2020 2019Net sales $4,800 $5,600Cost of goods sold $3,888 $3,637Net income $77 $147Accounts receivable $88 $109Inventory $1,314 $1,239Total assets $2,830 $3,170Total common stockholders' equity $994 $980Gross profit rate?

Gross Profit is the difference between the Revenue from Operations generated and the Cost of Goods…

Answered: 2020 2019 Net sales $4,800 $5,600 Cost…

Business

Accounting

2020 2019 Net sales $4,800 $5,600 Cost of goods sold $3,888 $3,637 Net income $77 $147 Accounts receivable $88 $109

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

2020 2019
Net sales $4,800 $5,600
Cost of goods sold $3,888 $3,637
Net income $77 $147
Accounts receivable $88 $109
Inventory $1,314 $1,239
Total assets $2,830 $3,170
Total common stockholders' equity $994 $980
Gross profit rate?

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question 5.4
2019 2018 Revenue 28,433,361 28,264,711 Cost of sales (23,661,338) (27,476,274) Gross Profit 4,772,023 788,437 Other income 983,548 825,880 Selling and distribution cost (265,996) (441,622) General and admin expenses (4,811,357) (4,462,336) Impairment loss on trade and receivables (418,860) (164,745) Operating profit/(loss) 259,358 (3,454,386) Finance income 6,060 52,495 Finance cost (4,573,435) (3,813,211) Loss before tax (4,308,017) (7,215,102) Income tax expense 945,908 (4,796,545) Loss of the year (3,362,109) (12,011,647) Other comprehensive income Revaluation of PPE 19,470,901 - Remeasurements of defined benefit liability (1,374,562) 89,638 Related tax (3,216,132) 119,050 Other comprehensive income 14,880,207 208,688 Total comprehensive income 11,518,098 (11,802,959) 2019 2018 Assets…
Question 97 Using Financial Statements for 2020, times interest earned for the year 2020 is 15.37. TRUE OR FALSE?
Question 95 Using Financial Statements for 2020, debt equity ratio for the year 2020 is 2.30.
2020 2021 Costs Incurred in 3,000 6,000 The Year Estimated Costs 9,000 to Complete Billings During the Year 4,500 5,500 Cash Collections 3,500 6,000 Selling Price: $15,000 Calculate the revenue, cost of goods sold and gross profit to be recognized in each year. Calculate the ending balance in accounts receivable in each year. 2020 2021 Revenue Cost of Goods Sold Gross Profit Ending Accounts Receivable
2020 (RM) 2019 (RM) 2018 (RM) Investment Income 45,335,069 13,237,244 19,474,895 Expenses -6,039,755 -2,270,688 -1,853,602 Net Income before taxation 39,295,314 10,966,556 14,621,293 Net Income after taxation 39,335,238 10,953,497 17,551,931 2020(RM) 2019 (RM) 2018 (RM) Total Investments 501,519,061 154,032,209 84,711,928 Other Assets 6,732,463 9,085,056 3,173,994 Total Assets 508,251,524 163,117,265 87,885,922 Total Liabilities -3,411,047 -2,276,421 -255,684 Number of Unit in Circulation 500,000,000 500,000,000 500,000,000 NAV/Unit Holder’s Capital per share 1. Based on the historical financial highlights extracted of statement of income and expenditure, calculate the Net Asset Value (NAV) per share of the respective funds?
Dec 31' Dec 31' Period Ending 2019 2020 Current Assets Cash And Cash Equivalents 3,803,377.00 3,310'509.00 Short Term Investments 10.000 100,000 Net Receivables 2,595,746.00 2,812,421.00 Inventory 551'244.00 646'295.00 Prepayments 252'852.00 207'662.00 Total Current Assets 7,213'289.00 7,318'652.00 Current Liabilities Accounts Payable 1'038'953.00 999'675.00 Short/Current Long Term Debt 1'563'378.00 1'519'483.00 Accruala 1'664'679.00 1'546'993.00 Total Current Liabilities 4'267'010.00 4'066'151.00 What is the Current Ratio for 2020 Select one: O a. 1.3:1 O b. 2.5:1 O c. 1.5:1 O d. 1.8:1
2021 2020 2019 2018 2017 Current Ratio 0.95 times 1.3 times 1.1 times 1.2 times 1.3 times Days in Accounts Receivable 50 days 45 days 40 days 35 days 30 days Days in Inventory 38 days 28 days 21 days 23 days 25 days Return on Equity 20% 15% 20% 19% 18% Debt to Total Assets 55% 45% 37% 35% 35% Profit $300,000 $250,000 $270,000 $240,000 $220,000 Discuss the trend in Profitability.
Question 91 Using Financial Statements for 2020, sales to total assets for the year 2020 is 0.99. TRUE OR FALSE
2023 Income Statement Sales Cost of Goods Sold $ 770,000 $ 340,000 Depreciation Expense $ 95,000 Earnings before Interest and Taxes $ 335,000 Interest Expense $ 19,800 Taxable Income Tax Expense Net Income Dividends Paid Retained Earnings $ 315,200 $ 104,016 $ 211,184 $ 10,300 $ 200,884 Balance Sheet End of 2023 Beginning of 2023 Cash $ 280,000 $ 122,000 Accounts Receivable $ 50,000 $ 22,300 Inventory $ 188,000 $ 119,000 Net Fixed Assets $ 630,000 $ 630,000 Total Assets $1,148,000 $ 893.300 Accounts Payable Long-term Debt $ 158,000 $ $ 14,116 $ 71,800 121,500 Common Stock $ 375,000 $ 300,000 Accumulated Retained Earnings $ 600,884 $ 400,000 Total Liabilities & Shareholders' Equity $1,148,000 $ 893,300 Consider the financial statements displayed above. Based on these statements, calculate the firm's quick ratio as of the end of 2023. Note: Report your answer as a number rounded to two decimal points.
2019 2020Sales price per unit R15 R19Variable cost per unit R6 R7Fixed cost (FC) per annum R650 000 R 855 500Fixed cost per unit R3 R4 Current assets R450 600 R560 700Current liabilities R510 000 R780 000Retained profit R21 809 R17 600Net Sales R2 900 320 R 3 100 100Cost of sales R390 000 R475 000 Q.5.1 a. Calculate the break-even point for Pearson & Litt for 2019 and 2020.b. Compare the results of the 2019 and 2020 break-even points and explain why there might be a difference. Q.5.2 a. Calculate the current ratio for Pearson & Litt for 2019.b. Explain the results of the current-test ratio.Q.5.3 a. Calculate the gross profit margin for Pearson & Litt for 2020 b. Explain the results of the gross profit margin calculation. Q.5.4 a. Differentiate between traditional budgeting and zero-base budgeting.b. Recommend one of these budgeting methods to Pearson & Litt and provide reasons for your recommendation
2019 2020 sale price per unit R15 R19 Variable cost per unit R16 R7 Fixed cost(FC) per annum R650 000 R855 500 Fixed cost per unit R3 R4 Current assets R450 600 R560 700 Current liabilities R510 000 R780 000 Retained profit R21 809 R17 600 Net sales R2900 320 R3 100 100 Cost of sales R390 000 R475 000 Q.5.1.1 Calculate the break‐even point for Pearson & Litt for 2019 and 2020