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- Required information Exercise 7-21B Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 59,200 Accounts Receivable 26,000 Allowance for Uncollectible Accounts $ 2,700 Inventory Notes Receivable (5%, due in 2 years) 36,800 18,000 Land 160,000 Accounts Payable 15,300 Common Stock 225,000 57,000 $ 300,000 Retained Earnings Totals $ 300,000 During January Year 1, the following transactions occur: January 1 Purchase equipment for $20,000. The company estimates a residual value of $2,000 and a four-year service life. 4 Pay cash on accounts payable, $10,000. 8 Purchase additional inventory on account, $87,900. January January January 15 Receive cash on accounts receivable, $22,500. January 19 Pay cash for salaries, $30,300. January 28 Pay cash for January utilities, $17,000.…A28Question 12 The following data pertain to Gliezel company on December 31, 20B: Trade accounts payable, including cost of goods received on consignment of P180,000 is 1,620,000; Accrued taxes payable, 150,000; Customers' deposit, 120,000; Cherry company as guarantor, 240,000; Bank overdraft, 66,000; Accrued electric and power bills, 72,000; Reserve for contingencies, 180,000. How much should be shown as total current liabilities? CHOICES 2,208,000 2,088,000 1,980,000 1,848,000
- 13 S ch The Beneke Corporation reported the following data: Cash Accounts Receivable Inventory Equipment Accounts Payable Notes Payable Revenue Year 3 $6,000 900 8,900 40,000 2,800 12,400 39,500 Year 2 $4,200 700 8,200 36,000 3,100 11.500 36,000 Year 1 $3,800 600 7,800 34,000 3,000 10,300 32,400 What is the company's debt to assets ratio for Year 3? Convert your final answer to a percentage. round to one decimal place and enter without the "%" sign (e.g. a final answer of 0.105678 would be entered as 10.6).Problem 17-20 & 17-21 answer?Question 5 Zombie Berhad has the following trial balance at 31 December 2021: Revenue Purchases Returns inwards Plant at cost Machinery at cost Office equipment at cost Accumulated depreciation-- Plant Accounts payable Long-term borrowing Accounts receivable Inventory -- Machinery - Office equipment Cash and bank Administration expenses Long term borrowing interests Salaries and wages Marketing expenses Discount allowed Share capital Retained profits as at 1 Jan 2021 General Reserve Total RM 730,600 208,000 10,712,000 4,940,000 4,680,000 2,191,072 218,400 358,904 520,000 26,000 252,720 208,000 72,800 25,118,496 RM 7,602,504 936,000 988,000 520,000 629,200 1,040,000 • Ordinary share dividend proposed to be 6%. Long term borrowing interest where half year interest still owing. 8,320,000 4,602,208 480,584 25,118,496 ..5/- Additional information: • Inventory as at 31 December 2021 was RM447,200. • Provision for company tax was RM429,520. • Depreciation 20% on cost per annum based on…
- Company A Company B Current Asset Cash 10,000 200,000 Account receivables 90,000 150,000 Inventory 300,000 50,000 Total 400,000 400,000 Current liabilities 150,000 Accounts payable Notes payable 50,000 50,000 250,000 Total 200,000 300,000 The quick ratio is 2 and 1.33 for company A and B, respectively. 1. Do you think that company A has a better financial condition than company B? Explain your answer in details.CP 13–5The following data are taken from the records of Cronkite Corp.:2019$2,5201,890630510$ 1202018$1,440960480430$ 50SalesCost of goods soldGross profitOther expensesNet incomeRequired: Perform horizontal analysis on the above date and interpretyour resultsQuestion 7
- Give the solutuinO Cambridge Busines P Module 11 I Financial Statement Forecasting LO2 M11-12. Forecast an Income Statement SATE OLOGY STX) SEAGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions BC $10,390 Revenue. 7,458 Cost of revenue 991 Product development Marketing and administrative Amortization of intangibles. Restructuring and other, net. 453 23 (22) Total operating expenses. 8,903 Income from operations. 1,487 Interest income 84 Interest expense Other, net (224) 25 Other expense, net. (115) Income before incorne taxes (Benefit) provision for income taxes 1,372 (640) Net income.. $ 2,012 Forecast Seagate's 2020 income statement assuming the following income statement relations (ST Revenue growth. Cost of revenue Product development Marketing and administrative Amortization of intangibles. Restructuring and other, net, Interest income... Interest expense. Other, net Income tax rate. 5% 71.8% of revenue 9.5% of revenue 4.4% of revenue No change $0 No…Page 328 EXERCISE 7.9 Industry Characteristics and Collection Performance e LO7-8 The following information was taken from annual reports of Goodyear Tire & Rubber and PPL Corp.., a public utility: Goodyear PPL Net sales $18.1 billion $ 11.5 billion Average accounts receivable 2.3 billion 923 million a. Compute for each company the accounts receivable turnover rate for the year. b. Compute for each company the average number of days required to collect outstanding receivables (round answers to nearest whole day). c. Explain why the figures computed for Goodyear in parts a and b are so different from those computed for PPL.