The following is an extract from the trial balance of Ice Co, an entity, as at 31 December 20X1: $ Dr. $ Cr. 600,000 Revenue Inventory at 1 January 20x1 Purchases Carriage inwards Carriage outwards Administrative expenses Marketing expenses 24,000 240,000 2,000 3,000 180,000 75,000 Sales returns 500 Note: Inventory valuation at 31 December 20x1 was $30,000. Using the information provided, what was Ice Co's gross profit for the year ended 31 December 20x1? "Gross profit for the year ended 31 Dec 20x1 was $ type your answer...

The following is an extract from the trial balance of Ice Co, an entity, as at 31 December 20X1: $ Dr. $ Cr. 600,000 Revenue Inventory at 1 January 20x1 Purchases Carriage inwards Carriage outwards Administrative expenses Marketing expenses 24,000 240,000 2,000 3,000 180,000 75,000 Sales returns 500 Note: Inventory valuation at 31 December 20x1 was $30,000. Using the information provided, what was Ice Co's gross profit for the year ended 31 December 20x1? "Gross profit for the year ended 31 Dec 20x1 was $ type your answer...

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.13P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...

See similar textbooks

Similar questions

Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Inventory turnover
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Return on total assets
THe following trial balance was extracted from the books of ABC investment on 31 May 2021 Trial Balance as at 31 May 2021 dr cr Capital 1000 Motor Expenses 15 200 Return Outward 1350 Carriege Outward 1200 inventory 25800 Purchases 189650 Debtors 56400 Bank 84170 Drawings 34820 sales 265700 Return Ourtwards 760 Creditors 44440 Carriage Inwards 550 Motor Vehicle 120 500 Provision for doubtful debts 880 provision for depreciation 47340 Inventory as at 31 May 2021 was valued N$ 12 900 Required Prepare statemtn of comprehensive income and statement of financial position for the year ended 31 May 2021
The following is the trial balance for Amelina Sdn. Bhd. as at 31 December 2020 Additional information: Inventory at 31 December 2020 amounted to $52,360. Rates owing $280, office expenses owing $190. Dividend of 10 per cent proposed. Transfers to reserves: General $1,000; Foreign exchange $800. Depreciation on cost: Buildings 5 per cent; Equipment 20 per cent. Required: Prepare the Statement of Comprehensive Income for the year to and the Statement of Financial Position for Amelina Sdn. Bhd. as at 31 December 2020 for INTERNAL USE. DR CR $ $ Bank 6723 Trade Receiveables 18910 Trade Payables 12304 Inventory at 31/12/19 40360 Buildings at cost 100000 Equipment at cost 45000 Accumulated profits as at 31/12/19 15286 General Reserve 8000 Foreign exchange reserve 4200 Authorized and issued share capital 100000 Purchases 72360 Sales 135486 Carriage inwards 1570 Carriage outwards 1390 Salaries 18310 Rates…
On March 31, 2022, the balances of accounts appearing in the ledger of April Furnishings Company, afurniture wholesales, are as follows:Accumulated Depreciation-Building$419,000Administrative Expenses302,000Building1,397,000Cash98,000Cost of Merchandise Sold2,123,000Interest Expense6,000April, Capital887,000April, Drawing98,000Merchandise Inventory $547,000Notes Payable140,000Office Supplies11,000Salaries Payable4,000Sales3,582,000Selling Expenses400,000Store Supplies50,000Create create a multi step income statement.
On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Carrying Amount Fair Value Receivables $ 144,100 $ 144,100 Inventory 77,400 77,400 Copyrights 135,500 509,500 Patented technology 901,000 744,000 Total assets $ 1,258,000 $ 1,475,000 Current liabilities $ 235,000 $ 235,000 Long-term liabilities 686,000 671,300 Common stock 100,000 Retained earnings 237,000 Total liabilities and equities $ 1,258,000 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $133,500 to an investment banking firm. The following information was also available: Zambrano further agreed to pay an extra $87,600 to the former owners of Soriano only if they meet certain revenue goals during the…
Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. PadreCompany Sol Company Book Values Book Values Fair Values 12/31 12/31 12/31 Cash $ 159,000 $ 45,550 $ 45,550 Receivables 277,500 380,000 380,000 Inventory 437,500 289,000 348,200 Land 700,000 213,000 188,500 Building and equipment (net) 752,500 274,000 336,700 Franchise agreements 311,000 273,000 304,800 Accounts payable (352,000 ) (179,000 ) (179,000 ) Accrued expenses (109,000 ) (42,250 ) (42,250 ) Longterm liabilities (932,500 ) (640,000 ) (640,000 ) Common stock—$20 par value (660,000 ) Common stock—$5 par value (210,000 ) Additional paid–in…
Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. PadreCompany Sol Company Book Values Book Values Fair Values 12/31 12/31 12/31 Cash $ 159,000 45,550 $ 45,550 Receivables 277,500 380,000 380,000 Inventory 437,500 289,000 348,200 Land 700,000 213,000 188,500 Building and equipment (net) 752,500 274,000 336,700 Franchise agreements 311,000 273,000 304,800 Accounts payable (352,000 ) (179,000 ) (179,000 ) Accrued expenses (109,000 ) (42,250 ) (42,250 ) Longterm liabilities (932,500 ) (640,000 ) (640,000 ) Common stock—$20 par value (660,000 ) Common stock—$5 par value (210,000 ) Additional paid–in capital (70,000 ) (90,000 ) Retained earnings, 1/1 (455,000 ) (288,000 ) Revenues (1,049,000 ) (359,300 ) Expenses 990,000…
Marriage Company’s trial balance reflected the following account balances on December 31, 2021: Cash 400,000 Trade receivable 1,500,000 Inventory, including inventory expected in the ordinary course of operations to be sold beyond 12 months amounting to P800,000 1,200,000 Prepaid insurance 240,000 Financial assets at fair value through profit or loss 300,000 Financial assets at fair value through OCI 600,000 Financial assets at amortized cost 1,000,000 Deferred tax asset 150,000 Bank overdraft 250,000 Machinery 800,000 Accumulated depreciation 200,000 Noncurrent asset held for sale – building 650,000 Land used as a plant site 920,000 How much is the total current assets for the year ended December 31, 2021? Group of answer choices 3,640,000 3,490,000 4,040,000 4,290,000
Marriage Company’s trial balance reflected the following account balances on December 31, 2021: Cash 400,000 Trade receivable 1,500,000 Inventory, including inventory expected in the ordinary course of operations to be sold beyond 12 months amounting to P800,000 1,200,000 Prepaid insurance 240,000 Financial assets at fair value through profit or loss 300,000 Financial assets at fair value through OCI 600,000 Financial assets at amortized cost 1,000,000 Deferred tax asset 150,000 Bank overdraft 250,000 Machinery 800,000 Accumulated depreciation 200,000 Noncurrent asset held for sale – building 650,000 Land used as a plant site 920,000 How much is the total current assets for the year ended December 31, 2021?
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?