From the following Ledger balances of Ecofav LTD., prepare a statement of profit and loss for 2017 march ending. Particulars Rs. Plant and Machinery Depreciation on Plant and Machinery Purchases 1,60,000 16,000 4,00,000 1,20,000 80,000 10,00,000 10,000 Wages Salaries Sales Other Expenses
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- Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $475,000 Cost of Goods Sold (221,500) Operating Expenses, other thanDepreciation Expense (60,600) Depreciation Expense (21,000) Gain on Sale of Plant Assets 23,500 Net Income $195,400 Dec. 31,2018 Cash $347,450 Accounts Receivable 39,750 Inventory 33,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $22,000 were declared and paid Cash Flow from Financing Activities: $Dividends Paid I just need the answer on dividends answer box?Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $455,000 Cost of Goods Sold (221,500) Operating Expenses, other thanDepreciation Expense (58,600) Depreciation Expense (20,000) Gain on Sale of Plant Assets 23,500 Net Income $178,400 Dec. 31,2018 Cash $329,450 Accounts Receivable 39,750 Inventory 31,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $24,000 were declared and paid Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Victrolia CompanyStatement of…The following information is related to Windsor Company for 2017. Retained earnings balance, January 1, 2017 $998,500 Sales Revenue 26,110,000 Cost of goods sold 16,240,000 Interest revenue 77,200 Selling and administrative expenses 4,748,000 Write-off of goodwill 837,500 Income taxes for 2017 1,254,000 Gain on the sale of investments 111,600 Loss due to flood damage 400,100 Loss on the disposition of the wholesale division (net of tax) 441,500 Loss on operations of the wholesale division (net of tax) 93,200 Dividends declared on common stock 251,800 Dividends declared on preferred stock 85,800 Windsor Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Windsor sold the wholesale operations to Rogers Company. During 2017, there were 494,700 shares of common stock outstanding all year. (a1) Prepare a multiple-step…
- In its income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data. Salaries and wages expenses $953,250 Loss on disposal of plant assets $ 171,175 Cost of goods sold 2,023,350 Sales revenue 4,530,500 Interest expense 145,550 Income tax expense 51,250 Interest revenue 133,250 Sales discounts 328,000 Depreciation expense 635,500 Utilities expense 225,500 Prepare a multiple-step income statement. (List other revenues before other expenses.) SANDHILL CO.Income Statementchoose the accounting period For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017 Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and…Below are the financial statements of Coco Stationary Statement of Comprehensive Income for the Year ended 31 December 2017 $ $ Sales 305,830 Cost of goods sold 210,935 Depreciation 26,850 Earnings before interest and taxes 68,045 Interest paid 11,930 Taxable income 56,115 Taxes (35%) 19,640 Net income 36,475 Dividends 20,000 Retained earnings 16,475 Coco Stationary Statement of Financial Position as at 31 December 2017 $ Net plant and equipment 260,525 Cash 22,050 Accounts receivable 13,850 Inventory 24,650 Total current assets 60,550 Total assets 321,075 Ordinary shares 25,000 Retained earnings 167,840 Total owners' equity 192,840 Long term debt 85,000 Accounts payable 22,850 Notes payable 9,000 Other 11,385 Total current liabilities 43,235 Total liabilities after owners' equity 321,075 Calculate the following financial ratios as at 31 December 201 Profitability ratios i.…Below are the financial statements of Coco Stationary Statement of Comprehensive Income for the Year ended 31 December 2017 $ $ Sales 305,830 Cost of goods sold 210,935 Depreciation 26,850 Earnings before interest and taxes 68,045 Interest paid 11,930 Taxable income 56,115 Taxes (35%) 19,640 Net income 36,475 Dividends 20,000 Retained earnings 16,475 Coco Stationary Statement of Financial Position as at 31 December 2017 $ Net plant and equipment 260,525 Cash 22,050 Accounts receivable 13,850 Inventory 24,650 Total current assets 60,550 Total assets 321,075 Ordinary shares 25,000 Retained earnings 167,840 Total owners' equity 192,840 Long term debt 85,000 Accounts payable 22,850 Notes payable 9,000 Other 11,385 Total current liabilities 43,235 Total liabilities after owners' equity 321,075 Calculate the following financial ratios as at 31 December 2017 a. Liquidity ratios: 1)…
- Use the following information from Eiffel Company’s financial statements. 2018 IncomeStatement BalanceSheets Sales $309,000 Cost of Goods Sold (145,000) Operating Expenses, other than Depreciation Expense (27,000) Depreciation expense (16,000) Gain on Sale of Plant Assets 16,000 Net Income $137,000 Dec. 31,2018 Accounts Receivable $45,300 Inventory 1,600 Accounts Payable 22,500 Accured Liabilities 900 Dec. 31, 2017 Accounts Receivable $22,250 Inventory 1,800 Accounts Payable 22,250 Accured Liabilities 1,150 Prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Eiffel Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2018 Operating…Zumbrunn Company’s income statement contained the following condensed information. ZUMBRUNN COMPANYIncome StatementFor the Year Ended December 31, 2020 Service revenue $971,400 Operating expenses, excluding depreciation $623,600 Depreciation expense 55,900 Loss on disposal of plant assets 24,600 704,100 Income before income taxes 267,300 Income tax expense 39,600 Net income $227,700 Zumbrunn’s balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $74,500 $59,000 Accounts payable 41,600 28,800 Income taxes payable 10,600 6,800 Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the direct method.The following condensed income statements of the Jackson Holding Company are presented for the two yearsended December 31, 2018 and 2017:2018 2017Sales $15,000,000 $9,600,000Cost of goods sold 9,200,000 6,000,000Gross profit 5,800,000 3,600,000Operating expenses 3,200,000 2,600,000Operating income 2,600,000 1,000,000Gain on sale of division 600,000 —3,200,000 1,000,000Income tax expense 1,280,000 400,000Net income $ 1,920,000 $ 600,000On October 15, 2018, Jackson entered into a tentative agreement to sell the assets of one of its divisions.The division qualifies as a component of an entity as defined by GAAP. The division was sold on December 31,2018, for $5,000,000. Book value of the division’s assets was $4,400,000. The division’s contribution to Jackson’s operating income before-tax for each year was as follows:2018 $400,0002017 $300,000Assume an income tax rate of 40 percent.Required:1. Prepare revised income statements according to generally accepted accounting principles,…
- Use the following excerpts from Yardley Company’s financial information. 2018 IncomeStatement BalanceSheets Sales $455,000 Cost of Goods Sold (221,500) Operating Expenses, other than Depreciation Expense (60,600) Depreciation Expense (21,000) Gain on Sale of Plant Assets 23,500 Net Income $175,400 Dec. 31,2018 Cash $323,450 Accounts Receivable 39,750 Inventory 31,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $40,000; book value $16,500. Dividends of $23,000 were declared and paid. Prepare a statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a…Below are Financial Positionsstatement for Dawson Co at 31 December 2015 and 31 December 2016 and the Statement of Comprehensive Income for the year ended 31 December 2016. Statement of Comprehensive Income for the year ended 31 December 2016 2016 $ 000 Revenue 900 Cost of sales (550) Gross profit 350 Expenses (245) Finance Costs (9) Profit on sale of equipment 7 Profit before tax 103 Income tax expense (30) Profit for the period 73 Statements of Financial Position at 31 December 2016 2016 2015 $ 000 $ 000 Non-current assets: Property, plant and equipment 528 447 Development costs 110 93 638 540 Current assets Inventory 413 380 Trade Receivables 238 215 Investments 28 - Cash 111 4 790 599 Total Assets 1,428 1,139 Equity and liabilities Ordinary shares of $1 each…Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Company contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue P6,583,000 Cost of goods sold P2,810,000 Operating expenses (excluding depreciation) 2,086,000 Depreciation expense 880,000 Loss on disposal of plant assets 24,000 5,800,000 Income before income taxes 783,000 Income tax expense 353,000 Net income P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Delar Rosa’s comparative balance sheets at December 31. Dela Rosa Company Company Comparative Balance Sheets 2X20 2X19 Cash P672,000 P130,000 Accounts receivable 775,000 610,000…