The following financial information is available for Hero Sports Ltd.: Sales : $45,000 Costs : $25,000 Addition to retained earnings : $5,500 Dividends paid : $900 Interest expense : $1,450 Tax rate : 40% -Compute the depreciation expense. PLEASE SHOW THE WORKING TYPED OUT SO I CAN UNDERSTAND THE STEPS. NO SPREADSHEETS
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The following financial information is available for Hero Sports Ltd.:
Sales : $45,000
Costs : $25,000
Addition to
Dividends paid : $900
Interest expense : $1,450
Tax rate : 40%
-Compute the
PLEASE SHOW THE WORKING TYPED OUT SO I CAN UNDERSTAND THE STEPS. NO SPREADSHEETS
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- The income statement for Northeast Co, is shown below. How much is net operating profit after taxes (NOPAT)? (Note: all dollars shown in 000's.) Sales $4,000.00 Costs 2,400.00 Depreciation 200.00 EBIT 1,400.00 Interest Expense 400.00 EBT 1,000.00 |Таx (21%) 210.00 Net Income 790.00 O $1.106.00 O$624.10 O $910.00 O$1.264.00 O$1.000.00Write & Insert Fields Preview Results Finish The following are extracts from the financial records of COF (Pty) Ltd for the year ended 30 June 2021: Extract from the statement of profit or loss and other comprehensive income for the year ended 30 June 2021 30 June 2021 R Revenue from sale of goods 920 000 Cost of sales Profit on sale of non-current assets Commission income 490 000 31 000 23 000 Audit fees 84 000 Depreciation Interest expense (finance cost) Income tax expense 72 000 20 000 87 000 Profit for the year (after tax) Extract from the statement of financial position as at 30 June 2021 BACHELOR OF COMMERCE YEAR1- ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE + REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 43 123 000 30 June 2021 30 June 2020 302 000 690 000 292 000 Inventories Trade receivables Trade payables Taxation payable Prepaid expenses Accrued expenses Required: 720 000 400 000 385 000 75 000 60 000 2 000 8 000 84 000 88 000 Prepare only the "Cash generated by operations"…Prepare a classified balance sheet (using good form-be sure to show different classes) for the Lee Company. The company had the following items on Dec. 31, 2012, (note this is a partial list of all accounts in the adjusted trial balance): Cash Wages Payable Goodwill Notes Payable (due in 3 years) Accumulated Depreciation- Equipment Revenues. Operating Expenses Cost of Goods Sold $30,000 $4,000 $10,000 $50,000 $20,000 $100,000 $20,000 $45,000 Equipment Retained Earnings Accounts Receivable Land Inventory Common Stock Sales Discounts Sales Returns Accounts Payable $100,000 ???--solve for this $50,000 $120,000 $40,000 $100,000 $1,000 $500 $7,000 Additional notes that the bookkeeper wanted brought to your attention: (1) Lee's Accounts Receivable balance includes a $3,000 for an allowance for uncollectibles. (2) Lee's Land account consists of $90,000 that is used by the business, and a $30,000 parcel that is held for future use. (3) The Cash balance of $30,000 is composed of the following:…
- Use the information below for Harding Company to answer the questions that follow. Harding Company Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 Based on the data for Harding Company, what is the amount of working capital? Group of answer choices $203,000 $168,000 $238,000 $128,000The following information is available for Reynolds Corporation: Retained Earnings, December 31, 2020 $1,500,000 Profit for the year ended December 31, 2021 250,000 The company accountant, in preparing financial statements for the year ending December 31, 2021, has discovered the following information:The company's previous bookkeeper, who has been fired, had recorded depreciation expense on a machine in 2019 and 2020 using the double diminishing-balance method of depreciation. The bookkeeper neglected to use the straight-line method of depreciation which is the company's policy. The cumulative effect of the error on prior years was $9,000. Depreciation was calculated by the straight-line method in 2021. Reynolds' average tax rate is 22%. During 2021, Reynolds declared and paid cash dividends of $80,000.Instructions a)Calculate the impact on retained earnings. b)Prepare the statement of retained earnings for 2021. Please don't provide solution in an image format thank youGreen Farms, Inc. had sales of $500,000, cost of goods sold of $180,000, selling and administrative expense of $70,000, and operating profit of $90,000. What was the value of depreciation expense? a.$230,000 b.None of these c.Less than $170,000 d.$170,000
- Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P112,000 Accumulated depreciation P 36,000 Accounts Receivable 64,000 Accounts payable 40,000 Finished Goods 48,000 Income tax payable 9,000 Work in process 36,000 Share Capital 500,000 Raw materials 52,000 Retained Earnings 207,000 Property and Equipment 480,000 The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000…K Winky Flash Photo reported the following figures on its December 31, 2024, income statement and balance sheet: (Click the icon to view the figures.) Compute the asset turnover ratio for 2024. Round to two decimal places. Data table Net sales Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Property, Plant, and Equipment, net Print + + 460,000 Dec. 31, 2024 Dec. 31, 2023 $ 33,000 $ 26,000 60,000 58,000 71,000 78,000 11,000 7,000 101,000 16,000 Done - = - X Asset turnover ratioThe following financial information is available for Hero Sports Ltd.: Sales: $45,000 Costs: $25,000 Additional to retained earnings: $5,500 Dividends paid: $900 Interest expense: $1,450 Tax rate: 40% Compute the depreciation expense.
- The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2921 Net sales $3,486,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $2,300,000 928,000 34,000 8,700 18,500 55,000 3,344,200 $ 141,800 Net income VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 ssets Current assets: Cash Accounts receivable $ 264,020 Inventory Prepaid rent Long-term assets: Investments 88,700 105,000 13,680 $202,660 67,000 142,000 6,840 Land Equipment Accumulated depreciation 112,000 217,000 284,000 (77,400) 254,000 217,000 (43,400) $846,100 Total assets $1,007,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long -term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 72,300 6,700 $ 88,000 11,400…PinishNa Inc. has determined the following information related to operations for 2025: Revenue from sales 7,000,000 Expenses 4,000,000 Income before income taxes 3,000,000 In reviewing the records, you discovered the following items: During 2025, the company discovered an error in depreciation in 2024. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2024 of P200,000. During 2025, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000. How much is the correct profit before tax for the year 2025?[The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver CompanyComparative Balance Sheetat December 31 This Year Last Year Assets Cash $ 17 $ 12 Accounts receivable 293 229 Inventory 151 195 Prepaid expenses 9 6 Total current assets 470 442 Property, plant, and equipment 511 432 Less accumulated depreciation (81) (71) Net property, plant, and equipment 430 361 Long-term investments 26 33 Total assets $ 926 $ 836 Liabilities and Stockholders' Equity Accounts payable $ 300 $ 225 Accrued liabilities 71 80 Income taxes payable 72 65 Total current liabilities 443 370 Bonds payable 196 172 Total liabilities 639 542 Common stock 163 200 Retained earnings 124 94 Total stockholders’ equity 287 294 Total liabilities and stockholders' equity $ 926 $ 836 Weaver CompanyIncome StatementFor This Year Ended December 31 Sales $ 754 Cost of…
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