Income statement?
Q: Sales 46,828 Purchases 32222 Capital 80,000 Debtors 12.036 Creditors 11,290 Bank 7,530 Cash in hand…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: What is the income statement?
A: Financial statements: Financial statements refer to those statements, which are prepared by the…
Q: Rainier Company Yakima Company 2 Materials inventory, May 1 $280,000.00 $177,000.00 3 Materials…
A: Income statement is the financial statement which is usually prepared by the entities' for the…
Q: Account DR Cash $40,000 A/R 20,000 Rent Exp 12,000 Dividends 5,000 Sales Return 8,000 Wage Exp…
A: The income statement is one of the financial statements of the business which tells about the…
Q: hat about an income statement and a CVP Income statement?
A: An income statement is a form of computation of net income after deducting expenses from revenue.…
Q: Account Debit Credit Cash 10,000 Accounts Receivable 25,000 Inventory 40,000 Supplies 5,000…
A: An income statement is a financial statement that determines the net profit or loss that a company…
Q: What is comprehensive income?
A: Definition: Comprehensive Income: When there is a change in the total stockholder's equity from all…
Q: Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its…
A: Stockholder's equity refers the equity or capital introduced by the owner and it also includes…
Q: Utilities expense 2,180 Equipment 66,600 Accounts payable 17,520 Cash 11,460 Salaries and wages…
A: Formula: Net income = Total Revenues - Total Expenses Deduction of total expenses from Total…
Q: How much is net income?
A: Financial statements are the set of records of the financial transactions and position of a business…
Q: Definition of income measurement?
A: The income statement is one of the financial statement of the business.
Q: r the year ended December 31, 2 mber 31, 2021 are presented bel
A: Income statement and balance sheet are two important financial statements which are prepared for the…
Q: Inventories (net) LIFO reserve Net Income 468,611 3,476 13,918 Assume corporate tax rate of 40%.…
A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…
Q: What is income approach measurement?
A: Step 1 The income approach is a real estate valuation tool that determines fair market value based…
Q: What is the net income
A: Income refers to the revenue which is received by the business when goods and services are sold or…
Q: Accounts Debit Credit Cash $ 12,000 Accounts Receivable 150,000 Prepaid Rent Supplies Equipment…
A: Formula: Net income = Revenues - Expenses
Q: The following are balance sheet data of Anwar Ali Company Ltd. Debit Balances Cash Account…
A: A cash flow statement is a financial statement that provides a detailed breakdown of the cash…
Q: What is the net income?
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
Q: Total interest expenses Total noninterest income Securities gains (losses) Income taxes Dividends to…
A: The net income is the net profit of the company earned during the period. The net income includes…
Q: Define net income.
A: Definition: Earnings: The bottom line of an income statement which is the result of excess…
Q: hat is the standard income statement equation'
A: Standard income statement equation contains 3 parts Net income , revenue and expenses . Net income…
Q: Retained earnings, January 1, 2022 $87,100 Advertising expense 2,340 Dividends 7,800 Rent expense…
A: Net Income: The net income of the business is determined by subtracting the total expenses from the…
Q: ent of Alfred Cesar Quinsay, CPA, are as follows: Accounts Payable Accounts Receivable Accumulated…
A: The income statement explains the financial performance of the company for a particular period of…
Q: what is Income Projections
A: An income projection statement is a formal document prepared by finance or accounting officers…
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- Fiscal year is January-December. All values PHP Millions. 2020 2019 Cash & Short Term Investments 57,461 23,022 Cash Only 21,361 20,892 Short-Term Investments 36,100 2,130 Cash & Short Term Investments Growth 149.59% -4.75% Cash & ST Investments / Total Assets 27.26% 12.28% Total Accounts Receivable 7,050 5,906 Accounts Receivables, Net 5,796 5,370 Accounts Receivables, Gross 6,455 5,762 Bad Debt/Doubtful Accounts -659 -392 Other Receivables 1,253 537 Accounts Receivable Growth 19.36% 21.46% Accounts Receivable Turnover 18.34 30.41 Inventories 10,727 12,016 Finished Goods - 9,116 Raw Materials 7,680 228 Progress Payments & Other 3,048 2,673 Other Current Assets 4,802 4,675 Prepaid Expenses 4,661 4,436 Miscellaneous Current Assets 141 239 Total Current Assets 80,041 45,619 Net Property, Plant & Equipment…Fiscal year is January-December. All values PHP Millions. 2020 2019 Cash & Short Term Investments 57,461 23,022 Cash Only 21,361 20,892 Short-Term Investments 36,100 2,130 Cash & Short Term Investments Growth 149.59% -4.75% Cash & ST Investments / Total Assets 27.26% 12.28% Total Accounts Receivable 7,050 5,906 Accounts Receivables, Net 5,796 5,370 Accounts Receivables, Gross 6,455 5,762 Bad Debt/Doubtful Accounts -659 -392 Other Receivables 1,253 537 Accounts Receivable Growth 19.36% 21.46% Accounts Receivable Turnover 18.34 30.41 Inventories 10,727 12,016 Finished Goods - 9,116 Raw Materials 7,680 228 Progress Payments & Other 3,048 2,673 Other Current Assets 4,802 4,675 Prepaid Expenses 4,661 4,436 Miscellaneous Current Assets 141 239 Total Current Assets 80,041 45,619 Net Property, Plant & Equipment…Onshort December 31, 2018 Delectable Company had the following cash balances: Demand deposit account 5,000,000 Petty cash fund (all funds wer4e reimbursed at year end) 50,000 Time deposit - three months due January 15, 2019 2,000,000 Savings deposit 1,000,000 The demand deposit includes P200,000 of compensating balance arising from long term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. How much is the total amount of cash and cash equivalents tok be reported as at December 31, 2018?
- What is the value on 1/1/16 of the following cash flows? Use a 10% discount rate, and round your answer to the nearest $1.00. Date Cash Received 1/1/18 1/1/19 1/1/20 1/1/21 1/1/22 OA. $1,065 OB. $1,500 OC. $880 OD. $968 Amount of Cash $100 $200 $300 $400 $5001. Prepare a forccast cash flow stateaent for 2020. The beginning and ending balances in each of the balance sheet accounts Dec. 31, 2019 Dec. 31, 2020 Pi00,000 360,000 460,000 30,000 P950,000 P1,500,000 Cash P260,000 Accounts receivable Inventory Prepaid insurance Total current assets 180,000 400,000 50,000 P890,000 P1,200,000 Land Plant & equipment Accumulated depreciation Total non-current assets 1,000,000 (400,000) P1,800,000 1,400,000 (500,000) P2,400,000 Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payable Р 300,000 200,000 20,000 122,000 P 260,000 132,000 30,000 150.000 P 572,000 700,000 1,100,000 978,000 P 642,000 600,000 Total current liabilities Bonds payable Common stock 800,000 Retained earnings 648,000 Total liabilities & equity P2,690,000 P3,350,000 The forecast income statement for the Mexico Company for 2020 is presented below: Sales Cost of sales Gross profit Operating expenses Income before interest & tax…U. PunUS IOW SIalement Ans: (a) Decrease in WC Rs. 7,000 (b) FFS Rs. 1,08,000; FFO Rs 19. 2073 Set D QNo. 16 Following information are given: Particulars Inventories Debtors General reserve Creditors Cash Year 1 (Rs.) 80,000 2,50,000 20,000 70,000 1,00,000 20,000 Year 2 (Rs. 1,00,000 2,00,000 40,000 1,00,000 1,40,000 25,000 Expenses payable Additional Information: Profit of the year: Rs. 80,000 i. Provision for tax: Rs. 10,000 Required: a. ii. Depreciation on fixed assets: Rs. 20,000 iv. Profit on sales of fixed assets: Rs. 5,000 Schedule of changes in working capital b. Funds from operation Ans: (a) Decrease in WC Rs. 25,000 (b) FFO Rs. 1,05, 20. 2072 Supp Q.No. 16 The following figures are extracted from the two years balance sheet of a company: Year 1 Year 2 Rs. 6,00,000 Rs. 1,50,000 Rs. 5,000 Particulars Share capital Fixed assets Rs. 5,00,000 Rs. 1,00,000 Goodwill Rs. 10,000 Additional Informátion: Net profit: Rs. 75,000 ii. Purchases of fixed assets: Rs. 70,000 Loss on fixed…
- Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Cooperative Education and Training Fund?Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Community Development Fund?
- Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 6,000.00 Service Fee Utilities Expense Representation and Travel Allowance 12,000.00 Taxes and Licenses 1,600.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 1,000.00 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Optional Development Fund?Interest Revenue on the income statement is $3.900, beginning Interest Receivable is $360, ending Interest Receivable is $420, and Net Sales Revenue is $31,800. What is the cash receipt for interest? OA. $27,860 OB $3,100 OC. $3,140 OD. $3.860Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 6,000.00 Service Fee Utilities Expense Representation and Travel Allowance Taxes and Licenses Social Services Expenses 12,000.00 1,600.00 1,000.00 General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is the Net Surplus?