Your examination of the records of a company that follows the cash basis of accounting tells you that the company's reported cash- basis earnings in 2022 are $34,800. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. Accounts receivable Supplies on hand Unpaid wages owed Other unpaid expenses 2022 $3,700 1,380 2,300 1,730 2021 $2,200 1,800 2,330 1.150 Determine the company's net earnings on an accrual basis for 2022. Net earnings on an accrual basis for 2022 $

Your examination of the records of a company that follows the cash basis of accounting tells you that the company's reported cash- basis earnings in 2022 are $34,800. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. Accounts receivable Supplies on hand Unpaid wages owed Other unpaid expenses 2022 $3,700 1,380 2,300 1,730 2021 $2,200 1,800 2,330 1.150 Determine the company's net earnings on an accrual basis for 2022. Net earnings on an accrual basis for 2022 $

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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The bookkeeper for Novak Corp. has prepared the following statement of financial position as at July 31, 2023: Cash Accounts receivable (net) Inventory Equipment (net) Patents (net) 1. Novak Corp. Statement of Financial Position As at July 31, 2023 2. $84,000 39,800 72,000 217,000 23,000 $435,800 The following additional information is provided: Notes and accounts payable Long-term liabilities Shareholders' equity $52,000 83,000 300,800 $435,800 Cash includes $1,700 in a petty cash fund and $29,000 in a bond sinking fund. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances =SUPPORT
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You observe a company with the following items on the balance sheet (in thousands): Cash and equivalents 2018: $22 Cash and equivalents 2017: $23 Inventory 2018: $26 Inventory 2017: $21 Accounts receivable 2018: $144 Accounts receivable 2017: $129 Property, Plant, and Equipment 2018: $1,584 Property, Plant, and Equipment 2017: $1,663 Current Liabilities 2018: $247 Current Liabilities 2017: $291 Long-term debt 2018: $857 Long-term debt 2017: $1,494 What is the change in net working capital for the firm for these years. Answer in thousands (the same as how the numbers are presented).
Janice 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.
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What is total net sales for this company? What is total gross profit for this company? What is total operating expenses for this company? What is net income for this company? What is the company's gross profit ratio, also called gross profit margin ratio? Just enter the digits without decimals or punctuation.
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