Sales P1.000.000 Cost of Sales - PS00,000 Rental Expenses - P50,000 Salaries Expenses - P40,000 Utilities expense P10,000 Cash -25,000 Account Receivable - P15,000 What is the net Income of ASG Corporation?
Q: JT Engineering’s current asset information for all four quarters of 2020 is shown below. JT…
A: Current ratio is a metric used to evaluate the liquidity of a business. This is the ratio of current…
Q: Dohini Manufacturing Company had the following 12 months of data on purchasing cost andnumber of…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: Prepare the financial statements of OCHEI SALON AND SPA as of the fiscal year March 31, 2015.…
A: Income Statement Amount Revenues: Income from Salon and Spa 78,800…
Q: Keith Corporation has an accounts receivable turnover ratio of 3.4. What is the firm’s average…
A: Formula: Average collection period = 360 days/Accounts receivable turnover ratio where, Accounts…
Q: On January 2, 2017, RM Company purchased equipment costing P1,500,000. The estimated useful life of…
A: Depreciation per annum of old machinery = (P1500000-P50000)/8. = P181250 per annum Depreciation for…
Q: Department A had 4,100 units in Work in Process that were 69% completed at the beginning of the…
A: Solution... Units completed and transferred out = Beginning inventory + units started in -…
Q: The following information is available for a Company's asset: Cost $5,350,000; Carrying amount (book…
A: Impairment of assets means when recoverable amount of the asset is less than carrying value of the…
Q: WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45.7…
A: The impairment loss is the loss that occurs when the carrying amount is higher than the recoverable…
Q: pens Ition, 5,000 qualified dividend from a 10% owned domestic corpor tributes all of the after-tax…
A: There are different slabs of tax and tax is to paid according to the income tax slab and this is…
Q: Question 26 Metropolis National Bank Assets Liabilities Reserves $60,000 Deposits $500,000 Loans·…
A: Bank's required reserves is the minimum cash/amount the bank should hold in hands. The explanation…
Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: Purchases budget. Lirect Labor Budget Crescent Company produces stuffed toy animals; one of these is…
A: Direct material purchase budget shows the requirement of the material and the cost to purchase that…
Q: Direct Materials Purchases Budget FlashKick Company manufactures and sells soccer balls for teams of…
A: Production budget is the pre estimation of the production requirements of the products for a given…
Q: 2)lriga Company issued the 2021 financial statements on March 1, 2022. The entity provided the…
A:
Q: a. Provide the entry for Stonewall Corporation on January 1, 2020, for the bond issuance. b. Provide…
A: Introduction:- Journal entry is the first stage of accounting process. It is used to record business…
Q: Direct materials purchases budget for bladder and valve: FlashKick Company Direct Materials…
A: Budget is the forecasts made for future period of time. Production budget shows estimated units to…
Q: onvention formula
A: A day-count convention is used to calculate the interest accrues on different investments such as…
Q: Piechocki Corporation manufactures and sells a single product. The company uses units as the measure…
A: Variable cost is the cost that varies with the change in the output of the company. Whereas, the…
Q: A company manufactures a product with three models, each with different direct material costs and…
A: Activity based costing means where the product is valued on the basis of actual direct material ,…
Q: A company manufactures products in batches of 200 on one machine. If the company works 8 hours per…
A: Factors of production- Factors of production are inputs used in the creation or manufacture of…
Q: The declaration, record, and payment dates in connection with a cash dividend of $70,100 on a…
A: Their will be no journal entry on record date for declaration of dividend. Because on that date…
Q: FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high…
A: The direct materials budgets are prepared to record the estimate the requirements of the materials…
Q: Based on the above and the result of your audit, answer the following: (Disregard tax implications)…
A: 3. Depreciation expense of Asset P for the year 2020 = P14500 Depreciation expense of Asset R for…
Q: What is cost-efficiency according to: 1. Profit Projection 2. Cost estimates
A: profit maximization is considered primary objective of the management. this objective of management…
Q: Happy Selling's had the following accounts atyear end: Cash-250,000, Accounts Payable-70,000,…
A: Introduction: Current Assets: The Assets which can be easily converted in to cash with in a year…
Q: Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to…
A: As per IAS 2 , Inventories Inventory is to be valued at lower of cost and Net realizable value.
Q: econstruction campaign at an amount of (800) hillion Iraqi dinars, and the period of its use is…
A: Concept of Depreciation accounting of assets Value of Equipment ( Million) 800 Salvage…
Q: Q.2. From the following particulars ascertain thế lábour cost per day of 8 hours: 1. Basic.pay…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: I. At Jalisco Electronics, assemblers are paid according to the following differential piece rate…
A: Introduction;- Piece rate refers to a wage are paid to workers for each unit of production at a…
Q: Please summarize tthings that CPAs can do to limit their liability and prevent lawsuit
A: CPAs are certified public accountants. In other words they are licensed accounting professionals who…
Q: A company manufactures a product with three models, each with different direct material costs and…
A: Manufacturing overhead means the cost incurred in factory for producing the finished goods but not…
Q: The following is the Summarised balance sheet of carol co. Itd as at 31.12.2004. Liabilities Amount…
A: The term balance sheet refers to a financial statement that reports a company's assets, liabilities,…
Q: Paulis Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one…
A: Total fixed cost in the flexible budget for 4,580 tenant days will be same as static budget for…
Q: Montello Inc. purchases a delivery truck for $14,000. The truck has a salvage value of $2,000 and is…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Laurent is a single individual with an adjusted groes income of $50.000 in 2021. During the ourent…
A: Deductions are the reliefs which are given to the individuals for certain aspects. These amounts are…
Q: ear operations: Miles Mowed Labor and Cleaned Costs 240 $6,800 305 7.680 325 10 275 7200 220 6550…
A: Variable cost refers to the expenses which change with a change in the level of output.
Q: IS a Soie ng
A: As it is not mentioned specifically about the accounting basis adopted by…
Q: NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last…
A: Cost Variance- Cost variance is the procedure of evaluating the fiscal performance of your task.…
Q: Parker & Washington, Inc. borrows $120,000 on January 1, 2021. They must pay back the loan, with 6%…
A: Note payable means the instrument which is issued by company acknowledging the debt due by company…
Q: The following is the Balance Sheet of Lila Ltd. as on .31.12.2814. Amount ($) Assets Amount ($)…
A: The term balance sheet refers to a financial statement that reports a company's assets, liabilities,…
Q: Bonds with a stated interest rate of 9% and a face value totaling $610,000 were issued for $634.400…
A: Carrying value of bond at end of year 1 = issue price + effective interest expense - stated…
Q: 36. The following data relate to direct labor costs for the current period: Standard costs 7,200…
A: Formula: Labor time variance = (Actual hours worked - Standard hours allowed)*Standard rate per hour…
Q: At December 31. 2022. end of the first year, XYZ Lessee's Journal entry would Linclude a Oa Debit to…
A: The lease is a written agreement between two parties in which one part rents its asset to another…
Q: The Walton Toy Company manufactures a line of dolls and a sewing kit. Demand for the company's…
A: 1 Calculation of Direct Labor Hours required Per Unit…
Q: 2.4 Company A acquired equipment on 01.01.2020 to 320000 €. The equipment had an estimated useful…
A: Calculation of annual depreciation for the Year 2020, 2021 and 2022 under fixed (straight-line)…
Q: Dobber Corporation had the following transactions in its first year of operations Sales (75 percent…
A: >Cash receipt and payments are accounted for under “Cash” account. >Cash account is an asset…
Q: Assume an hypothetical consumer faced by the following utility function; U=X^2Y ( squared times y).…
A: Utility function : U = X2Y Px = 4.2 , Px' = 4.8 Py = 4 , Py' = 5 We find the utility level at…
Q: Pretax financial income $480,000 Estimated litigation expense 325,000 Installment sales (220,000)…
A: GIVEN Pretax financial income $ 480,000 Estimated litigation expense 325,000 Installment sales…
Q: Maple Enterprises sells a single product with a selling price of $75 and variable costs per unit of…
A: Introduction: Break even point : The sales level where there is no profit nor loss to the company.…
Q: Requirement 1. Compute the direct material price variance and the direct material quantity variance.…
A: Variance analysis measures the differences between the standard and actual cost
Step by step
Solved in 2 steps with 1 images
- Oreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporationIncome statement 2021 £,000 Sales 7000 Cost of sales -3000 Gross profit 4000 Administration and distribution expenses -1000 Interest payable -500 Dividend received 600 Profit before tax 3100 Taxation -1000 Profit after tax 2100 Balance Sheet 2021 2020 £'000 £'000 £'000 £'000 Assets: Non-Current Assets Property, plant and equipment 13000 10000 Investment 3000 3000 16000 13000 Current Assets Inventories 5500 5000 Trade receivables 2500 4500 Cash at bank 1000 9000 0 9500 Total Assets 25000 22500 Equity and Liabilities: Share capital 6000 5000 Share premium account 3000 2000 Retained earnings 3900 3000 12900 10000…Amjad Trading LLC : Gross Sales are RO 82,000, Sales Returns RO 2,000, Cost of goods sold is RO 30,000, Total Operating expenses are RO 30,000. Bank interest received RO 1000. The value of Total revenue under simple step income statement is: a. 21,000 b. 50,000 c. 83,000 d. 81,000
- 5. If sales revenues are P400,000, cost of goods sold is P310,000, and operating expenses are P60,000 the gross profit is: a. P90,000O b. P340,000 c. P400,000 d. P30,000Peace Inc. has the following information: Sales P 480,000 Operating expenses 300,000 Net loss (60,000) How much is the entity's cost of sales? A. 340,000B. 360,000C. 240,000D. 420,000net sales 330 000 lD ., other revenue and gains 170 000 lD., building 500 000 lD ., notes payable 120 000 lD., cost of purchases 150 000 lD ., other expenses and losses 150 000 lD., the net profit is:- 250 000 lD. 830 000 lD . 120 000 lD . 200 000 lD . no one .
- Best Feeds, Inc. has the following information on their income statement: Sales $2,000,000 Cash Costs 1,200,000 Depreciation 100,000 EBIT 700,000 Interest Expense 200,000 EBT 500,000 Taxes (25%) 125,000 Net Income $ 375,000 What is their NOPAT? Group of answer choices $427,620 $450,120 $375,000 $498,750 $525,000Income Statements for the Year Ended 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 Sales revenue 8,320 11,250 Cost of sales (6,020) (9,030) Gross profit 2,300 2,220 Operating expenses (1,048) (1,535) Operating profit 1,252 685 Finance charges (20) (70) Profit before tax 1,232 615 Taxation (62) (30) Profit for the year 1,170 585 SOFP (Balance Sheet) as at 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 £'000 £'000 Non-current assets 502 198 Current assets Inventory 1,290 2,437 Trade receivables 730 1,990 2,020 4,427 Total assets 2,522 4,625 Equity Share capital 1,350 800 Reserves 580 1,145 1,930 1,945…Income Statements for the Year Ended 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 Sales revenue 8,320 11,250 Cost of sales (6,020) (9,030) Gross profit 2,300 2,220 Operating expenses (1,048) (1,535) Operating profit 1,252 685 Finance charges (20) (70) Profit before tax 1,232 615 Taxation (62) (30) Profit for the year 1,170 585 SOFP (Balance Sheet) as at 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 £'000 £'000 Non-current assets 502 198 Current assets Inventory 1,290 2,437 Trade receivables 730 1,990 2,020 4,427 Total assets 2,522 4,625 Equity Share capital 1,350 800 Reserves 580 1,145 1,930 1,945…
- Sales = $1,000; Cost of Goods Sold = $500; Depreciation Expense = $100; Administrative Expenses = $100; Interest Expense = $20; Marketing Expenses = $80; and Taxes = $100. The Co's operating income (EBIT) is equal to A) $500. B) $400. C) $310. D) $220.Use the information below provided by Angel Baby Angel Company Sales 8,250,000.00 Operating costs 4.725,000.00 Operating income 3,525,000.00 Interest expense 1,750,000.00 Earnings before taxes 1,775,000.00 Taxes (40%) 621,250.00 Net income 1,153,750.00 WACC 8%, Total invested capital 24.875,000. Calculate the EVA (2 decimal places)Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400 Dividends received 2220 From the above information the total income will be: a.OMR 41280 b.OMR 42820 c.OMR 48220 d.OMR 40820 Fast plz***********