Which one of the following ratios is relevant to assess long-term solvency?A. Current RatioB. Debt-Service Coverage RatioC. Return on EquityD. Profit Margin t. 5:42 0 --.Data for Q1 to Q9Read the following data and answerall the questions below:MRF, the leading automobile tyremanufacturing company haspresented the Balance Sheet andIncome Statement of twa years.Using the information given belowand additional information providedin the question, answer the followingquestions. You can prepare Du PontCharl using the Termplale providedand keep it ready before answeringthe questions.Balance Sheet;MRF Ltd:Year 2016Year 2015BalanceSheetSharuholders407183.30370845.80FundNon-current90654.0093415.60LiabilitiesCurrent172859.80104775.20LiabililiesTotal Cepital 970697.10869037.60and LlabiltiesFixed Assets76685.9079814.00Other Non-231175.60205215.10CLurrentAssetsTotal Non-307861.50285029.10currentAssetsCurrent662835.60584008.50AsseteTotal Assete970697.10869037.60Profit and LoBe Statement:MRF Ltd:Year 2016Year 2015Profit andLOBBStatementRevenue521855.80593007.80Operating536088.30505295.40DxpensesProfit Before85767.5087712.40Depreciation,In.erest andTaxesDepreciation9988,801ona1.50Profit Before75778.7077630.90Interest andTaxesInleresl14490.4014190,30ExpensesProfit Before61288.3063440.60ТахеsTaxes13776.5016150.10Profit Alter47511.8046990.20Тах

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Answered: Which one of the following ratios is…

Which one of the following ratios is relevant to assess long-term solvency? A. Current Ratio B. Debt-Service Coverage Ratio C. Return on Equity D. Profit Margin

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.8E: Adjustment for supplies Answer each of the following independent questions concerning supplies and...

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Present below are the balance sheet of the assets and liabilities of High and Dry Delivery service as of Sept. 30, 19x2. Also included are the revenue and expense figure of the business for September. Delivery exp………………. 4100 Account Receivable… …1900 Account Payable………….1750 High and Dry Capital……? Salary Expense …………….2000 Delivery Equipment………15500 Supplies…………………………600 Note Payable…………………..6000 Rent Expense…………………..500 Cash…................................750 Required 1. What type of business organization is high and dry delivery service? How can you tell? 2. Prepared the balance sheet of high and dry delivery service as of September 10, 19x2
GL0203 - Based on Exercise 2-12 LO P1 Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded.Assume Valdez Services began the year with the following balances: Cash, $47,000; Accounts receivable, $11,400; and B. Valdez, Capital, $58,400. Jan. 1 Brina Valdez invested $21,400 cash in the company. Jan. 2 The company provided services to a client and immediately received $5,100 cash. Jan. 3 The company received $11,400 cash from a client in payment for services to be provided next year. Jan. 4 The company received $6,300 cash from a client in partial payment of accounts receivable. Jan. 5 The company borrowed $12,000 cash from the bank by signing a note payable.
Adjustment for supplies Answer each of the following independent questions concerning supplies and the adjustment for supplies. a. The balance in the supplies account, before adjustment at the end of the year, is $3,500. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $1,100? b. The supplies account has a balance of $650. and the supplies expense account has a balance of $1,950 at the end of the first year of operations. What was the amount of supp lies purchased during the year?
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
REQUIRED Prepare the Statement of Comprehensive Income of Dundee Traders for the year ended 28 February 2023. INFORMATION The pre-adjustment trial balance and additional information given below were extracted from the accounting records of Dundee Traders on 28 February 2023, the end of the financial year. DUNDEE TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2023 Debit (R) Credit (R) Balance sheet accounts section Capital 750 000 Drawings 325 000 Vehicles at cost 1 000 000 Equipment at cost 600 000 Accumulated depreciation on vehicles 455 000 Accumulated depreciation on equipment 195 000 Trading inventory 320 000 Debtors control 165 000 Provision for bad debts 5 000 Bank 70 000 Cash float 10 000 Creditors control 200 000 Loan: Leo Bank (15% p.a.) 400 000 Nominal accounts section Sales 2 500 000 Cost of sales 1 100 000 Sales returns 50 000 Salaries and wages 450 000 Bad debts 20 000 Consumable stores 10 000 Rent expense 195 000 Motor expenses 65 000 Bad debts recovered 5 000…
The Wheel Place Inc. began operations on March 1 of the current year to provide automotive wheel alignment and balancing services. On March 31 the unadjusted balances of the firm's accounts are as follows: The Wheel Place Inc. Trial Balance March 31, 2010 DR CR Cash$ 2,900 Accounts Receivable 4,350 Supplies 0 Prepaid Rent 4,000 Equipment 25,100 Accumulated Depreciation – Equipment$ 0 Accounts Payable 2,400 Unearned Service Revenue 700 Capital Stock 29,000 Service Revenue 10,550 Depreciation Expense – Equipment 0 Rent Expense 0 Supplies Expense 2,600 Wages Expense 3,700_______ $ 41,850 $ 41,850 The following information is also available: 1)The balance in Prepaid Rent was the amount paid on March 1 to cover the first four months rent. 2)Supplies on hand on March 31 amount to $1,200. 3)The equipment has an estimated life of seven years with a…
I want to solve the income statement and the statement of financial position for this question after the trial balance and adjustments The data needed to determine year-end adjustments are as follows:a. Supplies on hand at March 31 are $7,500.b. Insurance premiums expired during the year are $1,800.c. Depreciation of equipment during the year is $8,350.d. Depreciation of trucks during the year is $6,200.e. Wages accrued but not paid at March 31 are $600.Instructions1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark (✓) in the Posting Reference column.2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed.3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from…
I want to solve the income statement and the statement of financial position for this question after the trial balance and adjustments The data needed to determine year-end adjustments are as follows:a. Supplies on hand at March 31 are $7,500.b. Insurance premiums expired during the year are $1,800.c. Depreciation of equipment during the year is $8,350.d. Depreciation of trucks during the year is $6,200.e. Wages accrued but not paid at March 31 are $600. Instructions1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark (✓) in the Posting Reference column.2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed.3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following…
Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:- The Journal Entries for March - "General Journal"- The General Ledger- Trial Balance- A new General Ledger adjusting the entries based on this information: a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. - Post the entries to the T-accounts.- Prepare an adjusted Trial Balance- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)- Prepare the closing entries at March 31st in a General Ledger- Post the Closing entries to the T-accounts.
6. Raon Electronics Company The adjusted trial balance of Raon Electronics Company as of 30 September 2018 is given below. Prepare the SFP using report form and the SCI using the single-step format. RAON Electronics Company Trial Balance - Adjusted30 September 2018Account Debit Credit Cash ₱21 700Accounts Receivable 4 200Supplies 1 800Prepaid Insurance 6 300Land 43 500Buildings 132 000Accumulated Depreciation – Building ₱25 000Accounts Payable 3 700Notes Payable 10 300Salaries Payable 2 500Property Taxes Payable 4 100Unearned Revenue 2 600Loans Payable(due in 4 years) 100 000Mr. L, Capital ?Service Revenue 78 600Wages Expense 14 800Utilities Expense 4 600Property Tax Expense 3 500Insurance Expense 6 700Supplies Expense 5 100Depreciation Expense 8 800Interest Expense 13 200Miscellaneous Expense 1 200Total ₱267 400 ₱267 400For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation down to service revenue.Instructions: How much will be the…
Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28 February 2021 Information The trail balance, adjustments and additional information given below were extracted from the accounting records of Royal Traders on 28 Feb 2021, the end of the financial year. Royal Traders Pre-adjustment Trail Balance as at 28 Feb 2021 Debit (R) Credit (R) BALANCE SHEET ACCOUNTS SECTION Capital 301 000 Drawings 134 720 Vehicles at cost 360 000 Equipment at cost 240 000 Accumulated depreciation on vehicles 186 000 Accumulated depreciation on equipment 62 000 Trading inventory 140 000 Debtors control 62 000 Provision for bad debts 8 000 Bank 42 800 Cash float 1 000 Creditors control 82 800 Mortgage loan: Leo Bank (18% p.a.) 160 000 NOMINAL ACCOUNTS SECTION Sales 1 000 000 Cost of sales 480 000 Sales returns 8 000 Salaries & wages 178 000 Bad Debts 2 000 Stationery 4 000 Rent…
The trial balance for Vaughn Manufacturing appears as follows: Vaughn Manufacturing Trial Balance December 31, 2022 Cash $280 Accounts Receivable 480 Prepaid Insurance 75 Supplies 166 Equipment 3680 Accumulated Depreciation, Equipment $550 Accounts Payable 353 Common Stock 1100 Retained Earnings 1290 Service Revenue 2768 Salaries and Wages Expense 920 Rent Expense 460 $6061 $6061 If the estimated depreciation for equipment were $552, the adjusting entry would contain a: credit to Accumulated Depreciation, Equipment for $552. debit to Accumulated Depreciation, Equipment for $552. credit to Equipment for $552. credit to Depreciation Expense, Equipment for $552.