The financial statements of COQ's Trading Ltd. Are given below:Increase20202019Percentage(Decrease)Cash and Cash EquivalentsReceivablesInventoryPrepaid ExpersesTotal Current AssetsOther AssetsTotal Assets| Total Current LiabilitiesLorg-term LiabilitiesMargaux Quindlo, CapitalTotal Liabilities and EquityP 12,2509,0656,6208,54536,48092,500P 128,980P 36,15023,99068,480P 128,980P 10,4708,0555,30010,60034,42578,685P 113,110P 42,33518,96051,815P 113,1102020P 104,70532,27569,43035,32512,81521,2901,050P 20,240Percentage|SalesCost of SalesGross ProfitSelling ExpersesAdministrative ExpersesOperating IncomeInterest IncomeNet Income

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Answered: The financial statements of COQ's…

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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14. Éthel Corp. Has the following data for the month of March 2021: Gross Payroll P1,000,000 Employee's deductions: SSS Contribution P20,000 Philhealth 10,000 PAg-ibig 10,000 Witholding taxes 100,000 The employer share of mandatory deductions are as follows: SSS Contribution P40,000 Philhealth 10,000 Pag-ibig 10,000 The company distributes its total payroll as foilows: 50% to direct labor; 20% to indirect labor; 25% to administrative and 5% to sales salary. The company also apportions employer's contribution as follows: 70% to factory overhead; 25% to administrative and 5% to selling expenses. What is the total accrued payroll?
Given the data in the following table, accounts receivable in 2023 was…
n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400
The balance sheet data of Flounder Company at the end of 2020 and 2019 are shown below. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings (a) (b) (c) Net Cash Net Cash 2020 $29,800 55,100 65,400 15,200 89,200 (17,840) 70,700 $307,560 Net Cash $65,500 15,100 -0- 30,000 188,100 8.860 $307,560 ✓by operating activities Land was acquired for $30,300 in exchange for common stock, par $30,300, during the year, all equipment purchased was for cash. Equipment costing $12.900 was sold for $3,000, book value of the equipment was $6,100 Cash dividends of $10,000 were declare and paid during the year. Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a-sign eg-12.000 or in parenthesis es (12.00 V by investing activities 2019 $34,800 44,800 ✓by financing activities 45,100 25,100 74,200…
Wildhorse Inc., had the following condensed balance sheet at the end of operations for 2019. Cash Current assets other than cash Equity invesments Plant assets (net) Land 1. During 2020, the following occurred. 2. 3. 4. 5. 6. 7. WILDHORSE INC. BALANCE SHEET DECEMBER 31, 2019 $8,400 28,800 8. 20,000 67,100 40,300 $164,600 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $9,900 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $30,600 after allowing depreciation of $13,300. Land was purchased through the issuance of $22,800 in bonds. $15,200 25,500 25,000 75,000 23,900 $164,600 Wildhorse Inc. sold part of its investment portfolio for $12,900. This transaction resulted in a gain of $1,900 for the company. No unrealized gains or losses were recorded on these investments in 2020. Both…
Return on Assets Calculate the company's return on assets for 2020 and compare the result to the industry average.
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The following are Grouper Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2020 2019 Increase(Decrease) Cash $818,200 $696,600 $121,600 Accounts receivable 1,132,100 1,177,800 (45,700 ) Inventory 1,841,000 1,713,900 127,100 Property, plant, and equipment 3,334,900 2,970,400 364,500 Accumulated depreciation (1,157,500 ) (1,030,100 ) (127,400 ) Investment in Myers Co. 308,600 273,500 35,100 Loan receivable 249,300 — 249,300 Total assets $6,526,600 $5,802,100 $724,500 Accounts payable $1,007,200 $949,700 $57,500 Income taxes payable 30,200 50,300 (20,100 ) Dividends payable 80,000 99,900…
Maples group Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease Assets Cash and cash equivalent 64,990 61,895 ? Accounts receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long –term notes payable 99,500 128,550 ? Stockholder’ Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders’ equity 442, 590 395, 800…
How do you find the red numbers on the balance sheet and income statement?
(Profitability Ratio)What is the Return on Asset Ratio in 2020?

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