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- hw6 q1 Consider the following balance sheet and income statement for Mmm Good Foods Incorporated (the company that operates Tasty Fried Chicken and Pizza Party), in condensed form, including some information from the cash flow statement: (amounts are in millions) Mmm Good Foods Incorporated Balance Sheet 2019 Cash and short-term Investments $ 719 Accounts receivable 385 Inventory 51 Other current assets 447 Long-lived assets 4,086 Total assets $ 5,688 Current liabilities $ 1,444 Total liabilities 11,164 Noncontrolling interest Shareholders’ equity (5,476) Total liabilities and equity $ 5,688 Income Statement Sales $ 6,516 Cost of sales 3,573 Gross margin $ 2,943 Earnings before interest and taxes $ 1,640 Interest 322 Taxes 339 Income from discontinued operations 610 Net income $ 1,589 Share price $ 78 Earnings per share 5.61 Number of outstanding shares (millions) 356.5 Cash Flows Cash flow from operations $ 1,219…Q4. Analysis of Financial StatementsThere was a bit of concern about one of Big Rock’s newer entities – Big Rock PavingCompany. Management wants you to review the two financial statements below and giveyour analysis of the company’s performance.Big Rock Paving CompanyAssets LiabilitiesCurrent Assets: Current Liabilities:Cash 200,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 600,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,300,000Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets 1,600,000 Retained Earnings 100,000Total Assets 2,900,000 Total Owners’ Equity 800,000Total Liabilities and Owners’Equity2,900,000Big Rock Paving CompanyIncome Statement for Year Ending December 31, 2021Sales 3,400,000Less: Cost of Goods Sold 2,700,000Less: Administrative Expenses 700,000Less Depreciation 682,000Earnings Before…information to answer question 5. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the acid test ratio. A. 0.83:1 B. 1:1 C. 1.3:1 D. 0.76:1
- Question 2:Tarcy Enterprise is operated by Priscilla Tam. She provided the followingTrial Balance for the year ended 30 June 20X1: Dr CrRM RM Inventory, 1 July 20X0 160,0006% Long term loan 200,000Water and electricity 4,300Bank 6,000Capital 1,000,000Carriage inwards 1,800Purchases and Sales 956,000 1,254,600Cash 8,800Allowance for doubtful debts, 1 July 20X0 1,000Custom duty 3,000Trade receivables and payables 136,000 68,000Bad debts 3,700Carriage outwards 3,000Drawings 12,000Freehold premises 800,000Motor vehicles 100,000Plant and machinery 300,000Accumulated depreciation: motor vehicles 12,000Accumulated depreciation: plant & machinery 24,000General expenses 2,200Interest on loan 3,500Discounts 600 800Advertisement 16,000Returns 4,500 3,000Salaries 60,000Commission received 6,0002,575,400 2,575,400 Additional information:1. Closing inventory was valued at RM175,000.2. Included in the purchases were goods worth RM6,000 which had beentaken by Priscilla for family use. No recording…PB1. LO 3.2Assuming the following account balances, what is the missing value? Assets $1,150,000 Liabilities $588,000 Equity ?PA10. LO 4.3Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). March 1, paid interest due on note, $2,500 December 31, interest accrued on note payable, $4,250
- information to answer question 4. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the current ratio. A. 2:1 B. 1.0:1 C. 2.1:1 D. None of the aboveEx5.19From the following accounts (not in order), prepare a post-closing trial balance for Winter Co. onOctober 31, 201X. Note: These balances are before closing.Accounts Receivable $19,950P. Winter, Capital $45,300Legal Supplies 9,700P. Winter, Withdrawals 3,000Office Equipment 54,400Legal Fees Earned 28,000Repair Expense 2,700Accounts Payable 48,000Salaries Expense 1,550Cash 30,000Adjustment Dataa. Insurance expired, $100.b. Dance supplies on hand, $1,100.c. Depreciation on dance equipment, $2,000.d. Salaries earned by employees but not to be paid until October, $1,000.Your task is to do the following:1. Prepare a worksheet.2. Journalize adjusting and closing entries.6. Identify the most relevant transaction for this entry:Assets Owners’ Equity Liabilities+50 000 0 +50 000 A. Bought inventory on credit R50 000.B. Sold inventory on credit R50 000.C. Sold inventory on credit R50 000.D. Cash paid to creditors R50 000.
- PA5. LO 4.2Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). Impact 1 Impact 2 A. Unearned Fees adjusted from $7,000 to $5,000 B. Recorded depreciation expense of $12,000 C. Prepaid Insurance adjusted from $18,500 to $6,300 D. Supplies account balance $500, actual count $220HEKP WITH QUESTION 4 (I,II, II) Accounting for Assets: Receivables Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100,…1.3Comment on the following:1.3.1Cash flows from operating activities R756 000(4 marks)1.3.2Increase in receivables (R396 000)(4 marks)1.3.3Cash flows from investing activities (R1 368 000)(4 marks)