Long-term DebtOwner's CapitalTOTAL LIABILITIES AND CAPITALyho glues botsugerusians808,0002,089,361REQUIRED:1. Complete the Financial Statement.2. Compute the following ratios:A. current ratioB. quick ratioC. receivables turnover and age of receivablesD. inventory turnover and age of inventoryE. time interest earnedF. debt ratioG. equity ratioH.gross profit marginI. operating profit marginJ. net profit margin889,00086,9923. Describe the restaurant performance in each year, and then discuss your recommendations in frontof the class. Individual presentation 2. The financial statements of Marchy's restaurant located in Taguig city are presented below:Income StatementNet SalesLess: Cost of Goods SoldGross ProfitLess: Other ExpensesOperating IncomeLess: Interest ExpenseNet IncomeBalance SheetCashAccounts Receivables, netInventoriesPrepaid RentTotal Current AssetsEquipment and FixturesLess: Accumulated DepreciationTotal Fixed AssetsTOTAL ASSETSAccounts PayableNotes PayableAccrualsTotal Current LiabilitlesYear 26,100,6093,020,679P990,500154,653Year 2P 899,826525,0091,002,059180,0001.280,961406,728874,233P764,986409,000631,980PYear 15,804, 1292,987,456350,004212,356Year 1189,314866,314807,213360,0001,287,157281,581 ont1,005,575890,754540,000671,870

Income statement It records all revenues, costs and expenses. When all costs and expenses are…

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Chapter12: Financial Statements, Closing Entries, And Reversing Entries

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Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
Determine on which financial statement each account listed below is reported. Use the following abbreviations: Income Statement (IS), Statement of Owners Equity (OE), and Balance Sheet (BS). a. S. Beagle, Capital b. Cash c. Miscellaneous Expense d. Accumulated Depreciation, Equipment e. Wages Payable f. S. Beagle, Drawing g. Equipment h. Supplies i. Depreciation Expense j. Supplies Expense k. Service Fees l. Accounts Receivable
Determine on which financial statement each account listed below is reported. Use the following abbreviations: Income Statement (IS), Statement of Owners Equity (OE), and Balance Sheet (BS). a. M. James, Capital b. Cash c. Rent Expense d. Accumulated Depreciation, Equipment e. Wages Payable f. M. James, Drawing g. Equipment h. Office Supplies i. Depreciation Expense j. Office Supplies k. Income from Services l. Accounts Receivable
Selling Expenses and General and Administrative Expenses Operating expenses are subdivided between selling expenses and general and administrative expenses when a multiple-step income statement is prepared. Identify each of the following items as a selling expense (S) or general and administrative expense (G$A). ______ 1. Advertising expense ______ 2. Depreciation expenseâ€”store furniture and fixtures ______ 3. Office rent expense ______ 4. Office salaries expense ______ 5. Store rent expense ______ 6. Store salaries expense ______ 7. Insurance expense ______ 8. Supplies expense ______ 9. Utilities expense
1. What is a Statement of Comprehensive Income? 2. Why are the accounts found under the SCI are called temporary accounts? 3. What are the two forms of SCI? Differentiate one from the other. 4. What is the difference between the SCI of a service entity from a merchandising entity? 5. What is the formula in computing Net Income (Loss) for Service Entities? 6. What is the formula in computing Net Sales? 7. What is the formula in computing Cost of Goods Sold?
Which is the CORRECT order for items to appear on the income statement? Group of answer choices sales revenue, gross profit, net income, operating expenses cash, accounts receivable, inventory, property/plant/equipment, intangible assets sales revenue, operating expenses, gross profit, net income sales revenue, cost of goods sold, gross profit, operating expenses sales revenue, gross profit, cost of goods sold, operating expenses
Identify which one of the following formula is used to calculate the net income of the service companies in an accounting period? a.Net Purchases – Cost of goods sold b.Net Sales – Cost of goods sold c.Services Revenue – Operational and Administrative Expenses d.Operational and Administrative Expenses – Service Revenue
Which of the following best describes an application of historical cost? A.Property is exchanged with another business for services received. B.Transactions are valued in terms of the currency of the business’ country. C.An owner uses their personal cheque account to buy milk at the grocery store. D.A transaction is recorded based on the dollars exchanged at the time of the transaction. E.A sales transaction is recorded from the customer sales order.
please answer all parts please do not say about your guidelines in detail with explanation computation formulas thanks 2. For each transaction below, write the net effect on Current Assets (CA), Current Liabilities (CL), Gross Profit (GP), Net Income Before Taxes (NIBT), and Cash flows from operating activities (CFO). - Ignore income tax effects - Write only the effect for the current period. - Assume the companyis a merchandising firm. - Assume warranty expenses are recognized in COGS and bad debt expenses are recognized in SG\&A. - If the net effect is negative, include a negative sign. - If no effect, write 0 . - Note that this is not a balance sheet equation(A=L+E)table, so you should not expect amounts to balance.
Indicate if the following transaction from Torte Baking Company increases or decreases assets, liabilities, equity, revenue, expense, and net income. The pattern of the + and - must adhere to the balance sheet equation. Show the impact of revenue and expense on both net income and equity. If there is a + and - within one category (e.g., assets for transaction 2), then list the accounts that go up and down. Transaction (26) Recognize tax expense that will be paid later. Assets ["", "", ""] Liabilities ["", "", ""] Equity ["", "", ""] Revenue ["", "", ""] Expense ["", "", ""] Net Income ["", "", ""]
Which of the following is true regarding the incomestatement?a. The income statement is sometimes called the statement of operations.b. The income statement reports revenues, expenses, andliabilities.c. The income statement only reports revenue for whichcash was received at the point of sale.d. The income statement reports the financial position ofa business at a particular point in time.
1. The sources of money generated by the sale of products or services. A. Revenue B.Expenses C.Net Income D. Net Loss 2. Examples may include salaries, utilities, rent, insurance, and office supplies. A. Revenue B. Expense C. Net Income D. Net Loss 3. This document communicates what the entity owns in terms of assets, what it owes in the terms of liabilities, and the difference between those two which represents what the owners o the company are entitled to. A.Income Statement B. Balance Sheet

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said ons viko glues botseerias 808,000 2,089,361 Long-term Debt Owner's Capital TOTAL LIABILITIES AND CAPITAL REQUIRED: 1 Complete the Financial C 889,000 86,992