Origami Inc. reported the following items on its financial statements for the year ended December 31, 2020: Sales                                                  $780,000 Selling and general expenses            20,000 Dividends                                                5,000 Cost of sales                                       700,000 Other expenses                                   15,000 Income tax expense                           12,500 What amount will be reported as retained earnings on the December 31, 2020 balance sheet, assuming this is the first year of operations? Select one: a. Cannot be determined from the information provided b. $22,500 c. $42,500 d. $27,500

Q: Prepare the necessary closing entries at December 31, 2020. Use compound journal entries where…

A: Closing entries:   Closing entries are those journal entries, which are passed to transfer the final…

Q: The preliminary 2021 income statement of Alexian Systems, Inc., is presented below: ALEXIAN SYSTEMS,…

A: Income Statement: An income statement is a financial statement that details the revenue and expenses…

Q: ome selected financial statement items belonging to MNO Company are given in the table below.…

A: The return on assets is calculated by dividing the net income of the company by the total average…

Q: Wayman Corporation reports the following amounts in its December 31, 2021, income statement.Sales…

A: A multi-step income statement provides details of revenues, expenses and overall profit or loss for…

Q: BLUE SPRUCE CORPORATION Income Statement Year Ended November 30, 2018 Sales   $7,700,000 Cost of…

A: >Statement of Cash flows is prepared which shows cash inflows and cash outflows during a period…

Q: Empress Company provided the following data for the current year: Retained earnings, January 1…

A: Income Statement - This statement shows the income earned and loss incurred by the organization in…

Q: Pharoah, Inc. has the following data for the year ended December 31, 2020: Net sales   $273,000…

A: The income statement is one of the essential part of the financial statements used for reporting the…

Q: FINALE INC. operates a service business. Total equity amounted to P5,000,000 at the end of 2020.…

A: Cost of goods sold means the cost incurred on the production of the goods that have been sold by the…

Q: ABC Corporation's accounting records include the following items, listed in no particular order, at…

A: Question is based on the concept of income statement

Q: The balance sheet for Frankie Co. is shown below: Frankie Co. Balance Sheet At December 31, 2021…

A: Times interest earned ratio is very important ratio which shows ability of the business to meet its…

Q: Presented below is information related to Whispering Company at December 31, 2020, the end o Sales…

A: Income from operations: =Sales - Cost of goods sold - Selling & administrative expenses Net…

Q: A company has the following selected data ($ in millions):       2021   2020 Balance sheet data…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Accounting Sparty Corporation has been operating for two years. The December 31, 2020, account…

A: SOLUTION- LEDGER IS A BOOK CONTAINING ACCOUNTS IN WHICH THE CLASSIFIED AND SUMMARIZED INFORMATION…

Q: The income statement of Price Ltd for the year ended 31 December 2020, reported the following…

A: Revenue=600000 Opening receivable=45000 Closing rec=50000

Q: The income statement of Tavis Corporation and selected additional data are presented below: Tavis…

A: 1. Return on sales = Net income / Sales Return on sales = $7,500 / $220,000 Return on sales =3.41%

Q: he info

A:

Q: The changes in account balances for Allen Inc. for 2021 are as follows: Assets 260,000 debit Common…

A:

Q: operating activities section

A: Cash receipts from customers = Opening Accounts receivable + Revenue from fees - Closing Accounts…

Q: The following income statement and selected balance sheet account data are available for Treece,…

A: The statement of cash flows generated using the indirect approach adjusts net income for changes in…

Q: Following are financial statements for Moore Company and Kirby Company for 2021: Moore $ (800,000)…

A: Particulars Amount ($) Sales 1,240,000 Less: Cost of goods sold (Notes 1) 744,100 Less:…

Q: The following trial balance of Robertson Co. at December 31, 2020 has been adjusted except for…

A: Lets start with basic understanding of term current asset. Current asset are assets which are…

Q: Selected information taken from the financial statements of Verbeke Co. for the year ended December…

A: The income statement is one of the essential part of the financial statements used for reporting the…

Q: The following information relates to Pharoah Company for the year 2022. Retained earnings,…

A: Calculate the amount of net income.

Q: Following is the income statement for Lowe's Companies Inc. LOWE'S COMPANIES INC. Consolidated…

A: NOPAT is considered as a precise and accurate indicator for the purpose of measuring the…

Q: $15,000   Less: Expenses

A: The consolidated statement is given as,

Q: The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue…

A: Stockholder equity statement is the one where net income and additional capital introduced are added…

Q: The income statement for the month of June 2020 of Muscat Company contains the following…

A: Definition: Statement of Retained Earnings: The statement of retained earnings shows, the changes in…

Q: Ali Co., a publicly traded company, has prepared its income statement for the year ending December…

A:

Q: The balance sheet for Frankie Co. is shown below: Frankie Co. Balance Sheet At December 31, 2021…

A: Quick assets=Cash+Short term investments+Accounts receivable=$150+$200+$300=$650

Q: The following information relates to Sunland Company for the year 2022. Retained earnings,…

A: Calculate net income

Q: INFORMATION The information provided below was extracted from the accounting records of Harmony…

A:

Q: An entity reported the following information for the year ended December 31, 2020:

A: Solution: In simple terms, net income is the income that comes after deducting all expenses from the…

Q: The following is a partial trial balance for the Green Star Corporation as of December 31, 2021:…

A: Req-1: Single Step Income Statement     GREEN STAR CORPORATION     Income Statement     For…

Q: 1. What amount should be reported as net income after the current year? a. 2,000,000 b. 2,500,000…

A: The question provides us with the summary of account balances for the year end of Empress Company.…

Q: Computing Financial Statement Measures The following pretax amounts are taken from the adjusted…

A: Gross profit is the money a business makes after deducting the costs of producing and selling its…

Q: Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest…

A: Introduction: The balance sheet, also known as the statement of financial position, is the third…

Q: The balance sheet of Zinc Industries, a producer of zinc, showed retained earnings of $37,000 on its…

A: Dividend declared and paid = Beginning retained earnings + Net income - Ending retained earnings

Q: The year-end balance sheet of Star Inc. shows total assets of $12,407 million, operating assets of…

A: Formula: Net operating Assets =  operating assets  - operating liabilities

Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…

A: In simple terms, net income is the income that comes after deducting all expenses from the total…

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: The following information is available for Wildhorse Corporation for the year ended December 31,…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: For the year ending December 31, 2020, Lily Inc. reports net income of $145,000 and cash dividends…

A: Given that  Net income $145000  cash dividends $87500  Retained earnings as on Jan 1= $222500

Q: Metlock Corporation has retained earnings of $681,500 at January 1, 2020. Net income during 2020 was…

A: Step 1 Retained earnings are the amount, which is left after the distribution of dividends and…

Q: The condensed income statement and comparative balance sheet of Donald Corporation as of December…

A:

Q: The 2021 income statement for Anderson TV and Appliance reported net sales of $420,000 and net…

A: 1.

Q: Presented below is information related to Blossom Company at December 31, 2020, the end of its first…

A: Income from operations or operating income or earnings before income and taxes refers to the total…

Q: Prepare the consolidated statement of profit or loss of Langsam Berhad for the financial year ended…

A: Consolidated financial statements is defined as the type of financial statement prepared by the…

Q: Presented below is information related to Viel Company at December 31, 2020, the end of its first…

A: a.

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.