Prepare income statement Particulars Sales Purchases Salaries Ali Mamat Enterprise Trial Balance as at 31 December 2019 Debit (RM) 119,832 56,527 Credit (RM) 190,576
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- Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableElegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Universal considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…
- The following are extracts from the financial records of ABC Ltd for the year ended31 August 2021.ABC LtdExtract from the Statement of financial statement as at 31 August 2021 31 August 2021 - R 30 August 2020 - R Bank Inventories - Trade Goods Trade Recievables Trade payables Prepaid Expenses Prepaid Expenses Accrued Expenses; interest Accrued Expenses; other SARS - income tax payable Dividens payable 50000 22000 77000 44000 1800 1000 5700 8000 1500 20000 30000 69000 46000 1200 2400 4400 3000 2700 ABC LtdExtract from the Statement of profit or loss and other comprehensive incomefor the year ended 31 August 2021 Sales 592000 Cost of sales (301000 Gross profit 291000 Profit on sale of Equipment 9000 Depreciation 41000 Interest Expense 2600 Income tax expense 15200 Profit for the year 110300 Additional information: 1. The dividends declared for the current year is R2 400 Required:Prepare only the “Cash flows from operating activities” section…Using the Balance Sheet and Income Statement please calculate the following: Balance Sheet Assets Liabilities and Owner’s Equity 2018 2019 2018 2019 Current Assets Current Liabilities Cash 300 325 Acts Pay 480 400 Accs Rec 275 270 Notes Pay 560 500 Inventory 600 675 Total 1,040 900 Total 1,175 1,270 Long Term Debt 950 1,200 Fixed Assets Net Fixed 2,350 2,875 Owners Equity Preferred Stock 750 845 Retained Earn 785 1,200 Total 1,535 2,045 Total Assets 3,525 4,145 Total Liabilities & OE 3,525 4,145 2019 Income Statement Net Sales 3,456 COGS 1,895 Depreciation 235 EBIT 1,326 Interest 320 Taxable Income 1,006 Taxes 211.26 Net Income 794.74 Dividends 147 Additions to Retained Earnings 647.74…Comparative balance sheet accounts of Sheridan Inc. are presented below. SHERIDAN INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $41,600 $33,700 Accounts Receivable 70,500 60,600 Inventory 29,700 23,700 Equity investments 22,300 38,900 Machinery 29,900 18,800 Buildings 67,600 56,300 Land 7,600 7,600 $269,200 $239,600 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation—Machinery 5,600 2,300 Accumulated Depreciation—Buildings 13,500 9,000 Accounts Payable 34,700 24,800 Accrued Payables 3,300 2,600 Long-Term Notes Payable 20,900 31,300 Common Stock, no-par 150,000 125,000 Retained Earnings 39,000 43,100 $269,200 $239,600 Additional data (ignoring taxes): 1. Net…
- Ratio Analysis Consider the following information taken from GER's financial statements: September 30(in thousands) 2020 2019 Current assets: Cash and cash equivalents $1,274 $6,450 Receivables 30,071 16,548 Inventories 31,796 14,072 Other current assets 4,818 2,620 Total current assets $67,959 $39,690 Current liabilities: Current portion of long-term debt $97 $3,530 Accounts payable 23,124 11,228 Accrued compensation costs 5,606 1,929 Accrued expenses 9,108 5,054 Other current liabilities 874 777 Total current liabilities $38,809 $22,518 Also, GER's operating cash flows were $11,255 and $13,736 in 2020 and 2019, respectively. 4. Calculate the operating cash flow ratios for 2020 and 2019. Operating Cash Flow Ratio 2020 fill in the blank 7 2019 fill in the blank 8Comparative balance sheet accounts of Martinez Inc. are presented below. MARTINEZ INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $41,600 $33,700 Accounts Receivable 70,500 60,600 Inventory 29,700 23,700 Equity investments 22,300 38,900 Machinery 29,900 18,800 Buildings 67,600 56,300 Land 7,600 7,600 $269,200 $239,600 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation—Machinery 5,600 2,300 Accumulated Depreciation—Buildings 13,500 9,000 Accounts Payable 34,700 24,800 Accrued Payables 3,300 2,600 Long-Term Notes Payable 20,900 31,300 Common Stock, no-par 150,000 125,000 Retained Earnings 39,000 43,100 $269,200 $239,600 Additional data (ignoring taxes): 1. Net…Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 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?
- Comparative balance sheet accounts of Waterway Inc. are presented below. WATERWAY INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $42,400 $33,900 Accounts Receivable 70,600 60,300 Inventory 30,100 24,100 Equity investments 22,000 38,900 Machinery 30,300 18,700 Buildings 67,900 55,700 Land 7,600 7,600 $270,900 $239,200 Credit Accounts Allowance for Doubtful Accounts $2,300 $1,500 Accumulated Depreciation—Machinery 5,600 2,200 Accumulated Depreciation—Buildings 13,500 8,900 Accounts Payable 34,700 24,500 Accrued Payables 3,500 2,600 Long-Term Notes Payable 21,000 30,800 Common Stock, no-par 150,000 125,000 Retained Earnings 40,300 43,700 $270,900 $239,200 Additional data (ignoring taxes): 1. Net…Consider the following information taken from GER's financial statements: September 30(in thousands) 2020 2019 Current assets: Cash and cash equivalents $1,274 $6,450 Receivables 30,071 16,548 Inventories 31,796 14,072 Other current assets 4,818 2,620 Total current assets $67,959 $39,690 Current liabilities: Current portion of long-term debt $97 $3,530 Accounts payable 23,124 11,228 Accrued compensation costs 5,606 1,929 Accrued expenses 9,108 5,054 Other current liabilities 874 777 Total current liabilities $38,809 $22,518 Also, GER's operating cash flows were $11,255 and $13,736 in 2020 and 2019, respectively. Round your answers to two decimal places. 2. Calculate the quick ratios for 2020 and 2019. Quick Ratio 2020 ?? 2019 ?? 3. Calculate the cash ratios for 2020 and 2019. Cash Ratio 2020 ?? 2019 ?? 5. Conceptual Connection: What are some reasons why GER's…Comparative balance sheet accounts of Flounder Inc. are presented below. FLOUNDER INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019December 31Debit Accounts 2020 2019Cash $42,300 $34,000Accounts Receivable 70,600 59,600Inventory 30,000 23,900Equity investments 22,500 38,700Machinery 29,700 18,600Buildings 67,900 56,600Land 7,500 7,500 $270,500 $238,900Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500Accumulated Depreciation—Machinery 5,700 2,300Accumulated Depreciation—Buildings 13,600 8,900Accounts Payable 34,800 24,500Accrued Payables 3,300 2,700Long-Term Notes Payable 21,200 31,200Common Stock, no-par 150,000 125,000Retained Earnings 39,700 42,800 $270,500 $238,900 Additional data (ignoring taxes): 1. Net income for the year was $43,100.2. Cash dividends declared and paid during the year were $21,200.3. A 20% stock dividend was declared during the…