Sales Purchases Wages Stock as on 01 April 2020 Stock as on 31 March 2021 Freight inwards 18,00,000 O 17,00,000 16,00,000 O 14,00,000 20,00,000 15,00,000 1,00,000 3,00,000 4,00,000 1,00,000
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![Compute the cost of goods sold for the year 2021 with the help of the following
information:
Sales
Purchases
Wages
Stock as on 01
April 2020
Stock as on 31
March 2021
Freight inwards
*18,00,000
*17,00,000
16,00,000
*14,00,000
|₹
20,00,000
15,00,000
1,00,000
3,00,000
4,00,000
1,00,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2fee415-a6eb-4c24-ac21-39c55e6bc93a%2F5d490fb1-b91c-4014-ad88-477250b94888%2Fa53fm2_processed.png&w=3840&q=75)
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- Xyz tradingCondensed comparative balance sheet 2021 2020 2019Assets:Current assets 468,000. 345,600. 300,000Property and equipment 600,000. 560,400. 500,400Other assets(advances ). 72,000. 126,000. 150,000Total assets. 1,140,000. 1,032,000. 950,400Liabilities and stockholders’ equityLiabilitiesCurrent liabilities 134,400. 112,800. 100,00012 % long-term notes payable. 240,000. 300,000 350,000Total liabilities. 374,400. 412,800. 450,000Stockholders’ equity10% preferred stock 120,000. 120,000. 120,000Common stock 300,000 240,000 200,000Additional paid in capital 84,000. 48,000 40,000Retained earnings…2021 2020 2019 2018 2017 Sales $703,787 $ 463,018 $370,414 $256,342 $191,300 Cost of goods sold 361,331 237,839 192,311 132,684 97,563 Accounts receivable 33,993 27,133 25,299 14,996 13,066 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.Question 66 Using Financial Statements for 2018-2019. Net asset value per share of preferred stock for 2019 is $685.71. TRUE OR FALSE?
- Question One The following trial balance relates to Succeed Limited as at 30 June 2020 K K 88,000 K1 ordinary shares – issued 88,000 44,000 8% K1 preference shares 44,000 Share premium account 11,000 Revaluation reserve - PPE 33,000 Sales 220,000 Purchases 135,300 Opening inventory 87,279 Trade receivables and prepayments 29,920 Trade payables and accruals 15,094 Bank balance 4,726 10% Loan stock 17,600 General reserve 30,800 Bad debts 374 Wages and salaries 31,020 Installment tax paid 3,850 Insurance 1,551 Dividend paid - Preference 3,520 Dividend paid - Ordinary 2,420 Postage and telephone 682 Light and heat 1,338 Loan stock interest (½ year to 31 December 2019) 880 Directors’ fees 2,750 General expenses 3,419 Vehicles (cost K21,340) 7,480…Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 $ 474, 200 285,468 2819 $363, 276 228,864 188, 732 134,412 67,336 50, 132 42,678 31, 968 119,014 82, 198 78, 718 52,312 14,642 19,724 $ 64,976 $ 41,588 S Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 100.00 % 2019 100.00 % Assets Current assets Long-term investments Plant assets,…MOSS COMPANY Selected Balance Sheet Information 2020 At December 31 Current assets Cash Accounts receivable. Inventory Current liabilities. Accounts payable Income taxes payable $ 84,650 25,000 60,000 Sales Cost of goods sold Gross profit 30,400 2,050 2019 $26,800 32,000 54,100 MOSS COMPANY Income Statement For Year Ended December 31, 2020 25,700 2,200 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 515,000 331,600 183,400 121,500 36,000 25,900 7,700 $ 18,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities
- Sales Cost of goods sold Accounts receivable Numerator: 2021 $ 446,762 225,881 21,623 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 1 1 1 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 2020 $ 290,105 146,803 16,913 Trend Percent for Net Sales: 2019 $ 232,084 119,092 15,828 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Cost of Goods Sold: 1 Denominator: 7 1 1 1 1 1 I 1 Denominator: Trend Percent for Accounts Receivable: Denominator: 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Accounts Receivable favorable or unfavorable? 2018 $ 167,570 84,885 9,820 = = = = = = = = = = 2017 $ 128,900 64,450 8,804 = Trend percent Trend percent Trend percent % % % % % % % % % % % % %…You are presented with the following information: Concord Ld. Trading and profit and loss account for the year ended 31 December 2009 £000 1.000 E000 Sales Less: Cost of goods aold: Opening Stock Purchases 200 700 900 Less: Closing Stock 300 Gross profit Operating expenses Operating profit Debenture interest Net profit before taxation Taxation 600 400 (240) 160 (10) 150 (50) 100 (60) 40 Net profit after taxation Dividends Retained profit for the year Concord Ltd. Balance sheet as at 31 December 2008 C000 2009 L000 E000 FO00 1,050 255 Fixed assets at cost 900 Less: Accumulated Depreciation 150 750 795 Current assets: Stocks Trade debtors Cash 200 120 300 150 20 340 45 495 Less: Current liabilities: Trade creditors Taxation Proposed dividend 70 90 50 40 30 140 60 200 950 200 295 1,090 Capital and resenes: Ordinary shares of £1 each Profit and loss accounts 750 200 950 750 240 990 Loans Debenture stock (10% issued on 1 Jan 2009) 100 1.090 950 Required: Prepare a cash flow statement (in…Im the context of Imfilation Accountimg System adjust the ffollowing Statement of Pudfit und LOES and Balance Sheet under the "Current Purchasing Power' (or CPP) method tto ascertain fhe changes in Net Profit and Reserve. STATEMENT OF PROFIT AND LOSS ffor the year ended 31st December, 2015 $ ('000) 500 Sales 80 Opening Stock Purchases 420 500 70 430 Less : Closing Stock 70 Gross Profit Depreciation (buildings) Admünüstration 25 30 40 Net Profit BALANCE SHEET as at 31st December, 2015 $ ('O00) Share Capital 200 Reserve 200 400 Land 140 200 Building Less : Depreciation 45 155 Stock Debtors 70 40 Cash 30 140 Less : Creditors 35 105 400 Following data are given : (1) Closing stock was acquired during last quarter of 2015 and opening stock during the last quarter of 2014. (2) The land and buildings were acquired and the capital issued during 1992. The buildings are depreciated straight lime over 40 years. ((3) The relevant retail price indices are (@) 2007 average (b) 2014 last quarter…
- The following data are provided: December 31 2021 2020 Cash $ 1300000 $ 1005000 Accounts receivable (net) 1500000 1150000 Inventories 2600000 2100000 Plant assets (net) 6000000 6600000 Accounts payable 1150000 820000 Income taxes payable 220000 90000 Bonds payable 1400000 1400000 10% Preferred stock, $50 par 1800000 1800000 Common stock, $10 par 2300000 1700000 Paid-in capital in excess of par 1650000 1400000 Retained earnings 4100000 3400000 Net credit sales 12800000 Cost of goods sold 8500000 Operating expenses 2900000 Net income 1600000 Additional information:Depreciation included in cost of goods sold and operating expenses is $1200000. On May 1, 2021, 60000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021.At December 31, 2021,…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…Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income Hulkster's 2021 average collection period is: Multiple Choice O 109 days. O 128 days. 2021 $ 40,000 $ 28,000 O 73 days. 190,000 114,000 425,000 240,000 32,500 2020 $ 36,000 35,000 186,000 108,000 405,000 225,000 28,000
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