Can you help me solve this general accounting question using valid accounting techniques? Atlas Manufacturing reported the following amounts (in USD) in2024:.Net income: $350,000. Unrealized gain on available-for-sale securities: $25,000. Unrealized loss related to pension liability adjustment:$(12,000)Unrealized gain on foreign currency translation: $8,000Determine Atlas Manufacturing's total comprehensive income for2024.

Step 1: Definition of Total Comprehensive IncomeTotal Comprehensive Income includes all changes in…

Answered: Atlas Manufacturing reported the…

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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JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative expenses $585,900; unrealized holding loss on available-for-sale securities (considered other comprehensive income) $22,000; a positive foreign currency translation adjustment $26,250 (considered other comprehensive income); and an unrealized loss from pension adjustment (considered other comprehensive income) $7,000. JDW’s tax rate was 21%. Ignore income taxes related to amounts in other comprehensive income. prepare a statement of comprehensive income using the two-statement format. Ignore earnings per share.
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The Weymire Corporation provides you with the following information for the year ended 12/3120: Sales revenue 450,000 |Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense 72,750 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238.500 91.500 Net Income 12/31/19 12/31/20 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9.000) (10,500) Total 342.000 363.000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 45,000 6,000 Notes Payable, long term Accrued Pension Liability 3,000 Deferred Tax Liability Common Stock, no par 21,000 27,000 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363,000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions)20222021Accounts receivable (gross)$ 3,650$ 4,530Accounts receivable (net)3,4004,450Allowance for doubtful accounts25080Sales revenue32,97035,470Total current assets7,1427,304 Answer each of the following questions.(a)Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnoverenter the accounts receivable turnover in times rounded to 1 decimal place timesThe average collection period for 2022enter the average collection period for 2022 in days rounded to 1 decimal place days
Consider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 Calculate change in NWC
Consider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000You are required to:i) Calculate the operating cash flow ii) Calculate the cash flow to creditors iii) Calculate the cash flow to shareholders iv) Calculate the cash flow from assets v) Calculate net capital spending vi) Calculate change in NWC PLEASE SHOW WORKING
Rubiks Company provided the following information at year-end: Cash and cash equivalents 500,000 Accounts receivable, net of allowance P100,000 2,000,000 Inventory Property, plant and equipment at carrying amount Accounts payable Wages payable Share capital Share premium 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 The only asset not listed is short-term investment. The only liabilities not listed are a P3,000,000 note payable due in two years and related accrued interest of P100,000 due in four months. The current ratio at year-end is 1.5 to 1.00. 4. What is the balance of retained earnings at year-end?
WOODPECKER CORP. reported profit of P800,000 in 2018 under cash basis. The following items are relevant in converting the cash basis profit into accrual basis. Inventory, January 1 P1,000,000 Inventory, December 31 600,000 Receivables, January 1 300,000 Receivables, December 31 900,000 Payables increased by 500,000 How much is the profit under accrual basis of accounting? A. P500,000 B. P600,000 C. P700,000 D. P400,000
Calculate Return on Total Assets each year separately.
Adjusted Current Assets - P2,700,000 Adjusted Noncurrent Assets - P7,460,000 Adjusted Liabilities - P4,500,000 Requirements: Compute for the following: a. Adjusted Equity b. Adjusted Profit
Alpesh
Below are the financial data of XYZ Company, a not-for-profit entity for month of June, 2017.Cash – P2,500,300Accounts Receivable – P500,600Long-Term Investment – P1,500,000Plant, Property and Equipment – P5,600,000Accounts Payable – P350,600Notes Payable – P500,500Permanent Restricted Net Assets – 5% of Total Net AssetsTemporary Restricted Net Assets – 15% of Total Net AssetsTransactions for the month of July, 2017 Receive a car worth – P300,000 but treated as temporary restricted net assets Partial payment of accounts payable – P50,600 Issued a promissory notes worth – P150,500 Paid the salary of employees – P15,250 Reclassify 5% of May, 2017 temporary restricted net assets to unrestricted net assets. Compute the balance of unrestricted net assets as of July, 2017 a. 7,453,963.50 b. 7.453,963 c. 7,453,962.50 d. 7,453,964 Compute the balance of total assets as of July, 2017 a. 10,485,550 b. 10,485,500 c. 10,486,550 d. 10,487,550

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