During 2022, Granville Industries reported the following: • Net Sales: $25,000,000 • Net Income: $1,250,000 . Depreciation Expense: $500,000 Beginning Total Assets: $10,000,000 • • Ending Total Assets: $18,000,000 . Property, Plant, and Equipment: $7,500,000 Accumulated Depreciation: $1,800,000 What is Granville Industries' profit margin? a. 5.0% b. 4.2% c. 6.3% d. 7.5%
Q: At the beginning of the year, ABC Company's liabilities equal $97,000. During the year, assets…
A: Explanation of Assets:Assets are resources owned by a company that have economic value and are…
Q: NDB Company has a factory with fixed costs of $650,000 and a production capacity of 225,000 units…
A: Approach to solving the question: In order to get the selling price per unit, we should establish…
Q: General Accounting
A: To calculate the sales growth rate for 2025 based on the provided data, we need to use the formula…
Q: What chasse's free cash flow and cash flow adequacy ratio ?
A: The question requires the determination of the free cash flow and cash flow adequacy ratio. Free…
Q: What was the company's turnover rounded to the nearest tenth on these general accounting question?
A: Step 1: Definition of Turnover RatioThe turnover ratio measures how efficiently a company utilizes…
Q: How much will you have in 11 years??
A: Future Value = Present Value*(1+Interest Rate)^No. of periods Where,Present Value = $43,000Interest…
Q: Farron Company, which has only one product, has provided the following data concerning its most…
A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…
Q: General Accounting question
A: Step 1: Define Weekly payWeekly pay is the income that the individual earns by providing different…
Q: Get correct answer general accounting question
A: Adjusted basis of real estate = $446,000 Fair market value (FMV) of real estate = $624,400Liability…
Q: Don't use aii solution please given answer financial accounting
A: Let's go through the manual calculation step-by-step. Problem:You have $275,000 and want to grow it…
Q: General accounting
A: The question pertains to the present value of perpetuity. Present value (PV) is the current value of…
Q: I want to this question answer general Accounting
A: Step 1: Define Earnings Before Tax (EBT)The firm's earnings before tax is a profitability measure…
Q: answer this financial accounting mcq
A: In accounting, nominal accounts are temporary accounts that track transactions for a specific period…
Q: A process with no beginning work in process, completed and transferred out 75,000 units during a…
A: Step 1: Step 2: Step 3: Step 4:
Q: General Account
A: Given Data:Beginning Finished Goods Inventory (Jan 1, 2018): $49,000Ending Finished Goods Inventory…
Q: Sarah work in account payable solution general accounting question
A: Step 1: Definition of Cash Discount TermsThe cash discount terms 2/10, net 60 mean:A 2% discount is…
Q: Please given correct answer general accounting
A: He borrowed $50,000 at 12% interest on September 1 for 6 months. However, the question asks how much…
Q: Aquatic Marine Store Company
A: Explanation of Direct Materials Price Variance:Direct Materials Price Variance measures the…
Q: Kindly help me with accounting questions
A: Step 1: Define Operating LeverageOperating leverage measures the changes in the operating income as…
Q: None
A: Step 1: Define Cost of GoodsWe have manufacturing costs, cost of goods manufactured, and cost of…
Q: What chasse's free cash flow and cash flow adequacy ratio ? General accounting
A: Step 1: Define Cash Flow Adequacy RatioThe financial ratio used for depicting the requirement of…
Q: Fine individual divisions ?
A: Step 1: Define Contribution Margin Income StatementIn financial accounting, the creation of…
Q: Subject - General Account..
A: Step 1: Introduction to inventory valuationInventory valuation is referred to as that method which…
Q: During 2025, Crane Furniture Company purchases a carload of wicker chairs. The manufacturer sells…
A: 1. Problem OverviewCrane Furniture Company purchased a carload of wicker chairs for a lump sum of…
Q: Do fast answer of this general accounting question
A: Step 1: Define Payback PeriodThe payback period is an important computation for the firm as it…
Q: The up towner has sales solve the problem accounting questions
A: Step 1: Define Days In InventoryDays in inventory or inventory days refers to the time for which the…
Q: Don't use ai given answer accounting questions
A: Explanation: If a property is transferred to a corporation in exchange of stock then the gain is…
Q: Please provide this question solution general accounting
A: 1. Total manufacturing cost for Job A-200:Direct materials cost: $270 (given)Direct labor cost: $55…
Q: These are selected account balances on December 31, 2025. Land $180,000 Land (held for future use)…
A: Explanation of Property, Plant, and Equipment (PPE):PPE refers to long-term tangible assets that a…
Q: I want to correct answer general accounting question
A: Net income represents the profit a company earns after deducting all its expenses from its revenues…
Q: Hi expert provide correct answer
A: Step 1: Define Overhead costsOverhead costs are costs which are product costs but which cannot be…
Q: Financial accounting question
A: Step 1: Define Du Pont AnalysisDu Pont model aids in assessing return equity. To obtain a clear…
Q: Need help with this general accounting question
A: Step 1: Define PerpetuityA perpetuity will distribute a series of constant payments to an investor…
Q: Valley corporation aquired solution general accounting question
A: Step 1: Definition of Warehouse CostThe cost of acquiring an asset, such as a warehouse, is recorded…
Q: Owners' equity at the end of the start of the period is 35,000 and net income for the period is…
A: To calculate the owner's equity at the end of the period, we use the following formula:…
Q: O'Neill's Products manufactures a single product. Cost, sales, and production information for the…
A: Variable Costing Income StatementSalesLess: Variable CostsVariable manufacturing costsVariable…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Operating LeverageOperating leverage measures the sensitivity of a company's…
Q: A company's Cash account shows an ending balance of $4,600. Reconciling items included a bookkeeper…
A: To calculate the adjusted book balance, we start with the company's Cash account ending balance and…
Q: Lenoci Inc. paid $310,000 for equipment three years ago. This year, it sold the equipment for…
A: To determine the correct answer, we need to calculate and compare the book gain or loss and the tax…
Q: Wilson electronics has a market solution general accounting question
A: Step 1: Definition of Debt-to-Capital RatioThe debt-to-capital ratio measures the proportion of debt…
Q: I want answer to 3 parts. Please Provide answer
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is a budgeting tool used…
Q: Financial Account
A: When using variable costing, we want to figure out how much profit we make on each item we sell…
Q: Correct Answer✅
A: Mixed costs have both a fixed and variable component. In this case, the cost increases as the number…
Q: Sterling Corporation reports the following information: Units sold Units produced 2009 2010 2011…
A: Step 1:To calculate the net profit for Sterling Corporation under variable costing first all…
Q: Kindly help me with accounting questions
A: Predetermined Overhead Rate (POHR)POHR = Estimated Overhead Costs / Estimated Direct Labor…
Q: It costs abc co. Solve this question please not use ai general Accounting
A: Step 1: Define CVP AnalysisCVP (Cost - Volume - Profit) analysis looks at the way that cost…
Q: Calculate balance sheet solution general accounting question
A: Step 1: Definition of Current LiabilitiesCurrent liabilities are obligations that are expected to be…
Q: Need help with this financial accounting question
A: Step 1: Define Return on EquityReturn on Equity or ROE reveals earnings of an entity concerning…
Q: During its first year of operations, the McCormick Company incurred the following manufacturing…
A: Explanation of Variable Costing:Variable costing is a method of cost accounting where only variable…
Q: Need answers this question general Accounting
A: Step 1: Define PerpetuityA perpetuity is a form of annuity that continues to pay forever. The cash…
What is the profit margin for this general accounting question?
Step by step
Solved in 2 steps
- Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?At December 31, 2022, Ayayai Corporation reported the following plant assets. Land $ 3,003,000 Buildings $26,510,000 Less: Accumulated depreciation—buildings 11,936,925 14,573,075 Equipment 40,040,000 Less: Accumulated depreciation—equipment 5,005,000 35,035,000 Total plant assets $52,611,075 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,202,200. May 1 Sold equipment that cost $600,600 when purchased on January 1, 2016. The equipment was sold for $170,170. June 1 Sold land for $1,601,600. The land cost $1,001,000. July 1 Purchased equipment for $1,101,100. Dec. 31 Retired equipment that cost $700,700 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. Ayayai uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage…Presented below is information related to equipment owned by Coronado Company at December 31, 2020. Cost $10,080,000 Accumulated depreciation to date 1,120,000 Expected future net cash flows 7,840,000 Fair value 5,376,000 Coronado intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,400. As of December 31, 2020, the equipment has a remaining useful life of 5 years. (a) Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 202O. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 3584000 Accumulated Depreciation-Equipment 3584000 eTexthook and Media
- At December 31, 2027, Flint Corporation reported the following plant assets. Land $4,068,000 Buildings $26,700,000 Less: Accumulated depreciation-buildings 16,170,300 10,529,700 Equipment 54,240,000 Less: Accumulated depreciation-equipment 6,780,000 47,460,000 Total plant assets $62,057,700 During 2028, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,983,200. May 1 Sold equipment that cost $813,600 when purchased on January 1, 2021. The equipment was so June 1 Sold land for $2,169,600. The land cost $1,356,000. July 1 Purchased equipment for $1,491,600. Dec. 31 Retired equipment that cost $949,200 when purchased on December 31, 2018. No salvage val (a) Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2 · Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. -Increases in expenses and losses require a negative sign or parentheses. Increases in Accumulated…The information that follows relates to equipment owned by Pearl Limited at December 31, 2023: Cost $8,280,000 Accumulated depreciation to date 920,000 Expected future net cash flows (undiscounted) 6,440,000 Expected future net cash flows (discounted, value in use) 5,842,000 Fair value 5,704,000 Costs to sell (costs of disposal) 46,000 At December 31, 2023, Pearl discontinues use of the equipment and intends to dispose of it in the coming year by selling it to a competitor. It is expected that the costs of disposal will total $46,000. (a1-a3) Your answer is partially correct. Assume that Pearl is a private company that follows ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 1. Prepare the journal entry at December 31, 2023, to record asset impairment, if any. 2. Prepare the journal entry…At December 31, 2022, Concord Corporation reported the following plant assets. Land $ 3,640,000 Buildings $28,180,000 Less: Accumulated depreciation-buildings 12,681,000 15,499,000 Equipment 48,740,000 Less: Accumulated depreciation-equipment 6,092,500 42,647,500 Total plant assets $61,786,500 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,170,000O. May 1 Sold equipment that cost $750,000 when purchased on January 1, 2016. The equipment was sold for $225,000. June 1 Sold land for $1,510,000. The land cost $993,000. July 1 Purchased equipment for $1,093,000. Dec. 31 Retired equipment that cost $698,000 when purchased on December 31, 2013. No salvage value was received.
- Metalcrafts Inc. Selected information from the company's financial records is presented below: Equipment, December 31, 2019 $300,000 400,000 Equipment, December 31, 2020 80,000 Accumulated depreciation, December 31, 2019 60,000 Accumulated depreciation, December 31, 2020 During 2020, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year. Refer to Metalcrafts, Inc. What amount would be reported as the cash proceeds from the sale of equipment? Oa. $50,000 Ob. $20,000 Oc. $10,000 Od. $30,000At December 31, 2022, Blue Corporation reported the following plant assets. Land $ 5,853,000 Buildings $26,740,000 Less: Accumulated depreciation—buildings 23,265,675 3,474,325 Equipment 78,040,000 Less: Accumulated depreciation—equipment 9,755,000 68,285,000 Total plant assets $77,612,325 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $4,292,200. May 1 Sold equipment that cost $1,170,600 when purchased on January 1, 2016. The equipment was sold for $331,670. June 1 Sold land for $3,121,600. The land cost $1,951,000. July 1 Purchased equipment for $2,146,100. Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2013. No salvage value was received. (a) Journalize the transactions. Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year…1. Wilkinson Company changed depreciation methods in 2023 from doubledeclining-balance to straight-line. The accumulated depreciation prior to 2023under double-declining-balance was $90,000, whereas the straight-lineaccumulated depreciation prior to 2023 would have been $50,000. Wilkinson’sdepreciable assets had a cost of $250,000, with a $40,000 residual value and an8-year remaining useful life at the beginning of 2023.Requirements:I. Discuss the appropriate accounting treatment for the above. II. Prepare the 2023 journal entry related to the depreciable assets , ifnecessary. Ignore income tax effects. Show workings
- Net income for Inkaleb Inc. for 2020 includes the effect of the following transactions involving the sale of fixed assets. Asset Sales Price Cost Gain (Loss)X P20,000 P 80,000 P 10,000Y 25,000 150,000 (18,000)Purchases of fixed assets during 2020 amounted to P340,000. The Accumulated Depreciation account increased P40,000 during 2020. How much is the depreciation expense for 2020?On December 31, 2020, Riverbed Inc. has a machine with a book value of $1,410,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,950,000 Less: Accumulated depreciation 540,000 Book value $1,410,000 Depreciation is computed at $90,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (a) Your answer is correct. A fire completely destroys the machine on August 31, 2021. An insurance settlement of $645,000 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and…On December 31, 2020, Riverbed Inc. has a machine with a book value of $ 1,410,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,950,000 Less: Accumulated depreciation 540,000 Book value $ 1,410,000 Depreciation is computed at $ 90,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (a) A fire completely destroys the machine on August 31, 2021. An insurance settlement of $ 645,000 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit…