rrent Liab
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A: Introduction: One of 3 financial Statements is that the financial statement. The financial statement...
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A: Cost are also classified according to their behaviour. These are classified into these types i.e. Fi...
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A: The common–base year Value can be calculated by dividing each current year item amount by the base-y...
Q: 17. On January 1, 2015, Battle Company purchased a delivery truck for $252,000 with an estimated use...
A: Depreciation per miles (units of production method) = (Cost of the assets - salvage value) / Expecte...
Q: Large Company $ $ $ Net sales 379,420 Cost of sales 163,100 Gross profit Selling, general, and admin...
A: Profit margin measures how much money a firm or business activity produces by dividing income by rev...
Q: Purchase of Goods. Paid in Cash 100,000.00 Sale of Goods. Received in cash 150,000.00 Paid Utilities...
A: A statement of cash flows, is a financial statement that reflects how changes in balance sheet accou...
Q: A company is developing a new game controller for its Galaxy 500 computer games. In the financial ye...
A: Please note that "Since you have asked multiple questions, we will solve the first question for you....
Q: 23) Under the allowance method, the entry to record the write-off of a specific account would A Decr...
A: In case of allowance method, in order to record the bad debts, the bad debts account will be debited...
Q: R. Pedro Penduko resigned in 2019 after 20 years of service. He had the following income during the ...
A: Gross Income While calculating the gross income there are number of items which are exemption from t...
Q: Selected information from the separate and consolidated income statements of Poster Corporation and ...
A: Intercompany sales are the sales made by the head office to their subsidiaries at a lower or equal t...
Q: Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following...
A: Rafael's amount realized on the sale will be equal to Cash & fair value of assets minus obligati...
Q: Given the mixed cost function y = $6.50x + $3,000. What does the $6.50 represent? a.Total cost per u...
A: Intercept is the total fixed cost and slope of cost function is the variable cost per unit. And the ...
Q: A business employs three individuals, whose taxable earnings to date (prior to the current pay perio...
A: It must be noted that earnings upto $7000 are subject to FUTA Employee 1 cumulative pay till date = ...
Q: The film All the Queen's Horses documented a fraud that occurred in the town of Dixon, IL. The film ...
A: The film All the Queen's Horses documented a fraud that occurred in the town of Dixon, 1L. The fim u...
Q: The balance in the supplies account on June 1 was $5230, supplies purchased during June were $3480, ...
A: calculation of adjusting entry amount are as follows
Q: Syariqul Haq is trying to save up for a big vacation. He plans to take a trip around Japan when he g...
A: The correct answer for the above mentioned is given in the following steps for your reference.
Q: Preparation of Ratios The financial statements for Venus Industries follow: Venus Industries Cons...
A: Ratio analysis shows the analysis of financial statements in regard to the profitability, liquidity,...
Q: Calculate the amount of 1) Basic and 2)Diluted Earnings per Share for the Year ended December 31, 20...
A: EPS is Earnings per share is the measuring rod of the profitability of the company. The basic EPS is...
Q: t Assets and Non-
A: The current assets are given as,
Q: If a company uses a periodic inventory system, which of the following entry or entries are required ...
A: When a physical inventory count is done, a periodic inventory system simply updates the general ledg...
Q: Comprehensive operating budget. Slopes, Inc., manufactures and sells snowboards. Slopes manufactures...
A: Answer to Question(1):- Slopes Inc Pr...
Q: ABC Corporation begins the month of April with 1,200 units of inventory recorded at total historical...
A: The average cost per unit will be equal to total cost of beginning inventory & purchase cost div...
Q: Raise three issues related to the annual report and the broader area of financial reporting, and exp...
A: Annual report refers to a corporate document or financial summary which is released by the company, ...
Q: Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by s...
A: Answer 1) Calculation of maturity date of notes payable Maturity date of note = Issue date of note +...
Q: Q4 – HW#3 SOLVING THE PROBLEM! Lopez General Services Below are the cash transactions of Lopez Gener...
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by...
Q: ABC Company and XYZ Company reported the following condensed Statements of Financial Position on Jan...
A: It is one of the important tools, to prepare the consolidated financial statements of patent and sub...
Q: 1. Darna, employed, derived the Gross Salaries 13th Month pay and other benefi SSS, PhilHealth and P...
A: In this question, we will calculate the compensation income that can be reported in annual income ta...
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A: The non controlling interest is the interest held by minority shareholders of the business. The min...
Q: uilding of 12,500 s annual maintenan I maintenance cos s (starting 18 vear
A: Alternative: AW=-1900000×0.15-8000-15000A1F,15%,18AW=-285000-8000-150000.0132AW=-285000-8000-198AW=-...
Q: Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciati...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: On August 1, ABC Corporation acquired 80 percent of XYZ Corporation for P560,000. XYZ Corporation ha...
A: The goodwill is recorded as intangible assets on the balance sheet of the firm.
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A:
Q: On January 2, 2021, Oriole Enterprises reports balances in the Equipment account of $34,100 and Accu...
A: Given: Purchase cost as stated in equipment account=$34,100 Accumulated Depreciation=$8,660 Book val...
Q: 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, r...
A: 1) Accumulated depreciation 94,400 Loss on disposal 31,900 Milling machine 1...
Q: One element of the general transfer-pricing rule is opportunity cost. Briefly define the term 'oppor...
A: Opportunity cost is the benefit foregone from choosing the next best alternative in a decision makin...
Q: In 2020, the company's inventory turnover ratio was 7.64. What is their Inventory Turnover ratio for...
A: Inventory is the stock which the company has for the purpose to sell and the business has been estab...
Q: Juan earns the basic salary of P44,000 a month. His daily compensation rate is P2,000. For the curre...
A: Vacation leave with pay means that the employee can take a pre-fixed number of vacation leave days i...
Q: Under-applied manufacturing overhead costs are always the result of which of the following situation...
A: Applied overhead = Overhead rate x Actual hours incurred where, Overhead rate = Budgeted Overhead co...
Q: Units-of-Production Method A machine is purchased January 1 at a cost of $59,000. It is expected to ...
A: Rate of depreciation per unit Cost of the machine - salvage value / expected number of units that ca...
Q: available at July 31, 2021: Rent of $510,000 was paid on April 1, 2021, for six (6) -months to Sept...
A: The answers has been mentioned below.
Q: Journal Entries: Disposition of Plant Assets Prepare the entries for the transactions using a genera...
A: Journal Entry Here make the journal entry for sale of the plant assets and exchange of the plant ass...
Q: Vincent was receiving rental payments of $3,000 at the beginning of every month from the tenants of ...
A: The capitalization rate: The capitalization rate or cap rate is used to determine the rate of return...
Q: Quick assets P208,000 Acid test ra...
A: Current ratio = Current Assets / Current Liabilities Quick Assets = Quick Assets / Current Liabiliti...
Q: Here are the abbreviated financial statements for Planner's Peanuts Income Statement , 2019 Sales ...
A: The question is based on the concept of Financial Accounting.
Q: Moran owns a building he bought during year 0 for $150,000. He sold the building in year 6. During t...
A: To extent of depreciation will be treated as section 1250 Unrecaptured gain. Balance gain is consid...
Q: If the non-cash assets are sold for P700,000 and both partners agree to make up for any capital defi...
A: Solution:- Given, Partners Biore and Selisana each have a P450,000 capital balance Profits and loss...
Q: Zebu has given the following details for two years: 2019-20 2020-21 Sales 800,000 ? PV Ratio 50% 37....
A: Marginal costing was an method of costing widely used in decision making for an entity, where it is ...
Q: Match the term on the left to the appropriate description on the right. v Historical cost A. The amo...
A: 1. In this question we match the write explanation with proper headings.This is match the columns. ...
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- Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)A Preparation of Ratios Refer to the financial statements for Burch Industries in Problem 12-89A and the following data. Required: 1. Prepare all the financial ratios for Burch for 2019 and 2018 (using percentage terms where appropriate and rounding all answers to two decimal places). 2. CONCEPTUAL CONNECTION Explain whether Burchs short-term liquidity is adequate. 3. CONCEPTUAL CONNECTION Discuss whether Burch uses its assets efficiently. 4. CONCEPTUAL CONNECTION Determine whether Burch is profitable. 5. CONCEPTUAL CONNECTION Discuss whether long-term creditors should regard Burch as a high-risk or a low-risk firm. 6. Perform a Dupont analysis (rounding to two decimal places) for 2018 and 2019.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 Ratio of fixed assets to long-term liabilities
- Effect of transactions on current position analysis Data pertaining to the current position of Newlan Company are as follows: Instructions Compute (a) the working capital, (h) the current ratio, and (c) the quick ratio.A firm had the following values for the four debt ratios discussed in the chapter: Liabilities to Assets Ratio: less than 1.0 Liabilities to Shareholders Equity Ratio: equal to 1.0 Long-Term Debt to Long-Term Capital Ratio: less than 1.0 Long-Term Debt to Shareholders Equity Ratio: less than 1.0 a. Indicate whether each of the following independent transactions increases, decreases, or has no effect on each of the four debt ratios. (1) The firm issued long-term debt for cash. (2) The firm issued short-term debt and used the cash proceeds to redeem long-term debt (treat as a unified transaction). (3) The firm redeemed short-term debt with cash. (4) The firm issued long-term debt and used the cash proceeds to repurchase shares of its common stock (treat as a unified transaction). b. The text states that analysts need not compute all four debt ratios each year because the debt ratios are highly correlated. Does your analysis in Requirement a support this statement? Explain.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-
- The following information pertains to Austin, Incorporated and Huston Company. Account Title Austin Huston Current assets $ 90,000 $ 87,500 Total assets 320,000 680,000 Current liabilities 29,250 43,750 Total liabilities 210,000 530,000 Stockholders’ equity 290,000 150,000 Interest expense 17,800 21,200 Income tax expense 35,600 30,800 Net income 90,000 93,700 Requireda-1. Compute each company’s debt-to-assets ratio, current ratio, and times interest earned (EBIT must be computed).a-2. Which company has the greater financial risk?b. Compute each company’s return-on-equity ratio and return-on-assets ratio. Use EBIT instead of net income when computing the return-on-assets ratio.Presented below is the balance sheet of Pina Corporation for the current year, 2020. PINA CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets $ 486,360 Current liabilities $ 381,360 Investments 641,360 Long-term liabilities 1,001,360 Property, plant, and equipment 1,721,360 Stockholders’ equity 1,771,360 Intangible assets 305,000 $3,154,080 $3,154,080 The following information is presented. 1. The current assets section includes cash $151,360, accounts receivable $171,360 less $11,360 for allowance for doubtful accounts, inventories $181,360, and unearned rent revenue $6,360. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $41,360; investments in common stock, short-term $81,360 and long-term $271,360; and bond sinking fund $247,280. The cost and fair value of investments in common stock are the same.…Show your workings for the question below; The summarised financial statements of LL Limited are as follows:” Profit & Loss Account/Income Statement for the year ended 31 December 2020 £000 Operating profit 80 Investment income 5 Interest payable (7) Profit before taxation 78 Taxation (14) Profit after taxation 64 Dividends payable (20) Retained profit 44 Balance Sheets 2020 2020 2019 2019 £000 £000 £000 £000 Fixed/Non-current assets Cost 370 290 Depreciation (70) (50) 300 240 Current assets Stock/inventory 95 70 Trade debtors/receivables 75 56 Short-term deposits 35 26 Bank 44 249 152 Current liabilities Trade creditors/payables 40 45 Interest payable 18 23 Taxation payable 10 12 Dividends payable 15 22 Bank…