The 2019 balance sheet of Dyrdek’s Skate Shop, Inc., showed long-term debt of $5.2 million, and the 2020 balance sheet showed long-term debt of $5.4 million. The 2020 income statement showed an interest expense of $125,000. What was the firm’s cash flow to creditors during 2020
Q: Discount P6421 for 12.68 months at 8% simple interest. IN 2 decimal places.
A: The interest are done on the specified about as a result of which the calculations involve simple…
Q: 1. Using Horizontal Analysis, calculate the peso change and the percentage changes. 2. Using…
A: In accounting we often do horizontal analysis and vertical analysis of financial statements. This…
Q: 1)Development of accounting principles. Presented below are two independent, unrelated…
A: GAAP are the set standards, rules, and procedures that must be followed by all U.S. companies while…
Q: Return on capital employed Acid test ratio iv. V. vi. Current ratio vii. Times interest earned ratio…
A: The times of interest earned is the ratio which is usually used and computed in order to know that…
Q: Z Company manufactures a component part with the following standard costs: Direct Materials P 6.00…
A: Variable costs are costs that varies with the number of units produced or sold and hence affect the…
Q: Find the operating cash flow for the year for Marathon and Sons if it had sales revenue o\f…
A: Gross Profit :— It is the difference between sales revenue and cost of goods sold. Operating…
Q: If it takes 3 units of raw material to make one unit of a product and the cost per unit of raw…
A: Raw materials: This includes the unfinished materials or substances that are being used by the…
Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…
A: Treasury stock is the shares repurchased by the entity from the market. These are the shares bought…
Q: B. On 1 July 2021, Zackry Berhad issued 8 percent bonds of nominal value RM24,000,000 at a discount…
A: Journal entry is the basic or initial step into the accounting cycle and it helps in preparing the…
Q: Salaries and Wages Expense (1) Close revenue accounts Close expense accounts B Close net…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: Taylor, age 15, is claimed as a dependent by her parents. For 2022, she has the following income:…
A: As per IRS tax provisions, a child is claimed as a dependent by the parents if the child is less…
Q: DPWH had the following transactions related to a construction project of school building worth…
A: Journal Entry is the primary step to record the transaction in the books of accounts. Mobilization…
Q: A municipality of the province of Rizal had the following transactions for the year 2021: • Recorded…
A: The consolidated income of the municipality based on the given information is P155,500,000. This…
Q: Jess Company incurred the following R&D costs during the year: Equipment purchased for current and…
A: Research and Development costs are costs incurred directly in connection with the research and…
Q: A company began the accounting period with $50,000 in owner’s capital, ended with $75,000 in owner’s…
A: Net income represents the overall profitability of a company after all expenses and costs have been…
Q: A family friend has asked your help in analyzing the operations of three anonymous companies…
A: RETURN ON INVESTMENT Return on Investment is the ratio between Net Operating Income & Average…
Q: Which of the following can be used as a criteria for evaluating information being audited? A)…
A: Audits provide third-party assurance to various stakeholders that the subject matter is free from…
Q: statement of partnership liquidation
A: Liquidation of partnership involves a series of entries. Various points need attention to arrive at…
Q: Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery PHOENIX…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: Lamar owns a whole life insurance policy in which he is the insured and his children are the primary…
A: Solution in the step2
Q: Distinguish between the following: i. allocation and apportionment ii. job and batch costing
A: The costing methods are used to determine the cost. The company is required to determine the cost to…
Q: Statement I. Upon consolidation, the goodwill account should be debited in the elimination entry if…
A: Lets understand the basics. Consolidation happens between the more than one entities. When it…
Q: Unilever Ghana Ltd (UGL) makes three main product lines of soap in batches. The management of UGL is…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead to cost…
Q: Stag, a public limited company, is preparing its financial statements for the year ending 31…
A: On 1 January 2020, the revaluation of the asset increased its carrying value from £50,000 to…
Q: Cost-volume-profit analysis is used to make many decisions, including product pricing and…
A: cost volume profit analysis (CVP analysis) is used to determine many factors such as 1)desired…
Q: Please provide a complete and neat solution. Thank you!
A: Petty Cash Fund A tiny collection of banknotes and coins that a business keeps on hand to cover…
Q: Stag, a public limited company, is preparing its financial statements for the year ending 31…
A: For the relocation of the office premises, Stag should recognize a provision for the future lease…
Q: PROBLEM 6: (Government grant and Borrowing Cost) On January 1, 2022, Goldwin purchased a plating…
A: For the first part of the problem, Goldwin Company should report P400,000 as deferred grant income…
Q: Explain tthese positive accounting theories 1- Stakeholder Theory 2- Institutional Theory
A: Positive Accounting Theories Positive accounting theories are the ones that applies in the practical…
Q: SDJ, Inc., has net working capital of $3,540, current liabilities of $5,350, and inventory of $4,680…
A: The ability of a company to repay brief loans or debts that are due within a year is assessed by the…
Q: You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 8…
A: From the given information, Principal (P) = $8000 Time (t) = 8 years r = 8% = 0.08 Compounded…
Q: Garrison holds a controlling interest in Robertson's outstanding stock. For the current year, the…
A: The question asked to compute the amount of income tax expense recognized in the consolidated income…
Q: Frolic Corporation has budgeted sales and production over the next quarter as follows: July August…
A: Sales Budget: The sales budget is the foundation upon which all other budgets are built. It…
Q: labor rate variance
A: Labor variance focuses mainly on working rates against the actual amount of hours used and worked.…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Ideally cash balance as per books and bank balance as per bank statement must reconcile with each…
Q: An Introduction of the GEMADEPT(HOSE) LOGISTIC's internal reporting system. Is it different from the…
A: GEMADEPT LOGISTIC (HOSE) is involved in shipping services by sea, inland port operation- ICD, Mid…
Q: Ravena Labs., Incorporated makes a single product which has the following standards: Direct…
A: Overhead rate variance is determined by multiplying the difference between the actual and budgeted…
Q: Prepare a PowerPoint presentation for shareholders and future investors. The purpose of the…
A: Here is a suggested outline for the PowerPoint presentation: I. Introduction Introduce the topic…
Q: On January 1, 2020, Brie Company bought a trademark for P3,000,000. An independent consultant was…
A: Assets having indefinite useful life doesn't have any depreciation.
Q: Bond Discount, Entries for Bonds Payable Transactions On July 1, Year 1, Livingston Corporation, a…
A: The bonds are the financial instruments for the business that are used to raise money from the…
Q: You have $5,000 in a 50% margin account. You have been following a stock that you think you want…
A: Margin account It is a brokerage account in which the broker lends the customer cash to purchase an…
Q: Centurion Homes of Calgary, Alberta, builds houses and has four construction crews. The supervisors…
A: Internal control is a system that is designed for operational efficiency and effectiveness. Internal…
Q: How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the…
A: QuickBooks is accounting software that helps small businesses to manage their finances, track income…
Q: The supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled…
A: Modifications to previously recorded journal entries are referred to as adjusting entries. They make…
Q: Based on the following amounts, how much is the income tax due based on the 25% regular corporate…
A: Tax due is P400,000.
Q: iv. V. vi. vii. Return on capital employed Acid test ratio Current ratio Times interest earned…
A: This is the follow-up question and the solution has been provided for the remaining sub-parts but to…
Q: tax
A: VAT is a tax levied on a person who, in the course of business or trade, sells, barters, exchanges,…
Q: Harper has just been hired at SB Polo Supply as a managerial accountant. One of his responsibilities…
A: Material Variances When the standard cost of material is compared against the actual cost of…
Q: Which of the following would be an argument for using the gross cost of plant and equipment as part…
A: The correct answer is: It is consistent with the computation of net operating income, which…
Q: BR Company has a contribution margin of 9%. Sales are $477,000, net operating income is $42,930, and…
A: Return on Investment - Return on Investment is the income earned on an investment made by the…
The 2019 balance sheet of Dyrdek’s Skate Shop, Inc., showed long-term debt of $5.2 million, and the 2020 balance sheet showed long-term debt of $5.4 million. The 2020 income statement showed an interest expense of $125,000. What was the firm’s |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- LONG-TERM FINANCING NEEDED At year-end 2019, total assets for Arrington Inc. were 1.8 million and accounts payable were 450,000. Sales, which in 2019 were 3.0 million, are expected to increase by 25% in 2020. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Arrington typically uses no current liabilities other than accounts payable. Common stock amounted to 500,000 in 2019, and retained earnings were 475,000. Arrington plans to sell new common stock in the amount of 130,000. The firms profit margin on sates is 5%; 35% of earnings will be retained. a. What were Arringtons total liabilities in 2019? b. How much new long-term debt financing will be needed in 2020? (Hint: AFN - New stock = New long-term debt.)AFN EQUATION Refer to Problem 16-1 and assume that the company had 3 million in assets at the end of 2019. However, now assume that the company pays no dividends. Under these assumptions, what additional funds would be needed for the coming year? Why is this AFN different from the one you found in Problem 16-1?Selected information from Brook Corporations accounting records and financial statements for 2019 follows: On the statement of cash flows for the year ended December 31, 2019, Brook should disclose a net increase in cash in the amount of: a. 1,700,000 b. 2,400,000 c. 3,700,000 d. 4,200,000
- Athenian Venues Inc. just reported the following selected portion of its financial statements for the end of 2020. Your assistant has already calculated the 2020 end-of-year net operating working capital (NOWC) from the full set of financial statements (not shown here), which is 13 million. The total net operating capital for 2019 was 50 million. What was the 2020 net investment in operating capital? Athenian Venues Inc.: Selected Balance Sheet Information as of December 31 (Millions of Dollars)Balance Sheet Calculations Cornerstone Development Companys balance sheet information at the end of 2019 and 2020 is provided in random order, as follows: Additional information: At the end of 2019, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding. During 2020, the company (a) issued 100 shares of common stock for 25 per share, (b) earned net income of 20,600, and (c) paid dividends of 1 per share on the common stock outstanding at year-end. Required: Next Level Fill in the blanks lettered (a) through (p). All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)The 2018 balance sheet of Dido Daffodil Depot, Inc., showed long-term debt of $2.9 million, and the 2019 balance sheet showed long-term debt of $3.1 million. The 2019 income statement showed an interest expense of $145,000. During 2019, the company had a cash flow to creditors of –$55,000, and the cash flow to stockholders for the year was $80,000. Suppose you also know that the firm’s net capital spending for 2019 was $1,330,000, and its change in net working capital was -$61,000. What was the firm’s 2019 operating cash flow (OCF)? Group of answer choices $1,430,000 $1,263,000 $1,365,000 $1,294,000 $1,520,000
- The 2018 balance sheet of Spieth’s Golf Shop, Inc., showed long-term debt of $1.565 million, and the 2019 balance sheet showed long-term debt of $1.645 million. The 2019 income statement showed an interest expense of $170,000. What was the firm’s cash flow to creditors during 2019? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,455,000 and the Decembrr 31, 2019, balance sheet showed long-term debt of $1,690,000. The 2019 income statement showed an interest expense of $99,500. What was the firm's cash flow to creditors during 2019?The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1.38 million, and the December 31, 2022, balance sheet showed long-term debt of $1.52 million. The 2022 income statement showed an interest expense of $104,500. What was the firm’s cash flow to creditors during 2022?
- The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,470,000 and the December 31, 2022, balance sheet showed long-term debt of $1,720,000. The 2022 income statement showed an interest expense of $101,000. What was the firm's cash flow to creditors during 2022?Hokusai Creative's 2018 balance sheet showed long-term debt of $450,000, the 2019 balance sheet showed long-term debt of $490,000, and the 2019 income statement showed an interest expense of $15,750. Cash flow to creditors in 2019 was:Calculating Total Cash Flows: Double Corp. shows the following information on its 2019 income statement: Sales = $415,000; Costs = $176,000; Other expenses = $9,900; Depreciation expense = $28,700; Interest expense = $12,900; Taxes = $23,345; Dividends = $29,500. In addition, you’re told that the firm issued $6,400 in new equity during 2019 and redeemed $4,900 in outstanding long-term debt. What is the 2019 operating cash flow? What is the 2019 cash flow to creditors? What is the 2019 cash flow to stockholders? If net fixed assets increased by $46,000 during the year, what was the addition to NWC?