Pinoy Company operates in a hyperinflationary economy. Its balance sheet (in baht) at December 31, 2016, follows:Property, Plant and equipment900Inventory2,700Cash350Share capital400Retained earnings2,350Noncurrent liabilities500Current liabilities700The December 31 general price index had moved in this way:20121002013130201415020152402016300The property, plant and equipment was purchased on December, 31, 2014 and there is a six months inventory held. The noncurrent liabilities were a loan raised onMarch 31, 2016.Determine the Retained Earnings on December 31, 2016: ('000)

When a company is operating under hyperinflationary economy, it needs to restate the balance sheet…

Answered: Pinoy Company operates in a…

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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a. How much is the ForEx gain or (loss) on December 31, 2017? b. How much is the outstanding accounts payable as of December 31,2017? c. How much is the ForEx gain or (Loss) on February 1, 2018? d. How much is the Net ForEx gain or (loss)?
1. The following is the income statement of Al Kawther Trading LLC for the year end 2019. Income Statement RO Sales 124670 Less: Cost of Goods Sold Opening inventory 13455 Add: Purchases 71320 Less: Closing inventory -9875 (74900) Gross Profit 49770 Other Income : Dividend received from shares and bonds 6,000 Total Income 55770 Less: Operating Expenses Cost of Computers 2500 Salary & Wages 12400 Customs duty 450 Reserve for Bad debts 1200 Motor expenses 7500 Fire Insurance (for goods) 800 Donation 2000 Municipality taxes 2300 (29150) Net Profit 26620 Additional Information: a) Bad debts of 2018 of RO500 recovered in this year. Such bad debts were deductible expenses in the concerned year and not included in current year profit. b) The accountant overvalued opening inventories by RO245 and undervalued closing inventories by RO160. c) The company owned motor vehicle cost RO15000. In the law the depreciation rate attracted @ 33.33%. In the current year company also paid for repair…
Refer to Apple’s financial statements and compute its cost of goods available for sale for the year ended September 30, 2017.
8. The following information is related to Diego Company for the year 2025. Cost of goods sold $260,000 Operating expenses Other revenues and gains 5,600 Net sales Unrealized gain on available-for-sale securities Gain on disposal of plastics division related to discontinued operations 15,000 Other expenses and losses. Loss on plastics division operations related to discontinued operations 130,000 440,000 9,600 $ 60,000 50,000 Prepare a multiple-step income statement and a comprehensive income statement for Diego Company (the two statement approach). The income tax rate is 30%, and the weighted-average number of common shares outstanding is 10,000.
1.) Land Services, Inc. owns 30% of voting stock of World Investments, Inc. During the year 2018, World Investments, Inc. earned profits of $320,000. Under the equity method, which of the following journal entries will Land Services record? 2.) Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue 397,630 Cost of Goods Sold 255,000 The cost of goods sold as a percentage of net sales revenue is ________. (Round your answer to two decimal places.)
A leading AI technology firm ATOOL, is publicly traded on the US stock market with shares currently valued at $15 each. Some information from its annual report of Year 2023, is presented in the following tables (Unit=’1000). Income Statement (2023)Sales $21,800Cost of goods sold $15,050Depreciation $4,150EBIT $2,600Interest $1,830Taxable income $870Taxes (34%) 296Net income $574 Balance Sheet 2022 2023Current assets $3,800 $6,930Net fixed assets $23,650 $26,800Current liabilities $2,700 $3,150 Compute the cash flow from assets (CFFA) of ATOOL for the year 2023 and show how you interpret the number you get for CFFA.
The following data relate to the operations of Delicious, Inc., during 2015. Continuing operations: Net sales $37,400,000 Costs and expenses (including applicable income tax) 21,500,000 Other data: Operating income during 2015 on segment of the business Discontinued near year-end 205,000 Loss on disposal of discontinued segment (net of income tax benefit 510,000 Extraordinary loss (net of income tax benefit) 930,000 Prior period adjustment (increase in 2014 amortization expense, net of income tax benefit 310,000 Cash dividend declared 2,000,000 a)Prepare a condensed income statement for 2015
8. Cerritos Corporation began operations on January 1, 2017. During its first three years of operations, Cerritos reported net income and declared dividends as follows: Net income Dividends declared 2017 P 80,000 P 0 2018 250,000 100,000 2019 300,000 100,000 The following information related to 2020: Prior period adjustment: understatement of 2018 depreciation expense (before taxes) P 40,000 Cumulative decrease in income from change in inventory methods (before taxes) 70,000 Income before income tax 480,000 Dividends declared (of this amount, P50,000 will be paid on January 15, 2021) 200,000 Effective tax rate 35% As at December 31, 2020, the retained earnings of Cerritos Corporation is Group of answer choice 520,500 484,500 430,000 470,500
Use the income and expense account information for Pepsico for 2017 listed below. What is the cash coverage ratio? Tax rate: 30% Interest expense: $6,590,000 Revenue: $910,500,000 Depreciation: $50,000,000 Selling, general, and administrative expense: $85,000,000 Cost of goods sold: $730,000,000 Group of answer choices 15.40 14.50 13.70 12.30 It is not possible to answer this question

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