Topic: Cash and Accrual Basis of Accounting Requirement: Compute for the profit under the accrual basis of accounting. 5. A comparative balance sheet for Bill Industries is given below:Assets20x220x1Cash and cash equivalents80,000300,000430,000120,000340,000Trade and other receivablesInventoryPrepaid supplies380,00060,00040,000 800,000900,000Property, plant and equipment1,670,000 1,780,000Total assetsLiabilities65,00075,000Accounts payableDeferred tax liability20,000100,0001,505,000 1,685,000Net assetsAdditional information:There are no acquisitions or disposals of property, plant andequipment during the year.The entity's profit under the cash basis of accounting isP1,000,000.Requirement: Compute for the profit under the accrual basis ofaccounting.

Under the indirect method, the deferred tax will be adjusted to profit in the operating activities…

5. A comparative balance sheet for Bill Industries is given below: Assets 20x2 20x1 Cash and cash equivalents 80,000 120,000 Trade and other receivables 300,000 340,000 380,000 Inventory Prepaid supplies 430,000 60,000 40,000

5. A comparative balance sheet for Bill Industries is given below: Assets 20x2 20x1 Cash and cash equivalents 80,000 120,000 Trade and other receivables 300,000 340,000 380,000 Inventory Prepaid supplies 430,000 60,000 40,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3MC: The following is selected financial data from Block Industries: How much does Block Industries have...

See similar textbooks

Similar questions

Matilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.
For the company 'ODK Emporiki' the following is given its Balance Sheet and Income Statement : Assets Plots Buildings Machinery Stocks Customers Cash and cash equivalents Total assets Liability Chapter Reserves Balance sheet Long-term loans Suppliers Accounts payable Total Liabilities Profit and loss statement Net sales Cost of Sales Gross Profit Administrative expenses Disposal costs Other costs and losses Net profit 150.000 320.000 120.000 95.000 75.000 60.000 820.000 300.000 135.000 210.000 145.000 30.000 820.000 875.000 650.000 225.000 45.000 85.000 30.000 65.000 Requested: 1. The common size analysis (vertical analysis) for the above financial statements (balance sheet, income statement) of the company 'ODK Commercial'. 2. If the gross profit margin is 15% and the general liquidity is3% of the sector where the company 'ODK Emporiki' belongs, calculate and comment on the corresponding ratios of the company in relation to those of the sector. Can there be an interaction between…
O A https://prod.reader-ui.prod.mheducation.com/epub/sn_710f1/data-uuid-be8dbaUcb8ea w -> Aa く > 三 P20-2 Cash flow statement under indirect method (L LO 20-1, L LO 20-2, LO 20-3, E LO 20-4) The Barden Corporation's comparative balance sheets for 20X1 and 20X0 are presented below. Barden Corporation Table Summary: Row 1 is a header and spans columns 2 and 3. Rows 3, 12, and 17 are subheaders and contain data only in column 1. Balance Sheets December 31, Increase (Decrease) Assets Cash $ 337,000 $246,000 Accounts receivable, net 420,000 280,000 140,000 Marketable securities 0000 -0- Inventories Land 650,000 250,000 Plant and equipment 1,160,000 1,266,000 (106,000) Less: Accumulated depreciation (200,000) Total assets $2,922,000 $2,432,000 $ 490,000 Liabilities and Stockholders' Equity Liabilities: Accounts payable 000 099 $ $ 500,000 $160,000 Accrued wages 520,000 Long-term bonds (due 7/1/20X8) 260,000 360,000 Total liabilities 1,460,000 1,380,000 80,000 Stockholders' equity: Common…
Current asset information for Hundred Dollar Tree is presented below. Cash and cash equivalents $ 1,246,743 Marketable securities 324,166 Accounts receivable (net) Inventories Prepaid expenses Other current assets Total current assets 516,357 852,443 110,339 1.634.423 $4,684,471 Hundered Dollar Tree has a current ratio of 1.8. What is Hundred Dollar Tree's quick ratio? A) 0.69 B) 0.80 C) 0.78 D) 0.89
Mr. Matagumpay gave to his accountant the following data for the year ended December 31, 2019. P 385,000 175.000 P 210,000 (5,000) (95.000) P110,000 Other Information: Accounts Receivable, 2018 Accounts Receivable, 2019 Accounts Payable, 2018 Accounts Payable, 2019 Inventory Sales Cost of Goods Sold Gross Profit Depreciation Expense Operating Expenses Net Income P 75,000 90,000 45,000 55.000 50,000
Q16. Use the following information to calculate the net liquid balance: Cash and equivalents $10 Accounts receivable = $30, Inventory = $25, Accounts payable $10, Notes payable = $25 a. $-25 b. $-15 c. $35 d.$70 Q17. Which of the following best characterizes a firm with current assets of $5,000 and current liabilities of $1,000? A.Liquid B.Solvent C.Insolvent D.Unprofitable Q18. which of the following best describes days sales outstanding? A. average time it takes to collect on a credit sale B. average length of time inventoried item is in stock before it is sold C. average length of time it takes to turn a cash outflow into a cash inflow D. average time between receipt of inventory and collection on a credit sale Q20. The ability of a firm to pay its bills on time while remaining a viable entity is referred to as: A.liquidity B. solvency C. cash conversion cycle D.the net liquidity balance
Common-size Balance Sheet. Explain what it is and why it is used inbusiness. Prepare common-size balance sheet for Target with the infoprovided below. Assets CashAccounts receivableInventoryOther current assetsTotal current assetsGross plant and equipmentAccumulated depreciationNet plant and equipmentLong-term investmentsGoodwill, trademarks, andother intangible assetsTotal assets $ Dec 31, 2022$20,2684,8733.2772,886$31,304$25,032-10,065$14,96711,512 32,272 $90,055
What is the IRR of the following set of cash flows? Year 0123 Cash Flow -$ 11,749 6,000 4,600 6,200
8. Compute the acid-test (quick ratio) ratio using the following data: highly liquid assets cash, AR, ST investment A) B) C) D) 1.15 1.24 1.33 1.86 Answer: B Cash Inventory Accounts Receivable Current ratio $115,000 105,000 55,000 2.00
J-Mark Superstores provides the following selected financial data. Cash and cash equivalents Long-term investments Short-term investments Accounts receivable Inventory Property, plant and equipment Total asset 2024 $ 852,540 45,050 1,120,545 2023 $ 750,235 39,194 1,030,901 2,812,020 2,615,179 4,212,686 3,749,291 96,555 82,072 9,139,396 8,266,871 Total liabilities 4,204,122 3,968,098 Total stockholders' equity 4,935,274 4,298,773 Net sales 15,579,865 13,710,281 Operating income 5,452,953 4,661,496 Interest expense 157,655 Investment income 5,947 148,804 4,851 Calculate the return on investments ratio for 2024. Note: Round your answer to 1 decimal place. Return on investments ratio %
Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Cash Accounts receivable Equipment, net Land Total assets QS 17-6 (Algo) Vertical analysis LO P2 Current Year $ 12,700 64,000 64,000 100,500 $ 241,200 Cash Accounts receivable Equipment, net Express the items in common-size percents. (Round your percentage answers to one decimal place.) Land Total assets Current Year Prior Year $ 16, 200 29,900 56,000 76,000 $ 178,100 % % % % 0.0 % Prior Year % % % % 0.0 %
How do we report the $1000000 in the financial statement?