Titan Home Appliances recorded the following financial information: Expense/Revenue Amount ($) Salaries Expense 120,000 Sales Revenue 600,000 Inventory (Beginning) 22,000 Interest Income 15,000 Sales Returns 5,000 Cost of Goods Sold 400,000 Utilities Expense 5,000 Rent Expense 18,000 Income Tax Expense 20,000 Interest Expense 2,500 Inventory (Ending) 19,000 Calculate the gross profit ratio.
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- The following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…The Weymire Corporation provides you with the following information for the year ended 123120: Sales revenue 450,000 Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense Other expense Interest expense 72,750 28,500 38,250 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238,500 Net Income 91.500 12/31/19 |12/31/20 54,000 Cash 24,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 (9,000) 342.000 Accumulated Depreciation (10,500) 363.000 Total Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 Notes Payable, long term Accrued Pension Liability 45,000 6,000 3,000 Deferred Tax Liability 21,000 27,000 Common Stock, no par 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363.000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019RRevenue 1 250 000Direct costs (786 000)Gross profit 464 000Operating expenses (124 000)Operating profit 340 000Interest expense (15 000)Profit before tax 325 000Income tax (97 500)Profit after tax 227 500Statement of Financial Position as at 31 December 2019Assets RNon-current assets 314 000Current assets 386 000Total assets 700 000Equity and liabilitiesShareholders’ equity 350 000Non-current liabilities 205 000Current liabilities 145 000Total equity and liabilities 700 000Note• Current assets (R386 000) include accounts receivable of R160 000, inventories of R80000 and cash of R146 000.• Inventories as at 31 December 2018 amounted to R130 000.• Current liabilities comprise accounts payable only.• All direct costs and revenues are on credit.Required:Calculate the following ratios using the information provided above.…
- The entry to close Income Summary to Nova, Capital includes The income statemernt for the year 2008 of Nova Ca contains the following information: P70,000 Revenues Expenses: Wages Expense P45,000 Rent Expense 12,000 Advertising Exponse 6,000 Supplies Expense 6,000 USities Expense 2,500 Insurance Expense 2,000 Total expenses Not income (losa) 73,500 P3.500) O a debit to Revenue for P70,000. credits to Expenses totalling P73,500. a credit to Income Summary for P3,500. a credit to Nova, Capital for P3,500.Please give me answer general accounting questionThe accounting records of Uniontown Industries, Inc., provided the data below for the year endedDecember 31, 2020:Sales $1,000,000Cost of goods sold 500,000Depreciation expense 15,000Insurance expense 6,000Selling, general and administrative expenses 140,000Interest expense 20,000Income tax expense 125,000Net income 194,000Decrease in inventory 2,000Increase in accounts receivable 1,400Amortization of bond discount 5,000Decrease in prepaid insurance 300Cash dividends paid 20,000Required: In good form, prepare the operating activities section of the statement of cash flows for 2020using the direct method. Show all work for partial credit.
- Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%What is the income before tax for the third quarter ended September 30, 2020? a. P406,250 b. P375,000 c. P675,000 d. P275,000Averill Products Inc., reported the following on the company's income statement in 20Y8 and 20Y9: 20Y9. 20Y8 Interest Expense $440,000. $400,000 20Y9. 20Y8 Income before income tax expense. 5,544,000. 4,400,000 Time Interest earned. 20Y9 (fill the blank) 20Y8 (fill the blank)
- For Year Ended December 31, 2023 Gross Sales Cost of sales Gross Profit Salaries & Wages Repairs & Maintenance Bad Debt expense Rent Expense GAAP/Book Book-Tax adj. Form 1120 Tax Return 45,000,000 (27,450,000) 17,550,000 (3,890,000) (765,000) (380,000) (1,350,000) 45,000,000 (27,450,000) 17,550,000 (3,890,000) (765,000) (380,000) (1,350,000) (252,850) (1,585,000) Payroll Tax Expense (252,850) Federal Income Tax Expense (1,585,000) Interest expense (48,000) (48,000) Charitable Contributions (1,550,000) (1,550,000) Depreciation expense Advertising expense Pension Expense Meals expense (2,000,000) (67,000) (310,000) (2,000,000) (67,000) (310,000) (35,000) (35,000) Total Expenses (12,232,850) (12,232,850) Long-term Capital Gain 389,000 389,000 Short-term Capital Loss (524,600) (524,600) Total Other Income/(Loss) (135,600) (135,600) Taxable Income/(Loss) 5,181,550 5,181,550 NOTES related to the book-tax differences: 1.) MACRS depreciation for 2023 is $1,655,000 2.) 3.) The allowance method…Ditto Corp.'s income statements accounts at 12/31, adjusted for all items except bonus and income taxes is given below. DR CR SALES $1,300,000 (CR) COST OF GOODS SOLD $700,000 (DR) OPERATING EXPENSES SALARIES $200,000 (DR) DEPRECIATION $50,000 (DR) OFFICE EXP $60,000 (DR) MISC. EXP $40,000 (DR) Income before bonus and tax is $250,000. The income tax rate is 40%. The bonus is equal to 10% of income before bonus and tax, after bonus but before tax, before bonus but after tax, and after both bonus and tax. Make the entries required at 12/31 to adjust salary expense and to record income tax expense.Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…