Please do not give solution in image format thanku Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars):Retained earnings, 31 December 20X7Sales revenueInterest expenseCost of salesAccumulated other comprehensive income, 31 December 20X7Dividends paidForeign currency gains and losses on 20x8 transactions.Income tax expenseSelling and administrative expenseAmortization on furniture and fixtures for 20X8Write-off of obsolete inventoryImpairment of tangible capital assetsAdditional contributed capitalLoss on redemption of long-term debtUnrealized foreign currency translation loss on self-sustaining U.S. subsidiary for20x8, net of $219 income taxiDebit$ 9709,9003,9002,0705,3002,0007201,160860781Credit$59,00037,0002,3004,90033,000Required:Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar) Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar.)ACRIMONY LIMITEDStatement of Comprehensive IncomeYear ended 31 December 20X8(thousands of Canadian dollars)Operating expensesOther income (expense)Other Comprehensive Income:

The statement of comprehensive income reports the change in net equity of a business enterprise over…

Acrimony Ltd. has the Retained earnings, 31 December 20X7 Sales revenue Interest expense Cost of sales Accumulated other comprehensive income, 31 December 20X7 Dividends paid. Foreign currency gains and losses on 20x8 transactions Income tax expense Selling and administrative expense Amortization on furniture and fixtures for 20X8 Write-off of obsolete inventory Impairment of tangible capital assets Additional contributed capital Loss on redemption of long-term debt i Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for 20x8, net of $219 income tax Debit $ 970 9,900 3,900 2,070 5,300 2,000 720 1,160 860 781 Credit $59,000 37,000 2,300 4,900 33,000 Required: Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar)

Acrimony Ltd. has the Retained earnings, 31 December 20X7 Sales revenue Interest expense Cost of sales Accumulated other comprehensive income, 31 December 20X7 Dividends paid. Foreign currency gains and losses on 20x8 transactions Income tax expense Selling and administrative expense Amortization on furniture and fixtures for 20X8 Write-off of obsolete inventory Impairment of tangible capital assets Additional contributed capital Loss on redemption of long-term debt i Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for 20x8, net of $219 income tax Debit $ 970 9,900 3,900 2,070 5,300 2,000 720 1,160 860 781 Credit $59,000 37,000 2,300 4,900 33,000 Required: Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar)

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement

Section: Chapter Questions

Problem 9E

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Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars): Debit Retained earnings, 31 December 20X7 Sales revenue Interest expense Cost of sales Accumulated other comprehensive income, 31 December 20X7 Dividends paid Foreign currency gains and losses on 20x8 transactions. Income tax expense Selling and administrative expense Amortization on furniture and fixtures for 20x8 Write-off of obsolete inventory Impairment of tangible capital assets Additional contributed capital Loss on redemption of long-term debt Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for 20x8, net of $184 income tax ACRIMONY LIMITED Statement of Comprehensive Income Year ended 31 December 20X8 (thousands of Canadian dollars) Contribution margin on sales Operating expenses: $ 900 9,200 3,200 1,720 4,600 1,650 650 1,090 Required: Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole…
The statement of income for Pembina Ltd. is shown below: Sales Cost of goods sold Gross profit PEMBINA LTD. Statement of Income Year Ended December 31 (in millions) Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income 2021 $1,610 908 702 525 177 80 97 25 $72 2020 $1,410 744 PEMBINA LTD. Horizontal Analysis of Statement of Income (% of base-year amount) Year Ended December 31 666 407 259 50 209 52 $157 2019 $1,194 598 596 397 199 40 159 40 $119 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g. -45.1% or parentheses e.g. (45.1)%.)
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…
Selected income statement and balance sheet data from Merck & Co. for Year 9 are reproduced below: MERCK & COMPANY, INC. Year 9 Selected Financial Data ($ 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.
Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows: Sales to outside parties Intersegment transfers Interest income from outside parties Interest income from intersegment loans Operating expenses Interest expense Tangible assets Intangible assets Intersegment loans (debt) Plastics $6,855 163 a. Revenue test: b. Profit or loss test: c. Asset test: 0 0 4,334 82 1,577 93 0 Metals $2,414 185 40 0 1,822 37 3,256 415 0 Lumber $ 741 150 27 0 1, 126 72 584 0 0 Ecru does not allocate its $1,400,000 in common expenses to the various segments. Perform testing procedures to determine Ecru's reportable operating segments. Paper Finance $ 452 162 0 0 684 22 831 69 0 0 48 213 37 108 209 0 718
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(Amounts Expressed in Millions) For the Fiscal Years Ended September 26 and September 28, respectively: Net sales Costs of sales Operating income Net income At Year-End: Assets Current assets: Cash and cash equivalents Short-term marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets. Noncurrent assets: Long-term marketable securities Property, plant, and equipment, net Other noncurrent assets Total noncurrent assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Other current liabi: ies Deferred revenue Commercial paper Current portion of term debt Total current liabilities Noncurrent liabilities: Noncurrent portion of term debt Other noncurrent liabilities Total noncurrent liabilities Total liabilities Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 Common stock and additional paid-in capital, $0.00001 par value:…
The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3AssetsCash $443,240 $360,920Accounts receivable (net) 665,280 592,200Inventories 887,880 1,022,560Prepaid expenses 31,640 25,200Land 302,400 302,400Buildings 1,713,600 1,134,000Accumulated depreciation—buildings (466,200) (414,540)Machinery and equipment 781,200 781,200Accumulated depreciation—machinery and equipment…
Operating activities: Net earnings Non-cash items Add: Depreciation LAURENT COMPANY Statement of Cash Flows For the year 31 December 20X8 Changes to working ital: Add: Decrease in accounts receivable Less: Increase in accounts payable Less: Increase in inventory Investing activities: Decrease in long-term bank loan Purchase of long-term investment Financing activities: Sold long-term investment Paid cash dividend Net change in cash Opening cash Closing cash Chemisie ہے
The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…
Financial Information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization Earnings before interest and taxes (EBIT) Interest Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Earnings before taxes (EBT) Taxes (25%) Net Income Common dividends Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2020 2021: $ b. What was the 2021 free cash flow? 2021 $3,300.0 2,805.0 $495.0 $ 2020 $3,000.0 2,550.0 $450.0 72.0 $378.0 66.0 $312.0 124.8 $187.2 $181.6 $149.8 -Select- 86.0 $ 409.0 72.6 $ 336.4 134.6 $201.8 2021 50.0 $ 483.0 725.0 $1,258.0 864.0 $2,122.0 $264.0 225.0 Notes payable 66.0 Total current liabilities $ 555.0 Long-term bonds 660.0 Total liabilities…