Prepare income statement Particulars Sales Purchases Salaries Motor expenses Rent Insurance Ali Mamat Enterprise Trial Balance as at 31 December 2019 Debit (RM) 119,832 56,527 2,416 1,894 372 Credit (RM) 190,576
Q: Ciara had $78,000 of income from wages and $2,950 of taxable interest. Ciara also made contributions…
A: Introduction Income from wages: Wage income is the total of all earnings earned by a person in a…
Q: utsourcing Dough, Re, Mi Inc. sells many different types of cookie dough. The company is deciding…
A: The decision whether to continue making its own dough or to outsource on the basis of the total…
Q: ABC corporation employees 300 workers as a team. When production of the team exceeds the standard…
A: Bonus refers to the additional payment by the employer to the employee. Bonus is paid in addition to…
Q: On October 1, Rogers Company purchased $2,930 of supplies on account. On October 1, Rogers Company…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: QWE Company provided the following information for the current year: Cash, January 1 - P320,000; Net…
A: The question is related to the Cash Flow Statement. Cash Flow Statement is summary of cash receipts…
Q: Q1. Murray furniture store sells couches as a retailer. The wholesale cost to them of their most…
A: Gross Profit is the difference between the Selling price of the good or service and all the expenses…
Q: Appropriation account
A: Appropriation accounts keep aside money/ profits for various specific purposes. For example dividend…
Q: A company has a normal production level of 200,000 units per year, and production that is more than…
A: As per IAS 2, Inventories, The allocation of fixed overhead is based on the normal capacity of…
Q: What are the total assets ? what is the net worth? how much does the company owe? whag is the…
A: The balance sheet shows the Assets and liability position at the end of year. The assets create…
Q: 7 Bought motor vehicle by cheque for RM4,300 11 Sold goods to Karas Sdn Bhd on credit for RM380
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019.…
A: The doubtful account expense refers to the amount that is expected to be uncollectible from the…
Q: he AB Division of National Company has a rate of return on investment of 28% and a profit margin of…
A: Ratio analysis means where the various ratio can be found out with different name and meaning and…
Q: Ronin, Inc. had pre-tax accounting income of $2.700,000 and a tax rate of 40% in 2018, its first…
A: Introduction: Income tax payable is a part of accounting in the current liabilities section of a…
Q: 2. The gift tax payable of Mr. Alba on the July 14 donation is Mr. and Mrs. Alba gave the following…
A: As per Section 98 There shall be levied, assessed, collected and paid upon the transfer by any…
Q: Wally Bee purchased a new home for $500,000 with a $80,000 down payment. He financed the remainder…
A: Interest is generally calculated on unpaid loan amount. In this question person W paid a sum of…
Q: If the average operating assets are P1,000,000, return on investment for the AB Division is…
A: Return on investment is a financial barometer used to measure the efficiency of the operations of…
Q: Use the Delivery Charges information above to answer this question. Jesaki Express, a national…
A: Base price is charged for packages weighing 2 pounds or less. Surcharge is charged for each…
Q: A depreciable property costing P2,600,000 with original scrap value of P200,000 after 15 years, had…
A: Here discuss about the details of the annual depreciation expenses which are incurred after the…
Q: Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied…
A: The net sales is calculated after adjusting for sales discounts , sales returns and allowance from…
Q: The following data are given for Harry Company: Budgeted production 26,000 units Actual production…
A: Direct Labor time variance: Direct Labor time variance determines the difference between the actual…
Q: Zannel plc is considering a new project to produce a revolutionary surveillance device. The initial…
A: Cash flow includes only cash inflow and cash outflow. Depreciation is a non-cash expense and part of…
Q: LA $ per pound above 2 pounds. F
A: Given in the question: Base price is charged for packages weighing 2 pounds or Less And a surcharge…
Q: Prepare income statement Particulars Sales Purchases Salaries Motor expenses Ali Mamat Enterprise…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: stores. If Bright Light incorporated is an S corporation how much income wil be allocated to Roberto…
A: The S corporation is a special type of corporation that is formed under IRS rule. the S corporation…
Q: M2-9 (Algo) Completing T-Accounts LO2-4 Following are the transactions of JonesSpa Corporation, for…
A: T-accounts are the accounts prepared to calculate the balance of each account after transferring all…
Q: installation of inspection to reduce the cost of repairs for new and used automobiles under…
A:
Q: Marcellus Purse conduct cleaning business on the cradit baie de collects the sccount receivable in…
A: Allowance for doubtful accounts means where account receivables are not going to recover in full and…
Q: b. A 20% interest in equity Journal entry worksheet Record the admission of new partner. General…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: avapei Company produces three products: A, B, and C. A segmented income statement, with amounts…
A: Here in this case we are required to determine whether to drop product or not. For determing that,…
Q: The adjusted trial balance of Gobyerno Financial Couriers at June 30, 2022, the end of the company's…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: 1. A company uses the indirect method to determine its cash flows from operating activities. Use the…
A: Introduction: Statement of operating activities: All cash in and out flows for day to day activities…
Q: Romeo manufacturing co has total sales at 120,000. Its direct labor cost is 15,000, which represents…
A: Manufacturing overhead doesn't include a company's marketing or administrative duties. Thus, the…
Q: You must evaluate a proposal to buy a new milling machine. The purchase price of the milling…
A: Last year's feasibility cost treated as a sunk cost which means already incurred in past by the…
Q: On July 1, 2003, East Company purchased as a long-term investment, P500,000 face amount, 8% bonds of…
A: The interest receivable or cash receipts for interest is calculated on the basis of face value of…
Q: Government grants related to income are presented preferably as Other income in the income statement…
A: As per IAS 20 Accounting for government grant and disclosure of government assistance Government…
Q: Acquiring Corp. is considering a takeover of Takeover Target Inc. Acquiring has 10 million shares…
A: The term takeover refers to when an organization acquires another organization. The company…
Q: ASSETS Cash Accounts Receivable Inventory Plant and equipment Accumulated Depreciation TOTAL ASSETS…
A: Liquidity ratios is one of the important type of ratio used by the business. Current ratio and Quick…
Q: ecoral ansactio Ints, Preparing the ance She lai Balan ng the Current Ratio LO2-2, 2-4, 2-5 wing…
A: Current ratio is indicator of short term liquidity and shows how much is the working capital of the…
Q: 21. On November 1 of the current year, the assets and liabilities of Jim Chu, M.D., are as follows:…
A: Balance sheet of the business has three important elements. These are assets, liabilities and…
Q: Stock of Finished Goods January 1st 12,660 December 31st 17,845 Stock of Raw Materials: January…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: Prepare the journal entry for the following transactions (1) Geysler Company sold some old equipment…
A: Initial cost of equipment= $30000 Accumulated depreciation= $25000 Carrying value of equipment=…
Q: If
A:
Q: Net PRresnt value- Citron Industries has a project with the following projected cash flow Initial…
A: Net Present Value- The net present value demonstrates its applicability in capital budgeting. It…
Q: y 1 Paid rent for May, $5,000. 3 Purchased merchandise on account from Martin Co., terms 2/10, n/30,…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: During your examination of the 2020 financial statements of the Yesterday Company you find that the…
A:
Q: In January, 2004, Nixon Corporation purchased a mineral mine for P6,800,000 with removable ore…
A: The depletion expense is charged on mines on the basis of units of mines extracted.
Q: Milo Corporation has two products in its ending inventory, each accounted for at the lower of cost…
A: Designated market value is the middle value of the three components that is the Net realisable…
Q: explain how the idea of value creation under stakeholder theory differs from that under positive…
A: Here discuss about the details of the difference between the stakeholders theory with the positive…
Q: How much is the business tax if the business is radio station Narcissus owns a non-VAT registered…
A: As per National Internal Revenue Code of Phillipines and Republic act following is the correct…
68 )
Step by step
Solved in 2 steps with 1 images
- 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…