Prepare the balance sheet
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- Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Inventory turnoverAccounts receivable and inventory turnover The following data (in millions) were adapted from recent financial statements of Apple Inc (AAPL) Compute the inventory turnover for Years 1 and 2. Round to one decimal place.19 Marriage Company’s trial balance reflected the following account balances on December 31, 2021: Cash 400,000 Trade receivable 1,500,000 Inventory, including inventory expected in the ordinary course of operations to be sold beyond 12 months amounting to P800,000 1,200,000 Prepaid insurance 240,000 Financial assets at fair value through profit or loss 300,000 Financial assets at fair value through OCI 600,000 Financial assets at amortized cost 1,000,000 Deferred tax asset 150,000 Bank overdraft 250,000 Machinery 800,000 Accumulated depreciation 200,000 Noncurrent asset held for sale – building 650,000 Land used as a plant site 920,000 How much is the total noncurrent assets for the year ended December 31, 2021? Group of answer choices 2,670,000 3,920,000 3,270,000 3,320,000
- 18. Marriage Company’s trial balance reflected the following account balances on December 31, 2021: Cash 400,000 Trade receivable 1,500,000 Inventory, including inventory expected in the ordinary course of operations to be sold beyond 12 months amounting to P800,000 1,200,000 Prepaid insurance 240,000 Financial assets at fair value through profit or loss 300,000 Financial assets at fair value through OCI 600,000 Financial assets at amortized cost 1,000,000 Deferred tax asset 150,000 Bank overdraft 250,000 Machinery 800,000 Accumulated depreciation 200,000 Noncurrent asset held for sale – building 650,000 Land used as a plant site 920,000 How much is the total current assets for the year ended December 31, 2021? Group of answer choices 4,040,000 4,290,000 3,640,000 3,490,000The following are selected 2022 transactions of Danes Corporation: June 1 Purchased inventory from Ross Company on account for $50,000, 2/10, net /30. Danes records purchases net and uses a perpetual inventory system. July 1 Issued a $50,000, 9-month, 11% note to Ross Company in payment of account. Oct 1 Borrowed $100,000 from 1st State Bank by signing a 8-month, zero-interest-bearing $109,000 note.12. Samantha Company had the following account balances at the end of May of the current year: Cash P48,500; Trading Securities P32.800; Receivables P72.300; Inventories P37,490; Machinery & Equipment P678.100: Furniture & Fixtures P100,640; Prepayments P85,280; Building P700,200; Patents P76,460; Trademark P56.790: Accounts Payable P276,420; Unearned Revenues P54,750; Bonds Payable P290,000; Mortgage Payable P12,370; Accrued Expenses P7,890; Interest Income P32.000: Service Revenue P765.340. Compute for the capital:*
- 24. The partial trial balance of Rollins Inc. included the following accounts as of December 31, 2020: Debits Credits Sales revenue 6,500,000 Interest revenue 40,000 Dividend revenue 25,000 Unearned rent revenue 260,000 Interest payable 5,500 Cash 545,000 Merchandise inventory 256,000 Loss on sale of investments…58. The following balance sheet was prepared by the bookkeeper for Strawberry Company as ofDecember 31, 2021.• Cash- P80,000• Accounts receivable (net)- P52,200• Inventories- P57,000• Investments- P76,300• Equipment (net)- P96,000• Patents- P32,000• Accounts payable- P75,000• Long-term liabilities- P100,000• Stockholders' equity- P218,500The following additional information is provided:1. Cash includes the cash surrender value of a life insurance policy P9,400, and a bank overdraftof P2,500 has been deducted.2. The net accounts receivable balance includes:(a) accounts receivable- debit balances P60,000;(b) accounts receivable- credit balances P4,000;(c) allowance for doubtful accounts P3,800.3. Inventories do not include goods costing P3,000 shipped out on consignment. Receivables ofP3,000 were recorded on these goods.4. Investments include investments in equity securities at fair value through P/L- P19,000 andinvestments in equity securities at fair value through OCI- P48,300, and…Company A purchased 44% ($250,000) of Company b in common stock at an 8% discount. He paid $5,700 in commissions. At the end of the year Company A. should have an adjusted balance in his Company b. investment account of ______________ . a.Debit Investment $276,620 b.Investment Credit of $276,620 c.Debit to Investments of $304,780 d.Investment Credit of $304,780
- QUESTION FOUR: Here is the Trial balance of Falta Ltd as at 30 April 2018: Dr Cr $ $ Share capital: authorized and issued 200,000 Inventory as at 30 April 2017 102,994 Accounts receivable 227,219 Accounts payable 54,818 8% loan notes 40,000 Non-current assets replacement reserve…26. Jethroe Co. reported a retained earnings balance of $200,000 at December 1, year 4. In June year 5, Jethroe discovered that merchandise costing $50,000 had not been included in inventory in its year 4 financial statements. Jethroe has a 21% tax rate. What amount should Jethroe report as adjusted beginning retained earnings in its statement of retained earnings at December 31, year 5?35 Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transactions during December. Both companies use a perpetual inventory system using the gross method of recording sales discounts. December 3 – Vogel Corporation sold inventory on account to Hatcher Corporation for $488,000, terms 1/10, n/30. This inventory originally cost Vogel $311,000. December 8 – Hatcher Corporation returned inventory to Vogel Corporation for a credit of $4,300. Vogel returned this inventory to inventory at its original cost of $2,740. December 12 – Hatcher Corporation paid Vogel Corporation for the amount owed. Required: Prepare the journal entries to record these transactions on the books of Vogel Corporation. What is the amount of net sales to be reported on Vogel Corporation’s income statement? What is the Vogel Corporation’s gross profit percentage? do all 3 parts
