- fx A = 2 100% B Sheet1 Y $ %0.00 123 D Defaul... |- E Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in account payable Increase in income taxes payable Increase in dividends payable 10 + F The income statement disclosed the following items for the current year: Depreciation expense $36,000 Gain on disposal of equipment 21,000 Net income 317,500 $5,600 3,200 1,200 3,800 1,200 850 BIA G 4. 23 A- H Balances of the current assets and current liabilities accounts changed between December 31, last year, and December 31, this year, as follows: J Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.

- fx A = 2 100% B Sheet1 Y $ %0.00 123 D Defaul... |- E Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in account payable Increase in income taxes payable Increase in dividends payable 10 + F The income statement disclosed the following items for the current year: Depreciation expense $36,000 Gain on disposal of equipment 21,000 Net income 317,500 $5,600 3,200 1,200 3,800 1,200 850 BIA G 4. 23 A- H Balances of the current assets and current liabilities accounts changed between December 31, last year, and December 31, this year, as follows: J Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 3.3C

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Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of BioLazer Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Increase Selected balance sheet accounts 2020 2019 (Decrease)AssetsAccounts receivable $154,000 $120,000 $34,000Property, plant, and equipment 631,000 581,000 50,000Accumulated…
Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio.
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Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…
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Compute the Quick ratio if Current Assets: 10.354; Current Liabilities: 6.615; Inventory: 5.767; Cash: 1.013.a) 0.69 timesb) 0.75 timesc) 0.72 timesd) 0.15 times
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