Adventure Place Inc. had the following accounting income for the year ended December 31, 2019: Revenue Cost of goods sold Gross profit Operating expenses Amortization Miscellaneous expenses Operating income Gain on sale of investments $1,725,000 1,185,000 540,000 (265,000) (98,000) (76.000) 101,000 23.000
Q: Sheffield Company’s income statement for the year ended December 31, 2020, contained the following…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: Statement of cash flows is a financial statement which shows all cash inflows and cash outflows of…
Q: Prepare the necessary closing entries at December 31, 2020. Use compound journal entries where…
A: Closing entries: Closing entries are those journal entries, which are passed to transfer the final…
Q: Selected information taken from the financial statements of Fordstar Co. for the year ended December…
A: Operating income = Net sales - Cost of goods sold - Operating expenses
Q: Excerpts of financial data of Matend Projects Limited for 2019 are as follows: Statement of…
A: Ratio analysis helps in comparison between the years. Helps to understand the progress of the…
Q: Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC…
A:
Q: The following information is available from the accounting records of Spenser Co. for the year ended…
A: Loss from discontinuing operations is to be taken is = $17600 Net of tax savings of $5500 is…
Q: Northern Systems reported the following financial data (in millions) in its annual report: 2018 2019…
A: Return on assets =Net income / Average total assets Where, Average total assets = (total assets,…
Q: (a) The income statement and other selected data for Patuh Bhd is shown below. Patuh Bhd Accrual…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: From the following information, calculate Operating ratios and operating profit ratio and net profit…
A: Gross profit = Sales - Cost of goods sold 2019 = 15,00,000 - 7,50,000 =…
Q: АВС СОМРANY Income Statement For the year ended 31" December 2019 Travel and entertainment…
A: Net income: It can be defined as the excess of a company's sales revenue over the expenses incurred…
Q: The following information is related to Dickinson Company for the year ended December 31, 2020.…
A:
Q: Selected information taken from the financial statements of Fordstar Co. for the year ended December…
A: Net income is calculated after analysing all the revenues and expenses of the organisation.
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: The cash flow statement is one of the financial statements of the business which keeps the record…
Q: How much should be reported as net cash
A: Cash from operating activities is a separate section in Cash flow Statement.
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: Statement of cash flows is one of the financial statement which shows all cash inflows and cash…
Q: Satum Company Income Statement for year ended Dec. 31, 2018 $238,000 153,000 Sales Revenue Cost of…
A: Cash flows statement is one of the financial statement which shows all cash inflows and cash…
Q: The Income Statement for the year ended 31st December, 2020 under the method of Historical Cost…
A: Income statements for year ended 31.12.2020 under historical cost accounting of Sohar LLC is Cost of…
Q: Based on the financial statements provided and assuming the market price of Draper’s stock is $200…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: operating activities section of the statement of cash flows using the indirect method
A: The statement of cash flows is a part of financial statement which shows the flow of cash across…
Q: For the Year Ended December 31, 2019: $ 30,200 11,300 6,000 $ 12,900 3,200 Net revenues Cost of…
A: Answer 1) Calculation of Accounts Receivable Turnover Accounts receivable turnover = Net credit…
Q: Based on the financial statements provided and assuming the market price of Draper’s stock is $200…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Gambino Enterprises, Inc. reported the following Items of revenues and éxpenses ended December 31,…
A: Multiple-step income statement is a structure of income statement in which the items are grouped…
Q: The following is the excerpt of financial information of WATANABE Corporation on December 31, 2022…
A: Solution:- We know, average collection period is the average number of days of collection of money…
Q: The following information is related to Vaughn Company for 2020. Retained earnings balance, January…
A: Multiple-step income statement: It is the more detailed statement for calculating the net income of…
Q: For the Year Ended December 31, 2019: $ 30,200 11,300 6,000 $ 12,900 3,200 3,500 $ 6,200 Net…
A: Answer) Calculation of Debt ratio Debt Ratio = Total Liabilities/ Total Assets…
Q: ABC Co. has the following balances at the end of year 2020: Cost of the goods sold-SR300,000…
A: Income statement is one of the financial statement of company, which is the indicator of…
Q: The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given…
A: The question is based on the concept of Cash flow statement. Cash flow statement is the statement…
Q: You have been provided with Leonard Corporation's partial Statement of Financial Position and the…
A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…
Q: The following income statement and balance sheets for The Athletic Attic are provided. THE…
A: Gross profit = $3370000 Sales = $8740000
Q: Presented below is income statement information of the Schefter Corporation for the year ended…
A: Date Account Titles and Explanation Debit Credit December 31, 2021 Sales revenue…
Q: Selected information taken from the financial statements of Verbeke Co. for the year ended December…
A: The income statement is one of the essential part of the financial statements used for reporting the…
Q: The comparative statements of Waterway Company are presented here. Waterway Company Income…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: The accounting records of Uniontown Industries, Inc., provided the data below for the year ended…
A: Uniontown Industries Inc. Cash Flow Statement [Partial]--Direct Method For the Year Ended…
Q: The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue…
A: Stockholder equity statement is the one where net income and additional capital introduced are added…
Q: Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC…
A: Formulas: Gross profit ratio = Gross profit / Net sales * 100 Return on assets = Net income /…
Q: The current sections of rita Company's Statement of Financial Position as at 31 December 2019 and…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: wing income statement and balance sheets for Laser World are provided: LASER WORLD Income…
A: We need to calculate the given ratios.
Q: The following financial statements and additional information are reported. IKIBAN INc. Comparative…
A: Cash flows on total assets=Operating cash flowAverage total assets
Q: The comparative balance sheets, income statement and additional information of Bakewell Corp. are…
A: The cash flow statement represents the cash inflow and cash outflow due to the operating, financing,…
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: In simple terms, net income is the income that comes after deducting all expenses from the total…
Q: Wildhorse Company’s income statement for the year ended December 31, 2020, contained the following…
A: Solution: Computation of cash received from customers Particulars Amount Beginning accounts…
Q: Following are the financial statements and other supplementary information for Summer Corporation…
A: Statement of Cash Flow - Statement of Cash Flow shows movement of cash during the financial year.…
Q: he following information has been taken from Sacha's accounts.…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: From the following information, calculate Operating ratios and operating profit ratio and ne profit…
A: The operational ratio reflects a company's total operating expenses to net revenues to assess how…
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: Statement of cash flows is one of the financial statement which shows all cash inflows and cash…
Q: Laris Corporation Income Statement For the year ended December 31, 2019 Sales revenue Cost of goods…
A: Cash flow statement (CFS) is the summary showing the net cash inflows and outflows by the entity for…
Q: The income statement, balance sheets, and additional information for Video Phones, Inc., are…
A: Cash flow Statement: The amount of cash and cash equivalents entering and leaving a firm is…
Q: Wayman Corporation reports the following amounts in its December 31, 2024, income statement. Sales…
A: Total revenue and expenditures are divided into operational and non-operating categories on a…
If answered within 30mins,it would be great.
Step by step
Solved in 2 steps with 1 images
- Refer to the following financial statements of Delima Corporation for 2019 and 2020: Delima Corporation Income Statements For the year ended 31 December (in millions) 2020 2019 $13,198 $ 7,750 $ 5,448 $3,472 $ 1,976 233 $ 12,397 $ 7,108 $ 5,289 $ 3,299 $ 1,990 $ $4 $ 1,742 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Other (income) expense, net $ 248 11 Income before income taxes $ 1,732 Income tax expense 503 502 Net income $ 1,229 $ 1,240 Delima Corporation Balance sheet For the year ended 31 December (in millions) Assets 2020 2019 Current assets Cash 444 $ $ 1,188 $ 1,132 460 $ 1,190 $ 1,056 Accounts receivables (net) Inventories Other current assets 247 225 $ 3,027 $ 3,281 $ 5,593 $ 2,915 $ 3,128 $ 5,804 $ 11,847 Total current assets Property (net) Other assets Total assets $11,901 Liabilities and Stockholders' Equity $ 3,313 $ 6,826 $ 1,762 $11,901 $ 3,184 $ 6,509 $ 2,154 $ 11,847 Current liabilities…[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Numerator: 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 156,366 KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 1 1 / 1 1 58,007 36,990 94,997 61,369 12,581 $ 74,141 $ 48,788 December 31 2021 $ 62,574 0 Current Ratio 114,438 $ 177,012 $ 25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: $ 41,881 $…The following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…
- HIC GROUP OF Companies COMPARATIVE INCOME STATEMENT For years ended 3rd December 2019 2020 Revenue and gains Sales revenue 495,500 496,738.75 Interest revenue 278,500 279,196.25 Investment Income 71,700 71,879.25 Other revenue 101,500 101,753.75 Total revenue and gains 947,200 949,968 Expenses and losses Cost of good sold 450,000 447,750 Selling&administrative 185,000 184,075 Computer (operating) 42,500 42,288…HIC GROUP OF Companies COMPARATIVE INCOME STATEMENT For years ended 3rd December 2019 2020 Revenue and gains Sales revenue 495,500 496,738.75 Interest revenue 278,500 279,196.25 Investment Income 71,700 71,879.25 Other revenue 101,500 101,753.75 Total revenue and gains 947,200 949,968 Expenses and losses Cost of good sold 450,000 447,750 Selling&administrative 185,000 184,075 Computer (operating) 42,500 42,288 Depreciation 50,000…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…
- The comparative statements of Blossom Company are presented here: Blossom CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,899,640 $1,759,600 Cost of goods sold 1,067,640 1,015,100 Gross profit 832,000 744,500 Selling and administrative expenses 509,100 488,100 Income from operations 322,900 256,400 Other expenses and losses Interest expense 23,500 21,500 Income before income taxes 299,400 234,900 Income tax expense 93,500 74,500 Net income $205,900 $160,400 Blossom CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 126,900 111,900 Inventory 127,500 117,000 Total current assets 388,500 343,100 Plant assets…The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…The comparative statements of Pharoah Company are presented here: Pharoah CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,898,740 $1,758,700 Cost of goods sold 1,066,740 1,014,200 Gross profit 832,000 744,500 Selling and administrative expenses 508,200 487,200 Income from operations 323,800 257,300 Other expenses and losses Interest expense 23,400 21,400 Income before income taxes 300,400 235,900 Income tax expense 93,400 74,400 Net income $207,000 $161,500 Pharoah CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 126,000 111,000 Inventory 127,400 116,900 Total current assets 387,500 342,100 Plant assets…
- The comparative statements of Pharoah Company are presented here: Pharoah CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,898,740 $1,758,700 Cost of goods sold 1,066,740 1,014,200 Gross profit 832,000 744,500 Selling and administrative expenses 508,200 487,200 Income from operations 323,800 257,300 Other expenses and losses Interest expense 23,400 21,400 Income before income taxes 300,400 235,900 Income tax expense 93,400 74,400 Net income $207,000 $161,500 Pharoah CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 126,000 111,000 Inventory 127,400 116,900 Total current assets 387,500 342,100 Plant assets…The following information is available for Sunland Corporation for the year ended December 31, 2022: sales revenue $840,000, other revenues and gains $91,000, operating expenses $101,000, cost of goods sold $466,000, other expenses and losses $30,500, and preferred stock dividends $40,950. The company's tax rate was 20%, and it had 70,000 common shares outstanding during the entire year. (a) Your Answer Correct Answer Your answer is partially correct. Prepare a corporate income statement. (List other revenues before other expenses.)Below are Samarahan Jaya Berhad’s income statement, statement of retained earnings and balance sheet for 2019 and 2020. Samarahan Jaya Berhad Comparative Income Statement For the Years Ended December 31, 2019 and 2020 2020 (RM) 2019 (RM) Sales 5,125,000 3,257.600 Sales returns and allowances 125,000 57,600 Net sales 5,000,000 3,200,000 Cost of goods sold 3,400,000 2,080,000 Gross Profit 1,600,000 1,120,00 Selling expenses 650,000 464,000 Administrative expenses 325,000 224,000 Total operating expenses 975,000 688,000 Income from operations 625,000 432,000 Other income 25,000 19,200 650,000 451,200 Interest expense 105,000 64,000 Income before tax 545,000 387,200 Income tax expense 300,000 176,000 Net income 245,000 211,200 Samarahan Jaya Berhad Comparative Retained Earnings Statement For the Years Ended December 31, 2019 and 2020…