PO FINANCIAL MANAGEMENT 1.pd xO File | C:/Users/Montero%20Fam/OneDrive%20-%20Concierge%20Test%20Lab/Desktop/2nd%20year%20prelim/FINANCIAL%20MANAGEMENT%201%20.pdfof 52D Page viewA Read aloudV DrawE Highlight23EraseProblem 1 (Common-Size Income Statements)Prepare common size income statements for Wise Company, a sole proprietorship, for thetwo years shown below by converting the peso amounts into percentages. For each year,sales will appear as 100% and other items will be expressed as a percentage of sales.(Income taxes are not involved as the business is not incorporated.) Comment on whether thechanges from 2018 to 2019 are favorable or unfavorable.20192018SalesP 500,000.00P 400,000.00Cost of Goods Sold330,000.00268,000.00Gross ProfitP 170,000.00P 132,000.00Operating Expenses140,000.00116,000.00Net IncomeP30,000.00P16,000.001:28 AMA80%26°C RainAdobe9/12/2021DI PD FINANCIAL MANAGEMENT 1.pd xO File | C:/Users/Montero%20Fam/OneDrive%20-%20Concierge%20Test%20Lab/Desktop/2nd%20year%20prelim/FINANCIAL%20MANAGEMENT%201%20.pdfof 52D Page viewA Read aloudV DrawE Highlight24EraseProblem 2 (Common-Size Income Statement)A comparative income statement is given below for Rainbow CompanyRainbow CompanyComparative Income StatementFor the Years Ended June 30, 2019, and 201820192018Sales5,000,000.004,000,000.00Less: Cost of Goods Sold3,160,000.002,400,000.00Gross Margin1,840,000.00P1,600,000.00Selling Expenses900,000.00700,000.00Administrative Expenses680,000.00584,000.00Total Expenses1,580,000.001,284,000.00Net Operating Income260,000.00P316,000.00Interest Expense70,000.0040,000.00Net Income Before TaxesP190,000.00P276,000.00The president is concerned that net income is down in 2019 even though sales have increasedduring the year. The president is also concerned that administrative expenses have increased,since the company made a concerted effort during 2019 to pare "fat" out of the organization.Required:1. Express each year's income statement in common-size percentages. Carrycomputations to one decimal place.2. Comment briefly on the changes between the two years.1:28 AM79%26°C RainAdobe9/12/2021(S

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Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A CMA performs a horizontal analysis on Jones Co’s historical data. Her results are shown below (in millions): Year 1 Year 2 Year 3 Year 4 Sales 250 275 280 285 Earnings Before Taxes 175 185 195 205 Tax Rate 35% 35% 35% 20% What is the percentage increase in net income from Year 1 to Year 3? Question options: 23.3% 11.4% 46.7% 55.9%
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.
Here are the abbreviated financial statements for Planners Peanuts: Income Statenent, 2019 $3,980 1,540 Salea Costa Net income $2,440 Balance Sheet, Tear-End 2018 2019 2019 2018 $ 950 $1,180 Equity 2,280 2,020 $3,230 $3,200 Assets $3,230 $3,200 Debt Total $3,230 $3,200 Total If sales increase by 22% in 2020, and the company uses a strict percentage-of-sales planning model (meaning that all items on the Income and balance sheet also increase by 22%), what must be the balancing item? The balancing iten is (Cick to select) What will be Its value? (Do not round intermediate calculations. Round your answer to 1 decimal place.) Value of the balancing item
Here are the abbreviated financial statements for Planner’s Peanuts: INCOME STATEMENT, 2019 Sales $ 5,000 Cost 3,900 Net income $ 1,100 BALANCE SHEET, YEAR-END 2018 2019 2018 2019 Assets $ 7,500 $ 12,100 Debt $ 833 $ 1,000 Equity 6,667 11,100 Total $ 7,500 $ 12,100 Total $ 7,500 $ 12,100 a. If sales increase by 10% in 2020 and the company uses a strict percentage of sales planning model (meaning that all items on the income and balance sheet also increase by 10%), what must be the balancing item? b. What will be the value of this balancing item?
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, 2 units 30 Bal., 4,400 units, 80% completed Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost…
When net profit as per cost accounts and financial accounts is given The net profițs of a manufacturing company appeared at 74,000 as per financial records for the year ended 31st March, 2020. The cost books, however, showed a net profit of 88,460 for the same period. A careful scrutiny of the figure from both the sets of accounts reveled the following facts: (i) Income tax provided in financial books { 10,000 { 250 You are required to prepare (a) the reconcilitation statement (b) a Memorandum Reconcilation account (ii) Bank interest credited in financial books (iii) Works overhead under -recovered in cost books { 1,550 (iv) Depriciation charged in financial books { 5,600 (v) Depriciation recoverd in costing books { 6,000 (vi) Administrative overheads over recovered 7850 (vii) Loss due to obsolescene charged in financial accounts 32,800 (viii) Intereast on Investments not includeded in cost accounts { 2,000 (ix) Stores adjustments (Credited in financial books) 3240 (x) Loss due to…
Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…
Formula: Add, Subtract; Cell Referencing Using Excel to Determine Income Tax Effects PROBLEM At December 31, 2022 and 2023, Secor Inc. reported amounts for a deferred tax asset. Information concerning the company's income taxes is provided here. Deferred tax asset, December 31, 2022 Deferred tax asset, December 31, 2023 Current tax expense 2023 Ś 40,000 62,000 70,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or to this work area. What amount should Secor report as total 2020 income tax expense? 2023 income tax expense Current Tax Expense Prepare the journal entries to record income taxes for 2020. Income Tax Payable Deferred Tax Expense $ Current Tax Expense 22,000 Debit 70,000 22,000 Credit 70,000 22,000
Extracts from trial balance at 31 March, 2019 GH¢ Current tax credit balance 1,600,000 Deferred tax liability 5,200,000 The halance on current tax represents the under/over provision of the tax liability for the year ended 31 March, 2018. The required provision for income tax for the year ended 31 March. 2019 is GHe38-8 million. The difference between the carrying amounts of the net assets of the company and their (lower) tax base at 31 March, 2019 is GH¢54 million. The rate of income tax is 25%. Required: Prepare a Statement of Profit or Loss Extract and Statement of Financial Position Extract for 31 March, 2019. t mie ol
Simple Income Statement The following are selected items derived from Dibb Company’s adjusted trial balance on December 31, 2019: Loss on sale of land $5000 Cost of goods sold $130,000 Sales (net) $198000 Operating expenses $45000 Twelve thousand shares of common stock were outstanding the entire year. Required: Assuming a 30% income tax rate on all items of income, prepare Dibb’s 2019 income statement using (1) a multi-ple-step format
Required information Skip to question [The following information applies to the questions displayed below.] CommercialServices.com Corporation provides business-to-business services on the Internet. Data concerning the most recent year appear below: Sales $ 2,760,000 Net operating income $ 110,400 Average operating assets $ 920,000 The following questions are to be considered independently. Brewer 8e Rechecks 2019-01-10 Required: 1. Compute the company's return on investment (ROI).
please solve with full working explanation computation with steps Delta Corporation's income statement for the year ending June 30, 2020 reported profit before tax of $10,300. Cash expenses amounting to $1,500 incurred in the prior year were expensed again in the current year, and deferred income of $1,350 was included in the turnover. What is Delta's correct profit before tax for the year ending June 2020? SELECT ONLY ONE $8,800 $8,950 $10,450

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