do not give answer in image format Question 5Harimau Berhad has the following trial balance at 31 December 2021:RevenuePurchasesReturns inwardsPlant at costMachinery at costOffice equipment at costAccumulated depreciation-- PlantAccounts payableLong-term borrowingAccounts receivableInventoryCash and bankAdministration expensesLong term borrowing interestsSalaries and wagesMarketing expensesDiscount allowedShare capitalRetained profits as at 1 Jan 2021General ReserveTotalAdditional information:●.●-- Machinery-- Office equipment.●RM4,530,60072,80076,912,0005,640,0003,980,0002,191,072318,400358,904520,00025,000253,720108,000208,00025,118,496• Ordinary share dividend proposed to be 5%.Long term borrowing interest where half year interest still owing.RM10,642,0001,936,0001,488,0001,020,000629,7041,000,000Inventory as at 31 December 2021 was RM400,200.Provision for company tax was RM429,520.Depreciation 20% on cost per annum to all non-current assets.Share capital: RM6,500,000 ordinary shares and RM500,000 4% preferenceshares.7,000,000922,208480,58425,118,496...7/-Required:Prepare Statement of Comprehensive Income and Statement of Financial Positionas at 31 Dec 2021.

Balance sheet A financial statement that lists a company's assets, liabilities, and shareholder…

Question 5 Harimau Berhad has the following trial balance at 31 December 2021: Revenue Purchases Returns inwards Plant at cost Machinery at cost Office equipment at cost Accumulated depreciation-- Plant Accounts payable Long-term borrowing Accounts receivable Inventory -- Machinery -- Office equipment Cash and bank Administration expenses Long term borrowing interests Salaries and wages Marketing expenses Discount allowed Share capital Retained profits as at 1 Jan 2021 General Reserve Total Additional information: • Inventory as at 31 December 2021 was RM400,200. • Provision for company tax was RM429,520. RM 4,530,600 72,800 6,912,000 5,640,000 3,980,000 2,191,072 318,400 358,904 520,000 25,000 253,720 108,000 208,000 25,118,496 RM 10,642,000 • Ordinary share dividend proposed to be 5%. . • Long term borrowing interest where half year interest still owing. 1,936,000 1,488,000 1,020,000 629,704 1,000,000 7,000,000 922,208 480,584 25,118,496 • Depreciation 20% on cost per annum to all non-current assets. • Share capital: RM6,500,000 ordinary shares and RM500,000 4% preference shares. 71

Question 5 Harimau Berhad has the following trial balance at 31 December 2021: Revenue Purchases Returns inwards Plant at cost Machinery at cost Office equipment at cost Accumulated depreciation-- Plant Accounts payable Long-term borrowing Accounts receivable Inventory -- Machinery -- Office equipment Cash and bank Administration expenses Long term borrowing interests Salaries and wages Marketing expenses Discount allowed Share capital Retained profits as at 1 Jan 2021 General Reserve Total Additional information: • Inventory as at 31 December 2021 was RM400,200. • Provision for company tax was RM429,520. RM 4,530,600 72,800 6,912,000 5,640,000 3,980,000 2,191,072 318,400 358,904 520,000 25,000 253,720 108,000 208,000 25,118,496 RM 10,642,000 • Ordinary share dividend proposed to be 5%. . • Long term borrowing interest where half year interest still owing. 1,936,000 1,488,000 1,020,000 629,704 1,000,000 7,000,000 922,208 480,584 25,118,496 • Depreciation 20% on cost per annum to all non-current assets. • Share capital: RM6,500,000 ordinary shares and RM500,000 4% preference shares. 71

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter5: Risk Analysis

Section: Chapter Questions

Problem 22PC

See similar textbooks

Similar questions

Question 2Prepare a statement of Profit and Loss Appropriation, capital account, current account for theyear ended 31 December 2020 and extract of statement of financial position at that date, fromthe following:i) Net profit RM30,350ii) Interest to be charged on capital: Wong RM2,000; Pang RM1,500; Halim RM900.iii) Interest to be charged on drawings: Wong RM240; Pang RM180; Halim RM130.iv) Salaries to be credited: Pang RM2,000; Halim RM3,500v) Profit to be shared: Wong 50%; Pang 30%; Halim 20%vi) Current account b/f: Wong RM1,860; Pang RM946; Halim RM717vii) Capital account b/f: Wong RM40,000; Pang RM30,000; Halim RM18,000viii) Drawings: Wong RM 9,200; Pang RM7,100; Halim RM6,900
Question 2.1 Will the company be able to fund its short-term obligations of inventories are not sold? Please explain Notes Inventories as at 31 December 2020 amounted to R185000 All purchases and sales are on credit Credit terms to Debtors are 30 days Credit terms of 3/10 net 90 days are granted by creditors Dividends for the year amounted to R139 503
Question C5 Majan Ltd income statement for the year ended 31st Dec 2020 and the balance sheets as at 31st Dec 2009 and 2019 are as follows: Income statement OMR in million Revenue 312 Cost of sales (177) Gross profit 135 Distribution expenses (36) Administrative expenses (15) 84 Rental income 14 Operating profit 98 Interest payable (13) Profit before taxation 85 Taxation (18) Profit for the year 67 Balance sheet as at 31st Dec 2020 and 2019 2020 2019 OMR in million OMR in million Non – current assets Property, plant and equipment Land and buildings 155 155 Plant and machinery 157 163 312 318 Current assets Inventories 18 21 Trade receivables 73 70 Current liabilities…
QUESTION 1 The following information has been provided for the year ended 31 December 2022 Depreciation for Accounting purposes Machinery R16 000 Equipment R27 500 Wear and Tear Machinery R25 000 Equipment R30 000 Dividends received R35 000 Revenue received in advance R26 000 (2022) Revenue received in advance R18 000 (2021) Profit before tax is R300 000 after taking the above figures into account. Assume a tax rate of 28% Required. CALCULATE the current tax for the year ended 31 December 2022 Show the calculations
Question 5 of 5 View Policies Current Attempt in Progress Suppose in its 2025 annual report that McDonald's Corporation reports beginning total assets of $28.46 billion, ending total assets of $30.22 billion, net sales of $22.74 billion, and net income of $4.55 billion. (a) Compute McDonald's return on assets. (Round return on assets to 2 decimal places, e.g. 5.12%.) McDonald's return on assets % (b) Compute McDonald's asset turnover. (Round asset turnover to 2 decimal places, e.g. 5.12.) McDonald's asset turnover times
Case 1: Accounting ChangesIt is important in accounting theory to be able to distinguish the types of accountingchanges:Required:a) If a public company desires to change from the sum-of-year’s-digits depreciationmethod to the straight-line method for its fixed assets, what type of accountingchange will this be? How would it be treated? Discuss the permissibility of thischange.b) If a public company obtained additional information about the service lives ofsome of its fixed assets that showed that the service lives previously used shouldbe shortened, what type of accounting change would this be? Include in yourdiscussion how the change should be reported in the income statement of theyear of the change and what disclosures should be made in the financialstatements or notes.
Current 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.
Question 6 (this question has 2 parts) Gordon Industries Ltd has provided you with the following information: 2019 2020 2021 Debt to Equity 10.5% 23.4% 36.2% Gross Profit margin 30.2% 36.5% 35.3% Net profit margin 19.5% 17.6% 13% Return on Equity 15.1% 17.5% 16.2% Asset Turnover (times) 0.71 0.82 1.41 Return on Assets 13.8% 14.4% 18.3% Interest coverage ratio 4 times 3 times 2.5 times a) Advise Gordon Industries of the relationship between Return on Assets, Asset Turnover and Net Profit Margin. Comment on the profitability position of Gordon and any advice you consider relevant. b) Advise the shareholders of Gordon Industries on the financial structure of the company.
QUESTION SIX The following financial statements relate to ZB Plc. ZB PLC Statement of comprehensive Income for the year ended 31st December: 2021 2020 K'000 K'000 Revenue 3,068,959 2,305,425 Cost of sales -2,024,857 -1,346,701 Gross profit 1,044,102 958,724 Other expenses -244,307 -458,473 Net impairment credit on financial assets 12,291 3,002 Distribution costs -208,749 -178,028 Administrative expenses -413,157 -302,323 Operating profit 190,180 22,902 Finance Income 2,978 1,557 Interest Expense -86,936 -15,974 Profit before income tax 106,222 8,485 Income tax credit (expense) 41,730 -2,546 Profit for the year 147,952 5,939 Other comprehensive income Total comprehensive income for the year 147,952 5,939 ZB PLC Statement of Financial Position as at 31st December:…
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 $50 received in…
Day 7 (8) Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIESComparative Balance SheetsDecember 31, 2021 and 2020($ 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…
f2. Subject :- Finance Company A has sales of $560, costs of $100 (not including depreciation), depreciation expense of $40, interest expense of $40, and a tax rate of 21 percent, current assets of $180, net fixed assets of $1480, current liabilities of $240, and long-term debt of $750. What is the time interest earned (TIE)? (keep two decimal places)