hat amount should be reported as net assets?
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An entity reported net assets totaling P8,750,000 at year-end which included the following:
|
Treasury shares, at cost |
250,000 |
|
Idle machinery |
100,000 |
|
Trademark |
150,000 |
|
Allowance for inventory writedown |
200,000 |
What amount should be reported as net assets?
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- A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 daysWhen preparing a draft of its 20B statement of financial position, Megs company reported net assets totaling P10,500,000. Included in the assets section were the following: Treasury shares of Megs company at cost, which approximate market value on December 31 300,000; Idle machinery, 120,000; Trademark, 150,000; Allowance for inventory write-down, 240,000. At what amount should Megs' net assets be reported in the December 31, 20B statement of financial position? CHOICES 10,200,000 10,080,000 9,960,000 9,840,000The following financial statement information is available for XYZ Corporation: Inventory Current assets P 44,000 80,000 432,000 Current liabilities 25,000 Total liabilities 102,000 Total assets The current ratio for 2022 O 4.24:1 O 4.07:1 2022 O 2.94:1 O 3.2:1 2021 P 43,000 106,000 358,000 36,000 88,000
- The following is the summary of SSB's statement of financial position as at 31 December 2021 (the third quarter of the accounting year): Equity and Liabilities Assets Plant (net) Inventory Receivables RM2,725,000 Share capital-ordinary 575,000 Retained earnings 550,000 Accounts payable 410,000 4,260,000 RM 2,000,000 1,885,000 375,000 Cash 4,260,000 SSB is fighting a legal case with Boleh Jadi Berhad (BJB) for two years. There was a transaction between both companies in 2019 where BJB was supposed to supply goods to SSB for the return of RM600,000. The goods were delivered far behind the agreed date and some of the goods had already expired. BJB offered to replace all the goods, but SSB did not agree for replacement and denied payment to BJB. The case was filed in court by BJB demanded a full payment and compensation of RM400,000 for the harassment. It has been two years and the court will continue the hearing in February 2022. It seems that SBB is losing the case and total payment of…The following trial balance relates to Selt.plc for the year ended 31 December 2021: Equity shares of £1 each Share Premium Retained earnings at 1 January 2021 Property at cost Depreciation on property at 1 January 2021 Plant and equipment at cost Depreciation on plant and equipment at 1 January 2021 Inventory at 1 January 2021 Trade receivables Cash and cash equivalents Trade payables 5% Loan repayable 2026 Revenue Purchases Distribution costs Administrative expenses Research and development expenditure Loan Interest paid Dividend paid Further notes: £'000 34,800 22,800 Required: A Statement of Profit or Loss for the year ended 31 December 2021. A Statement of Financial Position as at 31 December 2021 4,900 4,000 6,840 155,000 22,050 12,750 19,600 300 4,000 287,040 £'000 56,000 2,000 7,780 3,200 4,500 1,560 12,000 200,000 287,040 2) 1) Inventory was valued at £3,800,000 on 31 December 2021. (This valuation is before note (4) below is considered). Property includes land valued at…Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA)? Inventory 12,500Current Assets 50,000Current Liabilities 40,000Non-current Assets 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 18.5%b. 12.2%c. 9.23%d. 13.3%
- Ledger Properties of XYZ Itd has the following financlal information: Current Prior Year Year Revenues $18,915 $13,610 Administrative 2,106 1,602 expenses Interest expense 816 468 Cost of goods 9,715 6,309 sold Depreciation 408 387 Net fixed assets 12,711 11,984 Current liabilities 4,652 4,625 Common stock 5,000 4,000 Current assets 6,506 4,687 Long-term debt 2,200 ? Retained earnings 1365 246 Dividends paid 290 275 What is the cash flow of the firm for the current year if the tax rate is 12 percent? Select one:a. 1500 b. 2096 c. 25000The balance sheet of a corporation shows the following account balances. Cash, $12,000; Accounts Receivable, $36,000; Inventory, $124,000; net Equipment, $450,000; and Patents, $40,000. Performing vertical analysis on Inventory results in what percent? (Round to two decimal places.) 0.06 0.19 0.68 1.00Condensed financial data are presented below for the Tulsa Corporation: Accounts receivable Inventory C. d. Total current assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Net income Tax rate 2021 $277,500 310,000 675,000 800,000 700,000 250,000 200,000 77,500 75,000 1,640,000 985,000 10,000 130,000 25% 2020 $230,000 250,000 565,000 The profit margin used to calculate return on assets for 2021 is (rounded): a. b. 8.9% 16.3% 17.2% 18.3%
- Assuming that total assets were $8,037,000 at the beginning of the current fiscal year, determine the following: When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity f. Return on common stockholders' equity % % %Seminole Corporation reported the following items at December 31, 2021, and 2020: (Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2021. (Abbreviation used: Cash* = Cash and cash equivalents. Round your final answer to two decimal places.) Cash* + Short-term investments + Net current receivables + Total current liabilities = Quick (acid-test) ratio $ Seminole's quick (acid-test) ratio is considered fairly weak. (b) Select the formula and calculate Seminole's days' sales outstanding for 2021. (Round interim calculations to two decimal places, XX.XX. Round the days' sales outstanding up to the next whole day.) Accounts receivable turnover = + Days' sales outstanding Seminole's days'…Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were Inventory. $55,900: total assets. $199.400: common stock. $86.000: and retained earnings. $30,037.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $ 8,000 Accounts payable 8,800 Accrued wages payable 30,200 Income taxes payable 30,150 Long-term note payable, secured by mortgage on plant assets 2,500 151,300 Common stock Retained earnings $ 230,950 Total liabilities and equity $16,500 3,400 2,800 63,400 86,000 58,850 $ 230,950 For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net incone Required: $ 448,600 297,250 151,350…