What is the Total noncurrent assets?
Q: how to calculate Average Total Assets is it total of non current asset + current asset or…
A: Average total Assets is calculated by using the following formula: Average Total Assets = (Total…
Q: What are the characteristics of a liquid asset? Give some examples.
A: A liquid asset is a type of asset that can be quickly converted into cash.
Q: What is the formula for the NET FIXED ASSET if it is not given in the financial statement?
A: The net value of a company's fixed assets is measured using net fixed assets. In a nutshell, net…
Q: Is long term investment is classified as non-current assets?
A: Generally, the liquidity of the assets plays a significant role in determining whether they are…
Q: What is the relationship between total liabilities and total assets? What is it called?
A: Assets: An asset is any form of resource both tangible and intangible owned by an organization for…
Q: Distinguish between liquid and illiquid assets, and list some assets that are liquidand some that…
A: Liquid asset: It is a resource or asset that can be effortlessly transferred over into cash in a…
Q: normal balance of asset, liability, and equilt
A: The balance sheet shows the financial position of the company that including the assets,…
Q: WHAT IS TECHNICAL OBSOLECENSE OF ASSET
A: The term obsolete refers to the fact that a commodity is no longer in use. Obsolescence refers to…
Q: Difference between current assets and current liabilities.
A: Current assets are those assets which can be realized within short term period or less than one year…
Q: How do you calculate book value as it relates to fixed assets?
A: Book Value is the cost of carrying an asset on a company's balance sheet.
Q: What is the relationship between total liabilities and total assets?
A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…
Q: WHAT IS CONTRACTUAL LIFE OF ASSETS?
A: An asset is a resource of economic value which is own by an individual and a company and provides…
Q: What is non current assets ?
A: Current assets means those assets which will be converted in to cash in near future generally one…
Q: Give an example of Current Asset, Current liabilities, Non Current Asset, Non Current Liabilities
A: 1. Current Assets : These are the assets which are convertible into cash within a Year Example: 1.…
Q: The book value of an asset is computed as the asset's _____.
A: The assets can be defined as fixed assets and current assets.
Q: What is the difference between "change in current assets" and "change in liabilities?
A: Current assets: The assets which could be converted into cash within one year like accounts…
Q: why we need to know the difference between fixed and current assets?
A: Solution:- Fixed assets :- The term fixed asset refers to a long-term tangible piece of property or…
Q: What are Fixed assets?
A: The assets are classified as current assets and fixed assets. The current assets are the assets…
Q: In what way do current assets and fixed assets differ from each other?
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: How do you find uncorrelated assets?
A: Uncorrelated or non- correlated assets: These are those assets that are not correlated with each…
Q: How much is the consolidated total assets?
A: Consolidation is the process of acquiring the share capital of more than 50% by a large corporation…
Q: What is the total loss on realization of assets?
A: Loss that is recognized when the assets are sold for a price is lower than the original purchase…
Q: What is lumpy assets?
A: Technological considerations determine in several sectors that, if a business wants to be…
Q: What are operational assets? Give example?
A: Operational assets: Operational assets are those assets acquired for use in the day to day…
Q: what is the group or composite life of the assets?
A: 1. Composite rate = ( Total Depreciation per year / Total Cost ) x 100 2. Composite life = Total…
Q: How is the Asset Turnover calculated?
A:
Q: What is liquid asset?
A: A liquid asset can be described as the asset which can be sold into the market easily and can be…
Q: WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?
A: Functional obsolescence of assets is discussed hereunder : The term ' Obsolescence' refers to…
Q: What is operating current assets?
A: Operating current assets are those short-term assets used to support the operations of a business.…
Q: What is the difference between a current asset and a fixed asset?
A: Financial Accounting: It refers to the process of recording the financial transactions of the…
Q: WHAT IS TOTAL CURRENT ASSETS?
A: The current assets are the assets that can bw converted into cash within one year.
Q: describe diff erent types of assets and liabilities and the measurement bases of each
A: Assets are worthy resources that business owns to get future benefits. They are fixed assets which…
Q: What is Total assets ?
A: Assets are all kinds of resources owned by a person, company, or organization that help to generate…
Q: assets are usually valued under which basis
A: All business concerns need resources , which are called assets. These are initially provided by…
Q: What is the return on total assets given the figures attached?
A: Return on total assets is the comparison of operational income with that of the total assets. It…
Q: What is the difference between liabilities and assets?
A: The balance sheet represents the financial position of the business with assets and liabilities at…
Q: Which one of the following is a current asset?
A: Current assets are all the assets of a company that are expected to be sold or used as a result of…
Q: Define Monetary assets.
A: Definition: Assets: These are the resources owned and controlled by business and used to produce…
Q: how would make the non-performing assets into a performing one.
A: The concept of non-performing assets (NPA) is widely used in the management of financial assets in…
Q: How do u calculate for total assets?
A: Introduction: Assets are resources owned by the company that is expected to generate future economic…
Q: Total Assets value?
A: Total assets is the value of the assets which company is having at a particular date which company…
Q: What is a current asset?
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: Describe the terms of Contingent Assets with examples.
A: Contingent Asset are the assets which have not yet been realized, but they may realize upon…
Q: Where do current assets and current liabilities come from?
A: Current Assets = Cash + Supplies + Prepaid Insurance Current Liabilities = Creditors + Salary…
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- The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Calculate the 2019 inventory turnover, days sales outstanding (DSO), fixed assets turnover, and total assets turnover. How does Computrons utilization of assets stack up against that of other firms in its industry?
- FINANCIAL STATEMENTS The Income Statement and Balance Sheet columns of Braiden Companys work sheet are shown on the next page. Additional information needed to prepare the financial statements is as follows: REQUIRED 1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--. 2. Prepare a statement of retained earnings for the year ended December 31, 20-- 3. Prepare a balance sheet as of December 31, 20--.Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: Additional data: 1. A physical count reveals an ending-inventory of 22,500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. The income tax rate is 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Schuchs cost of goods sold. 2. Prepare a multiple-step income statement. 3. Prepare a single-step income statement.Ethics and Sale of Operating Component It is the end of 2019, and, as an accountant for Newell Company, you are preparing its 2019 financial statements. On December 29, 2019, Newells management decided to sell one of its major divisions, subject to some legal work that is expected to be completed during the first week in April 2020 after the 2019 financial statements have been issued). During 2019, the division earned a small operating income that is just enough for the company to report record earnings for the year. However, the estimated fair value of the division at the end of 2019 is less than its net book value, so that management anticipates the component will be sold at a loss. Newells president stops by your office and says, You have been doing a fine job. Keep up the good work because you are heading for a promotion in early 2021. Once we report the record earnings for 2019, our shareholders and creditors will be happy. Then I think our earnings for 2020 will be high enough so that the loss we expect to report in 2020 on the sale of the division will not look so bad. After the president leaves your office, you continue preparing the 2019 financial statements. Required: From financial reporting and ethical perspectives, what information, if any, will you include about the upcoming sale of the division in the 2019 financial statements?
- Comprehensive: Income Statement and Retained Earnings Milwaukee Manufacturing Company presents the following partial list of account balances, after adjustments, as of December 31, 2019: The following information is also available but is not reflected in the preceding accounts: a. The company sold Division E (a major component of the company) on August 2, 2019. During 2019, Division E had incurred a pretax loss from operations of 16,000. However, because the acquiring company could vertically integrate Division E into its facilities, Milwaukee Manufacturing was able to recognize a 42,000 pretax gain on the sale. b. On January 2, 2019, without warning, a foreign country expropriated a factory of Milwaukee Manufacturing which had been operating in that country. As a result of that expropriation, the company has incurred a pretax loss of 30,000. c. The common stock was outstanding for the entire year. A cash dividend of 1.20 per share was declared and paid in 2019. d. The 2019 income tax expense totals 31,050 and consists of the following: Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for selling expenses and for general and administrative expenses (include depreciation expense where applicable in these schedules). 2. Prepare 2019 multiple-step income statement for Milwaukee Manufacturing. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Milwaukee Manufacturings return on common equity for 2019 if its average shareholders equity during 2019 was 500,000? What is your evaluation of this return on common equity if its target for 2019 was 15%? 5. Next Level Discuss how Milwaukee Manufacturings income statement in Requirement 2 might be different if it used IFRS.Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.The following select account data is taken from the records of Carnival Express for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
- Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015. The following information about the inventory at the end of each year is available from Olsons records: Required: 1. Calculate the dollar-value LIFO inventory at the end of each year. 2. Prepare the appropriate disclosures for the 2021 annual report if Olson uses current cost internally and LIFO for financial reporting.The following data are taken from the general ledger and other records of Phoenix Products Co. on October 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of 300,000 and 270,000 in 2019 and 2018, respectively. Fava reported expenses (excluding income tax expense) of 125,000 and 120,000 in 2019 and 2018, which included cost of goods sold of 55,000 and 45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by 8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: 1. Prepare the journal entry to reflect the change. 2. At the end of 2019, prepare the comparative income statements for 2019 and 2018. Notes to the financial statements are not necessary. 3. At the end of 2019, prepare the comparative retained earnings statements for 2019 and 2018.