Josie Corporation reported the following information for 2022.Sales revenue$1000,000Cost of goods sold700,000Operating expenses110,000Unrealized holding gain on available-for-sale securities40,000Cash dividends received on the securities4,000For 2022, Josie would report comprehensive income ofO $194,000.O $230,000.O $234,000.O $40,000.

Comprehensive Income = Sales - COGS - Operating Expenses + Unrealized Gain + Cash Dividends

Answered: Josie Corporation reported the…

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 for Dex Company and Ed Company on December 31, 2023 are as follows: Dex Company Ed Company Cash P850,000 P75,000 Other Assets 2,200,000 425,000 Total Assets P3,050,000 P500,000 Liabilities P1,200,000 P100,000 Common Stock, P50 par 2,000,000 - Common Stock, P10 par - 250,000 Additional Paid-in Capital 500,000 - Retained Earnings (600,000) 150,000 Total Liabilities and Equity P3,050,000 P500,000 On this date, Dex Company acquired 80% of the stock of Ed Company. Instructions: Prepare a consolidated balance sheet and the eliminating entries as of December 31, 2023, under each set of conditions listed below. Subsidiary stock is acquired in exchange for 5,000 shares of the parent company stock, and the investment accounts is recorded at P300,000, the current market value of the shares issued. The difference between the investment balance an the book value of the interest acquired is…
Data pertaining to the current position of Forte Company follow:Cash $412,500Marketable securities 187,500Accounts and notes receivable (net) 300,000Inventories 700,000Prepaid expenses 50,000Accounts payable 200,000Notes payable (short-term) 250,000Accrued expenses 300,000 Instructions1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios in parts b through j to one decimal place.2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick Ratio Compute the working capital, the…
1. The following is a data transaction from PT Colorpop's records as the basis for making a Statement of Comprehensive Income for the period ended 31 December 2020: Rent Revenue $ 44,000 Interest Expense $ 20,000 Unrealized gain on non-trading equity securities, net of tax $ 35,000 Selling expenses $ 140,000 Income tax $ 30,600 Administrative expenses $ 185,000 Cost of goods sold $ 500,000 Net sales $ 954,000 Loss on sale of plant assets $ 10,000 Loss from Fixed Assets Revaluation, net of tax $2,000 Instructions: Create a Statement of Comprehensive Income using a two-statement approach! Calculate the value of Ending Per Share for 2020 if the number of shares outstanding is 100,000 shares.
Corporation XYZ Income Satement For the year that ends in December 31, 2022 Sales $ 660,000 Cost of goods sold $ (450,000) Gross income $ 210,000 Operating expenses (see note) $ (144,000) Interest expense $ (5,300) Unrealized loss on stock investments $ (500) Profit from sale of equipment $ 1,000 $ (148,800) Income before taxes $ 61,200 Tax expenses $ (18,360) NET INCOME $ 42,840 Partial information of the Comparative Statement of Financial Position (Excluding cash, all current asset accounts and current debts of the company are summarized here) 31/12/22 31/12/21 Difference Accounts Receivable $ 63,000 $ 72,000 $ Allowance for uncollectable accounts $ 1,000 $ 700 $ Inventory $ 114,000 $ 90,000 $ Accounts Payable $ 24,000 $ 42,000 $ Interest Payable $ 2,500 $ 1,000 $ Taxes payable $ 5,200 $ 4,000 $ Discount on bonds payable $ 2,000 $ 2,300 $ Other information 1. During the year, the corporation write-off $200 from the uncollectable accounts During the year, there we no emissions or…
You are given the following income statement and balance sheet: Income Statement Sales EBT Taxes (40%) Net Income Cash A/R Inventories Total CA Fixed Assets Total Assets $15,000 $800 $320 $480 Balance Sheet $100 $2,000 $4.000 Accounts Payable Debt Common Stock Retained Eamings $6,100 $1,900 $8,000 Total Claims $1,000 $4,000 $2,000 $1,000 $8,000 Now make the following forecast and assumptions for the upcoming year: Sales are expected to increase by $5.400 over the coming year. All assets and accounts payable can be expressed as a percentage of sales. The firm's profit margin will remain at 3.2 percent. The firm has a dividend payout rate of 75 percent. Using the equation method, determine the additional funds needed for the coming yea
SLM, Inc., with sales of $1,000, has the following balance sheet:SLM, Incorporated Balance Sheet as of 12/31/X0assetsLiabilities and equityAccounts receivable$200Trade accounts payable$ 200Inventory400Long-term debt600Plant800Equity600$1, 4 0 0$1, 4 0 0It earns 10 percent on sales (after taxes) and pays no dividends.a.Determine the balance sheet entries for sales of $1,500 using the percent of sales method of forecasting
Alpesh
Ramakrishnan, Incorporated, reported 2024 net income of $60 million and depreciation of $3,100,000. The top part of Ramakrishnan, Incorporated's 2024 and 2023 balance sheets is reproduced below (in millions of dollars): Current assets: Cash and marketable securities Accounts receivable Inventory Total 2024 Net cash flow 2023 $ 65 90 202 $ 357 $ 238 $ 20 86 132 Current liabilities: Accrued vages and taxes Accounts payable Notes payable Total Calculate the 2024 net cash flow from operating activities for Ramakrishnan, Incorporated. Note: Enter your answer in dollars not in millions. 2024 $ 35 73 65 $173 2023 $ 29 65 60 $154
XYZ Co its selected financial statements items are given as following. Total net sales equals to 550.000 TL, COGS equals to 300.000 TL, operating expenses equals to 100.000 TL, interest expenses equals to 50.000 TL, 4 - tax expenses 20.000 TL, total depreciation & amortization expenses equals to 40.000 TL. Calculate the EBITDA of the company for the year 2020. a) O 80.000 TL 01383 b) O 150.000 TL c) O 190.000 TL d) O 110.000 TL
(a) Calculate current Ratio and Quick Ratio from the followinginformation:Total Assets Rs. 350000Fixed Assets Rs. 175000Investment Rs. 70000Fictitious Assets Rs. 5000Share holders fund Rs. 200000Long term Debts Rs. 100000Inventory Rs. 45000(b) From the following information calculate the stock turnoverratio.Sales Rs. 200000, G.P 25% on cost, Opening Stock was 1/3rd of thevalue of closing stock. Closing stock was 30% of sales

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