Give me answer within 45 min please I will give you upvote its very urgent ....thankyou.. The beginning balance of total assets was $130,000 and theending balance was $127,200. The return on total assets isclosest to: Sales (all on account)Cost of goods soldGross marginSelling and administrative expenseNet operating incomeInterest expenseNet income before taxesIncome taxes (30%)Net income.$ 110,00055,00055,00027,00028,00012,00016,0004,800$ 11,200

Return on total asset is a financial measure to calculate the net income earned by the company…

Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 110,000 55,000 55,000 27,000 28,000 12,000 16,000 4,800 $ 11,200

Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 110,000 55,000 55,000 27,000 28,000 12,000 16,000 4,800 $ 11,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 1-Drop: Traditional versus Activity-Based Analysis Nutterco, Inc., produces two types of nut butter:…

A: Contribution margin takes into consideration variable expense only. Operating Income takes into…

Q: On December 31, 2022, the following information were taken from the trial balances of ABC Company…

Q: DEF Company, which applies overhead on the basis of direct labor hours. Two direct labor hours are…

A: Variable cost is the cost which varies which the level of output. Fixed cost is the cost which…

Q: ed. 300 shares for cash at $15 per share. easury shares for cash at $17 per share. asury shares for…

A: Treasury Stock is stock repurchased and held by the company. It is an contra equity account that is…

Q: Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil,…

A: Solution:- 1)Calculation of the profit normally earned on one production run of Refined Oil and Top…

Q: Starting from the separate inventory balances of the affiliates, the consolidated inventory balance…

A: Starting from the separate inventory balances of the affiliates, the consolidated inventory balance…

Q: SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM. THANK YOU. What amount should be recorded as…

A: Depreciation is the allocation of cost of asset over the useful life of the asset. There are several…

Q: E11-6 Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% pre- ferred stock on…

A: Preference shareholders are those shareholders who have preference in payment of capital and…

Q: Assume that Partners A and B each report a Capital Account of $400,000. Partner C wants to join the…

A: Partnership is a form of business in which two or more persons come together and run an…

Q: A property was purchased on January 1 20x0 for $2 million (estimated depreciable amount $1…

A: Revaluation surplus: It implies to an increase in the current market or fair value of a fixed asset…

Q: Consolidated inventory balance is composed of the book values of the parent’s and the subsidiary’s…

A: The answer is d i.e and nothing else.

Q: 26. Assume an investor purchases bonds at a premium the bonds are to be 1 held as a long-term…

A: Solution Concept When the stated interest rate is less than the market rate of interest , the bond…

Q: Question 4 Good cost planning requires a basic understanding of how organizations account for…

A: Answer:- 4 Characterization of cost components:- 1. Materials:- The cost of the materials needed to…

Q: A and B formed a partnership, investing $240,000 and $80,000, respectively. year's net income of…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: t the end of September 2016, there were 880 units of a product manufactured by Robinson and Sons…

A: The production cost of a includes the cost related incurred to produce the goods. The nonproduction…

Q: On January 1, 2020, Miller Company purchased a machine for P2,750,000. The machine was depreciated…

A: Working: Total sum of 10 years = 1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 = 55 years Sum of Remaining…

Q: The following information are available for X Corp: (The company uses actual costing). What is the…

A: Beginning inventory for 2020 is equal to ending inventory of 2019. Sales = opening inventory +…

Q: 2. Keep-Or-Drop Decision, Alternatives, Relevant Costs Reshier Company makes three types of rug…

A: 1. Model 1 Model 2 Model 3 Total Sales 240000 550000 655000 1445000 Less: Variable COGS…

Q: Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley…

A: Closing entries are used to close the temporary accounts. These are closed by using adjusting…

Q: x invoic

A: A tax invoice is a statement issued for the delivery of taxable goods and services. A tax invoice…

Q: In the month of September, Matlock Industries sold 800 units of product. The average sales price was…

A: Formula used: Break even point in dollars = Break even point in units x Sales price per unit

Q: On December 31, 2020, Pina Company acquired a computer from Plato Corporation by issuing a $615,000…

A: A record is frequently recorded in the major ledger; however, it may alternatively be entered in a…

Q: Holly and Luke formed a partnership, investing $240,000 and $80,000, respectively. Determine their…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: Consolidated inventory balance is composed of the book values of the parent’s and the subsidiary’s…

A: The consolidated financial states are those financial states that represent the number of…

Q: The issue price of the 3,000 5-year, P1,000 face value bonds on January 1, 2021 is The carrying…

A: As per our protocol we provide solution to the one question or up to first three sub-parts only but…

Q: A purchase invoice shows 10 items priced at $120 less trade discount 20%. A cash discount of 2%2% is…

A: Formula: Amount paid = Invoice amount - Discount amount

Q: 8. (13) DK company has its Branch at Gorakhpur. Goods are invoiced to this Branch at 20% profit on…

A: Head office means from where the company mainly operate and all branches are controlled from that…

Q: Given the following: FIFO method: 16 units left in ending inventory. 1/1/2018 Beginning inventory 9…

A: Computation of number of units sold. Opening stock purchases - ending inventory 9 + 14 + 20 + 14 -16…

Q: In the following ordinary annuity, the interest is compounded with each payment, and the payment is…

Q: FRT Company sells each unit for $ 60, variable costs for each unit $ 25, Fixed costs $ 200000 Wants…

A: Formula used: Units to sell for earning a target profit = ( Fixed cost + target Profit ) / Unit…

Q: When company reduced its inventories to zero, then • Variable costing income > Absorption costing…

A: Variable cost means the cost which vary with the level of output where the fixed cost means the cost…

Q: The details of the accounts receivable of Dolor Corporation as December 31, 2022 shows the…

A: Cash Received from Financing of Receivables: It is the cash or money that the firm will receive from…

Q: Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to…

A: Introduction: Expenditure are of two types: 1 ) Capital Expenditure 2 ) Revenue Expenditure

Q: Engkobee Company sells a single product for $25. It had no beginning inventories. Operating data…

A: Standard Variable Costing: It is the methodology where variable costs are assigned to inventory…

Q: Explain the difference between Tangible and Intangible Assets

A: Introduction: Assets: Any resource which is having monetary value called as Assets. Assets are to be…

Q: Throughput costing • Treats all cost as period cost except for direct materials • Is very suitable…

A: Variable Costing: Variable Costing is technique of costing which does not considers the fixed cost…

Q: QUESTION 46 You plan on starting a lawn mowing business by investing $700 of your own money and…

A: Solution Concept The sales can be made in credit as well as cash Cash sales means the amount is…

Q: Midway through the year, all the male athletes move into a fraternity and drop out of the study.…

A: The answer has been mentioned below.

Q: The Property Co Ltd have recently purchased a building at a cost of £3,500,000. They have estimated…

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage ,…

Q: Question 3 L a) The Manchester based company. We Know Capital Limited (WIC), has been hired as…

A: Calculation of weighted avg cost of capital

Q: Question Content Area Sell or Process Further, Basic Analysis Carleigh, Inc., is a pork processor.…

A: Gross profit is the difference between sales and cost of goods sold. Every business desires for…

Q: Ramsay Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed…

A: Cost of goods sold (COGS) is the value of goods that is sold in a particular period of time. In this…

Q: Which of the following are "pay as you go" taxes? (multiple answers with incorrect answers…

A: The taxes that needs to be paid as and when income is earned by an individual rather than paying at…

Q: On October 31, the stockholders' equity section of Manolo Company's balance sheet consists of common…

A: The stockholders' equity section records the transactions that relates to the shareholders of the…

Q: Transaction: Possible source document: Business sells goods or services for cash…

A: ANSWER Complete the following table by providing the missing information Is

Q: PA6. LO 14.2 EllaJane Corporation was organized several years ago and was authorized to issue…

A: The journal entries are a very important aspect of accounting because it is the first step where…

Q: Statement 1: Consolidated operating expenses will not be affected, in any capacity, by an…

A: Intercompany transactions are those transactions which are made between two related companies. In…

Q: stment project which gives him 4.2% (compounded onthly) per year. How many quarters will it take for…

A: Given Pv= 7669 Fv=3pv=3*7669 n=? i= 4.2% year = 4.2%*3/12= 1.05%quaterly

Q: . _______ An invoice in the amount of $200 carries cash terms of “2/10, net 30.” If the buyer takes…

A: Credit terms 2/10, net 30 means if payment is being made in 10 days, then 10% discount will be…

Q: Tyler Hawes and Piper Albright formed a partnership, investing $210,000 and $70,000, respectively.…

A: Net income is the amount of profit which is earned by the business after paying its all expenses and…

Question

100%

Give me answer within 45 min please I will give you upvote its very urgent ....thankyou..

The beginning balance of total assets was $130,000 and the
ending balance was $127,200. The return on total assets is
closest to:

Sales (all on account)
Cost of goods sold
Gross margin
Selling and administrative expense
Net operating income
Interest expense
Net income before taxes
Income taxes (30%)
Net income.
$ 110,000
55,000
55,000
27,000
28,000
12,000
16,000
4,800
$ 11,200

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

In an income statement. If the income is 426,000 and the expenses is 500,000. The result of operation is
Net income for the current year was $92,150. Depreciation expense was $26,500. The balances of the current asset and current liability accounts at the beginning and end of the year are listed below. End of Year Beginning of Year a) Cash $61,500 56,250 b) Accounts receivable 81,250 74,100 c) Inventories 103,000 81,000 d) Prepaid expenses 6,100 7,600 e) Accounts payable 49,400 51,200 Required: Prepare the cash flows from operating activities section of the statement…
In an income statement. If the income earned is 523,200 and the expenses incurred is 123,000 the result of the operation is
A company has total assets of $100,000. Its non-current assets are worth $60,000 and prepaid expenses are $20,000. Current assets amount to:
The net income reported on the income statement for the current year was $290,000. Depreciation recorded on equipment and a building amounted to $150,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $117,600 $135,000 Accounts receivable (net) 132,500 141,100 Inventories 291,900 274,300 Prepaid expenses 5,600 7,100 Accounts payable (merchandise creditors) 143,400 172,400 Salaries payable 11,300 6,300 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for)…
The draft financial statements of Enjoy Ltd for the year ended 31 December 20X6 are given below. The following additional information is also provided: (i) Plant with an original cost of $800 and accumulated depreciation of $600 was sold for $200. (ii) Interest expense was $350 of which $140 was paid during the period. $130 relating to interest expense of the prior period was also paid during the period. (iii) Investment income included $250 of interest that was received during the period and $250 of interest still to be received. The $250 of interest still to be received is included within other receivables. (iv) Investment income also included $300 of dividend that was received. Statement of Profit and Loss for the year ended 31 December 20X6: Sales 44,870 Cost of sales 31,000 Gross Profit…
If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was: net loss of $35,000. net income of $35,000. net income of $14,000. net loss of $14,000
If assets are $296,000 and owners equity is $135,000, the amount of liabilities is
If liabilities are $114,000 and owner’s equity is $45,000, the amount of the assets is:
The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amount to $62,500 for the year. Balances of the current asset and current liabilities accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $56,000 $59,500 Accounts receivable (net) 71,000 73,400 Inventories 140,000 126,500 Prepaid expenses 7,800 8,400 Accounts payable (merchandise creditors) 62,600 66,400 Salaries payable 9,000 8,250 Required: a. Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Operating Activities Section Cash flows from operating activities: Net income $fill in the blank 5fff63fd0fdcfac_2 Adjustments to reconcile net income to net cash flow from operating activities:…
The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amount to $62,500 for the year. Balances of the current asset and current liabilities accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $56,000 $59,500 Accounts receivable (net) 71,000 73,400 Inventories 140,000 126,500 Prepaid expenses 7,800 8,400 Accounts payable (merchandise creditors) 62,600 66,400 Salaries payable 9,000 8,250 Required: a. Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Operating Activities Section Cash flows from operating activities: $ Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating…
The asset - vehicle worth £21,200 will be depreciated by 10% at the end of the year. Which nominal accounts should be debited and credited, respectively? a) Debit Depreciation A/c & Credit Non-Current Asset A/c b) Debit Inventory A/c & Credit Depreciation A/c c) Debit Balance Sheet A/c & Credit Profit or Loss A/c