Total comprehensive income (final total) Net income Change in value of available-for-sale securities otal comprehensive income $ 9,600 Other comprehensive income (subtotal) 10,100 Change in foreign currency translation (2,200) se the above information of Prescrip Company to prepare a calendar year-end statement of comprehensive income. (Amounts educted should be indicated by a minus sign.) Prescrip Company Statement of Comprehensive Income For Year Ended December 31 $ (500) 1,700
Q: For the last 12 years, Oscar has been receiving a 25/10/5 series discount. Find the equivalent…
A: Equivalent Single Discount Rate similar discount. We all know that discounts are reductions in the…
Q: Inexperienced construction company Blue Spruce Corp. signed a risky non-cancellable contract to…
A: Solution A journal is a company's official book in which all business transaction are recorded in…
Q: given the following data for the cheyenne company: current liabilities 602; long-term debt 630;…
A: Introduction Common stocks are listed on the balance sheet as the total number of a company's…
Q: c. Given the data below, try to recreate the three charts using a data visualization tool such as…
A: Segment Income The organization describes segment income as gross margin minus administrative and…
Q: Which of the following best shows the impact of a strong, positive school culture? O An increase in…
A: Research shows that a positive school climate increases attendance rates and academic achievement,…
Q: Paul consulting is trying to prepare its bank reconciliation statement. for this purpose, the…
A: Bank reconciliation statement is the record of transactions made through bank. It helps in tallying…
Q: The requirement of a constant annual tax payment of SR 1500 means that as his or her annual income…
A: Hi annual income is SR 30000 So hence his tax was SR 1500 Tax rate was = 1500/30000 =5%…
Q: A “tax” has been defined as a compulsory payment which is made to a governmental authority and
A: Tax is a compulsory Charge which a Tax payer need to pay and its kind of levy which is imposed by…
Q: Instructions: use the case study above to create an excel sheet with an inventory of stock for…
A: The quantity of the items has been given in the question but due to the flood all items has been…
Q: North Face is one of the world's most popular outdoor apparel companies. Assume that North Face…
A: NOTES PAYABLE Notes Payable is a Written Promissory Note. Notes Payable is Liability in Nature.…
Q: What would you pay for a $195,000 debenture bond that matures in 15 years and pays $9,750 a year in…
A: Introduction: Debenture bonds are issued by the organization to borrow money for its business…
Q: Classify the following into assets or liabilities: (a) Business premises (b) Bank overdraft (c)…
A: Assets are those resources that provide future economic benefits to the company. It includes…
Q: Candel Company owned 10,000 equity shares of XYZ Company with carrying amount of P90 per share.nes…
A: Dividend is the amount, that is paid to equity shareholders in lieu of risk taken by them. Property…
Q: \ A sum of OMR (160000) is invested at an interest rate compounded continuously. After 9 years the…
A: Time value of money :— According to this concept, value of money in present day is greater than the…
Q: Ameto $3 $4 B C D $2 $5 Realizable Value $4 $2 $4 $2 Down per Unit 2 ▬▬▬ 3 3,000 1,500 7,000 3,000…
A: 1) The Written Down for Item B is $2 per unit, so total amount for item B is 1,500 x 2 = 3,000 The…
Q: Please provide solutions to sub parts 4 to 7
A: Ratios are a very important part of a company. These ratios are utilized by the company to compare…
Q: The following is a portion of the current asset section of the balance sheets of HiROE Co., at…
A: The accounts receivable balance is higher in the year 2020 which means the customers are paying…
Q: Pederson Company reported the following: Manufacturing costs $2,385,000 Units manufactured Units…
A: GROSS PROFIT MARGIN Gross Profit Margin is Computed by deducting Cost of Goods Sold From Total…
Q: Jos is a Sales Manager. He uses his own car to travel to various locations. He acquired the car on 1…
A:
Q: Tubaugh Corporation has two major business segments-East and West. In December, the East business…
A: The contribution margin income statement for West business segment is presented below: Sales…
Q: Croyden is a calendar year, accrual basis corporation. Mr. and Mrs. Croyden (cash basis taxpayers)…
A: SOLUTION:- Computation of taxable income Amount Croyden's revenues from sale of goods…
Q: Joven Manufacturing, Inc. uses a job order costing system. The company uses predetermined overhead…
A: The overhead is applied to the production on the basis of pre-determined overhead rate. The…
Q: Schedule of Cash Receipts Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's…
A: SCHEDULE OF CASH RECEIPT Schedule of Cash Receipt represents the amount received from the…
Q: Gently Laser Clinic purchased laser equipment for $6,780 and paid $621 down, with the remainder to…
A: Journal Entries - Journal Entry is the record of the transactions entered into by the company. It is…
Q: Weiss Manufacturing intends to increase capacity by overcoming a bottleneck operation by adding new…
A: BREAK-EVEN POINT Break-Even Point Means the Volume of Production or Sales where there is no…
Q: Question 3 Kerisi Sdn Bhd manufactures tents and sleeping bags in two separate production…
A: PREDETERMINED OH RATES predetermined OH rates is Computed dividing the estimated manufacturing…
Q: erpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell…
A: As per FIFO perpetual inventory method, the first unit purchased is sold first and the inventory…
Q: Planner Corporation owns 60 percent of Schedule Company’s voting shares. During 20X3, Planner…
A: Ending inventory: Sales = (14,000 x $108) – (9,000 x $108) = $1,512,000 – $972,000 = $540,000 Cost…
Q: An investment center manager is considering three possible investments. The company’s required…
A: Return on investment indicates the percentage of profit earned by the business on their investment.…
Q: GL901 (Algo) - Based on Problem 09-1A LO P1 The January 1, Year 1 trial balance for the Lewis…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Suspect Company issued $600,000 of 9 percent first mortgage bonds on January 1, 20X1, at 103. The…
A: Corporate Bonds - Corporate bonds are obligations that corporations issue to both public and private…
Q: Job Costs Using a Plantwide Overhead Rate Perrin Company designs industrial prototypes for outside…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Ivanhoe Toys is planning to sell 172 action figures and to produce 164 action figures in July. Each…
A: Budgeted direct labour cost The budgeted direct labour cost is used to…
Q: n to purchase certain items for the next Retailer needs each month are given in W: m JAN 10 FEB MAR…
A:
Q: . Currently, Jan receives a salary of $48,000 and pays premiums of $2,000 toward the group insurance…
A: Money saved=Tax on current salary-Tax on reduced salary
Q: Exercise Straight-line amortization of a bond premium High Company issued $100,000 face value of…
A:
Q: A capital expenditure would be: Group of answer choices added to the cost of the asset ignored…
A: The Capital expenditure is that expenditure which is incurred for long term benefits. The benefits…
Q: When you undertook the preparation of the financial statements for Steelers Company at January 31,…
A: Under LIFO Inventory Retail Method, Inventory at the end includes beginning inventory + inventory…
Q: Bank Reconciliation The following data were accumulated for use in reconciling the bank account of…
A: For reconciling the balances as shown in the Cash Book and passbook a reconciliation statement is…
Q: Riverbed Ltd. provides the following information for calendar 2023: 1. Net income $468,470 2.…
A: The earnings per share refers to the earnings available to the common stock holders of the company…
Q: The following selected transactions were completed during August of the current year: 1. Billed…
A: Journal entries are the primary reporting of business transactions in the books of an entity. These…
Q: dit will be fully refundable for 2021 and her Other Dependent Credi redit is limited by her tax…
A: Child tax credit refers to the form of a tax credit allowed to the parents of dependent children by…
Q: The following are the receivables balances of Hendrix Company as of January 1, 2021 (the beginning…
A: For Journal Entries we need to calculate the bad debt expense for the year ended Dec 31,2021. For…
Q: Mr.Godfroy,the owner of the store, is unhappy with the operating results. An analysis of other…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Forester Company has five products in its inventory. Information about the December 31, 2021,…
A: Workings :- 1) Calculation of NRV :- Product (i) Unit Selling price (ii) Sales commission (unit…
Q: Please reexplain/solver #2. in the format as the picture attached.
A: This has been a follow-up question and the same has been provided regarding the requirement number…
Q: During the current tax year, Roger disposed of his entire interest in a passive activity in a fully…
A: The non-regular activities of a business are considered a passive activities. Passive income can be…
Q: Produce a solution for the following
A: Prepaid Rent Another typical illustration of planned spending is prepaid rent, which is a lease…
Q: Given the following information, calculate the direct materials equivalent units for the period…
A: Direct materials are the raw material purchased or produced for making the final product. Conversion…
Q: Estimating Useful Life and Percent Used Up The property and equipment section of the lululemon…
A: The property plant and machinery represent the non-current asset of the company which will be used…
Step by step
Solved in 2 steps
- Use the following information of Prescrip Co. to prepare a calendar year-end statement of comprehensive income. Total comprehensive income (final total) $ 9,400 Other comprehensive income (subtotal) $ (600) Net income . 10,000 Change in foreign currency translation 1,400 Change in value of available-for-sale securities (2,000)JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative expenses $585,900; unrealized holding loss on available-for-sale securities (considered other comprehensive income) $22,000; a positive foreign currency translation adjustment $26,250 (considered other comprehensive income); and an unrealized loss from pension adjustment (considered other comprehensive income) $7,000. JDW’s tax rate was 21%. Ignore income taxes related to amounts in other comprehensive income. prepare a statement of comprehensive income using the two-statement format. Ignore earnings per share.Yeri Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; required: Using Accrual Basis, compute the total income subject to income tax.
- Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.1-Assume that our subsidiary’s income statement in Euros (€) is reported as follows for the year: Income statement: In Euros (€) Sales 2,500,000 Cost of goods sold (1,600,000) Gross Profit 900,000 Operating expenses (540,000) Net income 360,000 Also assume the following exchange rates: $ / € BOY Rate $1.30 EOY rate $1.40 Avg. rate $1.35 Required: Translate the income statement into $US using the current-rate method.Wendy Corp. reported the following data for 2019. Total net sales -P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; REQUIRED: 1. Using cash basis, compute the total income subject to income tax.
- The Company reported net income of P7,410,000 for the current year. The following items are included in the net income:Unrealized gain on foreign translation540,000 Gain on early retirement of bonds payable 2,200,000 Adjustment of profit of prior year for error in depreciation (net of tax) 750,000Loss on fire (1,400,000). What amount should be reported as adjusted net income?dog subject-Accounting Sanders Inc. reported net income of $880,000 for the year ended December 31. The company had a pretax unrealized holding gain on debt securities of $22,400 and a pretax loss on foreign currency translation adjustment of $64,000. The company’s tax rate is 25%. Prepare a separate statement of comprehensive income beginning with net income. Use a negative sign to indicate a loss. Sanders Inc. Statement of Comprehensive Income For the Year Ended December 31 Net Income Answer Unrealized holding gain on debt security investment, net of tax Answer Loss on foreign currency translation adjustment, net of tax savings Answer Comprehensive income This is a table questionRequired information Skip to question On December 5, 20X8, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR), to be paid on January 10, 20X9. The transaction is denominated in Saudi riyals. Imperial's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are: December 5, 20X8 1 riyal = $ 0.265 December 31, 20X8 1 riyal = 0.262 January 10, 20X9 1 riyal = 0.264 Based on the preceding information, what journal entry would Imperial make on December 31, 20X8, to revalue foreign currency payable to equivalent U.S. dollar value? A. Accounts Payable (SAR) 300 Foreign Currency Transaction Gain 300B. Accounts Payable (SAR) 100 Foreign Currency Transaction Gain 100 C. Foreign Currency Transaction Loss 300 Accounts Payable (SAR) 300 D. Foreign Currency Transaction Loss 200 Accounts Payable (SAR) 200
- Adjusting Entry at Balance Sheet Date Yum! Brands, Inc. has the following receivables and payables denominated in foreign currencies, prior to closing on December 31. The spot rates at December 31 are also given. Item Current $ balance FC balance December 31 spot rate 1. Receivable $65,000 1,000,000 Mexican pesos $0.06 2. Receivable 165,000 225,000 Canadian dollars 0.75 3. Payable 556,000 400,000 Jordan dinar 1.41 4. Payable 56,000 200,000 Saudi Arabian riyal 0.27 Required Prepare the adjusting entry recorded by Yum! Brands at December 31. Description Debit Credit AnswerAccounts receivableCashExchange gainExchange loss? AnswerAccounts receivableCashExchange gainExchange loss? Accounts payableLancer, Inc. (a U.S.-based company) establishes a subsidiary in a foreign country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales KQ 250,000 Inventory (bought on 3/1/17) 150,000 Equipment (bought on 1/1/16) 70,000 Rent expense 16,000 Dividends (declared on 10/1/17) 24,000 Notes receivable (to be collected in 2020) 41,000 Accumulated depreciation—equipment 21,000 Salary payable 6,000 Depreciation expense 7,000 The following U.S.$ per KQ exchange rates are applicable: January 1, 2016 $0.24 Average for 2016 0.25 January 1, 2017 0.29 March 1, 2017 0.30 October 1, 2017 0.32 December 31, 2017 0.33 Average for 2017 0.31 Lancer is preparing account balances to produce consolidated financial statements. Assuming that the kanquo is the functional currency, what exchange rate would be used to report each of these…The income statement of Kyonggi Inc. in Suwon, Korea, contains the following condensed information (currency unit in thousand Korean won, ₩ 000’s): KYONGGI INC. Income Statement Year Ended December 31, 2019 Sales ₩ 6,583,000 Cost of goods sold 3,427,000 Gross profit 3,156,000 Operating expenses 2,349,000 Profit from operations 807,000 Interest expense 124,000 Profit before income tax 683,000 Income tax expense 203,000…