Answer? ? General Accounting The following is a listing of some of the balance sheet accounts and all of the incomestatement accounts for Aldine Inc. as they appear on the company s adjusted trialbalance.Accounts Payable$10,000Accounts Receivable11,000Inventory20,000Advertising Expense12,000Cost of Goods Sold89,000Delivery Expense6,000Income Tax Expense2,000Insurance Expense1,000Rent Expense12,000Sales Revenue160,00011,000Sales DiscountsSales Returns & Allowances 19,000The gross profit percentage would be closest to:A) 25.6%.B) 31.5%.C) 55.6%.D) 68.5%.

Step 1: Define Gross ProfitNet sales are reduced by the cost of products sold to generate gross…

Answered: The following is a listing of some of…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 18BEA

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Complete a Vertical analysis of the "Unearned revenue" account using the balance sheet as at 30/06/2021. Round the percentage change to one decimal place
Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…
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The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 195 $ 134 Accounts receivable 60 62 Less: Allowance for uncollectible accounts (4 ) (3 ) Dividends receivable 15 8 Inventory 73 62 Long-term investment 45 40 Land 112 70 Buildings and equipment 351 376 Less: Accumulated depreciation (55 ) (74 ) $ 792 $ 675 Liabilities Accounts payable $ 25 $ 32 Salaries payable 8 11 Interest payable 10 8 Income tax payable 13 14 Notes payable 42 0 Bonds payable 263 190 Less: Discount…
The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20Y8Cash $399,800 $300,000 Temporary investments 426,700 328,700 Accounts and notes receivable (net) 392,500 358,300 Inventories 548,600 444,200 Prepaid expenses 299,400 166,800 Total current assets $2,067,000 $1,598,000 Accounts payable $307,400 $329,000 Accrued liabilities 222,600 141,000 Total current liabilities $530,000 $470,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 20Y8Working capital $$Current ratio Quick ratio b. The liquidity of Osborn Sisters Company has from 20Y8 to the 20Y9. The working capital, current ratio, and quick ratio have all . Most of these changes are the result of .
The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20Y8 Cash $608,800 $459,600 Temporary investments 649,600 503,500 Accounts and notes receivable (net) 597,600 548,900 Inventories 835,200 680,400 Prepaid expenses 380,800 215,600 Total current assets $3,072,000 $2,408,000 Accounts payable $371,20 $392,000 Accrued liabilities 268,800 168,000 Total current liabilities $640,000 $560,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 . 20Y8 Working capital Current ratio Quick ratio b. The liquidity of Osborn Sisters Company has from 20Y8 to the 20Y9. The working capital, current ratio, and quick ratio have all Most of these changes are the result of
The following data were taken from the records of Millet Corporation for the year ended December 31: Sales on account, P7,200,000; Accounts receivable written off as a result of permanentimpairment, P50,000; Notes receivable to settle accounts, P800,000; Purchases on account,P7,800,000; Payments to creditors, P6,400,000; Purchase discounts, P520,000; Sales returns,P30,000; Collections received to settle accounts, P4,900,000; Notes given to settle accounts, P500,000; Purchase returns, P140,000; Payments of notes, P200,000; Discounts taken bycustomers, P80,000; Collection on notes receivable, P360,000. What is the carrying value of the accounts receivable on December 31?
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The following financial information is for Annapolis Corporation for the fiscal years ending 2018 and 2019 (all balances are normal): Cost of Accounts Net Sales Net Item/Account Inventory Goods Receivable (all credit) Income Sold 2019 2018 $44,000 $42,000 $410,000 $154,000 $27,200 $34,000 $38,000 $350,000 $152,000 $24,800 Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 days a year. Round your answers to one decimal place.)
The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3AssetsCash $443,240 $360,920Accounts receivable (net) 665,280 592,200Inventories 887,880 1,022,560Prepaid expenses 31,640 25,200Land 302,400 302,400Buildings 1,713,600 1,134,000Accumulated depreciation—buildings (466,200) (414,540)Machinery and equipment 781,200 781,200Accumulated depreciation—machinery and equipment…

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