EXHIBIT 1: YALLA MOMOS INCOME STATEMENT FOR THE YEAR ENDING 2015 (IN AED) Net Revenue504,000 Expenses Cost of food sales151,200 Rent68,000 Salaries54,000 Administrative costs23,000 Depreciation30,200 Utilities13,000 Miscellaneous expenses15,800 Advertising costs0 Interest13,000 Net Profit135,800 EXHIBIT 2: YALLA MOMOS PROJECTIONS FOR THE YEAR 2016 (IN AED) Without expansionWith expansionRent75,00088,000Salaries61,40075,000Administrative costs26,00034,000Depreciation34,72038,360Utilities14,00019,000Miscellaneous expenses17,06019,180Advertising costs8,00012,000Interest13,00016,000Evaluate the current financial performance of Yalla Momosand compare his performance to the industry ratios.

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Evaluate the current financial performance of Yalla Momosand

Century 21 Accounting Multicolumn Journal

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Chapter8: Recording Closing Entries And Preparing A Post-closing Trial Balance For A Service Business

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EXHIBIT 1: YALLA MOMOS INCOME STATEMENT FOR THE YEAR ENDING 2015 (IN AED) Net Revenue 504,000 Expenses Cost of food sales 151,200 Rent 68,000 Salaries 54,000 Administrative costs 23,000 Depreciation 30,200 Utilities 13,000 Miscellaneous expenses 15,800 Advertising costs 0 Interest 13,000 Net Profit 135,800 EXHIBIT 2: YALLA MOMOS PROJECTIONS FOR THE YEAR 2016 (IN AED) Without expansion With expansion Rent 75,000 88,000 Salaries 61,400 75,000 Administrative costs 26,000 34,000 Depreciation 34,720 38,360 Utilities 14,000 19,000 Miscellaneous expenses 17,060 19,180 Advertising costs 8,000 12,000…
EXHIBIT 1: YALLA MOMOS INCOME STATEMENT FOR THE YEAR ENDING 2015 (IN AED) Net Revenue 504,000 Expenses Cost of food sales 151,200 Rent 68,000 Salaries 54,000 Administrative costs 23,000 Depreciation 30,200 Utilities 13,000 Miscellaneous expenses 15,800 Advertising costs 0 Interest 13,000 Net Profit 135,800 EXHIBIT 2: YALLA MOMOS PROJECTIONS FOR THE YEAR 2016 (IN AED) Without expansion With expansion Rent 75,000 88,000 Salaries 61,400 75,000 Administrative costs 26,000 34,000 Depreciation 34,720 38,360 Utilities 14,000 19,000 Miscellaneous expenses 17,060 19,180 Advertising costs 8,000 12,000 Interest 13,000 16,000 Source: Company documents, Ivey publications Required: Calculate the 2015 BEP and Margin of safety (MOS) in quantity and monetary terms.
Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) Year End 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost of Sales -679.1 -659 -681.3 -667 Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Income Taxes -56.8 -64.2 -67.5 -72.6 Dividends -38.3 -38.7 -39.8 -40.1 CHOICES: A. 108.7B. 132.7C. No choice givenD. 132.8E. 121.8
Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1 Addition to Retained Earnings
Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2016 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1
Brick & StoneIncome Statement for the year ended 31 December 2016Notes $ $Sales 2,500,000Cost of Sales 1 1,100,000 Gross Profit 1,400,000ExpensesSalaries & Wages 2 760,000Employer NIS Contribution 2,400 Rent and Rates 3 240,000Insurance 50,000Maintenance 120,000Depreciation 4 55,000Loss on Disposal of Vehicle 5 10,000Telephone 6 35,000Electricity 7 54,000Utilities 70,000Entertainment 8 100,000Donations 9 85,000Provision for Bad Debts 10 80,000Fines and Penalties 11 15,000Drawings 105,000 1,781,400 Net Profit/ (Loss) (381,400)Brick & StoneNotes to the Income Statement1. The Cost of Sales includes goods valuing $250,000 that were purchased for Mr. Stone’s personal use.2. Salaries and Wages include $25,000 per month, and $20,000 per month, paid to Mr. Stone and Mr. Brick respectively.3. $65,000 of the rent relates to the private dwelling of Mr. Brick’s wife.4. As at the 31 December 2021, the business recorded the following assets in its books:Assets Cost Reducing Balance…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Presented below is information related to Ivan Calderon Corp. for the year 2025. Net sales $1,560,000 Cost of goods sold 936,000 Selling expenses 78,000 Administrative expenses 57,600 Dividend revenue 24,000 Interest revenue 8400 Write-off of inventory due to obsolescence $96,000 Depreciation expense omitted by accident in 2024 66000 Casualty loss 60,000 Cash dividends declared 54,000 Retained earnings at December 31, 2024 1,176,000 Effective tax rate of all items 20% Instructions Prepare a multiple-step income statement for 2025. Assume that 72960 shares of common stock are outstanding for the entire year. Prepare a separate retained earnings statement for 2025.
In the income statement below, ABC Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) Year End 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost of Sales (679.10) (659.00) (681.30) (667.00) Gross Operating Income Selling & Administration (339.70) (348.60) (351.20) (373.30) Depreciation (47.50) (52.00) (55.90) (75.20) Other Income/Expenses 11.80 7.60 7.00 8.20 Earnings Before Interest and Taxes Interest Income 1.30 1.40 1.70 2.00 Interest Expense (16.20) (15.10) (20.50) (23.70) Pre Tax Income Income Taxes (56.80) (64.20) (67.50) (72.60) Net Income Dividends (38.30) (38.70) (39.80) (40.10) Addition to Retained Earnings Group of answer choices 121.8 108.7 132.7 132.8 No choice given
The following income statement and balance sheets for Laser World are provided: LASER WORLD Income Statement For the year-ended December 31, 2021 Sales revenue $ 2,260,000 Cost of goods sold 1,500,000 Gross profit 760,000 Expenses: Operating expenses 345,000 Depreciation expense 66,000 Loss on sale of land 4,600 Interest expense 24,000 Income tax expense 58,000 Total expenses 497,600 Net income $ 262,400 LASER WORLD Balance Sheet December 31 2021 2020 Assets Current assets: Cash $127,000 $104,000 Accounts receivable 91,000 72,000 Inventory 200,000 180,000 Prepaid rent 12,000 12,000 Long-term assets: Land 270,000 210,000 Equipment 270,000 220,000 Accumulated depreciation (74,000) (46,000) Total assets $896,000 $752,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $57,000 $56,000 Interest payable 8,900…
PROBLEM SOLVING 1 The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company for the year ended December 31, 2020 is reproduced below: Sales P 6,100,000 Cost of goods sold 3,700,000 Gross profit P2,400,000 Gain on sale of equipment 100,000 Salaries expense -820,000 Insurance expense -380,000 Depreciation expense 220,000 Profit before interest and income tax P1,080,000 Interest expense 120,000 Profit before income tax P960,000 Income tax expense 288,000 Profit P672,000 The following information is also available: Decrease in accounts receivable P120,000 Increase in inventory 280,000 Decrease in accounts payable 160,000 Increase in salaries payable 100,000 Increase in prepaid insurance 180,000 Decrease in interest payable 30,000 Increase in income tax payable 18,000
Vale, Hamilton and Curtis, Inc. (VHC) (this is the same company in I above) began operations on June 1, 2015. As of December 31, 2015, VHC had organization expenses of $207,000. As of January 1, 2018, VHC had accumulated E&P of $470,000. During 2018, VHC had the following items of income and expense: Sales Revenue $750,000Cost of Goods Sold 310,000Selling and Administrative Expenses 190,000Depreciation (using accelerated methods -straight-line would have been $35,000) 60,000Dividends received (15% owned corporations) 65,000Interest income from municipal bonds 32,000Bribes to foreign governments 45,000Net operating loss carryover from 2014 35,000Long term capital gain 10,000Long term capital loss 5,000Short term capital gain 20,000Charitable contributions 37,500Dividends paid to shareholders 16,000 a. Determine VHC’s taxable income for 2018b. Determine VHC’s Current E&P for 2018
Selected information from the financial statements of Yellow Harvest includes the following: 2020 2019 Net sales.......................................... P2,200,000 P2,000,000 Total Expenses................................... 1,998,000 1,800,000 Required: a. Compute the percentage change in 2020 for the amounts of (1) net sales and (2) total expenses b. Using the information developed in a part a, express your opinion as to whether the company’s net income for 2020: 1. Increased at a greater or lower percentage rate than did net sales. 2. Represented a larger or smaller percentage of net sales revenue than in 2019. For each answer, explain your reasoning without making any computations or references to peso amounts.

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EXHIBIT 1: YALLA MOMOS INCOME STATEMENT FOR THE YEAR ENDING 2015 (IN AED)
	Net Revenue	504,000
	Expenses
	Cost of food sales	151,200
	Rent	68,000
	Salaries	54,000
	Administrative costs	23,000
	Depreciation	30,200
	Utilities	13,000
	Miscellaneous expenses	15,800
	Advertising costs	0
	Interest	13,000
	Net Profit	135,800

EXHIBIT 2: YALLA MOMOS PROJECTIONS FOR THE YEAR 2016 (IN AED)
	Without expansion	With expansion
Rent	75,000	88,000
Salaries	61,400	75,000
Administrative costs	26,000	34,000
Depreciation	34,720	38,360
Utilities	14,000	19,000
Miscellaneous expenses	17,060	19,180
Advertising costs	8,000	12,000
Interest	13,000	16,000