Victor Inc. reports a rent expense of $500,000 in its 2022 income statement. If Prepaid Rent was $80,000 at December 31, 2021, and $110,000 at December 31, 2022, what is the cash paid for rent during 2022? a. $530,000 b. $470,000 c. $500,000 d. $510,000
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- -What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for 2021? (assume Accounts Receivable, net was $500,000 on December 31, 2020) -What is XYZ's Asset Turnover for 2021? (assume total assets were $14 million on December 31, 2020) Account Balance Data Debit Credit Cash 217,650 Accounts Receivable 545,000 Interest Receivable 1,200 Allowance for Doubtful Accounts 8,450 Merchandise Inventory 778,000 Prepaid Insurance 30,000 Notes Receivable Land 2,000,000 Office Building 4,000,000 Office Equipment 320,000 Store Building 9,000,000 Store Equipment 3,560,000 Accumulated Depreciation - office building and equipment 1,580,000 Accumulated Depreciation - store building and equipment 4,126,000 Goodwill 700,000Choose the correct answer and pls provide the formula A Company’s net accounts receivable were P250,000 as of December 31, 2018, and P300,000 as of December 31, 2019. Net cash sales for 2019 were P100,000. The accounts receivable turnover for 2019 was 5.0. What were the Company’s total net sales for 2019? *a. P1,175,000.00b. P1,275,000.00c. P1,375,000.00d. P1,475,000.00e. P1,575,000.00. A business has received £98,200 of rental income in the year ended 30 September 2021. Details of the rent received in advance and in arrears are shown below. Rent received in advance Rent arrears 30 September 2020 £ 2,400 7,000 A. £98,200 B. £104,000 C. £97,300 D. £92,400 30 September 2021 £ 4,600 3,400 Which of the following rental income figures should be included in the income statement for the year ended 31 September 2014?
- Use the following information for Ingersoll, Incorporated. Assume the tax rate is 23 percent. Sales Depreciation 2020 2021 $15,073 $15,036 1,731 1,806 Cost of goods sold 4,329 4,777 Other expenses 981 859 Interest 830 961 Cash 6,172 6,676 Accounts receivable 8,110 9,637 Short-term notes payable 1,240 1,217 Long-term debt 20,530 24,811 Net fixed assets 51,042 54,483 Accounts payable 4,496 4,854 Inventory 14,402 15,358 1,300 1,688 Dividends Prepare a balance sheet for this company for 2020 and 2021. (Do not round intermediate calculations.) INGERSOLL, INCORPORATED Balance Sheet as of December 31 Current assets Assets 2020 2021Use the following information for Taco Swell, Inc., for Problems 23 and 24 (assume the tax rate is 21 percent): 2020 2021 Sales $21,514 $24,047 Depreciation 3,089 3,229 Cost of goods sold 7,397 8,750 Other expenses 1,759 1,531 Interest 1,443 1,723 Cash 11,279 12,021 Accounts receivable 14,934 17,529 Short-term notes payable 2,176 2,133 Long-term debt 37,778 45,798 Net fixed assets 94,601 100,893 Accounts payable 8,150 8,632 Inventory 26,551 28,421 Dividends 2,573 3,008 Financial Statements [O LO1] Draw up an income statement and balance sheet for this company for 2020 and 2021.Crane Company's 2025 financial statements contain the following selected data: Income taxes Interest expense Net income $43000 20000 3.1 times. 6.2 times. 5.2 times. 4.1 times. 61000 Crane's times interest earned for 2025 is
- Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent): 2020 2021 Sales $ 21,514 3,089 7,397 1,759 1,443 11,279 14,934 2,176 37,778 94,601 8,150 26,551 2,573 $24.047 Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 3,229 8,750 1,531 1,723 12,021 17,529 2,133 45,798 100,893 8,632 28,421 3,008 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole number, e.g.., 32.) Cash flow from assets Cash flow to creditors Cash flow to stockholdersVinubhaiJanice Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $687,511 $665,763 Cash at Bank $109,805 $102,213 Mortgage payable this year $21,488 $31,995 Inventory $39,432 $42,929 Accounts payable $128,057 $121,309 Accounts receivable (trade debtors) $444,563 $393,798 Mortgage payable in 5 years time $516,150 $633,164 Owner's Equity $1,479,443 $1,096,378 Based on the information provided, calculate the Return on Equity for 2021.