The following is information for Bramble Corp. for the year ended December 31, 2023Sales revenueUnrealized gain on FV-OCI equityinvestmentsInterest incomeCost of goods soldSelling expensesAdministrative expensesDividend revenue$1,260,00041,0006,000756,00063,00047,00020,000Loss on inventory due to decline in net realizable valueLoss on disposal of equipmentDepreciation expense related to buildings omitted bymistake in 2022Retained earnings at December 31, 2022Loss from expropriation of landDividends declared$73,00030,000The effective tax rate is 35% on all items. Bramble prepares financial statements in accordance with IFRS. The FV-OCI equityinvestments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.58,000910,00064,00048,000 Sales RevenueCast of Goods SoldGrass Pront/LossOperating ExpresSelling ExpensesAdministrative ExpensesOther Revenues and GainsOther Expenses and LessesVLoss from ExpropriationBramble CorpStatement of Financial PerformanceFor the Year Ended December 31, 2023Loss on inventory Due To Decline in Net Realable Valeitems that will not be recycled subsequently to net income orlass:

A Financial Performance statement measures how a company has performed in a particular financial…

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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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An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000
The following is information for Novak Corp. for the year ended December 31, 2020: Sales revenue $1,420,000 Loss on inventory due to decline in net realizable value $70,000 Unrealized gain on FV-OCI equity investments 46,000 Loss on disposal of equipment 45,000 Interest income 9,000 Depreciation expense related to buildings omitted by mistake in 2019 56,000 Cost of goods sold 852,000 Retained earnings at December 31, 2019 950,000 Selling expenses 71,000 Loss from expropriation of land 57,000 Administrative expenses 52,000 Dividends declared 46,000 Dividend revenue 15,000 The effective tax rate is 25% on all items. Novak prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. a)Prepare the retained earnings section of the statement of changes in equity for 2020. (List…
Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 391,000 Accounts receivable decrease $ 27,200 Depreciation expense 44,200 Inventory decrease 46,000 Amortization expense 8,000 Prepaid expenses increase 6,400 Gain on sale of plant assets 7,100 Accounts payable decrease 8,200 Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign.
Vaugh Inc. reported net income of $3.10 million in 2022.Depreciation for the year was $198, 400, accounts receivable decreased $434, 000,and accounts payable decreased $347, 200 .Compute net cash provided by operating activities using the indirect method.
The following is information for Concord Corp. for the year ended December 31, 2020: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,450,000 40,000 Concord Corp. Statement of Financial Performance 5,000 870,000 72,500 46,000 25,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of land Dividends declared The effective tax rate is 35% on all items. Concord prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. $76,000 25,000 53,000 980,000 58,000 43,000 Prepare a multiple-step statement of financial performance for 2020, showing expenses by function. Ignore calculation of EPS.
Statement of Profit and Loss and Other Comprehensive Income for the years ended 31 December 2024 2023 R'000 R'000 Turnover 1287052 934052 Operating Profit 137342 81768 Net Finance Cost 39264 20862 Operating Profit before taxation 98078 60906 Income tax expense 7027 3048 Profit for the Year 91051 57858 3502 2237 Operating profit includes Depreciation and loss on sale of fixed asset 5/12 Required: a) Prepare the cash flows from operating activities for the company for 2024 using the available information (10 Marks) b) Perform a financial review of the company based on calculating the following financial ratios and explain how it may be interpreted. Debt equity ratio Times interest earned Current ratio Debtors average collection period Inventory turnover Your answer should include an overall assessment of the company (25 Marks) c) List the audit steps to verify the existence of inventory (10 Marks)
The following information is related to Windsor Company for 2017. Retained earnings balance, January 1, 2017 $998,500 Sales Revenue 26,110,000 Cost of goods sold 16,240,000 Interest revenue 77,200 Selling and administrative expenses 4,748,000 Write-off of goodwill 837,500 Income taxes for 2017 1,254,000 Gain on the sale of investments 111,600 Loss due to flood damage 400,100 Loss on the disposition of the wholesale division (net of tax) 441,500 Loss on operations of the wholesale division (net of tax) 93,200 Dividends declared on common stock 251,800 Dividends declared on preferred stock 85,800 Windsor Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Windsor sold the wholesale operations to Rogers Company. During 2017, there were 494,700 shares of common stock outstanding all year. (a1) Prepare a multiple-step…
The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276
Calculate the comprehensive income for the Staffordshire Products Company given the information below. Positive amounts are unrealized gains and negative amounts are unrealized losses: Net Income $64,500Dividends $5,600Pension liability adjustment $9,000Foreign currency translation ($5,050)Gain discontinued operations $3,200Available-for sale investments declined from $39,000 to $37,150
8. The following information is related to Diego Company for the year 2025. Cost of goods sold $260,000 Operating expenses Other revenues and gains 5,600 Net sales Unrealized gain on available-for-sale securities Gain on disposal of plastics division related to discontinued operations 15,000 Other expenses and losses. Loss on plastics division operations related to discontinued operations 130,000 440,000 9,600 $ 60,000 50,000 Prepare a multiple-step income statement and a comprehensive income statement for Diego Company (the two statement approach). The income tax rate is 30%, and the weighted-average number of common shares outstanding is 10,000.
Condensed financial data of Cullumber Company follow. Cullumber Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 2022 $100,000 91,000 111,000 29,000 139,000 113,000 274,000 241,000 (46,000) (51,000) $698,000 $508,000 2021 $47,000 32,000 101,000 25,000 $111.000 $67,000 16,000 17,000 149,000 174,000 101,000 $508,000 110,000 219,000 242,000 $698,000

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