Using the information provided, what is the length of the production cycle for the firm? Allied Industries, Inc. Selected Income Statement Items, 2017 Cash Sales $1,500,000 Credit Sales $7,500,000 Total Sales $9,000,000 COGS $6,000,000 Allied Industries
Q: Howarth Manufacturing Company purchased equipment on June 30, 2020, at a cost of $90,000. The…
A: Depreciation Expense - Depreciation Expense incurred on the fixed assets of the company. It is…
Q: Total value of Handsome Service for the period is P250,000. All are on cash basis except for the…
A: When discussing a company's operations, the term "capital" refers to the aggregate value of all…
Q: April 3 Purchased merchandise for $2,900 on credit from Seth, Incorporated, terms 1/10, n/30. April…
A: The special journals are prepared to record the specific transactions of the business. The cash…
Q: Several years ago, Minjun, who is single, acquired § 1244 stock in Blue Corporation at a cost of…
A: Solution: Selling price of blue corporation stock $ 10,880 Less: Cost price of the stock $…
Q: Martinez, Inc. has budgeted sales revenues as follows: Credit sales Cash sales Total sales Past…
A: The cash collection and purchases payment schedules are prepared to find the cash collection and…
Q: Assume a company's direct labor budget for July estimates 10,000 labor-hours to meet the month's…
A: Solution... Cash disbursement for manufacturing overhead
Q: Which of the following types of audits are supported by data analytics? a. Information systems…
A: Answer:- Data analytics:- Analyzing data collections to identify trends and make judgements about…
Q: You were engaged to audit the financial statements of JBC Company for the year 2022. The following…
A: Retained earnings are the accumulated earnings of the company, and the ending balance of retained…
Q: U.S. corporations are eligible for a foreign tax credit for withholding taxes imposed on dividends…
A: Introduction:- Discussion of issue" U.S. corporations are eligible for a foreign tax credit for…
Q: Sales Cost of goods sold Gross profit $175,000 105,000 $70,000 Prepare a vertical analysis of the…
A: The vertical analysis of income statement is performed as comparing all the elements of the income…
Q: Explain to Yolanda Tovar why a set of financial statements (income statement, statement of owner's…
A: Financial statements are the statements which are very much helpful to the organization in so many…
Q: Recipients of a distributions under IRC Section 302(b)(3) are eligible for capital gain treatment…
A: IRC section 302(b)(3), applied to the corporation for redeeming the value of stock state that the…
Q: Martinez, Inc. has budgeted sales revenues as follows: Credit sales Cash sales Total sales Past…
A: The cash collection schedule is prepared to estimate the cash to be collected from customers during…
Q: Bramble Manufacturing has budgeted the following unit sales: 2022 April May June July Units 25,000…
A: Budget means the expected value for future. Sales budget means the expected amount of sales in…
Q: An attempt by a debtor to solve a financial problem through a consensual agreement with creditors…
A: Since you have posted multiple questions, we will do the first one for you. Please post the other…
Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…
A: 1. To determine the accuracy of the remaining prepaid account balance, I would examine the following…
Q: Ben, an avid day trader, buys and sells stock based on hot tips. He recently purchased Game Stop…
A: Adjusted cost basis - Firstly cost basis is the amount paid to acquire an asset. Therefore in the…
Q: is invested at 12% monthly? A) 3 years B 2.4 years C) 2.2 years D) 2.6 years
A: Before investing, an individual should determine the future value of the invested funds and know the…
Q: John and Anne are partners. John has a capital balance of $48,000 and Anne has a capital balance of…
A: The correct answer is: (B) Bailey, capital will be credited for $13,000.
Q: Question 10
A: compound interest: this is used in case of lump-sum money accumulates in the future if interest is…
Q: Jane's Juices, which makes smoothies on university campuses across Michigan, is making an annual…
A: When the budget are prepared by the company it estimate the different type of the revenue and the…
Q: The following list includes temporary account from the December 31 adjusted trial balance Emiko…
A: The closing entries are prepared to close the balance of the temporary accounts of the business. The…
Q: Pertinent information for two alternatives A and B is shown below. If i=10% / year and the effective…
A: The process of debiting the asset's cost and crediting a depreciation account is known as…
Q: Compute the modified duration of a 9% coupon, 3-year corporate bond with a yield to maturity of 12%.
A: Given data: Coupon rate = 9%Tenure of bond = 3 yearsYield to maturity = 12%
Q: The balance sheet of Hamon Company shows owner’s equity of P680,000, which is equal to 2/3 of the…
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…
Q: Select the incorrect statement regarding postaudits of capital investment decisions.
A: The correct answer is: (B) A postaudit is not necessary for a capital investment selected using…
Q: Van Frank Telecommunications has a patent on a cellular transmission process. The company has…
A: Amortization: The accounting process of spreading an intangible asset's cost over the course of its…
Q: What is the concept called when a decedent has not left a will? Multiple Choice dying testator…
A: Since you have posted multiple questions, we will do the first one for you. To get the other…
Q: Net income - P200,000; Depreciation expense - P40,000; Dividends declared - P70,000; Dividends paid…
A: The calculation of cash flow involve a cash inflows out flow operating activities are deactivitis…
Q: DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a…
A: In order to do the horizontal and verticalanalysis the data of the different period at considered…
Q: using gain disposal o pense of $750, an increase in Accounts Receivable of $2,400, and a decrease in…
A: The cash flow from various activities are recorded in the cash flow statement. The net cash flow is…
Q: The Toy Company A toy company in business for seventy years has consistent sales of $20 million per…
A: Costing the product is an important process of accounting cycle. It is the price that plays a great…
Q: The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2022. The…
A: The process of debiting the asset's cost and crediting a depreciation account is known as…
Q: Servicing business using non-conventional reporting of income has P600,000 service revenue. The cost…
A: Gross profit: The difference between the sales and the cost of goods sold is called gross income.…
Q: Cash Billing Due from Others Supplies Trucks Equipment Amounts Owed to Others Investment in Business…
A: Loan:- It is a form of debt incurred by an individual or an entity. The lender usually a…
Q: You have been recently engaged to audit the Manila branch of Cookie Cola Corporation for its…
A: Internal controls in cash management - are the controls placed to ensure the identification and…
Q: A company purchased a computer on July 1, 2025 for $50,000. The estimated useful life of the…
A: Straight Line Method: In this method cost is depreciated over its life irrespective of usage. Double…
Q: 19200
A: Solution: The correct option is c.19200 Detailed explanation : Original cost of Machinery is 400000…
Q: Allowance for Doubtful Accounts has a credit balance of $600 at the end of the year (before…
A: Accounts receivable represents the amount that has been earned by the company but not received from…
Q: On January 1, the Matthews Band pays $69,000 for sound equipment. The band estimates it will use…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Advise the president as to whether the estimate of ¼ of 1% of credit sales appears reasonabl
A: Credit sales are recorded by debiting (increasing) accounts receivable account. The bad debts is a…
Q: A firm has the calendar year as its fiscal year. In January 2020, a Court delivers a ruling on a…
A: ANSWER : As the suit was commenced on the current financial year which is 2019 so this should be…
Q: Below are departmental income statements for a guitar manufacturer. The company classifies…
A: The direct costs are the costs that are related to the production directly such as direct materials,…
Q: on hasn't been solved yet Ask an expert White Brown Purple Production Volume (Units)…
A: Cost Accounting - Cost accounting is a type of managerial accounting that measures both the fixed…
Q: his year end: Sales $1,088 Purchases of raw material $218…
A: Preparation Cost sheet, which Included preparation of prime cost, cost of goods manufacturing, cost…
Q: What is lease rent and lease income? Do I have to record initial direct costs when I record…
A: The question pertains to operating lease where the lease period is for some part of the life of the…
Q: Assume the following: • The standard price per pound is $2.35. • The standard quantity of pounds…
A: Material quantity variance :Difference between the actual quantity used and the standard quantity…
Q: 1. Aries Company provided the following information: 800,000 Balance per book, March 31 Cash…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Edwin and Darren have decided to form a partnership. Edwin contributes $82,000 cash and merchandise…
A: Lets understand the basics. Partnership is an agreement between two or more person who works…
Q: a. $2,000.
A: Solutions 1) The correct option is a) $2000 Detailed explanation are as fallows: Receipt of cash…
Step by step
Solved in 2 steps
- Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2016 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1 Addition to Retained Earnings
- In the income statement below, ABC Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) Year End 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost of Sales (679.10) (659.00) (681.30) (667.00) Gross Operating Income Selling & Administration (339.70) (348.60) (351.20) (373.30) Depreciation (47.50) (52.00) (55.90) (75.20) Other Income/Expenses 11.80 7.60 7.00 8.20 Earnings Before Interest and Taxes Interest Income 1.30 1.40 1.70 2.00 Interest Expense (16.20) (15.10) (20.50) (23.70) Pre Tax Income Income Taxes (56.80) (64.20) (67.50) (72.60) Net Income Dividends (38.30) (38.70) (39.80) (40.10) Addition to Retained Earnings Group of answer choices 121.8 108.7 132.7 132.8 No choice givenGiven the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) Year End 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost of Sales -679.1 -659 -681.3 -667 Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Income Taxes -56.8 -64.2 -67.5 -72.6 Dividends -38.3 -38.7 -39.8 -40.1 CHOICES: A. 108.7B. 132.7C. No choice givenD. 132.8E. 121.8Please help with all the calculations and answer The 2016 income statement for J.Galarraga Corporation is below: Revenues $ 14,000,000Cost of Goods Sold 6,500,000Gross Margin $ 7,500,000Selling Expenses 3,400,000Administrative Expenses 700,000Net Operating Income $ 3,400,000 The company's margin of safety is $8,500,000. What would our revenues need to be to earn the NOI of $5,100,000?A. $ 16,300,000B. $ 19,750,000C. $ 18,250,000D. $ 15,700,000E. None of the above
- Operating data for Azam Corporation are presented below 2018 2017 Net Sales Rs. 75,000 Rs. 600,000 Cost of Goods Sold 480,000 408,000 Selling Expenses 105,000 84,000 Administrative Expense 75,000 54,000 Income Tax Expense 36,000 18,000 Net Income 54,000 36,000 Required: Prepare a schedule showing a vertical analysis for 2018 and 2017What is Yahoo’s common-sized product development expense for 2017? (Rounded to two decimal places, in percentage format). $ in millions Dec 31, 2017 Dec 31, 2016 Total Assets $17,103.30 $16,805.00 Revenues 4,984.20 4,986.60 Product development exp 919.40 885.80 Operating Expense 3,102.00 3,007.80 Net Income $1,048.80 $1,093.001. The following information has been taken from the accounting records of Ahmed and Company in first and second period. Period Sales Profit2018 $ 100,000 $15,000 2019 150,000 25,000 Calculate:1) Profit volume ratio 2) Fixed cost for two periods3) Variable cost of two periods.
- Bouvous Corporation had the following information for 2015:Revenue $400,000Operating expenses 350,000Total assets 530,000What is the return on investment?Hello, For the following accounting records ending on 12/31/2016: Selling, general and Admin expenses: $61,200 Accounts Payable: $102,000 Research and Development expenses: $44,400 Loss from Discontinued Operations, (net tax savings of $6,000): $19,200 Provision for income taxes: $88,800 Net Sales: $694,800 Interest Expense: $76 ,800 Net cash provided by Operations: $177,600 Cost of Goods Sold: $326,400. Question: Calculate the company's net income for 2016. Thanks.Please help me on Ratio Analysis below. Lan & Chen Technologies: Income Statements for Year Ending December 31 (Thousands of Dollars) 2018 2017 Sales $945,000 $900,000 Expenses excluding depreciation and amortization 812,700 774,000 EBITDA $132,300 $126,000 Depreciation and amortization 33,100 31,500 EBIT $99,200 $94,500 Interest Expense 10,470 8,600 EBT $88,730 $85,900 Taxes (40%) 35,492 34,360 Net income $53,238 $51,540 Common dividends $43,300 $41,230 Addition to retained earnings $9,938 $10,310 Lan & Chen Technologies: December 31 Balance Sheets (Thousands of Dollars) Assets 2018 2017 Cash and cash equivalents $47,250 $45,000 Short-term investments 3,800 3,400 Accounts Receivable 283,500 269,000 Inventories 141,750 136,000 Total current assets $476,300 $453,400 Net fixed assets 330,750…
