The owner of the business wants to know the operations of the business. You are tasked to compute for the following: 1. Total service income collected in cash 2. Total service income still collectible 3. Total expenses
Q: Question. If given the following information: 2,073 Current Assets Current Liabilities 1,634 Cash…
A: Introduction: The current ratio evaluates a company's ability to pay its bills in the short term. It…
Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…
A: Tax is calculated on the net income of a entity. It is the liability payable to the government on…
Q: Which of the following is the best description of a typical business plan for a small business? A…
A: Business plan is a document that define in details of a company's objectives. And Also how plan is…
Q: Mr. and Mrs. Grnager are both full-time employees. Their three children are 16, 6, and 3 years old.…
A: Here the details of qualified expenses which can be used for claiming the child and depend care…
Q: allocated to each class of stock during 2004-2008. Answer Year Preferred Common 2004…
A: when company provide dividend to its shareholder the preference shareholders are given preference…
Q: Which of the following is a disadvantage of general partnerships? ( a) The partners in a general…
A: Under general partnership partners have unlimited liability. Partners of general partnership will be…
Q: A small gift shop has a beginning inventory that is valued at $8,500. If the additional inventory…
A: Introduction: The cost of goods sold (COGS) is any direct expense associated with the manufacturing…
Q: Megan's Bridal Shoppe is a bridal shop that offers wedding gowns. Each outfit sells for $1,000 on…
A: Operation income can be calculated by deducting the fixed cost from the contribution margin. The…
Q: The declaration and issuance of a share dividend a. increases ordinary shares outstanding and…
A: Share dividend means an stock dividend. In stock dividend the shareholders will receive shares…
Q: On July 1, 2018, Gang purchased 10,000 shares of Lamina ordinary shares for P510,000 plus broker’s…
A: Answer:- Ordinary shares meaning:- Stocks sold on a public exchange are known as ordinary shares,…
Q: (Pty) Limited is a distributor of PPE to rural health clinics in KZN. Turnover has been good and…
A: Cash Budget: It represents a detailed estimates of the cash inflows from all sources, cash outflow…
Q: Fred and Sue carry on a partnership together with gross receipts for the current income year of…
A: As per the income tax assessment act 1936 section 90, partnership net income or loss is equal to all…
Q: When the price of a sale with right to repurchase is unusually inadequate
A: Equitable mortgage refers to the transfer of title deed by the owner to the lender for the purpose…
Q: INSTRUCTIONS: Create a pro-forma income statement based on the given problem Supply the given items…
A: Based on the given data we need to classify the the income and expenese based on the above data and…
Q: Describe stakeholder orientation at REI.
A: Introduction: A stakeholder is a person that has an interest in a company and has the ability to…
Q: 2,700 Income Summary 2,800 Insurance Expense 2,600 Miscellaneous Expense 700 Prepaid Insurance Rent…
A: Closing entries are those journal entries which are passed in order to close out all temporary…
Q: ddison, Inc. uses a perpetual inventory system. The following is information about one inventory…
A: Perpetual inventory system is the one wherein the record of inventory is maintained on daily basis.
Q: Blake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: A company just starting its business made the following four inventory purchases in June:
A: Cost per unit. = Total Cost / No.of units purchased June 1 : $832/260 = $3.2 June 10 : $1056/320 =…
Q: Finch Bank’s start-up division establishes new branch banks. Each branch opens with three tellers.…
A: Fixed costs are those type of costs which do not change with change in activity level. Variable…
Q: An expert under employ by the client cannot be used for purposes of the auditor’s work because doing…
A: An audit planning refers to the strategy and the detailed approach related to the nature, timing,…
Q: INSTRUCTIONS: Create a pro-forma income statement based on the given problem. Supply the given items…
A: Here given the details of the preparation of the pro forma income statement which can be useful to…
Q: 1. 500,000 units of a product per year is being produced by a company and sells them for P4 million.…
A: Breakeven sales is that level of sales at which business is only recovering only fixed costs and…
Q: Statement 1: Companies must allocate the cost of all the goods available for sale (or use) between…
A: Companies must allocate the cost of goods available for sale or use between income statement and…
Q: Detect errors or irregularities.
A: An audit program refers to the plan which documented the procedures to be followed by the auditor…
Q: The Chris Clapper Copper Company declared a 25 percent stock dividend on March 10 to shareholders of…
A: When a company issues stock dividend it means it issue shares as dividend instead of cash. Dividend…
Q: - Plan 1: Simple interest paid annually, principal repaid at end. The accrued interest id each year,…
A: Basis Concept which is used in Accounting / Costing where we need to prepare the amortization…
Q: on October 1. GHI made a withdrawal of P30,000 on November 1. Compute for the share of income of DEF…
A: Average capital balance of the partners during the year is taken and computed as the capital balance…
Q: The following information is available for Hunt Company after its first year of operations: Income…
A: Given that differed income tax = ($4000) Tax rate is 40% Hence = $4000 / 40% = $10000
Q: Question. If given the following information: 2,073 Current Assets Current Liabilities 1,634 Cash…
A: Current Ratio: A liquidity ratio that evaluates a company's capacity to pay short-term debts or…
Q: Determine whether the depreciation of the equipment will lead to a deferred tax asset, or a deferred…
A: Tafty Limited has purchased an asset for 5 years for accounting and 50% for taxation purposes.
Q: On 1 March 2025, Quality Furniture Importers acquires furniture from a supplier in New Zealand. The…
A: Given details: Cost of furniture = NZD $800,000 Exchange rates: 1 September, 2025 A$1.00 = NZD $1.08…
Q: The following information was taken from the accounting records of Tampa Roofing Company for the…
A: Under fifo method of inventory valuation the units purchased first will be sold first. And in…
Q: Beech Corporation is a merchandising company that is preparing a master budget for the third quarter…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Instructions Rockwell Inc, reported the following results for the year ended June 30, 20Y5: Retained…
A: Net income will be added to retained earnings.
Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…
A: Formula used: Reported sales value = Sales revenue - Discount amount.
Q: What type of information do you think an oil company should include their sustainability report?…
A: Companies are now focusing not only on profit maximization but are focused on 3Ps – profits, people…
Q: ellable lease. The following information is available: Lease term 8 years i) Residual value…
A: Explanation of Concept A lease is defined as the contract between two parties for use of an asset.…
Q: Individuals using a value investing strategy search for stocks that: a) have a well-established…
A: Stocks and securities are important way of trading in business. Investment in stock is one of the…
Q: Walker Corporation issued 10%, 5-year bonds with a par value of $10,000,000 on January 1, 2005.…
A: Bonds are a form of liability for the business, for which regular interest payments needs to be made…
Q: General Journal Debit Credit
A: Partnership refers to the legal act of agreement between two or more persons who decided to run the…
Q: Asset Liability Stockholders' Equity 1. Service Revenue 2. Common Stock 3. Accounts Payable 4.…
A: Introduction: Balance sheet: All Assets and liabilities are to be shown in Balance sheet. It tells…
Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…
A: Introduction: Net income after taxes: Deduction of Tax liability amount from Taxable income derives…
Q: INSTRUCTIONS: Create a pro-forma income statement based on the given problem Supply the given items…
A: Based on the data given on the sum we need to create a pro forma Income Statement.
Q: A partnership begins its first year of operations with the following capital balances: P 110,000…
A: Capital Balance at the end of the first year = Opening capital + Annual Salary + Interest on capital…
Q: Althea writes a check to Handy Dan's Home Repair for $59.75 to cover the cost of having a window…
A: Here discuss about the details of the issue of cheque which are altered and responsibility which are…
Q: ABC, DEF and GHI formed a partnership on April 1, 2022 and contributed The partners agreed that…
A: Operating Profit for the year ended 31 December = P176,000 Annual salary: ABC = P 24000 DEF = P…
Q: INSTRUCTIONS: Create a pro-forma income statement based on the given problem Supply the given items…
A: Cost of service is the cost which incurred while providing services. Nd operating expenses are other…
Q: Nanda Company has two service departments, Maintenance and Personnel. Maintenance Department costs…
A: As per the step-down method the cost of the service department is allocated to both the service…
Q: Besides drawing a written partnership agreement, it is legally possible to start a partnership on…
A: Introduction: Partnership is a one form of business in which two or more person joins hands to carry…
Step by step
Solved in 2 steps with 1 images
- Do the calculations in excel, attach excel screenshots and explain the steps and formulas used for solving the problem. Following are the particulars availableWhat is the net income for the BlueDragon company given the following list of accounting itens? note: write the number with at most 2 decimal płaces (eg. 95.17) unsorted Profit & Loss items For the year 2020 (in thousand Php) cost of goods sold (192) wage expense (31) communication expense (5) sales 171 office supplies expense |(6) depreciation & amortization (2) repair & maintenance (10) interest income 49 computer expense (5)The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
- K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...Selected income statement and balance sheet data from Merck & Co. for Year 9 are reproduced below: MERCK & COMPANY, INC. Year 9 Selected Financial Data ($ millions) Merck & Co. Income Statement Data Sales revenue... Depreciation...... Interest expense. $7,120 230 10 Pretax income... 2,550 Income taxes.. 900 Net income. 1,650 Balance Sheet Data Current assets... $4,850 Fixed assets, net... 2,400 Total assets.. 7,250 Current liabilities... 3,290 Long-term debt... 100 Shareholders' equity... 3,860 Total liabilities & shareholders' equity.. Required: a. Calculate return on common equity for Year 9 using year-end amounts and assuming no preferred dividends. b. Disaggregate Merck's ROCE. Comment on Merck's use of leverage. (Assume all assets and current liabilities are operating and a 35% tax rate.). c. Disaggregate ROA and comment on that.Activity # 1 Presented below are the income statement accounts for Troops Store. Prepare a multi-step statement of comprehensive income for Troops Store for year ended December 31, 2019. Sales Return and Allowances Php 10,000.00 Officer's Salaries 40,000.00 Depreciation- Building 10,000.00 Advertising 30,000.00 Other expenses 1,000.00 Sales Discounts 5,000.00 Cost of Goods Sold 275,000.00 Interest Expense 4,000.00 Transportation and Travel 10,000.00 Depreciation- Delivery Truck 5,000.00 Sales 400,000.00 Insurance 10,000.00 Rent 20,000.00 Sales Salaries 20,000.00 Questions: 1. For company above, compute return on sales (Net Income/ Net Sales) and comment on the results. Return on sales: 2. Does a low return on sales indicate a weak company ? (Y/N). Explain your answer. 3. Do greater Net sales always result in greater net income? (Y/N) Why? 4. Examine the financial information above and comment on one item that you find interesting. Holistic Rubrics for Essay: Quality of Writing-20%…
- Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…As a financial analyst of Bintang Bulan Berhad, you are required to analyse the company's financial performance. The financial statements of the company are as follows: BINTANG BULAN BERHAD STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 (RM) Cash Account Receivable Inventory Prepaid expenses Net buildings and equipment TOTAL ASSETS Depreciation 48,500 Account Payable Notes Payable 64,000 Operating profit Less: Interest Profit before tax Less: Tax PROFIT AFTER TAX 56,000 21,000 2,500,500 Revenue Less: Cost of goods sold Gross profit Less: Selling and administrative expenses Current Ratio Quick Ratio Debt Ratio Time Interest Earned Accruals Long-term debt Bond Preferred share Common share Retained earnings 2,690,000 TOTAL CLAIMS BINTANG BULAN BERHAD STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2022 INDUSTRY AVERAGE RATIOS 2.10 times Average Collection Period 1.30 times Inventory Turnover Net Profit Margin 30 percent 6.5 times Return on Assets 38,000 24,000 20,000…The following are the financial statement Kin Ltd. for the year ended 31 March 2020: Kin Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 Kin Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:…
- Use the following information (in thousands):Service Revenue¥1,600,000 Income from continuing operations200,000 Net Income180,000 Income from operations440,000 Selling & administrative expenses1,000,000 Income before income tax400,000Determine the amount of other income and expenseThe following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…Use the following Year 3 data: Other Selling and Administrative Expenses Other Expenses Sales Revenue Advertising and Promotion Expenses Salaries and Wages Expense Income Tax Expense Interest Expense. Required: Prepare the annual income statement for Kvass, Incorporated Revenues: KVASS, INCORPORATED Income Statement For the Year Ended December 31, Year 3 Total Revenues Expenses: $ 1,050,300 247,600 4,885,300 552,500 2,524,400 166,500 113,900