The TTF Corporation is trying to analyze how much financing it will need next year. With the recent economic recovery, more people are starting topurchase their products and thus TTF believes Sales will grow by 25% in 2024. They also believe that all assets and spontaneous liabilities will grow at thesame rate as sales. TTF estimates its Net Profit Margin in 2024 will be 6% and it will pay out 40% of Net Income as a dividend. Use the below informationto answer the following questions:Item2023Accounts Payable200Accounts Receivable500Accruals500Advertising Expense750Cash1,500Common Stock1,500Cost of Goods Sold3,500Depreciation Expense300Interest Expense250Inventory800Long Term Debt1,000Net Fixed Assets3,200Notes Payable800Retained Earnings2,000Sales5,000Taxes50The common size entry for Taxes in 2023 is 1Outside Funds Needed in 2024 is $ 1100%. (Input number only)(Input number only)

Outside funds refer to the capital needed by a company to finance its operations beyond what can be…

Answered: The common size entry for Taxes in 2023…

The common size entry for Taxes in 2023 is 1 Outside Funds Needed in 2024 is $ 1100 %. (Input number only) . (Input number only)

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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

The TTF Corporation is trying to analyze how much financing it will need next year. With the recent economic recovery, more people are starting to
purchase their products and thus TTF believes Sales will grow by 25% in 2024. They also believe that all assets and spontaneous liabilities will grow at the
same rate as sales. TTF estimates its Net Profit Margin in 2024 will be 6% and it will pay out 40% of Net Income as a dividend. Use the below information
to answer the following questions:
Item
2023
Accounts Payable
200
Accounts Receivable
500
Accruals
500
Advertising Expense
750
Cash
1,500
Common Stock
1,500
Cost of Goods Sold
3,500
Depreciation Expense
300
Interest Expense
250
Inventory
800
Long Term Debt
1,000
Net Fixed Assets
3,200
Notes Payable
800
Retained Earnings
2,000
Sales
5,000
Taxes
50
The common size entry for Taxes in 2023 is 1
Outside Funds Needed in 2024 is $ 1100
%. (Input number only)
(Input number only)

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