At January 1, 2008, Nova reported owner's cquity of P50,000, Owner drawings for the year totaled Pro.000. At December 31, 2008, the company will report owner's equity of *
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- A company's balance sheet showed the following amounts for liabilities and stockholders' equity accounts: Current Liabilities, $50,000; Bonds Payable, $600,000; Long-Term Lease Obligations, $120,000; and Deferred Income Tax Liability, $20,000. Total stockholders' equity was $520,000. What is the debt to equity ratio?Watterson Corporation's balance sheet showed the following amounts: Current Liabilities, $70,000; Bonds Payable, $150,000; and Lease Obligations, $20,000. Total stockholders' equity was $90,000. Calculate the debt-to-equity ratio.please answer without image (Answer in text form)
- During the year 2015, Sadaf Oman Company earned revenues of RO 42,000, had expenses of RO 25,000 purchased assets with a cost of RO 5,000 and paid dividends of RO 3,000. Net income for the year is Select one: O a. RO 20,000. O b. RO 15,000. O c. RO 17,000. O d. RO 45,000.PROBLEM D FINALE INC. operates a service business. Total equity amounted to P6,000,000 at the end of 2020. Based on its 2021 accounting records, FINALE's equity at the end of the year amounted to P10,000,000. Withdrawals equaled 15% of the increase in capital. Investments amounted to 30% of ending equity. Mark-up based on sales is 25%. Tax rate is equal to 20%. A breakdown of business expenses showed the following: general and administrative expense - 1,175,000; selling expense - 725,000; loss on sale of machinery - 25,000; interest income - 15,000; gain on sale of land - 75,000; Interest expense - 20,00o. Identify the required below. Question 38 Net Income After Tax Blank 1 Blank 1 Add your answer2.The Moon Company had net income in 2022 of AED 40 million. Here are some of the financial ratios from the annual report. Return on Assets = 5% Debt Assets Ratio = 55% Profit Margin = 4.5% Inventory in days = 20 days Using these ratios, calculate the following for the Remal Company: a) Salesb) Total assetsc) Total asset turnover d) Total debte) Stockholders' equity f) Return on equityg) Inventory
- During the year, a merchandising company had the following transactions: Generated 300.000 TL revenue and incurred 225.000 TL expense. Issued new shares of 20.000 at a price of 1,2 TL (par value is 1 TL). Repurchased 10.000 of these new shares at a price of 1,1 TL. Sold these repurchased shares at a price of 0,5 TL. Revalued its headquarters building as well as its one of the rental properties. The increases in the relevant equity and income items have been found to be 15.000 TL and 20.000 TL. Suppose that the ending retained earnings balance in the Statement of Changes in Shareholders Equity is 105.000 TL. Then, what was the opening balance of the retained earnings at the beginning of the year? a) 10.000 TL b) 16.000 TL c) 20.000 TL d) 26.000 TL4. PG Merchandising, a general partnership earned a net profit of P98,000 for the calendar year 2020. The capital account of the partners for the year ended December 31, 2020 is shown below: Pinto Capital (Mar 1) P25,000 (Jan 1) P150,000 (Nov 1) P37,000 (Jul 1) 50,000 (Oct 1) 50,000ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of commonstock outstanding for the year. The following income statement account balances are availablefor ERS at the end of 2019.Advertising expense $24,200Depreciation expense(on service van) 16,250Income taxes expense 15,150Insurance expense 11,900Interest expense 10,100Rent expense 58,400Salaries expense (foradministrative personnel) $195,600Service revenue 933,800Supplies expense 66,400Utilities expense 26,100Wages expense (for servicetechnicians) 448,300Required:1. Prepare a single-step income statement for ERS for 2019.2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able toincrease its service revenue by $100,000, what should be the effect on future income?
- SLM, Inc., with sales of $1,000, has the following balance sheet:SLM, Incorporated Balance Sheet as of 12/31/X0assetsLiabilities and equityAccounts receivable$200Trade accounts payable$ 200Inventory400Long-term debt600Plant800Equity600$1, 4 0 0$1, 4 0 0It earns 10 percent on sales (after taxes) and pays no dividends.a.Determine the balance sheet entries for sales of $1,500 using the percent of sales method of forecastingA company made a profit for the year ended 31 March 2020 of 30,000. During that year the company paid preference dividends of 100,000 5% preference share. In addition, an ordinary dividends of 0.04 per share was paid on 200,000 ordinary shares. What was the retained profit for the year ended 31 March 2020The following items were taken from the adjusted trial balance of the Dylex Corporation for the year ended December 31, 2020. Assume an average 25% income tax on all ens. The accounting period ends December 31, and all amounts given are pre-tax. Dylex Corporation had 11,000 common shares outstanding in 2020 and follows IFRS Cost of goods sold Depreciation expense, building Gain on exchange Gain on sale of assets from discontinued operations Insurance expense Interest expense Interest income Loss on sale of trading investment 140,000 23,000 a) Prepare a multi-step income statement in good form. Please make sure your final anewarts) are accurate to 2 decimal places Dylex Corporation For the Year Ended December 31, 200 125,000 100,000 54,000 52,000 X 58,000 135,000 Operating loss of discontinued operation to disposal date 100,000 Salaries expense 160.000 Sales ** 900,000 REQUIRED DISCLOSURES b) Calculate basic eamings per share (EPS) from continuing operations. Please make sure your final…