Session 2 Student Worksheet

01/31/2019 01/31/2018 Total Revenue $514,405,000 $500,343,000 Cost of Revenue $385,301,000 $373,396,000 Gross Profit $129,104,000 $126,947,000 Research & Development $0 $0 Sales,General & Admin. $107,147,000 $106,510,000 Non-Recurring Items $0 $0 Other Operating Items $0 $0 Operating Income $21,957,000 $20,437,000 Earnings before interest and Tax $13,806,000 $17,453,000 Interest Expense $2,346,000 $2,330,000 Earnings before Tax $11,460,000 $15,123,000 Income Tax $4,281,000 $4,600,000 Minority Interest $0 $0 Equity Earnings -$509,000 -$661,000 Net Income-Cont. Operations $6,670,000 $9,862,000 Net Income $6,670,000 $9,862,000 Net Income Applicable to Common Shareholders $6,670,000 $9,862,000 Here is the income statement. PERIOD ENDING: 01/31/2019 01/31/2018   Current Asset   Cash and Cash Equivalents $7,722,000…

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…

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Give true calculation for this general accounting question

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THE ATHLETIC ATTICIncome StatementFor the Year Ended December 31, 2024Net sales         $8,900,000Cost of goods sold         5,450,000Gross profit         3,450,000Expenses:          Operating expenses    $1,600,000     Depreciation expense    210,000     Interest expense    50,000     Income tax expense    360,000     Total expenses         2,220,000Net income         $1,230,000 THE ATHLETIC ATTICBalance SheetsDecember 31     2024    2023Assets          Current assets:          Cash    $164,000    Accounts receivable    790,000    Inventory    1,405,000    Supplies    110,000Long-term assets:          Equipment    1,150,000    Less: Accumulated depreciation    (420,000)    Total assets    $3,199,000    Liabilities and Stockholders' Equity          Current liabilities:          Accounts payable    $115,000    Interest payable    0    Income tax payable    40,000    Long-term liabilities:          Notes payable    600,000    Stockholders' equity:          Common stock    700,000…

Cost incurred during the year. Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $ 2,184,000 5,616,000 1,800,000 1,600,000 Cost incurred during the year Estimated costs to complete as of year-end Cost incurred during the year Estimated costs to complete as of year-end 2022 $ 3,510,000 2,106,000 3,894,000 3,400,000 Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2021 $2,520,000 5,720,000 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the…

General Accounting Question

2022 Income Statement: Sales revenue Cost of goods sold Fixed Costs 600,000 240,000 50,000 Selling, General, and Admin Expenses 30,000 Depreciation 50,000 2021 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation Intangible Assets 2022 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation, Intangible Assets 60,000 40,000 20,000 300,000 100,000 50,000 80,000 50,000 40,000 400,000 150,000 80,000 Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock 30,000 40,000 150,000 60,000 120,000 50,000 40,000 180,000 ????? 150,000 What is net income for 2022? Total interest paid in 2022 is $70,000 and the tax rate is 25%.

Calculate other expense income: Income Statement  May 31, 2021 May 31, 2020 May 31, 2019 REVENUE  $ 83,959  $ 69,217  $ 69,693 OPERATING EXPENSES:       Salaries and employee benefits 30,173 25,031 24,776 Purchased transportation 21,674 17,466 16,654 Rentals and landing fees 4,155 3,712 3,360 Depreciation and amortization 3,793 3,615 3,353 Fuel 2,882 3,156 3,889 Maintenance and repairs 3,328 2,893 2,834 Business realignment costs 116   320 Goodwill and other asset impairment charges   435   Other 11,981 10,492 10,041 OPERATING EXPENSES 78,102 66,800 65,227 OPERATING INCOME 5,857 2,417 4,466 OTHER (EXPENSE) INCOME:       Interest expense (793) (672) (588) Interest income 52 55 59 Other retirement plans income (expense) 1,983 (122) (3,251) Loss on debt extinguishment (393)     Other, net (32) (9) (31) OTHER (EXPENSE) INCOME 817 (748) (3,811) INCOME BEFORE INCOME TAXES 6,674 1,669 655 PROVISION FOR INCOME TAXES 1,443 383 115 NET INCOME  $…

2021 2020 Usage sales 5700 5300 Other miscellaneous revenue for the financial year 300 200 Total revenue for the year 6000 5500 Cost of use sold 2680 2600 Customer and inventory impairment loss 250 220 GROSS REMUNERATION AND EMPLOYER'S CONTRIBUTIONS 800 750 Impairment provisions for the financial year 50 30 Financial costs for the financial year 300 280 Total operating expenses 900 800 Net profit for the financial year 4980 4680 Balance sheet data 1020 820 Fixed assets and investments 2000 1700 Goods 400 250 Customers minus accumulated impairment 696 1100 Customer promissory notes and bills of exchange 300 700 Cash and trading portfolio 200 350 Total assets 3596 4100   How long is the defensive period of the operation in 2021 (360days)

Using the information provided below:Rubialac PaintsSelected Income Statement Items, 2020Cash Sales $2,500,000Credit Sales $9,500,000Total Sales $12,000,000COGS 7,000,000 Rubialac PaintsSelected Balance Sheet Accounts12/31/2020 12/31/19 ChangeAccounts Receivable $550,000 $400,000 $150,000Inventory $275,000 $250,000 $25,000Accounts Payable $150,000 $110,000 $40,000 What is the inventory turnover for Rubialac Paints? What is the average production cycle for the firm? What is the average collection cycle? What could Eagle Paints do to reduce the average collection cycle?

Module pute Net Operating Profit after Tax Refer to the balance sheet information below for Home Depot. Feb. 3, 2019 Jan. 28, 2018 $35,891 $34,794 1,511 3,056 $37,402 $37,850 $14,177 $13,640 24,822 22,974 $38,999 $36,614 Operating assets Nonoperating assets Total assets $ millions Operating liabilities Nonoperating liabilities Total liabilities Net sales Operating expense before tax Net operating profit before tax (NOPBT) Other expense Income before tax Tax expense Net income Assume a statutory tax rate of 22%. a. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = Net income + NNE Net income NNE NOPAT $ 9,453 $ $ $91,973 78,772 13,201 828 12,373 2,920 $9,453 7,361 * $ 16814 b. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = NOPBT - Tax on operating profit NOPBT Tax on operating profit 7,361 * $ 10,296.78 x $ NOPAT -2936

Use the following balance sheet for problems 19 through 21:    Dec 31st 2019 Dec 31st 2018 Cash 30,000 35,000  Accounts Receivable 55,000 45,000  Inventory 65,000 45,000 Prepaid expenses 15,000 25,000  Equipment 80,000 85,000 Accumulated Depreciation (8,000) (18,000)  Land 40,000 40,000  Total Assets 277,000 257,000  Accounts Payable 65,000 52,000  Income tax payable 15,000 18,000  Long-term notes payable 0 23,000  Bonds payable 30,000 0  Common stock 159,000 159,000  R/E 8,000 5,000  Total Liabilities & Equity 277,000 257,000 Additional information:  Equipment costing $10,000 with accumulated depreciation of $4,000 was sold for a loss of $3,000.  All equipment purchases during the year were for cash.  Net income for 2019 was $20,000. Depreciation expense for 2019 was $14,000.  19) Compute net cash flow from operations (in the excel submission workbook, enter net cash PROVIDED by operating activities as a POSITIVE number, and net cash USED by operating activities as a NEGATIVE…

Kindly help me with general accounting question

Selling & administrative expenses 20,200 Loss on sale of plant assets 11,700 Gross profit 90,500 Interest expense 8,000 Income tax 10,000 Rent revenue 10,200          If this information was used to prepare an income statement, Income from Operations should be:   Select one: a. 68,800 b. 70,300 c. 78,800 d. 110,700 e. 58,600

Daidnice oneels as of December 2021 2020 Assets Cash and equivalents $ 14,000 $ 12,000 Accounts receivable Inventories 35,000 30,000 34,845 29,000 Total current assets $ 83,845 $ 71,000 Net plant and equipment 49,000 46,000 Total assets $132,845 $117,000 Liabilities and Equity Accounts payable $10,500 $9,500 Accruals 8,000 5,000 Notes payable 6,600 5,300 Total current liabilities $ 25,100 $ 19,800 Long-term bonds 20,000 20,000 Total liabilities $ 45,100 $ 39,800 Common stock (4,000 shares) 60,000 60.000 Retained earnings Common equity Total liabilities and equity 27,745 17,200 $ 87,745 $ 77,200 $132,845 $117,000 Income Statement for Year Ending December 31, 2021 Sales $215,000 Operating costs excluding depreciation and amortization EBITDA 170,000 $ 45,000 Depreciation & amortization 7,000 EBIT Interest $ 38,000 EBT Taxes (25%) Net income Dividends paid 700 $ 37,300 9,325.00 $27.975.00 $17,430.00 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered…