The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000 12/31/19 P2,900,000 500,000 Inventory Account payable 750,000
Q: The following amounts were reported on the December 31, 2019, balance sheet: $ 8,000 20,000 15,000…
A: The question is multiple choice question and related to Ratio Analysis. Required Choose the Correct…
Q: Culver Inc. applies ASPE and had the following statement of financial position at the end of…
A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…
Q: The following is summary of information presented on the financial statements of a company on…
A: Horizontal Analysis: Horizontal analysis is prepared to make comparison between the financial…
Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000…
A: Cost of goods sold:- Cost of goods sold is defined as the cost which includes all direct costs that…
Q: Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below:…
A: The receivable turnover is calculated as ratio of credit sales and average receivables
Q: Below is the balance sheet for Northern Comfort Company for December 31 of 2019 and 2020. 2019…
A: 1.Changes in Working capital CALCULATION PARTICULAR AMOUNT A Increase in Accounts…
Q: The information which follows, was obtained from the accounting records of Vista Traders on 29…
A: SOLUTION- COST OF SALES REFERS TO THE TOTAL COST INCURRED TO MANUFACTURE THE PRODUCT OR SERVICE…
Q: The following selected account balances were taken from ABC Company's genera 1 ledgers for 2019:…
A: Cash paid to employees for salaries is calculated by adding the salaries expense during the year…
Q: DCI & Co. reported the following 2021 balances: January 1 P2,175,000 P375,000 December 31 P1,950,000…
A: Cost of goods sold is the amount paid as a cost directly related to sale of products. This is being…
Q: nko Inc. reported the following balances at the end of each year:…
A: >Accounts Payable are the balances of suppliers that have not yet been paid in cash for the…
Q: The following items is taken from December 31, 2020, assets section of the Boeing Company balance…
A: Financial statements are reports and statements prepared at the end of the accounting period. Their…
Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 12/31/19…
A: The cost of goods sold refers to the cost of purchase or manufacturing of the goods which have been…
Q: The ledger of X Limited contained the following account balances at December 31, 2019, the end of…
A: Balance Sheet- It is a statement which shows all the obligations owed to a firm, investment of…
Q: The following select information is taken from Blueberry Pie Corp.'s statements of financial…
A: Inventory Turnover Ratio: Cost of goods sold / Average Inventory COGS = 123000 Average Inventory…
Q: The following selected account balances were taken from ABC Company's genera ledgers for 2019:…
A: SOLUTION- CASH COLLECTED FROM CUSTOMER- IT IS CALCULATED BY ADJUSTING TOTAL SALES SHOWN IN THE NET…
Q: For items #6-10 - Financial Statement: Below is the balance sheet of ABM International for June 30,…
A: Liquidity ratios are the measures that are used to depict the capacity of the entity to meet up its…
Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000…
A: Purchaes = Ending Account balance + Amount paid - Beginning Account balance = P750,000 + P4,900,000…
Q: Conrad Air Inc. reported net income of $1,365,000 for the year ended December 31, 2020. Show how…
A: a. When Corner paid no dividends and invested in the marketable securities then, the marketable…
Q: The following selected accounts and the current balances apper in the ledger of Anderson Co., for…
A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…
Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 Inventory…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The balances at the end of each year are as follows: December 31, 2019 December 31,2020 $ $…
A: Debit card receivable account is a company's asset, therefore, it is to be shown on the asset side…
Q: Combate Company reported total purchases of P3,200,000 in its accrual basis financial statement on…
A: Cash purchase: It can be defined as the purchase of goods or services by an individual or business…
Q: products reports Company Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and…
A: As per accounting standard of inventory valuation Inventory should be values at cost of Ner…
Q: Corporation is preparing the 2020 year-end financial statements. Prior to any adjustments, inventory…
A: Inventory is that the term used to refer to the products that are available for sale and therefore…
Q: Byers Company presents the following condensed income statement for 2019 and condensed December 31,…
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: On January 1, 2019, the general ledger of Global Corporation included supplies of $1,600. During…
A: Supplies expense can be calculated by adding up the value of inventory purchased during the year and…
Q: The following additional information was made available before the year-end closing: 1. Inventory as…
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: Byers Company presents the following condensed income statement for 2019 and condensed December 31,…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: Di Ka Mahal Company reported total purchases of P2,500,000 in its cash basis financial statements on…
A: The purchases on accrual basis can be calculated as change in account payable and the cash paid for…
Q: Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and an allowance for inventory…
A: Historical cost is the cost or the original cost of the Product which we used to own that.. Net…
Q: H. Richards Company, a calendar yearend company, reported the following balances: Inventory Accounts…
A: Cost of goods sold is the total cost of producing the goods sold. The difference between sales and…
Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 Inventory…
A: First we need to find out purchase from account payable information and then we will calculate the…
Q: The following is the trial balance for Amelina Sdn. Bhd. as at 31 December 2020 Additional…
A: Depreciation = Cost of Asset × Rate
Q: This information is available for Novak Corp. for 2018, 2019, and 2020. 2018 2019 2020 Beginning…
A: Inventory turnover ratio is computed by dividing the cost of goods sold by average inventory.…
Q: Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented…
A: Accounts receivable turnover = Net Sales / average accounts receivable
Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000…
A: The cost of goods sold is determined by adding the purchases to the beginning balance of inventory…
Q: The following selected account balances were taken from ABC Company's genera 1 ledgers for 2019:…
A: Given the following information: Balances from general ledgers: Income Statement Information:…
Q: The following amounts were reported on the December 31, 2019, balance sheet $ 8,000 20,000 15,000…
A: The current ratio at December 31, 2019 can be arrived at by the following formula : Current Ratio =…
Q: Byers Company presents the following condensed income statement for 2019 and condensed December 31,…
A: The question is based on the concept of Accounting Ratios. As per the Bartleby guidelines we are…
Q: DCI & Co. reported the following 2021 balances: December 31 P1,950,000 P562,500 During the year, the…
A: Purchases = Ending accounts payable + Payments to supplier - Beginning accounts payable Cost of…
Q: Following information is available for Nick Company for the year ended 2020: Additional…
A: Ratio analysis is used by organizations to evaluate the performance of the organization. It also…
Q: Byers Company presents the following condensed income statement for 2019 and condensed December 31,…
A: Ratio analysis is the process of analyzing the financial data of an entity with the help of ratios.…
Q: Financial statements for the Genatron Manufacturing Corporation for the years 2020 and 2019 are…
A: 2020 2019 Cash $41,847 $50,643 Accts. receivable 261,201 201,804 Quick assets…
Q: The information which follows, was obtained from the accounting records of Vista Traders on 29…
A: This question is deals with the calculation of cost of sales. Lets first understand the meaning of…
Q: Statement of Financial Position As of December 31, 2020 SSETS Current Assets Cash Accounts…
A: Cash Flow Statement The purpose of cash flow statement to know the movement of total cash inflows…
Q: mile JungkookCompany reported the following balances at the end of each year: 2020 2019…
A: Solution Given 2020 2019 Inventory 2600000 2900000 Accounts payable 750000…
Q: 74. Mall Company reported the following balances at the end of each year: 2019 2018 2,600,000…
A: Purchases in 2019 = Ending accounts payable + Amount paid to suppliers during the year - beginning…
Q: Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below:…
A: Inventory turnover for 2021= COGS in 2021/average inventory Where, Average inventory =…
Q: Byers Company presents the following condensed income statement for 2019 and condensed December 31,…
A: As the question has more than 3 sub-parts, the first 3 subparts are answered as per guidelines. If…
Q: Hydra Company’s balance sheet at December 31, 2021, is presented below Cash $ 25,400 Accounts…
A: Debit the receiver, credit the giver. Debit what comes in, credit what goes out. Debit all expenses…
ABC Co. paid suppliers P4,900,000 during 2019. WHAT IS THE AMOUNT OF THE COST OF GOODS SOLD IN 2020.
Step by step
Solved in 2 steps
- Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.The entity has collected P20,000 interest during 2020. While P3,700 is recorded in interest receivable on its December 31, 2020 statement of financial position and P10,000 on December 31, 2019. The interest revenue to be reported in the Company’s statement of comprehensive income for 2020 is?
- The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?Refer to the following financial statements of Merdu Sdn. Bhd. for 2020 and 2019: Merdu Sdn. Bhd. Balance Sheets 31 December (in millions) 2020 2019 Assets Current assets Cash Acount receivable (net) Inventories Other current assets Total current assets Property (net) Other assets Total assets RM460 1,188 1,132 247 3,027 3,281 5,593 RM11,901 RM444 1,190 1,056 225 2,915 3,128 5,804 RM11,847 Liabilities and Stockholders’ Equity Current liabilities Long-term liabilities Stockholders’ equity – common Total liabilities and stockholders’ equity RM3,313 6,826 1,762 RM11,901 RM3,184 6,509 2,154 RM11,847 Merdu Sdn. Bhd. Income Statements For the year ended 31 December (in millions) 2020 2019 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations RM13,198 7,750 5,448 3,472 1,976 RM12,397 7,108 5,289 3,299 1,990 Interest expense Other (income) expense, net…
- Alamkoto Corp. reported the following data for 2019: a. P1,060,000 b. P1,000,000 c. P960,000 d. P970,000 e. Answer not givenThe following are the summarised financial information of Ting Ltd for the two financial years ended 31 October 2020 are as follows:2019 2020£ million £ millionEquity 2,460.8 1,732.8 Non-current liabilities (Loans) 640.0 800.0 Current liabilities 654.4 1,020.5 Non-current assets 2,804.8 2,367.2 Current assets 950.4 962.4 Revenue 1,601.6 1,509.6 Total expenses 1,444.0 1,492.8 Required:(a) Calculate the following financial ratios for the two years: 2019 and 2020:(i) Current ratio (ii) Capital gearing ratio (iii) Profit margin (b) Comment briefly on the ratios of the company, computed in part (a) over the two year period from 2019 to 2020. (c) Provide any two (2) recommendations on how the company may improve these ratios in the futur.The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #1: Based on the above information, determine the cash received for interest during 2020. Choices: P1,900,800 P2,101,000 P2,065,800 P2,136,200
- Choose the correct letter of answer: Company F Statement of Financial Positions at December 31, 2020 shows the following: Cash P4,000.00, Marketable Securities P8,000.00, Accounts Receivable P100,000.00, Inventories P120,000.00, Prepaid Expenses P1,000.00, Notes Payable (short term) P5,000.00, Accounts Payable P150,000.00, Accrued Expenses P20,000.00, Income taxes payable P1,000.00, and long-term liabilities P340,000.00. Determine the following: current ratio and quick ratio. a. 1.32 and 0.64b. 1.52 and 0.82c. 1.82 and 0.86d. 1.98 and 1.54e. 2.2 and 2.1The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #3: The cash paid for insurance premiums during 2020 was Choices; P253,000 P286,000 P244,200 P268,400Yana Co. collected P15,000 interest during 2020. It showed P2,000 interestreceivable on its December 31, 2020, balance sheet and P6,000 on December 31,2019. The interest revenue on the income statement for 2020 amounted to?