ctivation Falled) RT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW DESIGN LAYOUT Questions 1 to 5 are based on the following information: Mojo Jojo Company is calculating its ratios relation to debt-paying ability for the year ended December 31, 2012. Below is the relevant information: sales revenue P 325,000 Cost of goods sold and operating 75,000 expenses Interest expense 20,000 Income tax expense 6,000 Profit 9,000 December 2012 January 1, 2012 Cash P10,000 P 16,000 „Accounts receivable 25,000 15,000 . Inventory 45,000 60,000 Accounts payable 24,000 28,000 Taxes payable 11,000 a13,000 E ENGLISH (AUSTRALIA)

ctivation Falled) RT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW DESIGN LAYOUT Questions 1 to 5 are based on the following information: Mojo Jojo Company is calculating its ratios relation to debt-paying ability for the year ended December 31, 2012. Below is the relevant information: sales revenue P 325,000 Cost of goods sold and operating 75,000 expenses Interest expense 20,000 Income tax expense 6,000 Profit 9,000 December 2012 January 1, 2012 Cash P10,000 P 16,000 „Accounts receivable 25,000 15,000 . Inventory 45,000 60,000 Accounts payable 24,000 28,000 Taxes payable 11,000 a13,000 E ENGLISH (AUSTRALIA)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous YearSales $4,000,000 $3,600,000Cost of goods sold 2,280,000 1,872,000Selling expenses 600,000 648,000Administrative expenses 520,000 360,000Income tax expense 240,000 216,000a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.b. Comment on the significant changes disclosed by the comparative income statement.
Selected information from Bigg Company's financial statements follows: Fiscal Year Ended December 31 2019 2018(in thousands) 2017 Gross sales $2,004,719 $1,937,021 $1,835,987 Less: Sales discounts 4,811 4,649 4,406 Less: Sales returns and allowances 2,406 2,324 2,203 Net sales $1,997,502 $1,930,048 $1,829,378 Cost of goods sold 621,463 619,847 660,955 Gross profit $1,376,039 $1,310,201 $1,168,423 Operating expenses 577,369 595,226 583,555 Operating income $798,670 $714,975 $584,868 Other income (expenses) 15,973 (6,140) (8,773) Net income $814,643 $708,835 $576,095 At December 31 2019 2018(in thousands) 2017 Accounts receivable $201,290 $195,427 $182,642 Less: Allowance for doubtful accounts 2,516 2,736 2,192 Net accounts receivable $198,774 $192,691 $180,450 Required: 1. Calculate the following ratios for 2018 and 2019. Round your answers…
A company reported the following data for the year ending 2018: Description Amount Sales $400,000 Sales discount $16,000 Sales returns and allowances $13.000 Cost of goods sold $117,000 Operating expense $153,000 Income tax expense $23,750 Compute the amount of net sales to be reported on the Income statement. $371,000 $397000 $384.000 $387.000
Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio. Please help with the both questions mentioned
The following trial balance relates to Queenie as at 30 September 2019: RM'000RM'000 Revenue (note (i)) 312,890 Cost of sales 148,900 Distribution costs 42,125 Administrative expenses (note (ii))34,680 Loan note interest and dividend paid (notes (ii) and (iii)) 19,500 Investment income3200 Equity shares of 25 cents each 50,000 5% loan note (note (ii)) 30,000 Retained earnings at 1 October 20187,300 Plant and equipment at cost (note (iv)) 90,000 Accumulated depreciation at 1 October 2018: plant and equipment 32,400 Equity financial asset investments (note (v))40,000 Inventory at 30 September 201930,040 Trade receivables 42,900 Bank10,845 Current tax (note (vi)) 1,100 Deferred tax (note (vi)) 900 Trade payables23,400 460090460090 The following notes are relevant: (i) On 1 October 2018, Queenie sold one of its products for RM12 million (included in revenue in the trial balance). As part of the sale agreement, Queenie is committed to the ongoing servicing of this product until 30…
What is the statement of comprehensive income for the year Dec. 2020 showing the ratio of each item to sales expressed as a percentage (vertical analysis)? Additional information: • There are only 300 business days during the year. The annual amortization of long term notes is 250,000.
4
Assume a merchandising company had credit sales of $380,000, cost of goods sold of $187,000, and net income of $60,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 39,000 $ 44,000 Income taxes payable $ 13,000 $ 10,000 If the company purchases its merchandise inventory on account, then based solely on the information provided, the company’s cash paid for inventory purchases would be: Garrison 17e Rechecks 2020-10-02 Multiple Choice $189,000. $185,000. $195,000. $179,000.
4. 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) 50,000
Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,244. Ending inventory was $1,596. Note: Input all amounts as positive values. Sales $ 34,500 Sales returns and allowances 1,088 Sales discount 1,148 Purchases 10,312 Purchase discounts 536 Depreciation expense 111 Salary expense 5,000 Insurance expense 2,400 Utilities expense 206 Plumbing expense 246 Rent expense 176
Compute for the income tax due
Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. V: HOYT COMPANY Income Statement (Partial) $ 4