Event 1 2 3 4 5 6 7 8 9 10 General Journal Cash Common Stock Machinery Cash Notes Payable ($30,000 - $10,000) Prepaid Rent Cash Supplies Accounts Payable Cash Sales Accounts Receivable Sales Salaries Expense Cash Utilities Expense Utilities Payable Notes Payable Interest Expense Cash ($10,000+ $100) Cash Accounts Receivable EA GA SA GA EA EA GA GA GA GA EA Debit 100,000 30,000 12,000 7,000 12,000 8,000 14,000 4,000 10,000 100 4,000 $ $ $ $ $ $ $ $ Credit 100,000 10,000 20,000 12,000 7,000 12,000 8,000 14,000 4,000 10,100 4,000
Q: In this case, a medium-sized, family-owned business suffered a significant loss of inventory due to…
A: Inventory fraud refers to the fraud which includes the theft of physical items of the inventory as…
Q: Which of the following are CORRECT regarding the execution requirements for witnesses of a valid…
A: Solution in step 2
Q: two departments of Gurley Industries for September of the current fiscal year are as follows:…
A: Lets understand the basics. Equivalent unit is required to calculate in order to calculate…
Q: Castro plans to invest P100,000 at simple interest for three years. At what rate compounded…
A: In recording the transaction for accounting purposes, interest calculations are performed for…
Q: newspaper company collects cash in advance for subscriptions. On the first day of the year (1/1/23),…
A: ADJUSTED JOURNAL ENTRY Adjusted Journal entries is an Accounting Journal Entry which is Required…
Q: 1-The movements in the raw materials balance in a company within the month of May are as follows.…
A: FIFO Method :— In this method, beginning inventory and old purchases is used first for output or…
Q: The ST Partnership was formed by Saling and Taling, who contributed tangible assets with the…
A: Partnership - A partnership may be formed with different types i.e, General partnership, limited…
Q: 6.1 Define recruitment and discuss the increasing use of employer branding.
A: Recruitment seems to be essential because it serves as a necessary process for selecting new…
Q: In early 2019, Cyndey Walters received a $2 million settlement as a result of suffering serious…
A: In order to determine the minimum amount of capital gains that would be required to be included in…
Q: Ivanhoe Company has a balance in its Accounts Payable control account of $8,450 on January 1, 2022.…
A: Purchases are made on cash and credit basis. Purchases made on credit basis are recorded in the…
Q: Damon Davis was concluding Drano Plumbing's paperwork. He predicted a $50,000 net profit. When he…
A: Lets understand the basics. As per balance sheet equation, total assets are always equal to total…
Q: Required Prepare Mr. Dominic's statement of profit or loss for the year ending 31 May 2021 and a…
A: Statement of profit and loss shows all incomes and expenses of the business for the particular…
Q: Kk142. With the estimates shown below, Sarah needs to determine the trade-in (replacement) value of…
A: The replacement value of Machine X is calculated by taking the present value of the cash flows from…
Q: 1. The role of overseeing/giving advice on standard setting processes of AASB & AUASB lies with:…
A: The question is related to Australian Accounting Standards Review Board. Since you have asked…
Q: The Puyer Corporation makes and sells only one product called a Deb. The company is in the process…
A: Fixed and Variable Cost: The two primary types of expenses that a business faces when producing…
Q: Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's…
A: The question is related to Budgeting. The Cash collection includes collection from Accounts…
Q: 3. Buguja ltd has the following accounting information: 1st January 2007, stock of raw materials…
A: Manufacturing Cost :— It is the total cost incurred in the manufacturing of product during the…
Q: Following the February bank reconciliation, the accountant made the following entry in the journal…
A: NSF check is basically concerned with bank reconciliation statements and it is prepared at a…
Q: Porter Corporation makes and sells a single product called a Yute. The company is in the process of…
A: Budgeting It is a plan for future saving and spending as well as planned income and expenses.…
Q: Mark and Kathy are husband and wife and live in California, a community property state. At the time…
A: Solution in step 2
Q: SOURCES OF FUNDS Share Capital Reserves and Surplus Loan Funds Balance Sheet of a Company as at 31st…
A: A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken…
Q: Discuss the differences between financial and management accounting and support your arguments with…
A: We know that financial accounting and management accounting are two branches of accounting.…
Q: The contribution margin of the West business segment is:
A: Contribution margin the total amount of revenue available after covering variable costs to cover…
Q: 4-35. Pricing Decisions Mother's Bottlers, Inc., is a small bottling company that bottles and sells…
A: Variable costs are costs that varies with the number of units produced or sold. Fixed costs are…
Q: Last year Rayne Corporation's cash account decreased by $30,000. Net cash provided by investing…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: Z Company manufactures a component part with the following standard costs: Direct Materials P 6.00…
A: Variable costs are costs that varies with the number of units produced or sold and hence affect the…
Q: 1. In 2022, Ms. Julie gross receipts from his practice of profession is P 1,600,000 while her wife…
A: VAT VAT stands for Value Added Tax. It is kind of indirect tax which is imposed on the goods or…
Q: 0. The road was completed in 2023. Information related to the contract is as follows:…
A: Journal entries refers to the process of collecting and noting all the day to day activities or…
Q: Uchimura Corporation has two divisions: the AFE Division and the GBI Division. The corporation's net…
A: Segment margin is the amount which a component of a business gains or loses. It provides a clear…
Q: irrevocable trust
A: Creating a trust is beneficial to pass on the wealth to descendants. However, creditors and other…
Q: Please answer 5-9 only Yes if its included in post closing trial balance No if its not included in…
A: Closing entries are those entries which are passed to close all temporary accounts being used in…
Q: labor efficiency variance
A: Variance analysis has an important role in measuring the performance of the company. Different types…
Q: The ST Partnership was formed by Saling and Taling, who contribuir tangible assets with the…
A: A partnership is an arrangement where in two or more persons form a business, and share its profits…
Q: Marty and Dee have 2 qualifying children for the child and dependent care credit. They paid $5,200…
A: The child and dependent care credit are based on the amount of work-related childcare expenses a…
Q: Assuming Cristy is a non-VAT registered, will she be liable to VAT? Why? If YES, assume that sales…
A: VAT is the form of tax which have to be paid by the registered taxpayers of the vat and there are…
Q: Ravena Labs., Incorporated makes a single product which has the following standards: Direct…
A: Overhead rate variance is determined by multiplying the difference between the actual and budgeted…
Q: Yuki (age 45 at year-end) has been contributing to a traditional IRA for years (all deductible…
A: As per IRS, under Roth IRA, upon contributing post-tax dollars, there are no instant tax savings but…
Q: annualized rate of return
A: Annualized rate of return is actually the return rate that you derive from a given investment in a…
Q: Seatle Company provided the following balances at the end of 2022: Wasting asset at cost…
A: The company issue share to the public, public purchases them and gives money to the company. The…
Q: The following information was abstracted from the accounts of the general fund of the City of Noble…
A: Government Accounting Government accounting is the practice of documenting and managing all…
Q: Z Company sells three (3) products, A, B, and C. The company is considering to discontinue the…
A: Given information Particulars A B C Total Sale price per unit 5 7 9 21 Variable Cost per Unit…
Q: When doing activities using an ABC system, what sequence is recommended?
A: Activity base costing shows the method of accounting where each activity involved in the production…
Q: Close expenses for the period. Date Dec. 31 Clos. (2) Date Dec. 31 Clos. (3) Accounts and…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: The following transactions incurred by a National Government Agency during the period of FY 2021:…
A: The net financial assistance or subsidy for the period in the statement of financial performance can…
Q: Question 24 of 25. Which Act requires financial institutions to explain to customers how they gather…
A: Steps 2 in the solution .
Q: Cost-volume-profit analysis is used to make many decisions, including product pricing and…
A: Cost volume profit analysis or break-even analysis is a tool used for making short-term financial…
Q: The supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled…
A: Modifications to previously recorded journal entries are referred to as adjusting entries. They make…
Q: On January 1, 2020, Brie Company bought a trademark for P3,000,000. An independent consultant was…
A: Assets having indefinite useful life doesn't have any depreciation.
Q: Danial, 25, lives with his mother, Maria, who is 65 years old. Maria has been unemployed for a long…
A: The case scenario assumes that Danial, who is 25 years old, resides with his mother, Maria, who is…
Q: tax liability
A: The childcare tax credit can reduce your tax bill to a great extent. The credit doesn’t reduce your…
Down below i attached the general journal for my business chills and fruit I want you to
Prepare a worksheet (8 Column only)
● Prepare the income statement
● Prepare a classified
● Adjust the books (
Step by step
Solved in 2 steps with 2 images
- Compared to the ROE in 2020, the ROE in 2021 has Improved / 6.65% Improved / 3.43% Worsened / -6.65% Worsened / -3.43% Stayed the same / 0% byAssets Cash S.T. Investments Accts Receivable Inventories Total Current Assets Net PP&E Total Assets Liabilities. Accts Payable Notes Payable Accruals Balance Sheet Current Liabilities L.T. Bonds Preferred Stock Common Stock Retained Earnings Total Equity Total Liab. & Equity Less: Interest 2021 120 30 400 Pre-tax Earnings 1,200 1,750 3,000 4,750 100 100 300 500 520 200 530 3,000 3,530 4,750 Net Sales COGS except Dep Depreciation & Amortization Other Operating Expenses EBIT Income Statements 2021 5,500 3,800 180 600 920 60 860 215 Taxes (25%) Preferred Dividends 15 Net Income for CS Holders 630 2020 $102 40 384 774 1. What is the company's MVA? 2. What is the company's EVA in? 3. What is the current ratio of the Company? 1,300 1,780 3,080 180 28 370 578 350 100 500 1,552 2,052 3,080 Number of Common Stock Outstanding = 1,200 Price of Common Stock = 4.00 WACC Cost of Capital = 12.0% Return on Investment (ROI)= 15.97% 2020 4,800 3,710 180 470 440 40 400 100 7 293BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 What is the firms ROE (Return on Equity)?Group of answer choices 9.45% 9.63% 9.84% 10.20%
- BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 9 What is the firm's Debt Ratio? Group of answer choices 60.0% 65.0% 70.0% 75.0% Question 10 What is the firm's Inventory Turnover? 4.41 4.55 4.69 4.83 Question 11 What is the firm's DPS…BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 5 What is the firm's EBITDA coverage? Group of answer choices 3.51 3.69 3.88 4.17 Question 6 What is the firms DSO (Days Sales Outstanding)? Group of answer choices 51.30 days 52.80 days 53.50…Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…
- E9-6 Current Position Analysis Obj. 3 .................. The following data were taken from the comparative balance sheet of Icon Living, Inc., for the years ended December 31, 20Y9 and December 31, 20Y8: Cash Temporary investments Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Accounts payable Accrued liabilities Total current liabilities ▸ Details Dec. 31, 20Y9 $ 75,000 125,000 250,000 425,000 25,000 $ 900,000 $ 350,000 25,000 $ 375,000 Dec. 31, 2018 $ 50,000 75,000 200,000 305,000 20,000 $ 650,000 $ 230,000 20,000 $ 250,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. b. What conclusions can be drawn from these data?Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year ??? ??? 320,715 397,400 40,500 33,750 500,000 541,650 17,500 47,500 94,000 105,000 328,500 431,876.00 33,750 35,000 54,000 54,402.00 40,500 42,823.00 279,000 288,000 339,660.00 398,369.00 946,535 999,000 148,500 162,000 126,000 162,881.00 306,000 342,000 639,000 847,928.00 24,750 47,224.00 What is the current year's return on assets (ROA)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat- Current Position Analysis The following items are reported on a company's balance sheet: Cash $248,600 Marketable securities 194,200 Accounts receivable (net) 197,000 Inventory 137,100 Accounts payable 457,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio Check My Work Email Ins All work saved. %23
- From the following information, balance the ledger Cash A/c Date Particulars Amount Date Particulars Amount 1.6.2017 CAPITAL 84000 5.6.2017 Purcahses 14600 10.6.2017 sales 9500 30.6.2017 General expenses 178 30.6.2017 Salaries 4500 30.6.17 Bal C/d ? Select one: a. 84222 OMR b. 45522 OMR c. 74222 OMR d. 94222 OMRThe comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…O A https://prod.reader-ui.prod.mheducation.com/epub/sn_710f1/data-uuid-be8dbaUcb8ea w -> Aa く > 三 P20-2 Cash flow statement under indirect method (L LO 20-1, L LO 20-2, LO 20-3, E LO 20-4) The Barden Corporation's comparative balance sheets for 20X1 and 20X0 are presented below. Barden Corporation Table Summary: Row 1 is a header and spans columns 2 and 3. Rows 3, 12, and 17 are subheaders and contain data only in column 1. Balance Sheets December 31, Increase (Decrease) Assets Cash $ 337,000 $246,000 Accounts receivable, net 420,000 280,000 140,000 Marketable securities 0000 -0- Inventories Land 650,000 250,000 Plant and equipment 1,160,000 1,266,000 (106,000) Less: Accumulated depreciation (200,000) Total assets $2,922,000 $2,432,000 $ 490,000 Liabilities and Stockholders' Equity Liabilities: Accounts payable 000 099 $ $ 500,000 $160,000 Accrued wages 520,000 Long-term bonds (due 7/1/20X8) 260,000 360,000 Total liabilities 1,460,000 1,380,000 80,000 Stockholders' equity: Common…