Below are summary numbers for 2020 and 2021 for S-Mart Ltd. (in million dollars). 2020 2021e Operating assets Cash equivalente Operating liabilitiese Long-term debt financinge Operating income (after tax) Net financial expense (after tax)<ª 17,000 400 19,000- 510 3,880 4,050 5,496e 4,374e 2,200 690
Q: Budgeting Inventories For each independent situation below, determine the missing amounts:
A: In this question, we have to find out the budgeting inventories where we can find available…
Q: what is the procedure used?
A: Journal entry is a basic accounting entry and is the first step in double entry system of…
Q: Which of the following types of messages might the Active Auditor display? Question 9 options:…
A: The auditor is the person who audits the books of the company. the verifies all the books and the…
Q: Salim, Osama and Javid are partners. They share profits and losses in the ratio of 2/5, 2/5 and 1/5…
A: The profit and loss appropriation account is a subset of the profit and loss account. This statement…
Q: Assume that in a maintenance organization we have the following data: Total number of annual hours =…
A: Maintenance Activity: Maintenance operations include partial or total overhauls at defined times,…
Q: What is the purchase price for a bond that is paying 6 percent annual coupon rate in Semi-annual…
A: Annual coupon rate- The coupon rate is the yearly earnings a shareholder can expect to receive while…
Q: ould accept the factoring service offered by Powell. What use should the company make of any finance…
A: Cash conversion cycle indicates that number of days required to recover money from inventories to…
Q: Consultancy Services, prepares financial statements to an accounting date of 31 Ma each year. During…
A: Explanation of Concept National Insurance Contrition is the payment which is to be made by the…
Q: What is the amount of bond interest expense for the first year?
A: Solution: Bond interest expense for first year = Interest expense for first semiannual period +…
Q: Gallerani Corporation has received a request for a special order of 6,000 units of product A90 for…
A: In special order decision making we should not consider Fixed cost that remains constant.
Q: Bluebird Manufacturing hes received a special one-time order for 15,900 bird feederslat $3.90 per…
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed…
Q: Compute the July 31 balances of the inventory accounts.
A: Inventory is the raw materials used to produce goods for sale. The working for the closing balances…
Q: DO THE REVENUE BUDGET FOR JAN AND FEB iHosn: Statistics Budget: RVUS (1]
A:
Q: Consider the following production and cost data for two products, L and C: Product L Product C…
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…
Q: you think switching to an IFRS formatted balance sheet with the accounts rearranged will affect…
A: Meaning if IFRS: It is a set of accounting standards developed by the International Accounting…
Q: nual reports and why ar
A: To explain the items of annual report as,
Q: Japer Ltd is a retailer and has the following transactions in the quarter ended 31st March 2022…
A: Credit of tax paid on inputs is available only if tax is paid on supplies.It means credit of tax…
Q: The ledger of Rashid Travel Agency includes the following accounts with normal balances on December…
A: Closing entry means the entries passed at the end of specified period where all the balances of…
Q: Question 2: On 1/1/2019, P Company acquired 80% of S company for a price of 160'000 JD cash. The…
A: Consolidated financial statements are financial of an entity with multiple divisions or…
Q: A problem statement is an unstructured set of statements that describes the purpose of an effort in…
A: A problem statement is important in a process improvement project since it helps define the…
Q: Gaffney Corporation is a wholesale distributor of auto parts and uses the cash method of accounting.…
A: Here discuss about the details of the threshold limit which are related with the cash method…
Q: The statement of financial position for the partnership of AA, BB and CC who share profits in the…
A: Partnership is a formal arrangement by two or more parties to manage and operate a business and…
Q: What is the materials price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25…
A: Waterways Corporation is using standard costing method to evaluate its manufacturing efficiency. The…
Q: How much is the excessive tax benefits to be credited to tax expense on January 2, 2019 according to…
A: Stock based compensation is the type of compensation or the option which are given to the employees…
Q: In the consolidated statement of comprehensive income to be prepared by the parent corporation,…
A: A business combination is defined as an entity obtaining control of one or more businesses. The most…
Q: Budget Preparation Collins Company is preparing its master budget for April. Use the given estimates…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Accounts payable generally present the auditors with difficult valuation problems. false…
A: Accounts payable is an obligation that an entity has to recompense within a year.
Q: 22.If the step method of allocation is used, how much would be allocated from supervision to…
A: The step allocation method is an approach used to allocate the cost of the services provided by one…
Q: George, Andrea and Oscar have equities in a partnership as follows: George 500,000 Andrea 800,000…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: 2.Which inputs in a material Employee Benefits estimate is most likely the responsibility of the…
A: Audit refers to the checking as well as inspection of the original books of accounts or financial…
Q: Questions 20 to 23 are based on the following information: On January 1, 2016, Telespace Inc. grants…
A: calculation of deferred tax expenses are as follows
Q: Gerardo de Guzman has a taxable compensation income of Php 135 000. He is single with two qualified…
A: As per Philippines laws, there is a mandatory deduction for up to four dependent children of an…
Q: Keeping the partnership assets and liabilities separated from the personal assets and liabilities of…
A: Assets are company-owned resources (tangible and intangible) that can bring future economic…
Q: Using the following categories, discuss the differences that exist between accounting for these…
A: Accounting is the process of defining, assessing, and reporting transactions to oversight…
Q: On Jan. 1, 2020, Luna Company granted 60,000 share options to employees. The share options will vest…
A: Answer - Calculation of share premium upon exercise of the share options on Dec. 31, 2023 -…
Q: Ex 7- Long-Term Note Payable a) What if the Einstein Corporation decided to raise capital (Cash) by…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: On December 1, 2020, Beta Company, a U.S. electronics company purchased equipment from a Brazilan…
A: Forward Exchange Contract: It is a contract under which a business consents to purchase a specific…
Q: On Jan. 1, 2020, Terra Company established a share appreciation rights plan for the executives. The…
A: calculation of compensation income are as follows
Q: AA and BB are partners engaged in a manufacturing business. Transactions affecting the partners’…
A: A partnership capital account is a distinct account that shows the equity in a partnership that is…
Q: 1. Calculate the need of working capital. The answer is [WCN]
A: WCR(days) = Inventory + Accounts Receivable – Accounts Payable = 30+(30+20+50)-20…
Q: 5. Compute the following financial ratios for 2015 and 2016 and interpreting the results in the…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Many companies recognize that their cost systems are inadequate for today's powerful global…
A: The traditional costing method uses a single overhead recovery rate while in the case of ABC…
Q: Questions 7-9 are based on the following lease amortization schedule. The five payments are made…
A: The amortization schedule helps to know the outstanding balance at year end.
Q: will be paid by his insurance company if a fire causes $710,000 in losses? O $568, 000 O $735, 000 D…
A: Insurance is contract entered between two parties ie. The company assuring in the contract of…
Q: GR Company had outstanding 2,000 shares of P100 par value 8% cumulative preference share and 30,000…
A: Dividend means the amount given to shareholder of the company as profit distribution by company.…
Q: 14. On its December 31, 2017, balance sheet, Trump Company reported its investment in equity…
A: An unrealized gain is an increase in the value of an asset or investment that has not been sold by…
Q: question 7 In a period of rising prices, the inventory method which tends to give the highest…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: On a consolidated balance sheet as of January 2, 20x4, what should be the amount for each of the…
A:
Q: Provide the best word/s to describe each of the statements below. In your answer book you need only…
A: Business is referred to as a economic activity where exchange of benefits take place between the…
Q: Dongguk Industry began the accounting year of 2010 with accounts receivable balance of $650,000 and…
A: Sno Account Titles and Explanation Debit Credit 1 Accounts Receivable $ 7,290,000…
Step by step
Solved in 2 steps
- Suppose the Crane Ltd's 2020 financial statements contain the following selected data (in millions). Current assets Total assets Current liabilities Total liabilities NT$3,536.0 31,408.0 3,016.0 16,640.0 Compute the following values. Interest expense Income taxes Net income NT$520.0 (a) Debt to assets ratio. (Round to O decimal places, e.g. 62%.) 1,976.0 4,590.0 (b) Times interest earned. (Round to 2 decimal places, e.g. 6.25.) % timesABC Co. financial data for 2020 & 2019 are given below: Total Assets Total Liabilities Cash Interest-bearing Debt Net Income Interest Expense Tax Expense Depreciation Expense Debt to Equity Ratio Interest Coverage Ratio 2020 2020 $925,000 667,000 36,000 527,000 169,000 9,500 21,000 44,500 2019 times $915,000 527,000 45,000 371,000 127,000 Calculate the debt to equity ratio and the interest coverage ratio using the select financial data provided above for 2019 & 2020. (Round answers to 2 decimal places, e.g. 15.25.) 5,900 18,600 38,500 2019 timesThe comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…
- Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?A). Long term debt for zooey corporation in 2020 b.) total assets for zooey corporation in 2020 c.net fixed assets for zooey corporation in 2020what is the net fixed assets for zooey corporation on 2020 what is the total assets for zooey corpoartions in 2020 what is the long term debt for zooey corpoartion in 2020 help me answer this thank you
- Glendale Ltd. reported the following selected data at December 31, 2021 and 2020: 2021 2020 Total assets $515,000 $529,000 Total liabilities 309,000 302,000 Interest expense 13,000 12,000 Income tax expense 25,500 22,500 Profit 85,000 75,000 Calculate Glendale Ltd.'s (a) debt to total assets and (b) interest coverage ratios for each of the years 2021 and 2020 and comment on any trends.Subject :- ADVANCED FINANCIAL ACCOUNTING (FIN611) Question # 2:XYZ Limited has the following loans outstanding as at December 31, 2020. Calculate the Capitalization RateLoan – A @ 8% (taken at January 01, 2020) Rs. 600,000Loan – B @ 5% (taken at July 01, 2020) Rs.400,000Loan – C @ 9% (taken at September, 01 2020) Rs.300,000The company spent following amounts on construction of an asset.March 01, 2020. Rs. 500,000August 01, 2020. Rs. 400,000December 1, 2020 Rs. 400,000 Note:- Solve these question and please explain in detail in such a way that i will get full marks.The balance sheets for Sports Unlimited for 2021 and 2020 are provided below.SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020AssetsCurrent assets:Cash $ 103,500 $ 70,400Accounts receivable 46,800 32,000Inventory 44,550 71,200Prepaid rent 7,200 3,600Long-term assets:Investment in bonds 54,900 0Land 117,450 141,600Equipment 106,200 102,000Less: Accumulated depreciation (30,600) (20,800)Total…
- Presented below is the current liabilities section of Micro Corporation. ($000) 000 2021 000 2020 Current liabilities Notes payable $ 68,713 $ 7,700 Accounts payable 179,496 101,379 Compensation to employees 60,312 31,649 Accrued liabilities 158,198 77,621 Income taxes payable 10,486 26,491 Current maturities of long-term debt $416,592 $416,649 Total current liabilities $493,797 $251,489 Instructions Answer the following questions. a. What are the essential characteristics that make an item a liability? b. How does one distinguish between a current liability and a long-term liability? c. What are accrued liabilities? Give three examples of accrued liabilities that Micro might have. d. What is the theoretically correct way to value liabilities? How are current liabilities usually valued? e. Why are notes payable reported first in the current liabilities section? f. What might be the items that…From the given data, calculate the Debt to Total Assets Ratio for the MultiVerse Corp for 2021: Accounts payable Php 74,000 Accounts receivable 75,000 Cash 125,000 Inventory 90,000 Short-term investments 60,000 Short-term notes payable 40,000 Notes payable (due in 2023) 50,000 Total assets Php 469,000 Total liabilities 185,000 Net sales 240,000 Net income 31,500 39.45% O 34.65% O 42.63% O 17.89%The entity has collected P20,000 interest during 2020. While P3,700 is recorded in interest receivable on its December 31, 2020 statement of financial position and P10,000 on December 31, 2019. The interest revenue to be reported in the Company’s statement of comprehensive income for 2020 is?