Compute the net income or net loss for the month ended on March 31, 2018, from the following data: Assets on March 1, 2018 $50,000 Liabilities on March 1, 2018, 33,000 Capital on March 31, 2018, 29,000 Additional investments by the owner during the year 2018 2,000 Withdrawals during the year 2018 4,000
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- The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…From the following information for BlueInks Corporation, compute the rate of return on assets. Hint: The numerator is income before interest expense and taxes. Net income $40,878 Total assets at beginning of year $250,100 Total assets at end of year $158,680 a. 15% b. 25% c. 16% d. 20%K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
- Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…Balance Sheet as at As at 30/9/16 As at 30/9/15 $ $ Assets Current assets- Cash 8,200 9,400 Accounts Receivable 107,000 103,500 Inventory 82,700 71,300 Non-current assets less accumulated depreciation 242,600 245,700 Total assets 440,500 429,900 Liabilities and Owners' equity Current liabilities 117,000 120,000 Loan (repayable in 2019) 152,000 150,000 Total liabilities 269,000 270,000 Owners' equity 171,500 159,900 Total Liabilities and Owners' equity 440,500 429,900 Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016 $ Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 · Note - The owner withdrew $48,400 during 2016. Required: Calculate…The following information is available for J Ltd. for the year ended 2021: Net working capital Long-term debt Total assets Fixed assets Calculate the amount of the total liabilities. $6,880 $4,970 $2,480 $460 $4,970 $8,390 $5,910 $6,990
- Questions about the Income Statement. a. List 2 expense accounts AND their amounts for 2020 b. What was the net profit/(loss) for 2020? What about 2019? c.Compared with 2019, has the net profit/(loss) increased or decreased?Inform me on how to solve it?Using the Balance Sheet and Income Statement please calculate the following: Balance Sheet Assets Liabilities and Owner’s Equity 2018 2019 2018 2019 Current Assets Current Liabilities Cash 300 325 Acts Pay 480 400 Accs Rec 275 270 Notes Pay 560 500 Inventory 600 675 Total 1,040 900 Total 1,175 1,270 Long Term Debt 950 1,200 Fixed Assets Net Fixed 2,350 2,875 Owners Equity Preferred Stock 750 845 Retained Earn 785 1,200 Total 1,535 2,045 Total Assets 3,525 4,145 Total Liabilities & OE 3,525 4,145 2019 Income Statement Net Sales 3,456 COGS 1,895 Depreciation 235 EBIT 1,326 Interest 320 Taxable Income 1,006 Taxes 211.26 Net Income 794.74 Dividends 147 Additions to Retained Earnings 647.74…
- Compute Net Operating Profit after Tax Refer to the balance sheet information below for Home Depot. $ millions Feb. 3, 2019 Jan. 28, 2018 Operating assets $27,446 $26,607 Nonoperating assets 1,156 2,337 Total assets $28,602 $28,944 Operating liabilities $10,841 $10,431 Nonoperating liabilities 18,981 17,568 Total liabilities $29,822 $27,999 Net sales $70,332 Operating expense before tax 60,237 Net operating profit before tax (NOPBT) 10,095 Other expense 633 Income before tax 9,462 Tax expense 2,233 Net income $7,229 Assume a statutory tax rate of 22%. a. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = Net income + NNE Net income NNE NOPAT Answer Answer b. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = NOPBT − Tax on operating profit NOPBT Tax on operating profit NOPAT Answer AnswerComparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash $ 43 $ 138 Accounts receivable 196 151 Prepaid insurance 9 4 Inventory 302 194 Buildings and equipment 438 369 Less: Accumulated depreciation (138 ) (259 ) $ 850 $ 597 Liabilities Accounts payable $ 106 $ 138 Accrued liabilities 8 15 Notes payable 69A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
