Required information(The following information applies to the questions displayed below.)Following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands)BegnentsPink$ 327Black139343354032(82)RedBlueGreenMiteSales to cutaide partienIntersegment revenuesSalary expenseRent expenseIntereat expenseInccee tax expense (navings)$1,829S 532127S11732080493463215710939712099Le033011018483159772310579Consider the following questions independently. None of the six segments has a primarily financial nature.a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure?(Enter your answer in dollars but not in thousands.)

An Operating Segment must to be reported as the disclosures in notes of financial Statements if the…

Answered: Required information (The following…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter7: Financial Statements For A Proprietorship

Section: Chapter Questions

Problem 1ANFS

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Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…
Webby Corporation reported the following amounts onits income statement: service revenues, $32,500; utilities expense, $300; net income, $1,600; and income taxexpense, $900. If the only other amount reported on theincome statement was for selling expenses, what amountwould it be?a. $2,200 c. $30,000b. $29,700 d. $30,900
On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
The Company provided the following financial information: Assets 17.250.800.00 Tax rate 35% BEP 14% ROA 4% Compute for the TIE ratio. Use 4 decimal places for your final answer
The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019 R Revenue 1 250 000Direct costs (786 000) Gross profit 464 000 Operating expenses (124 000) Operating profit 340 000 Interest expense (15 000) Profit before tax 325 000 Income tax (97 500) Profit after tax 227 500 Statement of Financial Position as at 31 December 2019Assets R Non-current assets 314 000 Current assets 386 000 Total assets 700 000 Equity and liabilities Shareholders’ equity 350 000 Non-current liabilities 205 000 Current liabilities 145 000 Total equity and liabilities 700 000 Note • Current assets (R386 000) include accounts receivable of R160 000, inventories of R80 000 and cash of R146 000. • Inventories as at 31 December 2018 amounted to R130 000. • Current liabilities comprise accounts payable only. • All direct costs and revenues are on credit.Required: Calculate the following ratios using the…
Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified. CompanyTotal Books Computers Maps Travel Finance Sales to outside parties $ 1,547 $ 121 $ 696 $ 416 $ 314 $ 0 Intersegment sales 421 24 240 39 118 0 Interest income—external 97 60 0 0 0 37 Interest income—intersegment loans 147 0 0 0 0 147 Assets 3,398 206 1,378 248 326 1,240 Operating expenses 1,460 115 818 304 190 33 Expenses—intersegment sales 198 70 51 31 46 0 Interest expense—external 107 0 0 0 0 107 Interest expense—intersegment loans 147 21 71 38 17 0 Income tax…
Below are amounts found in the income statements of three companies. \table[[Company,Net Sales,Cost of Goods,Operating,Nonoperating,Income Tax],[Henry,$42,000,$10,500,Expenses,Expenses,Expense],[Grace,45,000,29,700,$5,500,$2,500,$2,500
he following information pertains to Austin, Incorporated and Huston Company: Account Title Austin Huston Current assets $ 85,000 $ 85,000 Total assets 590,000 660,000 Current liabilities 23,375 42,500 Total liabilities 310,000 514,500 Stockholders’ equity 280,000 145,500 Interest expense 17,600 21,100 Income tax expense 35,200 30,600 Net income 88,000 91,400 Required a-1. Compute each company’s debt-to-assets ratio, current ratio, and times interest earned (EBIT must be computed). Note: Round your "Debt-
A Corp., a domestic corporation, has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P120,000Compute the optional standard deduction. a. P366,000 b. P364,500 c. P280,000 d. P244,000
Merit is a Company that operates in the Retail business and has a 30 June 2021 year end. The Books of Merit private limited are as follows:Statement of Profit or loss and other comprehensive income as at 30 June 2021RSales1 500 000Cost of Sales(750 000)Gross Profit750 000Office expenses (Including interest on debentures)(125 000)Selling expenses(125 000)Profit before Tax500 000Tax(250 000)Net Profit250 000Statement of Financial Position as at 30 June 2021RAssetsFixed Assets5 500 000Inventory175 000Trade Receivables350 000Bills Receivables50 000Cash225 000Intangible Assets100 000Total Assets6 400 000Equity and LiabilitiesShare Capital2 000 00010% Preference shares2 000 000Retained Earnings1 100 00010% Debentures1 000 000Trade Payables100 000Bank Overdraft150 0006Bills Payables45 000Outstanding Expenses5 000Total Equity and Liabilities6 400 000 Additional Information1. Opening Inventory was R 325 0002. A year has 360 days RequiredCalculate the following ratios, Answer ALL questions.…
The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019RRevenue 1 250 000Direct costs (786 000)Gross profit 464 000Operating expenses (124 000)Operating profit 340 000Interest expense (15 000)Profit before tax 325 000Income tax (97 500)Profit after tax 227 500Statement of Financial Position as at 31 December 2019Assets RNon-current assets 314 000Current assets 386 000Total assets 700 000Equity and liabilitiesShareholders’ equity 350 000Non-current liabilities 205 000Current liabilities 145 000Total equity and liabilities 700 000Note• Current assets (R386 000) include accounts receivable of R160 000, inventories of R80000 and cash of R146 000.• Inventories as at 31 December 2018 amounted to R130 000.• Current liabilities comprise accounts payable only.• All direct costs and revenues are on credit.Required:Calculate the following ratios using the information provided above.…
The following information applies to the operations of MK Inc. for 2022 and 2023. Assume a tax rate of 20% for both years.2022 information:Sales on account in the amount of $675,000Warranty expense and associated liability in the amount of $145,000No other expenses incurred.2023 information:Sales on account in the amount of $210,000Warranty repairs made in the amount of $69,000No expenses incurred.What is MK's income tax expense for 2022? Group of answer choices $121,200 $135,000 $106,000 $164,000

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