The following data were included in a recent Mango, Incorporated annual report ($ in millions):Net salesIn millionsNet property, plant, and equipmentRequired:2017$ 189,23434,78320182019$ 225,595$ 220,17447,30434,3782020$ 284,51535,766Compute Mango's fixed asset turnover ratio for 2018, 2019, and 2020.Note: Do not round intermediate calculations. Round your final answers to 2 decimal places.20182019Fixed asset turnover ratio2020

Step 1: Step 2: Step 3: Step 4:

Answered: The following data were included in a…

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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The balance sheets of HIROE Inc. showed the following at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019. $273,375 $334,125 Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of the depreciation expense for 2020? b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HİROE Inc., is eight years and that there is no estimated salvage value. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. c. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal entry for the sale of the machine to calculate the gain or loss on the sale of one…
Computing Asset Related Ratios J.M. Smucker included the following information in its April 2019 10-K. $ millions Apr. 30, 2019 Apr. 30, 2018 $8,151.5 214.2 127.0 939.3 2,294.3 334.7 3,695.3 (1,684.5) $2,010.8 Sales Depreciation expense Land Buildings and fixtures Machinery and equipment Construction in progress Gross property, plant, and equipment Accumulated depreciation Total property, plant, and equipment $124.9 845.1 2,217.1 220.6 3,407.7 (1,588.3) $1,819.4 a. Compute PPE turnover for fiscal year ended April 30, 2019. Round answer to one decimal place. 0 x b. Compute the average useful life of depreciable assets at April 30, 2019. Round answer to one decimal place. 0 x years c. Compute the percentage used up of the PPE at April 30, 2019. Round answer to one decimal place (ex: 0.2345 = 23.5%) 0 * %
Questions related to the Statement of Financial position: What is the most liquid Asset account for Emirates in 2018? State the account name and respective. Calculate the Current Ratio for the year 2018. PLEASE MAKE SURE THE ANSWER IS CORRECT 100%
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On April 1, 2022, Lansing Corporation opened for business and paid 600 in insurance to cover the next 12 months. The corporation is preparing financial statements for the period ending December 31, 2022. What amount of insurance expense should be recognized for Lasing's year of operations?
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Using horizontal analysis , calculate the percentage of the base- year amount, using 2019 as the base year. please answer do not image.
Closure, Inc. has prepared the following comparative statement of financial position for 2019 and 2020: 2020 2019 Equipment $1,260,000 $1,050,000 Accumulated depreciation (450,000) (375,000) Patent 153,000 174,000 Prepaid expenses 18,000 27,000 Inventory 150,000 180,000 Accounts Receivable 159,000 117,000 Cash 297,000 153,000 $1,587,000 $1,326,000 Share capital-preference $ 129,000 $ 66,000 Share premium-preference 582,000 0 Share capital-ordinary 153,000 153,000 Retained earnings 105,000 42,000 Mortgage payable 0 450,000 Accounts payable 120,000 135,000 Accrued liabilities 498,000 480,000 $1,587,000 $1,326,000 Additional Information: 1. The accumulated depreciation account has been credited only for the depreciation expense for the period. 2. The…
According to the footnotes, what was the initial total acquisition cost of the Property, Plant, and Equipment that Newell Brands owns as of December 31, 2020?
On Pina's multiple - step income statement for 2023, income from continuing operations is: Select answer from the options below a) $17395. b) $24850. c)$40400. d) $17780.
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Glorious Company Limited owns land that it purchased at a cost of $400 million ("m") in 2017. The company chooses to use revaluation accounting to account for the land. The land's value at the end of the following years were as follows: 2017 - $450m; 2018 - $360m; 2019 - $385m; and 2020 $410m. Required: Prepare the journal entries to record the land using revaluation accounting from 2017 - 2020 using the following table: Year Journal Land Unrealized Gain on Revaluation Loss on Impairment Recovery of Impairment Loss $'m S'm $'m $'m 2017 Dr Cr 2018 Dr Cr 2019 Dr Cr 2020 Dr Cr

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