The following information has been extracted from the financial statements of Muggie Pty. Ltd., a mug wholesaler. Accounts 2021 in thousands Interest expense $5 COGS $322 Accounts Receivable $320 Inventory $330 Bank Loan (5 years) $580 Accounts Payable $230 Property, Plant and Equipment $1,300 Sales $692 Selling Expenses $21 Administrative Expenses $18 Tax Expense $80 Required: Calculate net profit margin for the year 2021. Leave two (2) decimal places.
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The following information has been extracted from the financial statements of Muggie Pty. Ltd., a mug wholesaler.
|
Accounts |
2021 in thousands |
|
Interest expense |
$5 |
|
COGS |
$322 |
|
|
$320 |
|
Inventory |
$330 |
|
Bank Loan (5 years) |
$580 |
|
Accounts Payable |
$230 |
|
Property, Plant and Equipment |
$1,300 |
|
Sales |
$692 |
|
Selling Expenses |
$21 |
|
Administrative Expenses |
$18 |
| Tax Expense | $80 |
Required:
Calculate net profit margin for the year 2021. Leave two (2) decimal places.
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- Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.Blum Services has the following unadjusted balances at year-end.Cash $12,900Prepaid insurance 2,000Office supplies 1,300Office equipment 10,500Accumulated depreciation–office equipment 3,500Accounts payable 2,900Salaries payable -0-Unearned service revenue 4,500A.L.Blum, capital 11,750A.L.Blum, drawing 5,600Service revenue 13,350Salary expense 3,700Depreciation expense -0-Supplies expense -0-Insurance expense -0-The following information is available to use in making adjusting entries.a. Office supplies on hand at year-end: $250b. Prepaid insurance expired during the year: $325c. Unearned revenue remaining at year-end: $2,500d. Depreciation expense for the year: $1,800e. Accrued salaries at year-end: $900From the above information prepare the adjusted trial balance for the company (NB.Worksheet must include unadjusted trial balance, adjustments, and the adjusted trialbalance.
- Below transaction summaries relate to Jetters Co. as at 30th June 2019.Cash balance as at 1of July 2019 12500Cash receipts from the customers 720000Purchase of land 250000Obtained a bank loan 35000Business cash deposits in the bank account 10000Purchase of 2 vehicles for 20000 eachRepayment of the loan 5000Payments to vendors 562000Bad debt 5000Borrowings from a financial institution 45000Sale of investment 25000Depreciation 24000Payment of operating expenses 115000Payment of income taxes 52000Share capital issued 150000Payments for interest expense 21000Sale of machinery 61000Sale of motor vehicle 15000Prepare the cashflow statement for Jetters Co. for the year ended 30th June 2020.The following information has been extracted from the financial statements of ChopChop Pty. Ltd., a knife wholesaler. Accounts 2021 in thousands Cash at bank $160 Interest Expense $60 Accounts Receivable $457 Inventory $661 Bank Loan (5 years) $580 Accounts Payable $326 Property, Plant and Equipment $1,300 Sales $675 COGS $255 Wages Expense $67 Required: Calculate current ratio for the year 2021. Leave two (2) decimal places.The following items were taken from the financial statements of P. Sunland Company. (All amounts are in thousands.) Long-term debt $ 1,100 Accumulated depreciation—equipment $ 5,600 Prepaid insurance 820 Accounts payable 1,000 Equipment 11,100 Notes payable (due after 2021) 400 Stock investments (long-term) 200 Owner’s capital 11,920 Debt investments (short-term) 3,400 Accounts receivable 1,400 Notes payable (due in 2021) 600 Inventory 1,400 Cash 2,300 Prepare a classified balance sheet in good form as of December 31, 2020. (List Current Assets in order of liquidity. Enter amounts in thousands.) P. SUNLAND COMPANYBalance Sheetchoose the accounting period (in thousands) Assets select an opening name for subsection one enter a balance sheet item $ enter a dollar amount enter a balance sheet item enter a dollar amount…
- PlantTito Company provided the following information during the current year: Cash balance, Jan 1 P1,250,000Cash received from customers 2,000,000Interest paid on long term debt 75,000Income taxes paid 50,000Cash paid to suppliers 1,500,000Proceeds from sale of long term investments 500,000Gain from sale of long term investments 150,000Cash paid for land 750,000Cash received for dividends 100,000Proceeds from issuance of share capital 1,100,000Cash paid for dividends 100,000Cash paid to employees 300,000Cash received for interest 75,000Gain on sale of treasury shares 75,000Depreciation expense 200,000 18. What is the net cash provided/used by operating activities?a. P250,000b. P600,000c. P625,000d. P275,000 19. What is the net cash provided/used by investing activities?a. P1,250,000b. P650,000c. (P100,000)d. (P250,000) 20. What is the net cash provided/used by operating activities?a. P1,175,000 b. P1,075,000c. P1,000,000 d. P1,275,000 21. What is the cash balance on December 31?a.…The following summarized transactions occurred in December 2020 in Syco Co. Dec 1 Purchased plant and equipment for $515 in cash. 2 Borrowed $758 from a bank, signing a note payable. 5 Provided $37,522 in service to customers, with $27,250 on account and the rest received in cash. 9 Paid $4,300 cash on accounts payable. 14 Purchased $30,449 inventory on account. 18 Paid salaries, $3,500. 22 Received $37,410 on account paid by customers. 26 Purchased and used fuel of $750 in delivery vehicles during the year (paid for in cash). 31 Incurred $68 in utility usage during the year; paid $55 in cash and owed the rest on account. Required: Prepare journal entries for those transactions.The following information has been extracted from the financial statements of Muggie Pty. Ltd., a mug wholesaler. Accounts 2019 in thousands Sales $775 COGS $320 Accounts Receivable $475 Inventory $330 Bank Loan (5 years) $580 Accounts Payable $314 Property, Plant and Equipment $1,300 Cash $173 Depreciation Expense - Motor Vehicle $80 Wages Expense $50 Required: Calculate quick asset ratio for the year 2019. Leave two (2) decimal places.
- The following items were taken from the financial statements of P. Blossom Company. (All amounts are in thousands.) Long-term debt $1,100 Accumulated depreciation—equipment $5,900 Prepaid insurance 890 Accounts payable 1,800 Equipment 11,100 Notes payable (due after 2021) 500 Stock investments (long-term) 200 Owner’s capital 11,990 Debt investments (short-term) 3,500 Accounts receivable 1,400 Notes payable (due in 2021) 400 Inventory 2,200 Cash 2,400 List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Depreciation-Delivery Trucks Advertising Expense Buildings Cash Debt Investments Delivery Trucks Depreciation Expense Equipment Gasoline Expense Income Summary Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Long-term Debt Long-term Investments Maintenance…The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the year ended December 31, 2011:Cash and cash equivalents, Jan. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,800Cash and cash equivalents, Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,800Cash paid to acquire plant assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000Proceeds from short-term borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Loans made to borrowers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000Collections on loans (excluding interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000Interest and dividends received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000Cash received from customers . . . . . . . . . . . . . . . . . .…Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,136 Accounts receivable 71,999 Accrued liabilities 6,575 Cash 16,008 Intangible assets 40,514 Inventory 77,552 Long-term investments 102,623 Long-term liabilities 70,943 Notes payable (short-term) 25,456 Property, plant, and equipment 674,580 Prepaid expenses 2,265 Temporary investments 32,175 Based on the data for Harding Company, what is the amount of quick assets? a.$120,182 b.$48,183 c.$800,315 d.$1,618,032
