From the balance sheets 12/31/2024Accounts receivablePrepaid insuranceMachinesAcc. depreciation12/31/2023From the income statement 12/31/2024$90,0008,000$80,00012,000Sales$750,000Cost of sales-600,00065,00095,000Operating Expenses-75,000-30,000-20,000Gain on sale of machine4,000Additional information:Operating expenses includes depreciation expenseMachines costing $30,000 were sold for $22,000 at a gain.

Computation: balance sheet: 12/31/2024 12/31/2023 Accounts Receivable 90,000.00…

Answered: From the balance sheets 12/31/2024…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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…
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Loans and borrowings Deferred taxek liability 14,130 10,220- 1,010 960- 15,140 11,180 Current Liabilities Trade payable Current tax 1,260 1,140 1,040 920 payable Interest payable 980- 740k 3,280 40,190 2,800 32,960 Total Equity and Liabilities 2019 £'000 2018 £'000 Sales Cost of sales Distribution costse Administration expenses Gain on disposal of PPE 22,000 (11,800) (3,100) (1,630) 280 16,000 (8,200) (2,600) (1,420) Interest expensee a Тах еexpensee (1,140) (1,820) (760) (1,240) Net profit 2,790 1,780 1. The company disposal of PPE during the year with a book value of £1,000,000. 2. Depreciation of property, plant and equipment for the year was £650,000.4 The intangibles were acquired for cash towards the end of the year and were not sub ject to any amortisation in the current period.e 3. Prepare the statement of cash flows using the indirect method.
The following amounts were reported on the December 31, 2019, balance sheet: $ 8,000 20,000 15,000 120,000 30,000 80,000 180,000 22,000 40,000 5,000 Cash Land Accounts payable Bonds payable Merchandise inventory Retained earnings Buildings and equipment, net of accumulated depreciation Accounts receivable Common stock Wages payable The current ratio at December 31, 2019 was: Multiple Choice 6.0 1.5
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X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000
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Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.
Module pute Net Operating Profit after Tax Refer to the balance sheet information below for Home Depot. Feb. 3, 2019 Jan. 28, 2018 $35,891 $34,794 1,511 3,056 $37,402 $37,850 $14,177 $13,640 24,822 22,974 $38,999 $36,614 Operating assets Nonoperating assets Total assets $ millions Operating liabilities Nonoperating liabilities Total liabilities Net sales Operating expense before tax Net operating profit before tax (NOPBT) Other expense Income before tax Tax expense Net income 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 $ 9,453 $ $ $91,973 78,772 13,201 828 12,373 2,920 $9,453 7,361 * $ 16814 b. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = NOPBT - Tax on operating profit NOPBT Tax on operating profit 7,361 * $ 10,296.78 x $ NOPAT -2936

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