Rent expense in Volusia Company's 2016 income statement is $420,000. If Prepaid Rent was $70,000 at December 31, 2015, and is $95,000 at December 31, 2016, the cash paid for rent during 2016 is: a. $480,000 b. $395,000 c. $420,000 d. $445,000
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- Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent): 2017 2018 Sales $ 15,573 $ 15,336 Depreciation 1,741 1,816 Cost of goods sold 4,379 4,787 Other expenses 986 864 Interest 835 966 Cash 6,187 6,706 Accounts receivable 8,120 9,667 Short-term notes payable 1,250 1,227 Long-term debt 20,560 24,836 Net fixed assets 51,064 54,513 Accounts payable 4,512 4,884 Inventory 14,419 15,368 Dividends 1,350 1,698 Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.) Prepare an income statement for this company for 2017 and 2018. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16. Input all answers as positive values.)K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...The rent income account in the ledger of RT Stores reflected a total of R133 000 on 28 February 2023 , the end of the financial year. Rent was received until 31 March 2023 and the rental was increased by 10% with effect from 01 January 2023 . How much was reflected for rent income in the statement of comprehensive income for the year ended 28 February 2023 (answer expressed to the nearest Rand)? A. R121 008 B. R122 769 C. R121917 D. R122 000
- owing income statement accounts in the popup window, E t for the year. ow for the year. Data Table nt for the year. at below. (Round to the nearest dollar. (Click on the following icon in order to copy its contents into a spreadsheet.) ncome Statement Income Statement Accounts for the Year Ending 2017 Balance nding December 31, 2017 Account Cost of goods sold Interest expense Taxes Revenue Selling, general, and administrative expenses Depreciation $341,000 $75,000 59,600 S743,000 $62,000 $116,000 Print Done %24 %24 %24HelpThe following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- Selected information from Bigg Company's financial statements follows: Fiscal Year Ended December 31 2019 2018(in thousands) 2017 Gross sales $2,004,719 $1,937,021 $1,835,987 Less: Sales discounts (4,811) (4,649) (4,406) Less: Sales returns and allowances (2,406) (2,324) (2,203) Net sales 1,997,502 1,930,048 1,829,378 Cost of goods sold 621,463 619,847 660,955 Gross profit 1,376,039 1,310,201 1,168,423 Operating expenses 577,369 595,226 583,555 Operating income 798,670 714,975 584,868 Other income (expenses) 15,973 (5,720) (8,773) Net income $814,643 $709,255 $576,095 At December 31 2019 2018(in thousands) 2017 Accounts receivable $201,290 $195,427 $182,642 Less: Allowance for doubtful accounts (2,516) (2,736) (2,192) Net accounts receivable $198,774 $192,691 $180,450 Required: 1. Calculate the following ratios for 2018 and 2019.…Net credit sales: 910000, Accounts receivable:85000Income statement for 2016 (in $) Sales 2016 360,000 Costs (incl. depr.) 252,000 EBIT 108,000 Interest 25,000 Taxes (28%) 23,240 Net income 59,760 Sales are expected to increase by 10% in 2017, while costs including depreciation are expected to reach 60% of sales. Interest expenses and the average tax rate are expected to stay constant
- Calculate the account receivable turnover ratioIncome Statement Bullseye, Incorporated's 2018 income statement lists the following income and expenses: EBIT = $906,500, Interest expense = $85,000, and Net income = $579,000. What is the 2008 Taxes reported on the income statement?A firm has been experiencing low profitability in recent years. Perform an analysis of the firm's financial position using the DuPont equation. The firm has no lease payments but has a $3 million sinking fund payment on its debt. The most recent industry average ratios and the firm's financial statements are as follows: Industry Average Ratios Current ratio Debt-to-capital ratio Times interest earned EBITDA coverage Inventory turnover Cash and equivalents Accounts receivables Inventories Total current assets 2x 17% 3 x 6 x 11 x Days sales outstandinga Calculation is based on a 365-day year. Balance Sheet as of December 31, 2021 (millions of dollars) $78 Accounts payable Other current liabilities 51 125 Notes payable $ 254 Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity Gross fixed assets Less depreciation Net fixed assets Total assets 15 days Fixed assets turnover Total assets turnover…
