Problem No. 1 Viance Queen Company Statement of Financial Position As of December 31 2019 2018 87,400 Cash Accounts Receivable Inventory Prepald Rent Delivery Van Total Assets 110,000 90,000 129,000 12,000 550,000 891,000 69,920 218,500 4,370 493,810 874,000 Accounts Payable Loan Payable Viance Queen, Capital Total Liabilities and Equity 75,000 400,000 416,000 891,000 67,298 393,300 413,402 874,000 Viance Queen Company Statement of Comprehensive Income For the Period Ended December 31 2019 2018 Sales Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Net Income 810,000 348,300 461,700 234,900 40,500 186,300 686,000 301,750 384,250 205,800 17,150 161,300
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Problem 1: Viance Queen Company
Required:
- Compute for the company’s profitability and operating efficiency ratios for 2019
- Compute for the financial health ratios of the company for 2019
B.Operating Efficiency
- Days in Inventory
AR Turnover- Days in AR
Step by step
Solved in 3 steps
- Changes in current operating assets and liabilities-indirect method Alpenrose Corporations comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2016 Dec. 31, 2015 Accounts receivable 27,000 32,400 Inventory 18,000 15,480 Accounts payable 16,200 14,220 Dividends payable 49,500 53,100 Adjust net income of 207,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…
- 12 - I- Inventories II- Trade Receivables III- Stock Values IV- Future Months Income and Expense Accruals Which or which of the above account groups are in asset accounts?A) Only IIIB) I-II-IIIC) I-II-III-IVD) I-II-IVE) II-IIIQuestion 2:Tarcy Enterprise is operated by Priscilla Tam. She provided the followingTrial Balance for the year ended 30 June 20X1: Dr CrRM RM Inventory, 1 July 20X0 160,0006% Long term loan 200,000Water and electricity 4,300Bank 6,000Capital 1,000,000Carriage inwards 1,800Purchases and Sales 956,000 1,254,600Cash 8,800Allowance for doubtful debts, 1 July 20X0 1,000Custom duty 3,000Trade receivables and payables 136,000 68,000Bad debts 3,700Carriage outwards 3,000Drawings 12,000Freehold premises 800,000Motor vehicles 100,000Plant and machinery 300,000Accumulated depreciation: motor vehicles 12,000Accumulated depreciation: plant & machinery 24,000General expenses 2,200Interest on loan 3,500Discounts 600 800Advertisement 16,000Returns 4,500 3,000Salaries 60,000Commission received 6,0002,575,400 2,575,400 Additional information:1. Closing inventory was valued at RM175,000.2. Included in the purchases were goods worth RM6,000 which had beentaken by Priscilla for family use. No recording…Day 7 (7) Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIESComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 390 $ 170 Accounts receivable 370 200 Inventory 520 355 Land 525 500 Building 900 900 Less: Accumulated depreciation (250 ) (225) Equipment 2,550 2,210 Less: Accumulated depreciation (346 ) (320 ) Patent 1,100 1,300 $ 5,759 $ 5,090 Liabilities Accounts payable $ 620 $ 470 Accrued liabilities 160 130 Lease liability—land 130 0 Shareholders' Equity Common stock 3,120 3,000 Paid-in capital—excess of par 750…
- Day 7 (8) Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIESComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 440 $ 190 Accounts receivable 470 250 Inventory 620 380 Land 625 575 Building 800 800 Less: Accumulated depreciation (200 ) (170 ) Equipment 2,800 2,510 Less: Accumulated depreciation (451 ) (420 ) Patent 1,600 1,800 $ 6,704 $ 5,915 Liabilities Accounts payable $ 720 $ 470 Accrued liabilities 210 165 Lease liability—land 130 0 Shareholders' Equity Common stock 2,650 2,500 Paid-in capital—excess of par 500…Activity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and ExpenseThe following table includes SFP and SCI elements. Put a check mark (√) in the column where each accounts belongs to.Account Asset Liability Owner’s Equity Revenue Expenses1. Interest Receivable2. Professional Fees3. Service Income4. Mr. A, Drawing 5. Doubtful Accounts6. Depreciation Expense7. Accrued Interest Income8. Unearned Interest Income9. Prepaid Interest10. Accumulated Depreciation11. Mortgage payable12. Unused Supplies13. Supplies Inventory14. Supplies on hand15. SSS Premium Expense16. Withholding Taxes Payable17. Repairs and Maintenance 18. Petty cash Fund19. Allowance for Bad Debts20. Cash in bank21. Accounts payable22. Prepaid Insurance23. Unexpired Insurance24. Salaries payable25. Utilities ExpensCurrent LiabilitiesPROBLEM 1: TRUE OR FALSE 6. Financial liabilities may be subsequently reclassified betweenthe amortized cost and fair value measurement categories.7. Trade payables and other liabilities that are part of an entity'sworking capital may be presented as current liabilities even ifthey are expected to be settled beyond one year.
- PARRISH 4-12 LEDGER POSTINGSAccounts Payable $500Accounts Receivable $1000Accumulated Depreciation, Equipment $500Cash $600Common Stock $1200Depreciation Expense, Equipment $0Equipment $2300Insurance Expense $0Inventory $2000Prepaid Insurance $600Retained Earnings $2800Service Fee Revenues $3500Supplies $700Supplies Expense $0Wages Expense $1300Wages Payable $0 Please 1) Give the ledger name 2) Include a description 3) and if it is a debit or credit, and what the balance is. I DO NOT NEED TO KNOW WHAT FINANCIAL STATEMENT THE TRANSACTION GO ON. Please refer to the attachment to see what the answser boxes look like. I need the answers in that format. Thank you.Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020ACCOUNT TITLES DEBIT CREDITCash 150000Inventory 10,000Prepaid rent 50,000Office Supplies 60,000Land 900,000Building 800,000Accumulated Depreciation 40,000Accounts payable 80,000Salaries payable 55,000Long term loan 390,000Purchases 400,000Sales 600,000Purchase returns 18,000Sales returns 14,000Transportation-in 5,000Interest expense 2,000Salaries expense 44,000Depreciation expense 29,000Electricity expense 5,000Interest expense 5,000Interest payable 25,000Commission Income 22,000Capital 1,254,000Drawing 10000Total 2,484,000 2,484,000Inventory Closing Rs. 50,000REQUIRED a) Prepare Income Statement for the year ended December 31, 2020. b) Prepare Balance Sheet in classified account form as of December 31, 2020Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020ACCOUNT TITLES DEBIT CREDITCash 150000Inventory 10,000Prepaid rent 50,000Office Supplies 60,000Land 900,000Building 800,000Accumulated Depreciation 40,000Accounts payable 80,000Salaries payable 55,000Long term loan 390,000Purchases 400,000Sales 600,000Purchase returns 18,000Sales returns 14,000Transportation-in 5,000Interest expense 2,000Salaries expense 44,000Depreciation expense 29,000Electricity expense 5,000Interest expense 5,000Interest payable 25,000Commission Income 22,000Capital 1,254,000Drawing 10000Total 2,484,000 2,484,000Inventory Closing Rs. 50,000REQUIRED a) Prepare Income Statement for the year ended December 31, 2020.