a fluid chemical is…
Q: 7. Suppose the First National Bank of Naboo has a T-account as follows: Assets Liabilities Reserves…
A: After all of a company's liabilities have been deducted, capital is defined as the remaining stake…
Q: Cullumber Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50…
A: calculation of above requirement are as follows
Q: Actuary and trustee reports indicate the following changes in the PBO and plan assets of…
A: Particulars Amount (in $ millions) Net loss-AOCI $210 Less : 10% of beginning PBO (10% x…
Q: Longmont Corporation earned net income of $90,000 this year. The company began the year with 600…
A: Introduction: EPS : EPS stands for Earnings per share. It tells the profit earned on each…
Q: On the date of incorporation, the condensed balance sheet of Alom Partnership showed the following:…
A: Share Subscription In the share subscription which are involved with the preference shares and…
Q: What are the major problems caused by worldwide accounting diversity for a multinational…
A: The accounting standards help to make financial statement credible and allow to make sensible…
Q: Roberts Enterprises has budgeted sales in units for the next five months as follows: June…
A: Since, Sales in Units = Opening inventory units + units to be produced - Closing inventory units
Q: et Rental Income. (Obj. 1) ye its. Sandee resides in one unit and rents out the other. The tenant…
A: Net rental income would include the revenue from the rent and other expenses are to be deducted from…
Q: Mary Willis is the advertising manager for Bargain Shoe Store. She is currently working on a major…
A: The question is based on the concept of Cost Accounting. Margin of safety is the sales whether in…
Q: The following data relates to departments A, B, and C of a company; machine hours: department…
A: ABC system of overhead absorption is the systematic allocation of overhead costs on the basis of the…
Q: At the end of the current year, $18,540 of fees have been earned but have not been billed to…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: inery has been sold for 280,000. Show the accounting entries for each year up to Year 5 us
A: Brief Accounting of assets, Depreciation, Sinking fund method
Q: Brunleigh Corporation earned net income of $200,000 this year. The company began the year with…
A: For calculating weighted average number of shares, we need to use below formula. Weighted average…
Q: Brunleigh Corporation earned net income of $200,000 this year. The company began the year with…
A: Formula: Weighted average number of shares = Shares issued x Time period
Q: Under IFRS, any difference between the pension expense and the payments into the pension fund plan…
A: Pension expense and the contribution to pension fund are recorded through pension liability/asset…
Q: Generally Accepted Accounting Principles, or GAAP, is a set of accounti procedures, standards, and…
A: GAAP or Generally accepted accounting principles are the standard accounting principles made with…
Q: Which of the following activities regularly conducted by a tax-exempt organization will result in…
A: Unrelated business taxable income must be derived from an activity that constitutes a trade or…
Q: Wheaton Tire Inc., [WTI] reported the following excerpts from shareholders’ equity on January 1,…
A: Dividend - Dividend is the amount to be paid by the company out of profit made to the shareholder's…
Q: Prepare the journal entry to record depletion for the first year. (Credit account titles are…
A: Lets understand the basics. Depletion is a allocating cost of the natural resources extracted to…
Q: Loeb Co. had 800,000 shares of common stock outstanding on January 1, issued 112,000 shares on May…
A: Weighted average shares outstanding for the year = Beginning No. of shares outstanding + Shares…
Q: Problem 5 Rachel Crib Shop had sales of 3,000 units at P200 per unit last year. The marketing…
A: As per the guidelines, only one question is allowed to be answered so I am answering the first one.…
Q: On December 31, 2018, the company posted an eding capital of 30 million. the following yer, the…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the…
A: Corporation is one of the legal form of business organisation, under which several members invest…
Q: The unadjusted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows:…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: At the end of 2020, its first year of operations, Tyre Recycling Inc. prepared the following…
A: GAAP income is used to determine income tax expense, which is a financial accounting record. The…
Q: Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts…
A: The question is based on the concept of Cost Accounting.
Q: Wheaton Inc. had the following balances as of December 31, 2021: -Contributed surplus- common share…
A: Shareholder's Equity: Shareholders' equity (also known as corporate net worth) is a measure of how…
Q: male size). Revenu and cost data rela ts per year. The fixed costs included in commission and Tk.…
A: To make the decisions regarding the acceptance or rejection of the special orders, the company…
Q: a. Determine the profit margin for each segment. Round to one decimal place. Profit margin…
A: Solution:- a)Determine the profit margin for each segment as follows under- Profit margin =Operating…
Q: Given the following information, compute the current ratic Cash $ 120,000 Accounts receivable…
A: Lets understand the basics. Current ratio indicates firm's ability to pay its short term obligation…
Q: When you are making a purchase, what does it mean when the cashier asks, "Debit or Credit?" O You…
A: When purchase is generally done it may be done by using the immediate payment which is cash payment…
Q: On February 1, Crown Company purchased $2,000 of merchandise, terms 2/10, n/30. Crown uses the gross…
A: Under the Gross method of purchases, Purchases are booked at Gross value. Discount amounts are not…
Q: After learning how to value a stock in his Corporate Finance class, Mark Stark decided to put his…
A: The constant growth rate model determines the cost of capital by assuming that the dividend will…
Q: Operating Budget, Comprehensive Analysis (4) The unit selling price of the wiring harness assembly…
A: Operating Budget- An operating budget is a detailed projection of what a corporation suppose its…
Q: What is the taxable gain?
A: When we are selling an asset, we always consider its fair value. It depends on various factors that…
Q: 2. Compute for the selling price for the product Banana Loaf whose total cost is P625.00 which can…
A: Markup is the additional Profits charged over the cost to get the selling Price. Markup = (Selling…
Q: Red, Incorporated has book income of $500,000 before federal income tax expense which includes…
A: The deferred tax asset would arise on difference between book income qnd taxable income of $10000…
Q: Toiz-4-Boiz [T-4-B] is a manufacturer of electronic game hardware and game software.The company…
A: Date Account Titles and Explanation Debit Credit Mar. 1, 2018 Share Subscriptions Receivable…
Q: lecommunication Ivage value at the on charge during t
A: Several methods are used for charging of depreciation like straight line method, double declining…
Q: On January 1, 2017, Jayjay Company, a large company, purchased a patent for a new consumer product…
A: Amortization of an intangible asset is done for the period of its useful life. However, in case an…
Q: Which of the following statement about the closing inventory for last month is correct
A: LIFO and FIFO both are the methods which are used by the company to determine the value of the…
Q: Which of the following reports can improve internal control by tracking unauthorized changes to…
A: Solution: An audit log is IT record that record sequence of activities done at any time related to…
Q: A mortgage of $80,000 with 2 points mean the borrower would have to pay at closing $800.
A: Point : in mortgage a point is taken as percentage. 1 point equals to 1% 2 point equals to 2%…
Step by step
Solved in 2 steps with 1 images
- Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…SAMPAGUITA INSURANCE COMPANY FINANCIAL STATEMENT 2021 ASSETS Cash and cash equivalents P2,574,335 Interest receivable 132,241 Investments 12,340,312 Investment in subsidiary 529,248 Premiums due from policyholders 10,831 Policy loans receivables - net 369,607 Coverage debt receivables - net 960,404 Reinsurance assets 53,439 Property and equipment - net 415,241 Right-of-use assets - net 533,003 Deferred acquisition costs 12,455,967 Other assets - net 1,647,258 Total General Assets 32,021,886 Assets Held to Cover Linked Liabilities 106,573,549 PI 38,595,435 ROSE INSURANCE COMPANY FINANCIAL STATEMENT ASSETS Cash and cash equivalents (Note 4) P 2,177,119,101 Insurance receivables (Note 26) Financial assets (Note 5) 133,720,939 Financial assets at fair value through profit or loss (FVPL) 60,091,263,262 Available-for-sale financial assets 42,348,896,307 Loans and receivables 10,508,989,111 Accrued income (Note 7) 379,787,097 Reinsurance assets (Note 13)…The net income /loss= $7,425 1) prepared a classified statement of financial position. Assume that $18,360 of the bank loan payable will be payed in 2019.( list property, plant and equipment in order of land, building and equipment. List current assets in order of liquidity.)
- Determine the missing amount from each of the seperate situations given below. Assets = Liabilities + Equity = $94,000 + $29,000 $110,000 = $40,000 + $144,000 = + $62,000The 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?A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
- PROBLEM The balance sheet contains the following major sections: a. Current assets b. Long-term investments c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Contributed capital i. Retained earnings j. Accumulated other comprehensive income _____ 1. Unexperied insurance _____ 2. Idle machinery _____ 3. Unrealized increase in avaiblable for sale securities _____ 4. Land _____ 5. Fund to retire preferred stock _____ 6. Additional paid-in capital on common stock _____ 7. Deferred income taxes-noncurrent _____ 8. Obligation for future pension payments _____ 9. Trademark _____ 10. Unearned ticket sales Required: Using the letters (a) through (j), indicate in what section the accounts would be classified.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…3. Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in Financial Assets - 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and give reasons for each element whether these elements belongs to financing activities or not
- Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 428,571.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,035.00 Interest expense 40,500 42,155.00 Inventories 279,000 288,000 Long-term debt 339,577.00 401,377.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,171.00 Retained earnings 306,000 342,000 Sales 639,000 849,094.00 Taxes 24,750 47,192.00 What is the current year's entry for long-term debt on a common-sized balance sheet? (ROUND TO 4 DECIMAL PLACES.)Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,139.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,349.00 Interest expense 40,500 41,741.00 Inventories 279,000 288,000 Long-term debt 337,728.00 398,725.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,280.00 Retained earnings 306,000 342,000 Sales 639,000 847,106.00 Taxes 24,750 48,618.00 What is the current year's return on assets (ROA)? (Round to 4 decimal places.)1.Presented below are the financial statements of KJ Electronics KJ Electronics Inc. Comparative Balance Sheets September 30 Assets 2021 2020 Current Assets Cash $92000 $42980 Short Term Investments 29500 22500 Accounts Receivable 56900 22300 Inventory 102,300 90220 Long Term Assets Long term Investments 96,300 103000 Equipment 198,000 215000 Accumulated depreciation- equipment (50000) (48000) Total $525,000 $448,000 Current Liabilities Accounts Payable $85,300 $30200 Accrued Expenses payable 26700 15000 Long Term Liabilities Bonds Payable 97,300 79,570 Stockholders’ Equity Common Stock 150,000 165500 Retained Earnings 165,700 157,730 Total $525,000 $448,000 KJ Electronics Inc. Income Statement For the Year Ended September 30, 2021 Sales Revenue Less: Sales Returns and Allowances Net…