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- Exercise 12: Marcus corp earned P645,000 during the year ended June 30, 2021. It paid dividends amounting to P310,000 and the balance went into retained earnings. Total earnings at the end of the year 2021 = P925,280 Find the company's retained earnings on its balance sheet on July 1,2020QUESTION 14 Random Rotailers, Inc.'s income statoment for the year ended December 31, 2015, included the folowing accounts: Sales.. Cost of goods sold. Selling expenses (total. General and administrative expenses. $100,000,000 $36,000,000 $10,000,000 $25,000,000 Income tax expense... $5,500,000 What was the gross profit ratio for the year-ended December 31, 20X5? Oa 25.0% Ob.36.0% O. 64.0% Od. 40.0% QUESTION 15 XYZ Co. extemal auditor rendered an opinion on the financial statements which stated that, in the opinion of the auditor, the financial statements and related disclosures fairly presented financial information in all material renpects fairly in terms of U.S. GAAP except for the fact that an asset that should have been reported at original historical cost wos reported at its higher tair market value as of the date of the preparation of the statement of financial position. This is an example of a (an) On Qualifed opinion. Ob Disclaimer opinion. Adverse opinion. Unqualified…Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5 %.) SHERIDAN CORPORATION Condensed Income Statements For the Years Ended December 31
- Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, 2 units 30 Bal., 4,400 units, 80% completed Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost…Please helpForecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…
- Here is financial information for Carla Vista Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings $ $ $ $ December 31, 2025 2025 $ Prepare a schedule showing a horizontal analysis for 2025, using 2024 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) $ CARLA VISTA INC. Condensed Balance Sheets $ $109,200 403,500 102,500 125,200 133,200 $ 151,800 $ December 31, 2024 $93,500 2024 353,200 68,200 93,500 118,200 166,800 $ $ $ $ $ Increase or (Decrease) Amount Percent % % % % % % % % % %At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2, 189 that were applicable to payrolls for the year then ended. Exercise 7 - 9 (Algo) Part c c. Assume that when the payroll taxes were paid in October 2022, the payroll tax expense account was charged. Assume that at September 30, 2023, the accountant again neglected to accrue the payroll tax liability, which was $2,660 at that date. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30 2023What is the impact on retained earnings each year?