In 2021, ABC Corp., established in 2015 reported the following information: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 50,000,000 Cost of sales – Php 40,000,000 Operating Expenses - Php 20,000,000 Until when can ABC Corp carry-over the loss against its gross income
Q: The BGD Co. had the following data at the end of 2018: Balance Sheet as at December 31 2017 2018…
A: GIVEN DATA The BGD Co. had the following data at the end of 2018: Balance Sheet as at December…
Q: (a) Income from operation, (b) net income, (c) net income attributed to controlling shareholders,
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The following is the summarized statement of financial position Malover Ltd at 31 December 2019 and…
A: In financial accounting, a cash flow statement is a statement that shows the amount of cash and cash…
Q: Womack Corporation ended its fiscal year on September 30, 2021, with cash of $72 million, $21…
A: Balance sheet is the financial statement which is prepared to report all the assets, liabilities and…
Q: During 2018, Raines Umbrella Corp. had sales of $750,000. Cost of goods sold, administrative and…
A: Here, Free Cash flow to Equityholder, FCFE = Dividend paid to the shareholders = $68,000Let's put…
Q: How much is the total comprehensive income for the 2020?
A: Total Comprehensive Income means change in equity from income, expense held during the year. Total…
Q: The following is the summarized statement of financial position Malover Ltd at 31 December 2019 and…
A: There are 2 methods to calculate cash flow from operating activities:- Direct method; Indirect…
Q: 20 In 2021, ABC Corp., established in 2015 reported the following information: Balance Sheet:…
A: Under Philippines tax laws, a net operating loss can be carried forward for a period of 5 years from…
Q: On January 1,2016 statement of financial position ABC Corporation at book and market values were as…
A: When a company acquires more than 50% of the voting interest in other company, the acquiring company…
Q: ear 2022. Prepare an income statement and answer the question below and other questions requiring…
A: Multi income statement is detailed statement of the net income and separates operations revenues and…
Q: Presented below is information related to Viel Company at December 31, 2020, the end of its first…
A: a. Particulars Amount Sales revenue $310,000 Less: Cost of goods sold (140,000) Gross…
Q: ARR Corporation's account balances during 2019 showed the following changes, all increases: Assets -…
A: The income statement is prepared by the business organizations so as to know how much amount of…
Q: Yellow Company reported the following information in 2021: · Sales revenue- P500,000 ·…
A: Comprehensive income statement: It is a financial statement that represents standard net income and…
Q: QUE Ltd had the following activity during 2020: Proceeds from sale of long-term $156,000 investments…
A: Answer) Calculation of Cash flow from Financing Activities Amount Cash Flow From…
Q: Rush Berry Corporation has a Php 1,500,000 credit balance of Retained Earnings in 2020. The…
A: Adjusted retained earnings = Net profit/ loss + Retained earning - dividend paid
Q: The income and expense accounts of Rosie Corp. for the year ended 2019 are listed below. Sales…
A: Total Profit = Total Revenue - Total Expenses
Q: The income and expense accounts of Rosie Corp. for the year ended 2019 are listed below. Sales…
A: Statement of owner's equity gives information about the changes in the owner's capital account.…
Q: The Three Brothers Enterprise has the following balance sheet as at 30 June, 2019. Assets Cash…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: The following information is for Muscat Company: Muscat Company Balance Sheet December 31, 2020…
A: The following computations are done for Muscat Company to evaluate the total liabilities of the…
Q: The statement of financial position of Fateh Enterprise, a sole trader, for two successive years…
A: Statement of Financial Position of Fateh Enterprise, as at 31 December 2019 (RM) 2020 (RM)…
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: Income from continuing operations means income generated after deducting all the operating expenses…
Q: Some selected financial statement items belonging to PXR Company are given in the table below.…
A: RETURN ON ASSETS ( ROA) :- = NET PROFIT AFTER TAX / TOTAL ASSETS
Q: The following additional information relates to GGG Company: December 31, 2021 December 31, 2020…
A: Value of Equipment Purchased during the year = Ending Balance of Equipment + Gross Value of…
Q: - XYZ Co its selected financial statements items are given as following. Total net sales equals to…
A: Formula and Meaning EBIDTA stands for Earnings before Interest, Depreciation, Tax expense and…
Q: Presented below is information related to Oriole Corp., for the year 2020. Net sales $2,340,000 Cost…
A: Income statement is one the financial statements which is used for the purpose of measuring the…
Q: The following is the excerpt of financial information of SVT Corporation on December 31, 2022:…
A: The question is related to Ratio Analysis. The return on Assets is calculated with the help of…
Q: Dietrich Corp. disclosed the following information for 2021. The firm issued $65,000 new equity and…
A: The sum of all cash flows related to a company's assets is referred to as cash flow from assets.…
Q: mpson Ltd was established on 1 July 2019 with share capital totalling $132,000. One year later at…
A: Journal: Journal is considered as a book of original entry because all the transactions that have…
Q: The following information was obtained from shahan co. as of Dec.31 2018. Retain Earning…
A: A classified balance sheet is a financial statement that is divided into categories such as current…
Q: The following information was taken from the records of Novak Inc. for the year 2020: Income tax…
A: Income statement is prepared to determine the profit or loss by deducting expenses from revenues. It…
Q: Sales revenue- P500,000 · Cost of Goods Sold- P350,000 · Operating Expenses- P55,000…
A: Answer Comprehensive income =$117000 Correct answer option A)117000 Comprehensive income is the sum…
Q: On January 1, 2021, the balance of Owner's Capital of FDN Company is P440,000. During the year the…
A: Owners capital balance indicates the total investment balance of the owner in the company. It can be…
Q: Josie Corporation reported the following information for 2022. Sales revenue $1000,000 Cost of goods…
A: Comprehensive Income = Sales - COGS - Operating Expenses + Unrealized Gain + Cash Dividends
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: Compute balance of total assets as of July, 2017
A: As per our protocol we provide solution to the one question only but you have asked three multiple…
Q: Kruber corp as at December 31, 2021, the end of its first year of operations has the following…
A: Total Sales=RM317,050 Total Revenue= 317,050 + 28,090 =RM345,140 Operating expenses=144,760+49,700…
Q: Presented below is information related to Opra Company for 2019. Beginning retained earnings $…
A: Operating sales and operating costs are separated from nonoperating sales, nonoperating…
Q: During 2018, Raines Umbrella Corp. had sales of $800,000. Cost of goods sold, administrative and…
A: Answer and calculations are given below
Q: 1. The following is a data transaction from PT Colorpop's records as the basis for making a…
A: Comprehensive Income: Comprehensive income for a corporation is the combination of the following…
Q: Dietrich Corp. disclosed the following information for 2021. The firm issued $65,000 new equity and…
A: a] Cash Flow from Assets = Operating Cash Flow – Net Capital Spending - Change in Net Working…
Q: What amount shall Forbes Corporation shall report as its net income for the year 2021?
A: Net income is the net profit or loss of the business after deducting all the expenses.
Q: Meera Ltd.'s comparative statements of financial position are presented below. Meera Ltd.…
A: Cash Flow Statement is a statement which shows all cash inflows and cash outflows of business during…
Q: Viel Company
A:
Q: Dutchess Bosco, Inc. reported the following items in the current year: Capital Gains $44,000,000…
A: An organization can have gains and losses from dealings with Capital assets. When there is a gain it…
Q: Lala Company reported the following information in 2021: · Sales revenue- P500,000 ·…
A: Answer) Total Comprehensive income before tax includes all Operating and non-operating incomes net…
Q: ABC Company was a development stage enterprises from its inception on September 1, 2020 to December…
A: Here Research and development cost are to be capitalized. As the company is in developing stage. The…
Q: Proper descriptive solution of both (a) and (b)
A:
Q: a. Sales for 2018 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciationand…
A: Solution: Introduction: Since as Per BNED requirements, each question is answered to a maximum of…
In 2021, ABC Corp., established in 2015 reported the following information:
Balance Sheet:
Asset - Php 50,000,000
Liability - Php 30,000,000
Income Statement:
Gross sales - Php 50,000,000
Cost of sales – Php 40,000,000
Operating Expenses - Php 20,000,000
Until when can ABC Corp carry-over the loss against its gross income?
Step by step
Solved in 2 steps
- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________20 In 2021, ABC Corp., established in 2015 reported the following information: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 50,000,000 Cost of sales – Php 40,000,000 Operating Expenses - Php 20,000,000 Until when can ABC Corp carry-over the loss against its gross income? Group of answer choices 2023 2024 2025 2026Rush Berry Corporation has a Php 1,500,000 credit balance of Retained Earnings in 2020. The following transactions are taken from the 2021 operations. net loss, Php 250,000 purchase of treasury shares at cost, Php 120,000 overstatement of depreciation in 2013, Php 40,000 declaration of dividends, Php 450,000 reversal of appropriation reserve for plant expansion, Php 500,000 understatement of salaries and wages in 2013, Php 75,000 How much is adjusted retained earnings at the end of the year?
- Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? A. 117,000 B. 20,000 C. 97,000 D. 115,000Yellow Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Yellow Company would report total comprehensive income before tax of?ATC Corporation had the following data in 2021: Revenues were P8,000,000, operating expenses totalled P7,200,000 that included depreciation of P150,000 and intangible asset amortization of P20,000. The profit and loss also reported unrealized loss on equity investments at fair market value through profit or loss of P18,000 and gain on sale of equipment of P28,000. How much is the net cash flow from operating activities?
- Presented below is information related to Sohar Inc at December 31, 2020. Sales Revenue OMR 585,000 Cost of goods sold 265,000 Selling and Administrative Expenses 72,000 Gain on sale of plant 38,000 Unrealized gain on sale of Investments 16,000 Interest Expenses 9,000 Loss on discontinued operation 17,000 Allocation to non-controlling interest 49,000 Dividend declared and paid 8,000 Compute the following: (a) Income from operation, (b) net income, (c) net income attributed to controlling shareholders, (d) Comprehensive income, (e) retained earning balance.Jones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the corresponding statement of financial position or balance sheet reported shareholders’ equity of $1.4 million, what were the total liabilities for Jones Corp.?Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of?
- Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations. Sales revenue $310,000 Cost of goods sold 140,000 Selling and administrative expenses 50,000 Gain on sale of plant assets 30,000 Unrealized gain on available-for-sale debt securities 10,000 Interest expense 6,000 Loss on discontinued operations 12,000 Allocation to non-controlling interest 40,000 Dividends declared and paid 5,000 Instructions Compute the following: (a) income from operations, (b) net income, (c) net income attributable to Viel Company controlling shareholders, (d) comprehensive income, and (e) retained earnings balance at December 31, 2020. (Ignore income taxes.)The following is the summarized statement of financial position Malover Ltd at 31 December 2019 and 2020: 31.12.20 31.12.19 Assets Sh. ‘000’ Sh. ‘000’ Freehold property at cost 380,000 360,000 Plant and machinery (net book value) 70,000 67,000 Furniture and fittings (net book value) 4,500 3,200 Investments --- 20,000 Stock 68,000 64,000 Debtors and prepaid expenses 79,000 68,000 Bank balance 41,000 18,000 Total assets 642,500 600,200 Equity and liabilities: Share capital (issued and fully paid shares of Sh20 each) 350,000 300,000 Share premium 32,500 40,000 8% redeemable preference capital (shares of Sh200 each) --- 100,000 Profit and loss account 33,000 29,000 10% debentures 30,000 --- Capital redemption…An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 16. What is the income from continuing operations for 2020? a. 4,000,000 b. 3,800,000 c. 2,800,000 d. 2,600,000 17. What net amount of loss should be reported as results of discontinued operations for 2020? a. 1,500,000 b. 1,700,000 c. 1,050,000 d. 1,400,000 18. What is the net income for 2020? a. 2,500,000 b. 1,750,000 c. 1,400,000 d. 1,540,000