Jasmine Traders is a home and nursery centre located in Johannesburg. Jasmine Traders is having trouble working out how much they owe Plant World, one of their suppliers as at the end of April. You have been provided with the following information:
Q: Shown as follows are responsibility income statements for Butterfield, Inc., for the month of March.…
A: Income statement is the one which is prepared to know the profitability of the entity. It is the…
Q: No. 101 201 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 208 311…
A: Retained earnings is the portion of profits which is not distributed as dividend and is retained by…
Q: Return on Total Assets A company reports the following income statement and balance sheet…
A: Return on total Assets :— It is the measure of profitability that indicate the profitability as a…
Q: Horizontal Analysis The comparative accounts payable and long-term debt balances for a company…
A: Amount of change Increase/Decrease Percentage Account payable $ 11,284 Increase 26% Long-term…
Q: Cash budget The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget…
A: Cash Budget : A Cash budget is a budget or plan of expected cash receipts and payments during the…
Q: 10. The following information relates to the company's overhead costs: • Static budget variable…
A: Variance Analysis :— Variance Analysis is nothing but the Difference between Standard Cost and…
Q: Salt-of-the-Earth Brick Company makes fired clay bricks for construction. The company uses a…
A: calculation of material price and quantity variance and labor price and quantity variance are as…
Q: The FASB and IASB prefer the direct method of reporting operating cash flows on the statement of…
A: Cash Flow From Operating Activities :— Cash flow from operating Activities are the principal revenue…
Q: Double Bounce Trampolines produces two models of trampolines for backyard fun. The "Original", and…
A: Note: Hi, As you have posted more than 3 sub parts but as per the Bartleby policy we can solve only…
Q: t December 31, 2022 Mindoro Corporation’s taxable profit is P5,000,000. The following items are the…
A: Lets understand the basics. When there is temporary taxable differencce arise between the taxable…
Q: Averill Products Inc. reported the following on the company's income statement in 20Y8 and 20Y9:…
A: Times interest earned ratio shows the ability of a company to meet it's interest obligation. Times…
Q: Provide at least three plausible explanations for a situation where the announcement of a $30…
A: Securities and Exchange Commission requires publicly traded companies to report their quarterly…
Q: Asset turnover A company reports the following: Sales $1,729,350 823,500 Average total assets…
A: Assets Turnover Ratio :— It is the ratio of net sales and average total assets. Average total…
Q: Problem 16-40 (LO 16-2) (Algo) Assume that on January 1, year 1, ABC Incorporated issued 5,500 stock…
A: Introduction Incentive stock options: An incentive stock option (ISO) is a business incentive…
Q: Instructions Prepare a sales budget for February. Prepare a production budget for February. Prepare…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The stock of Alpha Tool sells for $41.60 per share. Its current dividend rate, D0, is $2 per share.…
A: According to the given question, we are required to compute the cost of internal equity. Cost of…
Q: d) A company uses an overhead absorption rate of $3.50 per machine hour, based on 32,000 budgeted…
A: Given that, Budgeted machine hours = 32,000 hours Overhead absorption rate = $3.50 per hour Actual…
Q: The times - interest - earned ratio is calculated by dividing operating incomes by operating…
A: Time interested Earned Ratio :— The times interest earned (TIE) ratio is a measure of a company's…
Q: On a set of internal interim financial statements, which numbers would be the most relevant to use…
A: Financial statements are those statements which are prepared at the end of financial period to…
Q: Please assist Prepare a Trade Payables reconciliation statement as at 31 March and 30 April.
A: The trade payable reconciliation is the process that involves comparing balances in two or more sets…
Q: Question 8 of 100 Depending on the specific needs of a business, a separate special journal is…
A: Journal - A journal is a thorough account that documents all of a company's financial activities. It…
Q: Bank charges is an example of a timing difference. True or False Interest on overdraft is an example…
A: A bank reconciliation statement compares an entity's bank account with its financial records by…
Q: Use the following format on a separate sheet of paper to calculate the adjusted checkbook balance…
A: Bank Reconciliation :— In bookkeeping, a bank reconciliation is the process by which the bank…
Q: The cost of utilities (e.g. water and electricity) of a company is expected to increase at a rate of…
A: Introduction Equivalent annual cost The equivalent annual cost is the overall amount of…
Q: Town and Country Auto Repair uses time and material pricing. The Body Shop has the following cost…
A: Price :— It is the manufacturing cost plus profit. Manufacturing Costs :— It is the total…
Q: Prepare a physical flow schedule for May (Step 1). 2. Prepare an equivalent units schedule for May…
A: Equivalent units :— It is calculated by multiplying percentage of completion with units. Analysis…
Q: This year, Justin B.'s share of S corporation income includes $5,000 of interest income, $6,500 of…
A: The income subject to the net investment tax is the passive income earned from S Corporation.
Q: 1, Net book value of the sold equipment 2. Depreciation expense for 2018 3. Purchase cost of the new…
A: Net book value of the equipment which has been sold by the entity during the period is the value of…
Q: Shown as follows is a segmented income statement for Drexel-Hall during the current month.…
A: Contribution margin is the excess of sales revenue over variable costs in the business. Segmented…
Q: If a business had sales of $4,369,000 and a margin of safety of 20%, the break-even point was…
A: The sales level at which the company's revenues equal the company's costs resulting in no profits…
Q: Use the information provided below to estimate the market value of the office building that has been…
A: The direct capitalization method is obtained by taking the income recorded over time and dividing it…
Q: A comparative balance sheet and an income statement for Burgess Company are given below: Burgess…
A: Introduction: A cash flow statement is a financial report which summarizes a company's cash inflows…
Q: Johnson Marine has the following costs and expected sales for the coming year. Johnson is…
A: Cost per unit can be calculated by dividing the total cost of the product by the total number of…
Q: Holl performs changes othe mino maintenance serv The company advertises that all services are…
A: Answer : Given : Actual quantity = 160 cars Standard time = 15 minutes per car Standard rate = $7…
Q: The following information was extracted from the financial statements of Dollarama Ltd: Summarised…
A: Lets understand the basics. Working capital is a capital require to run day to day business…
Q: The following information is provided for the current year: Profit for the period P1,500,000;…
A: Cash flows from operating activities is one of the important section of cash flows statement. It…
Q: Adjustments to Net Income-Indirect Method Ripley Corporation's accumulated depreciation-equipment…
A: Cash Flow from operating Activities :— Cash Flow from operating Activities are the principal revenue…
Q: Required information [The following information applies to the questions displayed below.] Organic…
A: Bank reconciliation statement: A bank reconciliation statement is a statement that reconciles the…
Q: a. What is the total cost to buy the car? b. What is the total cost to lease for 3 years? c. What is…
A: It is given in the question that if the car which Erica wants to have can either be bought or taken…
Q: calculate the period required (to the nearest year) to pay off his debt. Expressing the formula and…
A: If we borrow loan, interest is charged by the lender on the outstanding amount of loan at the…
Q: Save & E A machine with a cost of $136,000 and accumulated depreciation of $88,000 is sold for…
A: Operating Activities are the main activities of the Business Entity which are performed by it in the…
Q: 6%-During year 3 ABC company agreed to sell a subsidiary. The sale was completed in March year 4 and…
A: Financial statements are the written records of the financial activities entered into by the…
Q: Required: a. The stock options are incentive stock options. b. The stock options are nonqualified…
A: Stock Options :— A stock option gives an investor the right, but not the obligation, to buy or sell…
Q: A statement of financial affairs created for an insolvent corporation that is beginning the process…
A: Insolvency of the enterprises :— Insolvency is a state of financial distress in which a business or…
Q: On January 1, 2015, Pomegranate Company acquired 80% of the voting stock of Starfruit Company for…
A: Non-controlling interest relates to a situation of possession in which a shareholder holds less than…
Q: On January 1, 2021, a company issues 3-year bonds with a face value of $50,000 and a stated interest…
A: Interest expense = Issue price of bond × Market interest rate Cash paid = face value×stated interest…
Q: Crossfire Company segments its business into two regions-East and West. The company prepared a…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: True or False Treasury stock is reported in the stockholders' equity section of the balance sheet.
A: Treasury stock is the amount of stock repurchased from open market. It will reduce stockholders…
Q: These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating…
A: Statement of changes in equity is the one which is prepared to determine the ending balance of…
Q: In rising interest rate environment, what will be the impact on highly leveraged companies? Evaluate…
A: When a business, asset, or investment is described as "highly leveraged," it suggests that there is…
Step by step
Solved in 2 steps
- Bay Holdings Limited: 30 June 2021.Required: Statement of financial position as at: 30 June 2021InformationBALANCE SHEET ACCOUNTSOrdinary share capital 2 648 000Retained income (1 Jul 2020) 490 000Shareholders for dividends 280 000Fixed deposit 60 000Mortgage bond 336 000Fixed/tangible assets (Carrying value) 4 021 000Debtors control 45 000Creditors control 85 200Creditors for salaries 12 300Provision for bad debts ?SARS (Income tax) 400 000SARS (PAYE) 6 650Expenses payable (accrued) 7 200Income receivable (accrued) 7 950Bank 28 450Trading stock/inventory 129 600Consumable stores 5 600 Additional information1.The net profit after tax for the year amounted to R875 0002.Provision for bad debts should be adjusted to 5 % of debtors.3.One third of total fixed assets matures on 31 August 2021.4.A portion of loan amounting to R48 000 will be paid on 31 December 2021.5.SARS (Income tax) owes the business R25 000 for tax overpayment.Particulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15 Calculate the debt-equity ratio & commentGodo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
- 22 A dealer in securities has the following for the year 2018: Sale of securities held for sale in the ordinary course P4,000,000 Cost of securities held for sale in the ordinary course 2,500,000 Supplies expense, net of VAT 300,000 Rent expense, net of VAT 500,000 The Vat payable shall be:Sign Language Hearing Co Ltd Comparative Balance Sheet October 31, 2020, and 2021 2021 2020 Assets Cash and cash equivalent 320,000 275,000 Accounts Receivable 180,000 240,000 Prepaid expenses 240,000 220,000 Equipment, net 350,000 210,000 Total Assets 1,090,000 945,000 Liabilities Accounts payable 305,000 285,000 Accrued liabilities 285,000 305,000 Bond payable 195,000 95,000 Stockholders' Equity: Common Stock 95,000 55,000 Retained earnings 350,000 255,000 Treasury stock (140,000) (50,000) Total liabilities and stockholders' equity 1,090,000 945,000 Sign Language Hearing Co Ltd Income Statement Year Ended October…Sign Language Hearing Co Ltd Comparative Balance Sheet October 31, 2020, and 2021 2021 2020 Assets Cash and cash equivalent 320,000 275,000 Accounts Receivable 180,000 240,000 Prepaid expenses 240,000 220,000 Equipment, net 350,000 210,000 Total Assets 1,090,000 945,000 Liabilities Accounts payable 305,000 285,000 Accrued liabilities 285,000 305,000 Bond payable 195,000 95,000 Stockholders' Equity: Common Stock 95,000 55,000 Retained earnings 350,000 255,000 Treasury stock (140,000) (50,000) Total liabilities and stockholders' equity 1,090,000 945,000 Sign Language Hearing Co Ltd Income Statement Year Ended October 31,2021 Revenues and gains: Sales…
- Sign Language Hearing Co Ltd Comparative Balance Sheet October 31, 2020, and 2021 2021 2020 Assets Cash and cash equivalent 320,000 275,000 Accounts Receivable 180,000 240,000 Prepaid expenses 240,000 220,000 Equipment, net 350,000 210,000 Total Assets 1,090,000 945,000 Liabilities Accounts payable 305,000 285,000 Accrued liabilities 285,000 305,000 Bond payable 195,000 95,000 Stockholders' Equity: Common Stock 95,000 55,000 Retained earnings 350,000 255,000 Treasury stock (140,000) (50,000) Total liabilities and stockholders' equity 1,090,000 945,000 Sign Language Hearing Co Ltd Income Statement Year Ended October 31,2021…2. The budget manual is a detailed set of documents that provide information and guidelines about the budgetary process. It should include the followings EXCEPT: Select one: A. statements of the budgetary purpose and its desired results. B. a calendar of scheduled budgetary activities. C. a economic forecast for the organisation for the next 24 month. D. original, revised and approved budgets. 3. Break-even point can be considered as: Select one: A. the number of units required to be sold to cover fixed costs. B. the minimum amount of contribution margin that should be made. C. the level of activity at which total sales equals total costs. D. the level of activity where variable costs are covered by sales revenue. 4. Ahmad Jelani Enterprise produces ladies’ veils using the brand name ‘Taqwa’, which are specially designed for local market. The main fabrics are imported from Laos. Details of the product costing for the past 3 months are as follow: Quantity produced…Question No.1 The following information is available on the Qazi Traders: BALANCE SHEET AS OF DECEMBER 31, 2020 (IN THOUSANDS)Cash and marketable securities Rs. 500 Accounts payable Rs. 400Accounts receivable ? Bank loan ?Inventories ? Accruals 200Current assets ? Current liabilities ?Long-term debt 2650 Net Fixed Assets ? Common stock and retainedearnings 3,750Total assets ? Total liabilities and equity ?..........................._________________________________________..................... INCOME STATEMENT FOR 2020 (IN THOUSANDS)Credit sales Rs.8,000Cost of goods sold ?Gross profit ?Selling and administrative expenses ?Interest expense 400Profit before taxes ?Taxes (44% rate) ?Profit after taxes ? OTHER INFORMATION ,Current ratio 3 to 1Depreciation Rs.500Net profit margin 7%Total liabilities/shareholders’ equity 1 to 1Average collection period 45 daysInventory turnover ratio 3 to 1Assuming that sales and production are steady throughout a 360-day year, complete the balancesheet and…
- Carla Vista Co. has these comparative balance sheet data: CARLA VISTA CO.Balance SheetsDecember 31 2020 2019 Cash $ 16,140 $ 32,280 Accounts receivable (net) 75,320 64,560 Inventory 64,560 53,800 Plant assets (net) 215,200 193,680 $371,220 $344,320 Accounts payable $ 53,800 $ 64,560 Mortgage payable (15%) 107,600 107,600 Common stock, $10 par 150,640 129,120 Retained earnings 59,180 43,040 $371,220 $344,320 Additional information for 2020: 1. Net income was $32,500. 2. Sales on account were $392,900. Sales returns and allowances amounted to $27,300. 3. Cost of goods sold was $217,300. 4. Net cash provided by operating activities was $57,200. 5. Capital expenditures were $30,000, and cash dividends were $19,000. Compute the following ratios at December 31, 2020. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83…Xyz tradingCondensed comparative balance sheet 2021 2020 2019Assets:Current assets 468,000. 345,600. 300,000Property and equipment 600,000. 560,400. 500,400Other assets(advances ). 72,000. 126,000. 150,000Total assets. 1,140,000. 1,032,000. 950,400Liabilities and stockholders’ equityLiabilitiesCurrent liabilities 134,400. 112,800. 100,00012 % long-term notes payable. 240,000. 300,000 350,000Total liabilities. 374,400. 412,800. 450,000Stockholders’ equity10% preferred stock 120,000. 120,000. 120,000Common stock 300,000 240,000 200,000Additional paid in capital 84,000. 48,000 40,000Retained earnings…7.Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts payable $26,800Bonds payable, due 2030 24,900Salaries payable 16,900Notes payable, due 2022 22,000Notes payable, due 2026 40,800 What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet? Group of answer choices $65,700 $43,700 $106,500 $68,600