Question 3a. The income statement and a partial balance sheet for Mango Company arepresented below.Mango CompanyIncome statementFor the year Ended December 31, 2020$260,000Sales105,600Cost of goods sold$154,400Gross ProfitOperating expenses:Salaries$24,00016,000Depreciation expenseMiscellaneous10,60050,600Net Income$103,800Mango CompanyBalance SheetAs at 31st December 20202017Cash2016224,000$100,000$Account receivableInventories13,2008,8008,00016,800Prepaid expensesAccounts Payable10,8006,2006,12010,8008,8005,320Salaries PayablesRequired: Prepare the operating activities section of the statement of cash flows usingindirect method.OUM

For calculating cash flow we need to calculate three activities which are Operating Investing…

Answered: Mango Company Income statement ear…

Business

Accounting

Mango Company Income statement ear Ended December 31, 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 6. Selected financial information for Masks-R-Us Ltd.'s for the last 2 years is available: 2020 2019…

A: Average collection period 365 / Average receivable turnover ratio Average receivable…

Q: View Policies Current Attempt in Progress Transactions made by Pharoah Ltd, a law fitm. for the onth…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Netflix Income Statement FY 2021 Revenue 20, 156, 447 Cost of Revenue 12,440, 213 Gross Profit…

A: The objective of this question is to calculate the Times Interest Earned (TIE) ratio for Netflix for…

Q: What is the Net Profit Margin Ratio in 2019?

A: The Net Profit Margin measures the percentage of earnings remaining once all operating and…

Q: National Chemicals Company Income Statements for the years Ended June 30 2020 2019 $ $ Revenue…

A: The ratio analysis is preformed to analyse the financial statements of the business.

Q: Required: . Complete the below table to calculate each year's current ratio. 2021 2020 2019…

A: Current ratio is one of the liquidity ratio being used in business. This shows how much current…

Q: Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours.…

A: Variable cost changes with the change in the level of production at a constant rate of variable cost…

Q: Simple Income Statement You may use the attached spreadsheet to help you complete this activity, but…

A: Income Statement -Income Statement includes revenue earned and expense incurred during the financial…

Q: Consolidated Statements of Income Years Ended December ($ millions) July 27, 2019 July 28, 2018…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Seagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC…

A: Income statements refer to the showing of the revenues or expenses earned during a period by the…

Q: 2020 P1,939,500 900,000 1,039,500 445,500 37,575 P 556,425 Percentage 2019 P1,674,675 843,975…

A: Formula: Revenue % = ( Revenue value / revenue ) x 100

Q: LENARD ENTERPRISE Trail Balance As of December 31, 2020 Account Debit Credit (P) Credit (P) Sales…

A: Income statement: It is a financial statement that calculates the net income generated by the…

Q: Days Sales in Inventory Accounts Receivable Turnover Calcute each ratio from the data for 2019 and…

A: Day sales in inventory= Average inventory/COGS*365 days Average inventory = (Beginning inventory+…

Q: (Profitability Ratio) What is the Price Earnings Ratio in 2020?

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Q: Presented below is information related to Novak Corp. for the year 2020. Net sales $1,664,000 000…

A: Income statement means:- Income statement is one of the most important financial statements. It…

Q: Years Ended Decem Note 2020 2019 2018 REVENUE 18 P891,847,222 P1,945,184,563 P1,579,205,736 DIRECT…

A: The gross profit margin ratio indicates the percentage of gross profit on the sale. It can be…

Q: Company is subject to an income tax rate of 30%. It has the provided the following data on December…

A: Ratio Analysis is a method of evaluation of the financial performances of an organisation during a…

Q: (Profitability Ratio) What is the Price Earnings Ratio in 2019?

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Q: the 2019, Figuero Fitness announced that its line of protein shakes (a major line of business which…

A: Solution:AS per Given in the Question:Operating loss in 2019 = $ 26,500Operating loss in 2020 =…

Q: Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the…

A: Introduction: Current ratio is one of the liquidity ratios which is used as a metric in measuring…

Q: Presented below are the condensed income statement of Vital Corporation for the years ended December…

A: 1) Calculation of net income for the discontinued operations for the year 2019 and 2020 -…

Q: Exercise 19-24 Beilman Inc. reports the following pretax income (loss) for both book and tax…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Recast the above income statement on the accrual basis in conformity with generally accepted…

A: We have, Service revenue(collected) = $311,600 Service revenue(not collected yet) = $32,800…

Q: Forecast an Income Statement Seagate Technology reports the following income statement for fiscal…

A: Income statement: Under this Statement showing the company’s performance over a period of time by…

Q: STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31 2020 2019 2018 Turnover…

A: Financial Ratios There are different types of financial ratios. These ratios are used to evaluate…

Q: Explain the meaning of each indicator and describe their dynamics over two years. 1- Contribution…

A: Marginal accounting is one widely used by the management for various decision-making purposes such…

Q: Excerpts from the annual report of XYZ Corporation follow: 2020 Cost of goods sold Inventory Net…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Financial position statement + income statement using the below show workings

A: Financial statement A financial statement refers to those which are prepared in order to ascertain a…

Q: alculate the gross profit ratio and net profit ratio?

A: The gross profit ratio is a financial ratio that evaluates the performance and efficiency of a…

Q: View Policies Current Attempt in Progress The adjusted trial balance of Windsor, Inc. at the end of…

A: Cost of goods sold is part of income statement. It is calculated by using purchase cost and…

Q: Required: Prepare a revised income statement for 2024 reflecting the additional facts. Use a…

A: An income statement stands for the statement that shows the profits and loss of the firm, its…

Q: Profitability Ratio) What is the Gross Profit Margin Ratio in 2020?

A: Gross profit margin ratio is one of the profitability ratio, which shows percentage of gross profit…

Q: fatement, Lower Portion the beginning of 2019, Cameron Company's retained earnings was $239,400. For…

A: Given that, Pretax income from continuing operations = $158,400 Income tax rate = 30% Pretax income…

Q: Please calculate the Price-Earnings (P/E) Ratio of "Alex & Co" at year-end 2020, financial…

A: Price earning ratio = Market Share PriceEarnings Per Share Earnings Per Share = Profit After…

Q: At January 1, 2020, Headland Company reported retained earnings of $2,026,000. In 2020, Headland…

A: Stockholders' equity means the net assets available to shareholders after deducting all the…

Q: Computing Financial Statement Measures The following pretax amounts are taken from the adjusted…

A: Gross profit is the money a business makes after deducting the costs of producing and selling its…

Q: Operating Expense

A: Operating expense = Direct costs + General and administrative expenses

Q: and financlal statements LO P1, Individuals who pay tultion directly to s prepald expenses and…

A: Income statement shows the revenue earned and expenses incurred . It calculated the profit or loss…

Q: View Policies Current Attempt in Progress For its fiscal year ending October 31, 2025, Cullumber…

A: CULLUMBER CORPORATIONIncome Statement (Partial)For the Fiscal Year Ending October 31, 2025 Income…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

find P/E Ratio 2019. i attached balance sheet and income statement
Inventory Turnover Calculate the company's inventory turnover for 2020 and compare the result to the industry average.
(Profitability Ratio)What is the Net Profit Margin Ratio in 2020?
What is the Gross Profit Rate in 2019?
Question: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…
Calculate Earning before interest Tax
(Profitability Ratio)What is the Earnings Per Share in 2020?
Compute NET Profit margin ratio
What is the Gross Profit Rate in 2020?
LOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Operating expenses: Depreciation $ 700 $ 600 Selling and administrative 2,200 2,000 Research 550 500 Miscellaneous 360 300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500 Interest expense 560 500 Income before taxes $ 1,630 $ 2,000 Provision for taxes 640 800 Net income $ 990 $ 1,200 LOGIC COMPANYComparative Balance SheetDecember 31, 2019 and 2020 2020 2019 Assets Current assets: Cash $ 12,000 $ 9,000 Accounts receivable 16,500 12,500 Merchandise inventory 8,500 14,000 Prepaid expenses 24,000 10,000 Total current assets $ 61,000 $ 45,500 Plant and…
selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a net of tax 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 10,000 depreciation expense were overstated by a pretax amount of Tax rate 30% Based on the data above, Retained Earnings at December 31, 2020 was: * $951,920 $952,220 $948,920
What is the Asset Turnover Ratio in 2020?