PROVIDE COMPUTATIONS!!20. Yemens deficit after the quasi-reorganization on July 1, 2018, should bea. P1,000,000 c. P500,000b. P250,000 d. P0 ITEMS FOR 18 TO 20 ARE BASED ON THE FOLLOWING INFORMATION:YEMEN CORPORATION has incurred losses from operations for many years. At the recommendation of the newly hiredpresident, the board of directors voted to implement a quasi-reorganization, subject to shareholders' and creditors'approval. Immediately, príor to the quasi-reorganization, on June 30, 2018, Yemen's statement of financial positionwas as follows:AssetsCurrent assetsP1,375,000Property, plant, and equipment (net)Other noncurrent assets3,375,000500,000P5.250.000Total assetsLiabilities & Shareholders' EquityTotal liabilitiesP1,500,000Ordinary shares, P10 parShare premiumRetained earningsTotal liabilities & shareholders' equity4,000,000750,000(1,000,000)5,250,000The shareholders and creditors approved the quasi-reorganization effective July 1, 2018, to be accomplished by areduction in property, plant, and equipment (net) of P875,000, a reductionand a reduction in par value from P10 to P5.other noncurrent assets of P375,000,

Quasi-reorganization is useful in eliminating any deficit that is there in the retained earnings by…

Answered: Yemens deficit after the…

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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2020 2019 Account Description Debit Debit Cash 43,700 18,200 Accounts Receivable 24,500 13,377 Allowance for doubtful accounts (900) (427) Inventory 44,200 35,000 Prepaid expenses 15,100 12,900 Supplies 1,000 750 Investments 132,200 157,000 Property, plant, and equipment: Land 125,000 175,000 Buildings 350,000 350,000 Less: Accumulated depreciation - buildings (105,000) (87,500) Equipment 525,000 400,000 Less: Accumulated depreciation - equipment (130,000) (112,000) Patents 45,000 50,000 Accounts Payable (20,000) (32,000) Income Tax Payable (6,000) (4,000) Salaries and Wages Payable (8,100) (5,800) Dividend Payable (16,500) (14,400) Short term Notes Payable (10,000)…
QS 17-4 (Algo) Horizontal analysis LO P1 Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a minus sign. Round percent change to one decimal place.) Short-term investments Accounts receivable Notes payable Percent Change: = Short-term investments Accounts receivable Notes payable $ Current Year Prior Year $ 377,232 99,828 0 $ 236,026 103,326 90,624 Horizontal Analysis - Calculation of Percent Change Numerator: Current Year 377,232 $ 99,828 0 Prior Year 236,026 103,326 90,624 Denominator: Dollar Change Percent Change % % %
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Depreciation for Partial Periods Malone Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 180,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 14,000 miles in 2020. Malone computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 2019 b. Sum-of-the-years'-digits 2019 186 X 2020 $ c. Double-declining-balance method. $ tA 2020 d. Activity method 2019 $ 2019 326 X 2020 method 3,782 X 6,846 X 9,000 X $ 7,200 X 2020 $ 3,500 X 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method 44,814 X $ 44,488 X b. Sum-of-the-years'-digits method 2,000 X
Provide a paragraph summary of the following figures
Year ended December 31, 2023 2022 2021 Revenues $4,578,041 $3,864,324 $3,003,610 Costs and expenses: Cost of goods sold $2,227,189 $2,089,089 $2,005,691 Selling and administrative 922,261 836,212 664,061 Interest 29,744 32,966 30,472 Other expenses (income) 1,475 2,141 (43) Total costs and expenses $3,180,669 $2,960,408 $2,700,181 Income before income taxes $1,397,372 $903,916 $303,429 Income taxes 229,500 192,600 174,700 Net income $1,167,872 $711,316 $128,729 Venus IndustriesConsolidated Balance Sheets (in thousands) December 31, ASSETS 2023 2022 Current assets: Cash and equivalents $291,284 $260,050 Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046 826,977 616,064 Inventories 592,986 512,917 Deferred income taxes 26,378 28,355 Prepaid expenses 40,663 32,977 Total current assets $1,778,288 $1,450,363 Property, plant, and equipment $571,032 $497,795 Less accumulated depreciation (193,037)…

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