Total Assets value?
Q: When a partner retires from the partnership and the settlement of his interest exceeded his capital…
A: In Partnership two or more persons come together to carry on a business and share the profit and…
Q: Stafford Company prepared a static budget for a production and sales volume of 12,300 units. What is…
A: Net Income : It is a valuable figure for investors to determine how much revenue exceeds an…
Q: Jay Ltd wants to drop one of their service lines since it is showing a loss. The following details…
A: Lets understand the basics. Operating expense for the period is a expense incurred behind running…
Q: The following information relates to Midas Ltd, a small but successful investment holding company.…
A: Here discuss about the details of the investment which are made in the equity for fair value through…
Q: Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O…
A: Net income is calculated as the Sales-Cost of goods sold-Operating expense Where Gross profit is…
Q: But what's the distinction among accounting and management
A: Accounting: It is the process of recording any financial transactions incurred in the financial year…
Q: QUESTION Answer the questions below using the following information on stocks A, B, and C.…
A: The required rate of return (RRR) is the minimum return an investor will accept for owning a…
Q: 6. On January 1, 2011, Folk Company changed from the average cost method to the FIFO method to…
A: Inventory- A manufacturing company's inventory is a critical current asset. Inventory refers to the…
Q: ACG Manufacturing Ltd Statement of comprehensive income as year ended at 31/12/20X1 £'000 Total Unit…
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…
Q: Omicron plc prepares financial statements to 31 December each year. On 1 January 2021, Omicron plc…
A: Here discuss about the details of the contract which are made by the company to sell the product…
Q: Crane Company produces golf discs which it normally sells to retailers for $7 each. The cost of…
A: Incremental analysis is considered as one of the comparative decision-making approach. Business…
Q: What are the quality, environmental, OH&S concerns in this activities to be verified during audit?
A: Auditing is required so that it can be assured that the work which is going on which are conducted…
Q: During January 2018, Varren, Inc. acquired 30% of the outstanding common stock of Wolf Co. for…
A: A company may invest in another company. The company reports the investment in another company as an…
Q: On January 1, 2020, Xiamen Company made amendments to its defined benefit pension plan that resulted…
A: As per the International Financial Reporting standards, the past deferred cost of the pension plan…
Q: nron Company decided on August 1, 2011 to dispose of a component of its business. The component was…
A: The income from the discontinued operation can be adjusted against the loss from the discontinued…
Q: M3-2 (Algo) Reporting Cash Basis versus Accrual Basis Income LO3-3 Skidmore Music Company had the…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio…
A: Current ratio is an accounting ratio used to express the current assets in relation to the current…
Q: Classify each cost as being either variable or fixed with respect to the number of units produced…
A: Cost are classified in to variable cost, fixed cost, overhead cost, administration cost, selling…
Q: Cadbury Limited has a public traded debt (debentures) with a face value of R3 million. The coupon…
A: Computation of present value of debenture after 7 years Years Particulars Cash flow PvAF/Pvf @11%…
Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: When long may a taxpayer defer a Net Activity Loss (NOL) in 2021
A: Deductions are the amount of costs that can be deducted from income in the computation of income for…
Q: Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an…
A: Let us understand the following: Break-even point: It is the point of sales at which total revenue…
Q: Analyze the truth of this statement: Under the cost method of accounting for investments, a…
A: Cost Method of Accounting for Investments: When it comes to recognizing particular investments in a…
Q: A written code of ethics is a document for reference: it is never actively enforced or practiced in…
A: Disclaimer: "Since you have asked multiple questions in a single question so we answered the first…
Q: Interest expense is listed on the Income Statement in 'Other revenue and Expenses'. Assess the…
A: Interest Expenses: The cost that an organization must pay to service its interest obligation is…
Q: Further, the partners arrive at the following agreements: . M's inventory is undervalued by P11,000…
A: Liabilities of M Finding out value of Assets: The value of Liabilities would be P 121000 (55% of…
Q: 61 Liam works for Lamneth Technology and is a member of its defined benefit registered pension plan.…
A: According to relevant laws, maximum annual pension benefit is lower of RPP as per company…
Q: A city transfers cash of $90,000 from its general fund to start construction on a police station.…
A: Particulars Debit credit Cash 1800000 Bonds payable 1800000 ( being to record Bonds…
Q: Corporation makes one product. Budgeted unit sales for July, August, September, and October are…
A: Calculations of required production Current period sale Add closing stock required Less opening…
Q: Chillmax Company plans to sell 3,500 pairs of shoes at $60 each in the coming year. Variable cost is…
A: Break-even sales is the amount of sales where the net income is zero. Contribution margin is given…
Q: The following information is available from the current period financial statements: Net income…
A: Introduction: A cash flow financial statement that summarizes all cash inflows received by a firm…
Q: Mr. and Mrs. Grnager are both full-time employees. Their three children are 16, 6, and 3 years old.…
A: Here the details of qualified expenses which can be used for claiming the child and depend care…
Q: Required: Complete the table below to estimate the average cost of ending inventory and cost of…
A: The inventory can be valued using various approaches as Periodic or perpetual inventory systems.
Q: Calculate break-even point and sales required to earn target operating income in dollars. E6.20 (LO…
A: Given, Selling price per copy= $ 250 Variable cost per copy= $ 50 Fixed cost= $ 450,000 copies to be…
Q: mr saeed started his business with cash Rs 130,000 Furniture rs 40000 and Building Rs 2,00,000 on…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: O b. 6,550,000
A: Option B) 655,000 USING THE FORMULA approach. These methods will be used to compute the gross sales.…
Q: In terms of classification of short-term compensated absences; which of the following is incorrect?…
A: Vesting short term absences entitled to cash payments for unused entitlement and non vesting short…
Q: MicroCam produces a single product. Variable cost per unit is $25, and fixed costs are $95,000 per…
A: Sales at desired profit=Fixed cost+Desired profitSelling price-Variable cost per unit
Q: 1) Which of the following statements is the most accurate? a. Data analytics can be…
A: Tool for analyzing the data set in a systematical manner. An auditor can use the data analytics tool…
Q: rene is trying to decide whether to accept a salary of P120 salary of P75,000 plus a bonus of 10% of…
A: Salary: It is the compensation given by the employer to the employee against rendered his / her…
Q: A company has days of inventory 80 days, days receivable of 30 days, and days payable of 90 days.…
A: As you have asked the follow-up question and one of the question which has not been answered and for…
Q: 5. Zebra Company is a diversified entity with nationwide interests in commercial real estate…
A: Provision for employee termination will be included in the income statement of the year ended…
Q: Elaborate the term: “De-recognizing” financial assets
A: Financial asset is a form of liquid asset for the business. These assets gets its value from the…
Q: 3. A food repacking company estimates sales figures of Php15.5M for their most popular item.…
A: Lets understand the basics. Break even point is a point at which no profit no loss condition arise.…
Q: 5. Journalize and post the adjusting entries using the following information: a. Insurance expired…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: Comprehensive Problem Set On July 1, Lula Plume created a new self-storage business, Safe…
A: A balance sheet is a representation of an individual's personal or corporation's financial balances…
Q: calculate stock turnover ratio opening stock 40000,sales 2000000,closing stock 20000,purchase…
A: The stock turnover ratio is calculated as cost of goods sold divided by average inventory. Cost of…
Q: Prepare the closing entries and post-closing trial balance of MIRAI GENERAL SERVICES as of December…
A: The post-closing trial balance is the trial balance prepared after closing all the temporary…
Q: A company makes and sells ornamental vases. To make the vases there is a fixed monthly cost of…
A: Lets understand the basics. Break even point is a point at which no profit no loss condition arised.…
Q: Jay Ltd wants to drop one of their service lines since it is showing a loss. The following details…
A: Lets understand the basics. Operating expense is a expense incurred to run a business. When there is…
Step by step
Solved in 2 steps
- Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectivelyTwenty 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 Ratio of fixed assets to long-term liabilitiesDuring 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds issued by Makenzie Inc. b. Acquired land valued at 105,000 in exchange for machinery. c. Sold equipment with original cost of 810,000 for 495,000; accumulated depreciation taken on the equipment to the point of sale was 270,000. d. Purchased new machinery for 180,000. e. Purchased common stock in Lemmons Company for 82,500. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?
- Problem BPeter Senen Corporation provided the following account balances as of September 30, 2020: CashP112,000 Accumulated depreciationP 36,000Accounts Receivable64,000Accounts payable 40,000Finished Goods48,000Income tax payable9,000Work in process 36,000 Share Capital500,000Raw materials 52,000 Retained Earnings207,000Property and Equipment480,000The following transactions occurred during October:1. Materials purchased on account, P150,0002. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.3. Payroll for the month of October 2020 consisted of the following (also paid during the month):Direct labor P62,000Administrative salariesP16,000Indirect Labor 20,000Sales salaries 30,000Payroll deductions were as follows:Withholding taxes P19,800Phil health contributions P2,000SSS contributions 7,100HDMF contributions 2,0004. Employer contributions for the month were accrued:FactorySellingAdministrativeSSS contributionsP5,700P2,000P1,100Philhealth…Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…
- Big Rock Paving CompanyAssets LiabilitiesCurrent Assets: Current Liabilities:Cash 500,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 500,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,200,000 Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets…Title INGRAM INDUSTRIES Balance Sheet June 30, 2008 Assets Current assets: Cash (including $13,000 in... Description INGRAM INDUSTRIES Balance Sheet June 30, 2008 Assets Current assets: Cash (including $13,000 in sinking fund for bonds payable) $ 70,000 Marketable securities 23,400 Investment in subsidiary company 23,000 Accounts receivable 21,000 Inventories (lower-of-cost-or-market) 117,00 $254,400 Plant assets: Land and buildings $160,000 Less: Accumulated depreciation 100,000 60,000 Investments: Treasury stock 4,000 Deferred charges: Discount on bonds payable $ 6,000 Prepaid expenses 2,000 8,000 Total Assets $326,400 Liabilities and Stockholders’ Equity Liabilities: Notes payable to bank $ 60,000 Accounts payable 18,000 Bonds payable 61,000 Total liabilities $139,000 Stockholders’ equity: Preferred and common (each $10 par, 5,000 shares preferred and 6,000 shares common) $110,000 Capital in excess of par 61,000 Retained earnings 16,400 187,400 Total liabilities and…Consider the following financial information and answer the questions that follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000You are required to:iv) Calculate the cash flow from assetsv) Calculate net capital spendingvi) Calculate change in NWC
- SNIDER CORPORATIONBalance SheetDecember 31, 20X1 Assets Current assets: Cash $ 52,200 Marketable securities 24,400 Accounts receivable (net) 222,000 Inventory 238,000 Total current assets $ 536,600 Investments 65,900 Plant and equipment. $615,000 Less: Accumulated depreciation 271,000 Net plant and equipment 344,000 Total assets $ 946,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 93,400 Notes payable 70,600 Accrued taxes 17,000 Total current liabilities $ 181,000 Long-term liabilities: Bonds payable 153,200 Total liabilities $ 334,200 Stockholders' equity Preferred stock, $50 par value $ 100,000 Common stock, $1 par value 80,000 Capital paid in excess of par 190,000 Retained earnings 242,300 Total stockholders' equity $ 612,300 Total liabilities and stockholders' equity $ 946,500…Flint Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash (net of bank overdraft of $40,000 ) $450,000 Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $320,000 ) Property, plant, and equipment Buildings (net) 590,000 Equipment (net) 190,000 Land held for future use ,265,000 Intangible assets Goodwill Investment in bonds to collect cash flows, at amortized cost 100,000 Prepaid expenses Current liabilities Accounts payable 365,000 Notes payable (due next year) Pension obligation Rent payable 505,000 511,000 340,000 265,000 Long-term liabilities Bonds payable 681,000 Shareholders' equity Common shares, unlimited authorized, 380,000 issued 380,000 Contributed surplus 210,000 Retained earningsCalculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earnings