re the information of Talc Inc. for the year 2020 · Net assets, Jan.1, 2020- P1,000,000 · Net assets, Dec. 31. 2020- P2,000,000 · Share capital issued in 2020- P300,000 · Dividends declared in 2020- P100,000
Q: The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 $…
A: External Financing needed: Pro forma Income statement Particulars Amount Sales [260000 x…
Q: Company XYZ reports the following information on its Balance Sheet in the beginning of 2020 Assets…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 $…
A: External financing can be defined as additional funds needed from sources outside the firm, in order…
Q: Here is financial information for Glitter Inc. December 31, 2020 December 31, 2019 Current…
A: Horizontal analysis is the analysis made out of the comparison of financial statements for multiple…
Q: The following information pertains to BT21 Co. for the year. · Net assets, Jan.1, 2021-…
A: Solution: Profit (Loss) = Net asset on Dec 31, 2021 - Net asset Jan 1, 2021 + Dividend declared -…
Q: Laiho Industries^ 2018 and 2019 bal ance sheets (in thousands of dollars) are shown. a. Sales for…
A: Balance Sheet: A balance sheet is an assertion of the resources, liabilities, and capital of a…
Q: Balance Sheet Calculations Fermer Company's balance sheet information at the end of 2019 and 2020 is…
A: The balance sheet is an essential part of financial statements and it represents a summary of…
Q: The balance in the retained earnings of HAWKEYE Corporation on December 31, 2020 and 2021…
A: Ending retained earnings = Beginning retained earnings + Net income during the year - Stock dividend…
Q: Here is financial information for Metlock, Inc.. Please explain as well :) December 31, 2020…
A: Lets understand the basics. There are two type of analysis are made by the management which are, (1)…
Q: BE4.9 Portman corporation has retained earnings of $675000 at January 1, 2020. net income during…
A: Statement of Retained Earnings is a financial statement that represents changes in earnings over a…
Q: On January 1, 2020, Cave Corporation had retained earnings of $7,900,000. During 2020, Cave reported…
A: Retained earnings is the part of net income which is retained by the entity and not paid as…
Q: Presented here are summarized data from the balance sheets and income statements of Wiper Inc.:…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: ome selected financial statement items belonging to MNO Company are given in the table below.…
A: The return on assets is calculated by dividing the net income of the company by the total average…
Q: Take me to the text Marry Inc. provided the following information from its accounting records for…
A: Introduction:- Shares are equity ownership units in a firm. Shares exist as a financial asset for…
Q: Presented here are summarized data from the balance sheets and Income statements of Wiper Inc.:…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: The balance in the retained earnings at December 31, 2019 and 2020 respectively are ₱720,000 and…
A: Cash dividends are the excess of profit that is distributed to the shareholders (owners) in the form…
Q: Some selected financial statement items belonging to PXR Company are given in the table below.…
A: The return on assets is calculated as net income divided by total assets.
Q: Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATION Balance…
A: Cash flow statement provided information about the cash inflows and cash outflows of the company.…
Q: Balances extracted from the Statement of Financial Position as at 31 December: 2020 2019 R R Plant…
A:
Q: Suppose the comparative balance sheets of Nike, Inc. are presented here. Nike, Inc. Comparative…
A: A balance sheet is an accounting report that shows a corporation's assets liabilities, and…
Q: Pong Corp has retained earnings of 693.600 at January 1, 2020. Net income during 2020 was 1,546,000,…
A: Retained earnings are the amount which was retained by the organisation after all of its expenses…
Q: ng is the retained earnings account for the year 2022 for Acadian Corp. ed earnings, January 1, 2022…
A: Statement of Retained earning is an essential part of the financial statement of the companies that…
Q: The statement of financial position of Marigold Corporation follows for the current year, 2020:…
A: Introduction: Statement of financial Position of Marigold Corporation for the year 2020
Q: The following information pertains to BTS Co. for the year. · Net assets, Jan.1, 2021-…
A: Increase in Net assets = Net assets, Dec. 31. 2021 - Net assets, Jan.1, 2021 = P2,112,960-1,008,480…
Q: Dhofar Metal Corporation’s comparative Balance sheets are presented below. DHOFAR METAL…
A: Statement of cash flows is the financial statement which shows all cash inflows and cash outflows…
Q: The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019…
A: working: Computation of proforma income statement: Proforma income statement working $…
Q: nts 641,360 Long-term liabilities 1,001,360 Property, plant, and equipment 1,721,360…
A: Balance Sheet: Balance Sheet is that the financial statement of an organization which has assets,…
Q: Balances extracted from the Statement of Financial Position as at 31 December: 2020 2019 R R Plant…
A: A cash flow statement (CFS) is a financial statement that details the amount of cash and cash…
Q: The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2020…
A: a. Prepare a statement of cash flows for the year 2020: Madrasah Company Statement of Cash…
Q: The summarized balance sheet of WIPRO Itd forthe year ended 31/03/2020 and 31/03/2021 are given…
A: Financial Statement - Financial statements contain information about an entity's financial activity…
Q: NOVAK CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 488,570 Current liabilities…
A: The Balance Sheet shows the breakup of Assets and liabilities and owner's equity. Assets comprise of…
Q: The Statement of financial position of Calvert Ltd at 31 December 2019 is as follow Statement of…
A: The statement prepared to find net cash inflow or outflow from the business during the period.
Q: Balances extracted from the Statement of Financial Position as at 31 December: 2020 2019 R R Plant…
A:
Q: From the balance sheet of M/s Sharma Limited, for the year ending 31 March 2020, compute the…
A: Lets understand the basics. Current ratio indicates the firm's ability to pay short term obligations…
Q: WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 $ 900…
A: Hi, as per the authoring guidelines, we will answer the first three sub-parts. Please repost the…
Q: The accumulated profit account of One San Miguel Co, follows: Date Item Debit Credit 07/01/2020…
A:
Q: Based on the given data, what is the returns for Company JFC? Company Dec. 30, 2020 Dec. 29, 2019…
A: Dividend adjusted return is a total return that takes into account the both the change in the market…
Q: Here is financial information for Shamrock, Inc. December 31, 2022 December 31, 2021 Current assets…
A: Horizontal analysis of balance sheet: In horizontal analysis of the balance sheet, the amount of…
Q: The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019…
A: External financing: When funds are generated through outsiders like banks, creditors and investment…
Q: Here is financial information for Glitter Inc. December 31, 2020 December 31, 2019 Current assets…
A: Horizontal analysis is prepared to calculate the variance from the previous year by showing an…
Q: Here is financial information for Glitter Inc. December 31, 2020 December 31, 2019 Current…
A: Horizontal analysis of the balance sheet shows changes in balances over the period and also…
Q: (a) Prepare a horizontal analysis of the balance sheet data for Sage Hill, using 2019 as a base. (If…
A: Horizontal analysis and Vertical analysis of the balance sheet data for Sage Hill is given below,
Q: Prepare a schedule showing a horizontal analysis for 2020 using 2019 as the base year
A:
Q: The following information pertains to MNA Corporation for the year ended December 31, 2020:…
A:
Q: Meera Ltd.'s comparative statements of financial position are presented below. Meera Ltd.…
A: Cash Flow Statement is a statement which shows all cash inflows and cash outflows of business during…
Q: On December 31, 2020, the balance sheet of Legend Corporation shows a total equity of P1,260,000.…
A: Retained earning means amount of profit remain after all the adjustment of expense and various…
Q: Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year.
A: Horizontal Analysis: It is a technique of analysing the financial statements of an organization…
Q: Bamboo Company reported the following statement of financial position at year-end: 2020 2019 Cash…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: 11. On May 2, 2020, the separate statement of financial position of Peter Corporation and Simon…
A: WN- 1 Computation of Fair value of net identifiable assets (NIA) Total net Identifiable assets…
Q: Proper descriptive solution of both (a) and (b)
A:
These are the information of Talc Inc. for the year 2020
· Net assets, Jan.1, 2020- P1,000,000
· Net assets, Dec. 31. 2020- P2,000,000
· Share capital issued in 2020- P300,000
· Dividends declared in 2020- P100,000
How much is the profit or loss for 2020?
Step by step
Solved in 2 steps
- Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000Balance Sheet Calculations Cornerstone Development Companys balance sheet information at the end of 2019 and 2020 is provided in random order, as follows: Additional information: At the end of 2019, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding. During 2020, the company (a) issued 100 shares of common stock for 25 per share, (b) earned net income of 20,600, and (c) paid dividends of 1 per share on the common stock outstanding at year-end. Required: Next Level Fill in the blanks lettered (a) through (p). All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)
- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.Roseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income statement. It has collected the following information at the end of 2019: 1. Net income: 120,400. Included in the net income is income from continuing operations of 130,400 and a loss from discontinued operations (net of income taxes) of 10,000. Corporate income tax rate: 30%. 2. Common stock outstanding on January 1, 2019: 20,000 shares. 3. Common stock issuances during 2019: July 6, 4,000 shares; August 24, 3,000 shares. 4. Stock dividend: On October 19, 2019, the company declared a 10% stock dividend that resulted in 2,700 additional outstanding shares of common stock. 5. Common stock prices: 2019 average market price, 30 per share; 2019 ending market price, 27 per share. 6. 7% preferred stock outstanding on January 1, 2019: 1,000 shares. Terms: 100 par, nonconvertible. Current dividends have been paid. No preferred stock issued during 2019. 7. 8% convertible preferred stock outstanding on January 1, 2019: 800 shares. The stock was issued in 2018 at 130 per share. Each 100 par preferred stock is currently convertible into 1.7 shares of common stock. Current dividends have been paid. To date, no preferred stock has been converted. 8. Bonds payable outstanding on January 1, 2019: 100,000 face value. These bonds were issued several years ago at 97 and pay annual interest of 9.6%. The discount is being amortized in the amount of 300 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 9. Compensatory share options outstanding: Key executives may currently acquire 3,000 shares of common stock at 20 per share. The options were granted in 2018. To date, none have been exercised. The unrecognized compensation cost (net of tax) related to the options is 4 per share. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Show how Roseau would report these earnings per share figures on its 2019 income statement. Include an explanatory note to the financial statements.
- Capital Stock Refer to the information for Stahl Company above. Required: What is the amount of Stahls total contributed capital at December 31, 2019?Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings balance January 1, 2019, $121,500 Net income for year 2019, $145,800 Dividends declared and paid for year 2019, $53,000
- Athenian Venues Inc. just reported the following selected portion of its financial statements for the end of 2020. Your assistant has already calculated the 2020 end-of-year net operating working capital (NOWC) from the full set of financial statements (not shown here), which is 13 million. The total net operating capital for 2019 was 50 million. What was the 2020 net investment in operating capital? Athenian Venues Inc.: Selected Balance Sheet Information as of December 31 (Millions of Dollars)Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
