Sarasota Corporation and Marigold Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following information. Net income Sales revenue Total assets (average) Plant assets (average) Intangible assets (goodwill) (1) (2) (3) Return on assets Profit margin Asset turnover Sarasota Corp. $ 237,540 Save for Later 1,187,700 3,210,000 2,430,000 387,100 (a) For each company, calculate these values: (Round answers to 2 decimal places, e.g. 6.25% or 17.54.) Marigold Corp. $316,050 Sarasota Corp. 1,264,200 3,010,000 1,828,000 % % 0 times Marigold Corp. % % times Attempts: 0 of 3 used Submit Answer

Sarasota Corporation and Marigold Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following information. Net income Sales revenue Total assets (average) Plant assets (average) Intangible assets (goodwill) (1) (2) (3) Return on assets Profit margin Asset turnover Sarasota Corp. $ 237,540 Save for Later 1,187,700 3,210,000 2,430,000 387,100 (a) For each company, calculate these values: (Round answers to 2 decimal places, e.g. 6.25% or 17.54.) Marigold Corp. $316,050 Sarasota Corp. 1,264,200 3,010,000 1,828,000 % % 0 times Marigold Corp. % % times Attempts: 0 of 3 used Submit Answer

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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3. Subject :- Accounting
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From page 7-1 of the VLN, acquisition cost would NOT include: A. Purchase price. B. Transportation cost to get the asset ready to be used. C. Sales taxes. D. Cost incurred to operate the asset.
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Alimentation Couche-Tard Inc. is a leading convenience store operator in Canada, with Couche-Tard stores in Quebec and Mac's stores in central and western Canada. It also operates Circle K shops in the United States and Ingo automated fuel sites in Sweden and Denmark. Revenues Cost of sales Gross profit Operating, selling, administrative, and general expenses (Gain) loss on disposal of property and equipment and other assets Depreciation, amortization, and impairment Total operating expenses CONSOLIDATED STATEMENTS OF EARNINGS For the years ended April 24, 2022, April 25, 2021, and April 28, 2020 (in millions of U.S. dollars) Operating income Share of earnings of joint ventures and associated companies Net financial expenses Earnings before income taxes Income taxes Net earnings DAM..:.-4. Revenues Cost of sales Gross profit $ Operating, selling, administrative, and general expenses (Gain) loss on disposal of property and equipment and other assets Depreciation, amortization, and…
Sometimes, for the fixed assets of certain businesses, the balance in Accumulated Depreciation is equal to the cost of the asset. a. Can one record additional depreciation on the assets if the assets are still useful to the business? b. Why? Explain: c. Also, when can such a business make an entry to remove the cost and accumulated depreciation of the fixed assets from the account?
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Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 1. Cash received from the sale of equipment 2. Depreciation expense 3. Purchase of equipment $ 180,000 (100,000) $ 80,000 $ $ 380,000 (100,000) $ 280,000 During 2021, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021? 2020 37,000 $ 270,000 (210,000) $ 60,000 $ 400,000 (285,000) $ 115,000
please answer asap Problem No. 7 During your audit of AACA Company, you have identified several transactions by the client related to its fixed assets acquisitions below. The company used a single account, Property and equipment, to record the transactions: Property and equipment Acquisition price of land and building P960,000 Options taken out on several pieces of property 16,000 List price of machinery purchased 318,400 Freight on machinery purchased including insurance of P1,000 4,000 Repair to machinery resulting from damage during shipment 1,480 Cost of removing old machinery 4,500 Driveways and sidewalks 102,000 Building remodeling 400,000 Utilities paid since acquisition of building 20,800 P1,827,180 Based on property tax assessments, which are believed to fairly represent values involved, the building is worth thrice as much as the land. The machinery was subject to a 2% cash discount, which was taken and…
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Assets Classified as Intagible Assets Required: What is the total amount to be recognized as intangible assets?
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