2018 Current assets $84,650 25,000 60, 000 Cash $26,800 32, еее 54,100 Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable 30,400 2,050 25,700 2,200 MOSS COMPANY Income Statement For Year Ended December 31, 2019 ales $ 515,000 331,6ее 183,400 ost of goods sold ross profit perating expenses Depreciation expense Other expenses $ 36,000 121,500 ncome before taxes ncome taxes expense et income 157,500 25,900 7,700 $ 18,200
Q: variety of electronics products e production of the power supp g the following processing tim
A: Given as,
Q: Which of the following would most likely be considered as a separate performance obligation in a fra...
A: Lets understand the basics. As per IAS 115, one of the criteria is to identify performance obligati...
Q: Using the following excerpts from the Michigan Company's financial statements and the list of terms ...
A: Inventory purchased = Ending balance inventory + Cost of goods sold - Beginning balance inventory Ca...
Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...
A: Lets understand the basics. Risk assessment procedure is performed by the auditor to obtain understa...
Q: East Mill Pizzeria is closing its business. It sold its two-year-old pizza ovens to Marco's Italian ...
A: Cost = $800000 Residual Value = $50000 Useful Life = 10 Years Annual Depreciation = (Cost - Residual...
Q: Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous ba...
A: Month 1: Outstanding balance in beginning = 610$ APR = 24% Finance charge = 610$ * 24% * 1/12 = 12....
Q: In performing risk assessment procedures for investments, an auditor may inquire of the client perso...
A: Risk Management Meaning: Risk assessment is a term used to describe the overall process or method wh...
Q: Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning D...
A: Interest Cost: An interest cost is the expense caused by an element of acquired reserves. The intere...
Q: At December 31, 2016, White Corporation, reported as current assets the following equity securities ...
A: 1)Dividend from Yellow Corporation - NIL 2)Dividend from Red Corporation April 6. Semi annual div...
Q: Problem 4: On January 1, 2017, an entity purchases marketable equity securities for P2,000,000. The ...
A: When entity has elected to measure the change in the fair value through other comprehensive income t...
Q: Item Nos. 17 and 18 are based on the following information: On December 31, 200C, the partnership of...
A: partnership is a form of cooperation where two or more person come together in order to share their ...
Q: 31. On January 1, 2021, a company issued P2,000,000, 16% bonds at 102. Each P1,000 bonds has one det...
A: 31) The amount credited to Share premium would be a number of share exercise time differences in par...
Q: n performing risk assessment procedures for investments, an auditor may inquire of the client person...
A: The procedure of risk assessment is performed by auditor in order to assess the risk of material mis...
Q: . Great Products, Inc. reported the following on the company’s income statement in two recent years:...
A: Time Interest Earned Ratio: When a company's current revenue exceeds its debt commitments, the time ...
Q: 41. The following transaction relate to Tool Company’s contingencies. The financial statements ar...
A:
Q: What is an asset
A: An Asset is something that is owned and controlled by an entity and some current and future economic...
Q: a. Return on equity b. Total assets turnover c. Return on assets d. Current ratio e. Receivables tur...
A: a. Return on equity = Net Income / Shareholders' Equityb. Total assets turnover = Sales / Total Asse...
Q: Problem 3 plant-wide overhead rate is used based on direct labor hours as cost allocation base. manu...
A: By dividing the production overhead cost by the activity driver, the predetermined overhead rate is ...
Q: Baxter customer service department follows up on customer complaints by telephone inquiry. During a ...
A: Solution: Total incurred costs = $377,600 Total nos of calls initiated = 12800 Calls related to whol...
Q: Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your...
A: Solution Capital Allowance is an Expenditure your business may claim against its taxable profit . C...
Q: ABC Company sells 75 units on June 3. The inventory data on that date are: Lot Date Acquired Units C...
A: Formula: FIFO: FIFO stands for First in First out. Which means first received inventory to be sold f...
Q: The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDE...
A: Cash received from the sale of Building = Book value of Building + Gain on sale Depreciation expense...
Q: Mercedes Co. acquired all of the common stock of Tesla Co. on January 1, 2018. As of that date, Tesl...
A: Solution A journal is a company's official book in which all business transaction are recorded in ch...
Q: Below are four asset purchases made in 2018. Asset Cost ...
A: Amortization: An amortization is a bookkeeping method used to intermittently bring down the book val...
Q: Lights, Camera, and More sells filmmaking equipment. The company offers three purchase options: (1) ...
A:
Q: On June 30th, Ray Corporation had a market price of $100 per share of common stock. For the previous...
A: Market price = 100 per share Previous year annual dividend = $8.00 per share Calculation of Divide...
Q: What is depreciation
A: Introduction: The assets kept by the corporation for operations and maintenance are known as fixed a...
Q: In performing risk assessment procedures for investments, an auditor may inquire of the client perso...
A: In performing risk assessment procedures for investments, an auditor may inquire of the client p...
Q: Marvel Parts, Incorporated, manufactures auto accessories. One of the company’s products is a set of...
A: Solution 1: Direct Material Cost Variance Actual Cost Standard cost ...
Q: Fixed Cost per Month Cost per Car Washed Cleaning supplies $ 0.80 Electricity $ 1,200 $ 0.15 Maint...
A: Solution: Lavage Rapide Revenue and spending Variances For the month ended August 31 Partic...
Q: Select all items which are correct. Land is listed on the depreciation schedule although it is...
A: Ans. Land is a non-depreciable asset. Since, the value of land appreciates it is never depreciated. ...
Q: A Company acquired a packaging machine from Taylor Corporation. Taylor completed the construction o...
A: Notes payable are written promises to pay lenders at a later date. These instruments are usually acc...
Q: Use the following excerpts from Fruitcake Company's financial records. Acquired new plant assets $2...
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
Q: What is a tax consequence for a noncorporate shareholder who receives a liquidating distribution fro...
A: As per sec 331, liquidating distribution from corporation is full and final payment for the shareho...
Q: Great Pasta Company manufactures a single product that goes through two processes — mixing and cooki...
A: Introduction The equivalent unit of conversion cost is total of direct labor and factory overheads i...
Q: What are taxes
A: Tax: In the United States, taxes are forced payments placed on people and companies by a government ...
Q: For May, determine a) the cost of goods manufactured and b) the cost of goods sold
A: Cost of Goods Manufactured = Beginning Work In Process + Total Manufacturing Cost - Ending Work In P...
Q: Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases...
A: Percentage change = (prior year value - Current year value) /prior year value
Q: Ahmed & Co. makes and sells two types of shoes, Plain and Fancy. Data concerning these products are ...
A: Contribution per unit = Selling price - Variable cost
Q: n connection with your audit of the financial statements of Thanos Corporation for the year ended De...
A: Petty Cash Fund It is important for the business to manage the petty cash fund which is the primary ...
Q: 12. Why is it not possible to capitalize selling and administrative costs associated with long-te...
A:
Q: Discuss the definition of a trade or business. Why does it matter whether a taxpayer is classified a...
A: Business is the operation carried by sole owner or partners that include trade and commerce and they...
Q: In 2021, a company is considering alternative organizational forms. The gross business earnings are ...
A: Adjusted gross income is gross income minus deductions. AGI concept is used to find the amount of in...
Q: 53. Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares o...
A: Nicanor, a Non- Resident Alien Residing in Canda Bought Share for 2 Million on 2009 ( 20000 Share ...
Q: preferred stock from Duquesne Light Company (DQUPRA) pays $3.55 in annual dividends. If the require...
A: Solution: Preferred stock are those stock which gets preference in receiving dividends over common s...
Q: Presented below is information related to Hanshew Real Estate Agency: 1. Oct. 1: Hanshew begins busi...
A: Lets understand the basics. Journal entry is required to make to record financial event or transacti...
Q: A company is considering two different proposals for computing the bonus for its new company preside...
A: Bonus = (Income before income tax and bonus - Bonus) x bonus % Let, Bonus = a
Q: Selling equipment originally purchased for $1,000 for $1,200 would result in O A credit to Equipment...
A: The journal entries are prepared to record the transactions of the business on day to day basis.
Q: 5. Nike has the following transactions related to notes receivable during the last two months of 200...
A: The accrued interest is the interest revenue earned but not received yet. The accrued interest is re...
Q: Problem 2 On January 1, 2020, RAGASA Company leased a building with the following information: Annua...
A: Accounting for leases There are two types of leases are there one is operating leases and another on...
Step by step
Solved in 2 steps
- l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…X Company collected P12350 in interest during 2019 X showed P1,850 in interest on its December 31, 2021 statement of financial position and P5,300 on December 31, 2020 How much is the Interest Revenue to be reported on X's statement of comprehensive income in 2021?Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
- QUESTION 5 REQUIRED 5.1 Use the information provided below to calculate the following ratios for 2019. Where applicable, round off answers to two decimal places. 5.1.1 Inventory turnover period 5.1.2 Trade receivables period 5.1.3 Trade payables period 5.1.4 Return on capital employed 5.1.5 Current ratia 5.1.6 Acid-test ratio 5.2 Explain how the company can improve on the following by providing twa suggestions each: 5.2.1 Inventory turnover period 5.2.2 Trade receivables period INFORMATION Excerpts of the financial data of Leo Limited for 2019 are as follows: Income statement for the year ended 31 December 2019 R Sales 3 250 000 2 200 000 332 000 Cost of sales Operating profit Interest expense 44 000 Profit before tax 288 000 Company tax 86 000The balance sheet account of Tata limited had the following balances on April 1, 2020, the beginning of a fiscal year Tata limited Balance SheetAccounts April 1,2020 Cash Accountsreceivatile Machandiseinventary Propaidrent Stareequipmet Acamulateddepreciation stare equipment Accountspayable Paid-in capital Retainedeamings Rs 1300 12600 38900 2000 10500 Rs2875 22500 15,000 24925Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan CorporationBalance SheetsDecember 31 2020 2019 2018 Cash $ 30,800 $ 17,600 $ 18,700 Accounts receivable (net) 50,500 44,200 47,100 Other current assets 89,600 94,900 63,900 Investments 55,300 71,000 45,100 Plant and equipment (net) 500,500 370,000 358,500 $726,700 $597,700 $533,300 Current liabilities $85,500 $79,800 $69,400 Long-term debt 144,300 84,100 50,300 Common stock, $10 par 348,000 316,000 304,000 Retained earnings 148,900 117,800 109,600 $726,700 $597,700 $533,300 Jergan CorporationIncome StatementFor the Years Ended December 31 2020 2019 Sales revenue $738,000 $605,500 Less: Sales returns and allowances 39,100 29,900 Net sales…
- Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 AssetsCash $ 440,000 $ 200,000Short-term investments 600,000 —Accounts receivable (net) 1,020,000 1,020,000Inventory 1,380,000 1,200,000Long-term investments 400,000 600,000Plant assets 3,400,000 2,000,000Accumulated depreciation (900,000)…The comparative statements of financial position of Amman Inc. at the beginning and the end of the year 2020 appear as follows: Total Equipment Less: Accumulated Depreciation-Equip. Accounts receivable Cash Assets Note: Share capital-ordinary Retained earnings Accounts payable Total STATEMENT Equity and Liabilities Instructions: AMMAN INC. OF FINANCIAL POSITION Jan.1, 2020 Dec. 31, 2020 $39.000 (17,000) 91,000 45,000 $158,000 $100,000 38,000 20,000 $158,000 $22,000 (11,000) 88,000 13,000 $112,000 Prepare a statement of cash flows for the year 2020. $80,000 17,000 15,000 $112,000 Increase / Decease $17,000 Inc. 6,000 Inc. 3,000 Inc. 32,000 Inc. Net income of $ 34,000 was reported, and dividends of $ 13,000 were paid in 2020. New equipment was purchased, and none was sold. 20,000 Inc. 21,000 Inc. 5,000 Inc.Condensed financial data of Martinez Company for 2020 and 2019 are presented below. MARTINEZ COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,780 $1,130 Receivables 1,740 1,290 Inventory 1,610 1,870 Plant assets 1,930 1,710 Accumulated depreciation (1,210 ) (1,150 ) Long-term investments (held-to-maturity) 1,290 1,440 $7,140 $6,290 Accounts payable $1,180 $900 Accrued liabilities 190 240 Bonds payable 1,410 1,590 Common stock 1,920 1,690 Retained earnings 2,440 1,870 $7,140 $6,290 MARTINEZ COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,880 Cost of goods sold 4,650 Gross margin 2,230 Selling and administrative expenses 940 Income from…
- A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan CorporationBalance SheetsDecember 31 2020 2019 2018 Cash $ 29,600 $ 17,000 $ 17,600 Accounts receivable (net) 50,600 44,300 48,300 Other current assets 90,300 94,500 64,500 Investments 55,000 70,000 44,700 Plant and equipment (net) 500,400 370,600 357,400 $ 725,900 $ 596,400 $ 532,500 Current liabilities $ 85,400 $ 79,800 $ 69,900 Long-term debt 144,900 84,300 50,900 Common stock, $10 par 351,000 310,000 300,000 Retained earnings 144,600 122,300 111,700 $ 725,900 $ 596,400 $ 532,500 Jergan CorporationIncome StatementFor the Years Ended December 31 2020 2019 Sales revenue $ 737,000 $ 605,800 Less: Sales returns and allowances 39,700 30,300…Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan CorporationBalance SheetsDecember 31 2020 2019 2018 Cash $ 29,600 $ 17,000 $ 17,600 Accounts receivable (net) 50,600 44,300 48,300 Other current assets 90,300 94,500 64,500 Investments 55,000 70,000 44,700 Plant and equipment (net) 500,400 370,600 357,400 $725,900 $596,400 $532,500 Current liabilities $85,400 $79,800 $69,900 Long-term debt 144,900 84,300 50,900 Common stock, $10 par 351,000 310,000 300,000 Retained earnings 144,600 122,300 111,700 $725,900 $596,400 $532,500 Jergan CorporationIncome StatementFor the Years Ended December 31 2020 2019 Sales revenue $737,000 $605,800 Less: Sales returns and allowances 39,700 30,300 Net sales 697,300 575,500…