Use the following to answer the questions Net Sales $750,000 Gross profit $310,000 Beginning inventory $12,000 Purchases $444,000 Operating expense $215,000 Average tax rate 21% Cost of goods sold: V[Choose] $16,000 $298,000 Ending inventory: 70% $157,500 13% Operating income: $19,950 $456,000 $535,000 Income tax expense:
Q: 9. Which of the following is not a step that a CAE would perform in assurance mapping? a. Ensure th...
A: Answer To Question no. 9 Assurance can be taken from Internal Auditor as well as Statutory Auditor (...
Q: On July 1, 2021, PASSETS acquired all the net assets of SIABS at its underlying book value, which re...
A: Amount paid for registering the newly issued shares: P150,000 Amount paid for printing of the stock ...
Q: TRUE OR FALSE? Current Assets differ from Quick assets when it comes to inventory.
A: Total Assets: Total Assets is the summation of short term assets and long term assets where former i...
Q: On 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of Triangl...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: The THV, Inc. processes tuna for various distributors. Two departments are involved, processing and ...
A: Under weighted average process costing method the cost is to be averaged and then is to be applied u...
Q: In a defined contribution plan, as long as the employer makes a definite contribution to the plan, t...
A: Defined-contribution plans are funded primarily by the employee. But many employers make contributio...
Q: How to ensure that overstatement as well as misstatements of account balances due to redundancy and ...
A: Overstatement of account balances means reporting the account balances at an amount above the actual...
Q: Kennedy, Inc. Statement of Cash Flows Cash flows from (used for) operating activities: Net income 12...
A: Cash Flows From Operating Activities: Cash flow from operating activities shows how much cash an org...
Q: What is the criterion a company uses to decide whether to include an expenditure in the cost of prop...
A: Solution:- The following criterion a company uses to decide whether to include an expenditure in the...
Q: Depreciation for Partial Periods Chambers Delivery Company purchased a new delivery truck for $71,00...
A: Solution Depreciation is a non cash expense . We estimate that how much a business asset loses value...
Q: On January 1, year 2, ABC Company exchanged 150,000 shares of its P20 par value common stock for all...
A: Solution Retained earning refer to the portion of earnings left after distribution of dividends of s...
Q: - Issued shares of common stock. Stock has par value of per share and was issued at $ per share. (pl...
A: The shareholders equity includes the capital and retained earnings that belongs to the shareholders ...
Q: Intra-period tax allocation is the allocation of the total income tax expense to the various revenue...
A: Intra-period tax allocation means the allocation of income tax expense. Income tax expense is the am...
Q: 6. Mr. and Mrs. Tan own 100% of the common stock of ABC Company and 90% of the common stock of XYZ C...
A: Mr & Mrs Tan own 100% of the common stock of ABC Co. & 90%...
Q: A deferred tax liability or asset that is related to an asset or liability shall be classified in th...
A: The answer for the question on deferred tax liability or asset is discussed hereunder : What is defe...
Q: Land costing $138,463 was sold for $175,514 cash. The gain on the sale was reported on the income st...
A: Cash flow includes only the cash amount that is received or paid in the cash transaction.
Q: ABC Pty Ltd is a resident private company. It is not a small business entity. 01/07/20 Received unfr...
A: The recording of the amount of tax paid that a franking entity can pass on to its members as a frank...
Q: JJ, MM and RR share profits and losses in the ratio of 3:2:1 respectively. It was agreed among the p...
A: The partnership comes into existence when two or more partners agree to do the business and further ...
Q: A VAT-registered enterprise sold goods to a person with disability. The amount of sale was 1,120, wi...
A: Person with disability will get a 20% discount and exemption from paying VAT.
Q: Instructions On January 1, the first day of the fiscal year, Shiller Company borrowed $79,000 by giv...
A: Notes Payable - Notes Payable is amount owed by the company. Which is repayable at fixed period and ...
Q: teve Osbourne is considering opening a business, but the major decision faced is how to organize the...
A: In my capacity as a consultant I will inform and educate and advise Steve with regards to a corpor...
Q: Nita Corp.'s Department II is introducing a new product that will use component C. An outside suppli...
A: When Talking about the overall profitability of the company, the departmental transfer price should ...
Q: primary purpose of preparing a trial balance is to determine that: The ledger contains an equal pes...
A: In trial balance: Number of ledger accounts in debit and credit column can differ. Debit and credit...
Q: se Company provided the following information aber 31, 2020: personal injury liability suit for P500...
A: Contingent liabilities are those liabilities or obligations whose possibilities to arise in future i...
Q: What is ECGC Ltd. Discuss it's working in elaborately.
A: Export Credit Guarantee Corporation
Q: Netherfield Ltd is considering a contract to produce a particular product. The product will require ...
A: In this question, we have to find out the labor cost of this contract.
Q: (A Equity fund В Bond fund Balanced fund D Money market fund
A: Tax Slip from Canadian Mutual fund, showing below mentioned Income Capital Gain $1000 Dividend Inc...
Q: Question 3 The Framework's purpose is to assist the IASB in developing and revising IFRSS that are b...
A: The conceptual framework for financial reporting by IASB provides objectives, characteristics, and g...
Q: A. It is probable that an outflow of economic benefits will be required to settle an obligation B. T...
A: Option D
Q: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its che...
A: Solution 1: Actual rate of variable overhead = $125,000 / 170000 = $0.735294 per DLH Standard rate o...
Q: The following investment account was taken from the general ledger of One Dream Investment Company: ...
A:
Q: Which of the errors listed below would cause the unadjusted trial balance to be out of balance? Fai...
A: Trial balance is the summary of all general ledger account balances in the business. Both sides of t...
Q: AA, BB and CC are partners sharing profits in a 5:3:2 ratio, and with capital balances of P95,000, P...
A: Its Given Capital AA = 95,000 BB = 80,000 CC = 79,100 DD brought 80,000 cash and buy 15% of BB’s sh...
Q: This is the residual interest in the economic resources of a company that remains after deducting ec...
A: The question requires the name of the residual interest in the economic resources of a company that ...
Q: 2. The following information has been assembled to assist in preparing a cash budget for the quarter...
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. % ar...
Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...
A: The question is based on the concept of Cost Accounting.
Q: The company is desirous of comparing serval financial transactions and possible outcomes to assist i...
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...
Q: Although he has enough to start the business now as a partnership, he believes cash flow may be an i...
A: corporation is such a form of business that is started requireds rules and regulation to be followed...
Q: On January 1, year 1, DEF Company purchased 80% of the stock of UVW for P4,000,000 cash. Prior to th...
A: GIVEN On January 1, year 1, DEF Company purchased 80% of the stock of UVW for P4,000,000 cash. Pri...
Q: 3.12 L, V, and M put up an accounting firm on January 1, 200A. Their capital balances on December 31...
A: A partnership is a legally binding contract between two or more persons to manage and operate a busi...
Q: On January 1, year 1, ABC Company purchased 80% of the stock of XYZ for P4,000,000 cash. Prior to th...
A: GIVEN On January 1, year 1, ABC Company purchased 80% of the stock of XYZ for P4,000,000 cash. Pri...
Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock u...
A: calculation of above requirement are as follows
Q: I PDB Manufacturing Corp. produces and sells a single product. The selling price is P25 and the vari...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: On July 19, 2021, SUNOB acquired 60% of the outstanding shares of YSAE. The business combination res...
A: The goodwill (or) gain on bargain purchase will be considered as full goodwill (or) Full gain on bar...
Q: Adjusted Trial Balance Account Titles Dr. Cr 101 Cash 5,468 106 Accounts Receivable 19,000 115 Other...
A: Closing Entries - Closing entries are required to close the temporary accounts after making financi...
Q: Di Stefano Office Supply Company received a bank statement showing a balance of $68,355 as of March ...
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: A trial balance that contains real accounts only is: a. an interim trial balance ...
A: Trial balance is the list of accounts of a business with their respective balances.
Q: Under a noncontributory plan, only the employee makes contributions to the retirement benefit plan. ...
A: Under a non contributory pension or defined benefits plan, only an employer contributes and no contr...
Q: What does the term "no mutual agency" mean
A: Introduction:- No mutual agency is one of the Advantage of the corporate form of business.
Q: LGM will purchase all of the net assets of DMF by transferring its shares in YYZ. Because of the con...
A: The answer for the multiple choice question and relevant explanation are presented hereunder : LGM w...
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.• Determine the COGS based on the given info: Sales - P424,000 Beginning inventory - P45,000 Purchases - P245,000 Ending inventory - P38,000 Operating expenses - P124,000 • Determine the COGS and net income based on the given info: Sales - P600,000 Gross profit - P220,000 Operating expenses - P120,000 Income tax rate - 30%
- The income statement of Cooper, Inc. includes the items listed below: Net sales $900,000 Gross profit 320,000 Beginning inventory 80,000 Purchase discounts 15,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 300,000 Purchases 540,000 Use the appropriate items listed above as a basis for determining: 58000060700027000517000320000 Cost of goods sold. 58000060700027000517000320000 Cost of goods available for sale. 58000060700027000517000320000 Ending inventoryPlease answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000; Net Purchases P45,000; and Cost of Goods Sold P50,000. Determine the Ending Inventory.a. P10,000b. P15,000c. 5,000d. 25,000
- The expenses other than interest expense of Ratio Company for the current year is 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. The amount of purchases is 120% of cost of sales. Ending inventory is twice as much as the beginning. The income after tax of 35% for the current year is P390,000. What is the amount of inventory at the end of the year? Group of answer choices 240,000 400,000 260,000 480,000Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other Assets:Equipment, net P340,000 P320,000Other Assets 15,000 15,000Total Property and Other Assets P355,000 P335,000 Total Assets…The expenses other than interest expense of Ratio Company for the current year is 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. The amount of purchases is 120% of cost of sales. Ending inventory is twice as much as the beginning. The income after tax of 35% for the current year is P390,000. What is the amount of inventory at the end of the year? Choices: 400,000 240,000 480,000 260,000
- Sales . . . . . . . . . . . . . . . . . . . . . . . . $300,000Sales returns . . . . . . . . . . . . . . . . . . . 15,000Sales discounts . . . . . . . . . . . . . . . . . 4,500Beginning inventory . . . . . . . . . . . . . 25,000Purchases . . . . . . . . . . . . . . . . . . . . . 180,000Purchases returns and allowances . . . . 6,000Purchases discounts . . . . . . . . . . . . . 3,600Transportation-in . . . . . . . . . . . . . . . 11,000Gross profit from sales . . . . . . . . . . . 105,000Net income . . . . . . . . . . . . . . . . . . . 55,000 Required: Calculate the(a) total operating expenses,(b) cost of goods sold(c) ending inventory.Given Sales P 1,800,000; Purchases P 684,000, Ending Inventory P 168,000, Operating expenses P 504,000, Net Income P 132,000. How much is the cost of sales?cushman company had 834,000 in sales sales discount of 12510 sales returns and allowness of 18765 cost of goods sold of 396150 and 286895 in operating expenses net income equals what 802725 150955 406575 119680 182230