Question 2 The following listed below were extracted from the records of Sulphur Co on31December 2018Administrative expense:Officers' salariesDepreciationCost of goods soldRental revenueSelling expense:Transportation-outSales commissionsDepreciation$ 2,9003,00079,00020,0007,0002,0006,000SalesIncome tax expenseInterest expensePrepare income statement139,00012,0003,000

First, we need to calculate the gross profit. Gross profit is calculated by subtracting the cost of…

Answered: Question 2 The following listed below…

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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Consider the information for AGL provided in the two tables below and answer the following questions. (Note: numbers in red are negative) Balance Sheet $'m cash Receivables Inventory Other assets Total Current Assets Inventory Financial Assets & Investments Plant Intangibles Other assets Total Non-Current Assets Total Assets Trade payables Borrowings Other liabilities Total Current Liabilities Debt Other liabilities Total non-current liabilities Total Liabilities Net Assets Issued Capital Reserves Retained earnings Total Equity 2021 88 1,889 418 1,280 3,675 46 950 6,283 3,302 1,194 11,775 15,450 1,838 305 832 2,975 2,880 4,089 6,969 9,944 5,506 5,601 20 (115) 5,506 2020 141 1,571 400 1,010 3,122 59 688 6,640 3,638 460 11,485 14,607 1,351 38 999 2,388 3,070 1,177 4,247 6,635 7,972 5,603 (80) 2,449 7,972
Module pute Net Operating Profit after Tax Refer to the balance sheet information below for Home Depot. Feb. 3, 2019 Jan. 28, 2018 $35,891 $34,794 1,511 3,056 $37,402 $37,850 $14,177 $13,640 24,822 22,974 $38,999 $36,614 Operating assets Nonoperating assets Total assets $ millions Operating liabilities Nonoperating liabilities Total liabilities Net sales Operating expense before tax Net operating profit before tax (NOPBT) Other expense Income before tax Tax expense Net income Assume a statutory tax rate of 22%. a. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = Net income + NNE Net income NNE NOPAT $ 9,453 $ $ $91,973 78,772 13,201 828 12,373 2,920 $9,453 7,361 * $ 16814 b. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = NOPBT - Tax on operating profit NOPBT Tax on operating profit 7,361 * $ 10,296.78 x $ NOPAT -2936
Requlred Informatlon RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9: 2 of 3 Item Amount Cash and cash equivalents $1,000,000 300,000 8,500,000 1,200,000 400,000 4,800,000 Receivables Capital assets Accumulated depreciation Accounts payable 01:56:09 Long-term liabilities Additlonal Information avalable is as follows: All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service. Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt? Multiple Cholce $3.300,000 $2.900,000 $2,825,000 $4.200,000
H-4
Income Statement for CharmCorp: Total sales Cost of sales Gross Profit Selling, general, and administrative expenses Research and development Depreciation and amortization Operating Income Other income Earnings before interest and taxes (EBIT) Interest income (expense) Q Search OA. $1.60 OB. $2.40 OC. $1.00 OD. $2.00 2008 600 -532 68 36 87년에 -4 23 24 -7 2009 540 - 488 52 ܘܕܢܕ 21 26 -7 21 Time Remaining: 01:04:54
Question 13 The extract disclosed below relates to JohNicho Limited for the year ended December 31, 2021 JohNicho Limited Statement of Comprehensive Income for the year ended 31st December: Net Sales Cost of goods sold SG&A Other costs Operating Income (EBIT) Interest Extraordinary income EBT Taxes Net Income Non-current assets Property, Plant & Equipment Motor vehicles Furniture Total non-current assets Current assets Trade Receivables Other Current Assets Inventories Total Current Assets Total assets Current liabilities Accounts payable Other current liabilities Total Current Liabilities JohLex Limited Statement of Financial Position as at 31st December: 2020 GHC Long-term Debt Debenture Total non-current liabilities 10 Shareholders' equity Total Liabilities and Equity GHC 6,386 18,472 6,759 8,461 25,265 19,811 20,753 Required to calculate: (a) Inventory turnover period (in days) (b) Receivable collection period (in days) (c) Payable collection period (in days) (d) Working capital…
Pro Forma Financial Statement Information for Ideko 2014 - 2019 Year 1. Raw Material 2. Depreciation 3. Wages Payable 4. Interest Expense 5. Finished Goods 6. Other Accounts Payable 7. Accounts Receivable 8. Cash Balance 10. Interest Tax $22,170 $30,510 $35,195 $26,420 $21,260 2014 1,973 5,500 1,294 75 4,192 3,360 18,493 6,164 3,736 2015 1,534 5,450 1,433 6,800 4,967 4,099 14,525 7,262 2,796 2016 1,775 5,405 1,695 6,800 5,838 4,953 16,970 8,485 3,364 2017 2,039 6,865 1,941 6,800 6,815 5,938 19,689 9,845 3,748 The amount of net working capital for Ideko in 2017 is closest to: 2018 2,329 7,678 2,211 7,820 7,911 6,900 22,709 11,355 4,513 2019 2,646 7,710 2,570 8,160 9,138 7,878 26,059 13,030 5,678
Do parts a to d Accounting for Income Taxes Yoda Company is in the process of accounting for its income taxes for the year ended December 31, 2020. The following information came from Yoda's accounting and taxation records: Accounting income before income taxes for 2020 $ 98,967 Depreciation expense for property, plant, and equipment for 2020 $ 222,227 Capital cost allowance to be claimed on Yoda's 2020 income tax return $ 244,450 Book value of property, plant, and equipment at December 31, 2019 $ 1,399,268 Undepreciated capital cost of property, plant, and equipment at December 31, 2019 $ 1,203,370 Assume that there were no additions or disposals of property, plant, and equipment during 2020. In 2020, Yoda began offering a 1-year warranty on all merchandise sold. Following are details pertaining to this warranty: Warranty expense for 2020 for accounting purposes $ 38,860…
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Kincaid Company reported the following data (in millions) for the past two years:2019 2018$$$$$2801501304090$$$$$2501401103575Net revenues........................................Cost of goods sold...............................Gross profit..........................................Operating expenses..............................Operating income................................In a vertical analysis of 2019, the operating expenses percentage is closest toa. 225%.b. 69%.c. 14%.d. 32%.
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