BHP Group Ltd.- 2019 and 2020 Partial Balance Sheet Assets Liabilities & Owner’s Equity 2019 2020 2019 2020 Current assets $4665 $7279 Current liabilities $2076 $4256 Net Fixed assets $7033 $11378 Long-term debt $3712 $1980 Total Equity (Total assets – total liabilities) (Total assets – total liabilities) BHP Group Ltd.- 2020 Income Statement Sales $10073 Cost of goods sold $5815 Depreciation $2227 Interest paid $1284 Taxes $1202 Calculate the Profit margin ratio of BHP Group Ltd. for the financial year 2020
Q: Sales Cost of goods sold Gross profit Dividends received Management fee revenue Gain on sale of…
A: 1.Acquisition Analysis at 1 July 2022:Consideration transferred by Harry Ltd: Cash paid for the…
Q: What are the Guidelines for Future development and research of the role of Accounting Theory in…
A: Promote the development of a comprehensive accounting theory framework: Future research and…
Q: Calculate the amount of simple interest earned $6594.69 at 9% for 6 years. Round to the nearest…
A: Solution: Simple interest = Principal * Interest rate * Periods Future value = Principal + Interest
Q: Exercise 3-5. Distribution of net income by providing salaries, interest and bonus The beginning…
A: Partnership is one of the form of business organisation, under which two or more than two persons…
Q: Rust Pipe Co. was established in 1994. Four years later the company went public. At that time,…
A: Total number of votes = Shares owned × Votes per share = 53,425 ×13 per share = 694,525
Q: Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments,…
A: Factory overhead allocated refers to the indirect costs of operating a manufacturing facility that…
Q: on december 31, 2020, bones corporation sold an old machine, the terms of the sale were as follows:…
A: Annuity: The fixed amount paid or received in equal time periods is referred to as annuity.
Q: Question 29 of 75. Which of the following is an advantage of selling property using the…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Beery Incorporated reported the following results from last year's operations: $ 11,400,000…
A: Contribution margin takes into consideration variable expenses of the business. Net operating income…
Q: Calculate the EBITDA for the financial year. Give the answer in euros. Answer: 7865000
A:
Q: On January 1, 2024, Wildhorse Company issued for cash a $570000, 5-year note bearing annual interest…
A: Interest expense refers to the expense which is incurred through entity for the borrowed funds and…
Q: Bledsoe Corporation has provided the following data for the month of November: Beginning $ 25,600 $…
A: Total Manufacturing Cost :— It is the total cost incurred in the manufacturing of product during the…
Q: Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and…
A: Contribution margin = Revenue - Variable Expenses
Q: Tracy Company, a manufacturer of air conditioners, sold 120 units to Thomas Company on November 17,…
A: The trade discounts are those which are given for bulk purchases and these trade discounts are shows…
Q: The Smiths Corporation jses a job order costing system. The following information were recorded in…
A: When jobs are under production, they are part of work-in-process. Once the jobs are completed, they…
Q: Exercise 3-8. Distribution of Net Income to partners On March 1, 2023 Glenda and Harry formed GH…
A: Distribution of profit in partnership firm :— 1] Profit/Loss of the firm is distributed between the…
Q: Which of the following statements is TRUE? O A. Variable costs per unit decrease as production…
A: Total Variable cost are the cost which changes with change in production volume . Fixed cost do not…
Q: MULTIPLE CHOICE Lee Co. produces two joint products, Bex and Rom. Joint production costs for June,…
A: Hi student Since there are multiple questions, we will answer only first question. Joint products…
Q: Question 19 Which of the following is not an expense? Prepaid Expense. Cost of Good Sold. Salary…
A: Expense and revenues are two important element of income statement of business. Net profit is…
Q: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: On July 1, 2022, Cullumber Corp. leased heavy equipment to Marin Inc. for one year, at $60600 a…
A: The purpose of the income statement is to allow the business entities to track their annual profit.…
Q: Ramapo Company uses a single plantwide overhead rate (rounded to the nearest cent) to apply all…
A: Factory overheads are also known as manufacturing overheads. It consists of indirect expenses…
Q: Admire County Bank agrees to lend Crane Brick Company $590000 on January 1. Crane Brick Company…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…
Q: Which TWO of the following statements concerning marginal costing are TRUE? A. Closing inventories…
A: Marginal costing is a costing technique that is used to determine the cost of producing one…
Q: a) The trial balance before adjustment of Jason Donohoe Company reports the following balances:…
A: Accounts receivables means account of those customers to whom business has made credit sales and…
Q: Wash the Floor Corporation uses the periodic inventory method and had the following inventory…
A: Ending inventory is the amount of inventory which is reported in the books of the entity at the end…
Q: Carolina is a single filing California taxpayer. In 2022 her Federal adjusted gross income (AGI) was…
A: Carolina is a single filing Californiataxpayer. In California exemption credit for single stated for…
Q: b. If immediately upon issue, interest rates dropped to 5 percent, what would be the value of the…
A: Zero coupon bonds are those bonds are which are not paid any coupon payment and only par value is…
Q: Walsh Company manufactures and sells one product. The following information pertains to each of the…
A: The contribution margin is calculated under variable costing income statement. The gross profit is…
Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…
A: Answer to Question (a1):- Weighted Average Unit Cost Sep-01 107.000 Sep-05 107.000 Sep-12…
Q: st 1 st 5 Beginning Ba Purchase
A: Answer : FIFO Method : Date Purchase Cost of good sold Inventory Unit unit cost…
Q: On January 1, 2020, Blossom Corporation had 106,000 shares of no-par common stock issued. 5,000…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Question 11 Tov The adjusted trial balance of Sporan Corporation included the following selected…
A: An income statement, also known as a profit and loss statement, is a financial statement that shows…
Q: On December 31, 2020, $300 of salaries has been accrued. Total amount before accrued $27500. The…
A: The journal entry was used by commercial organizations to keep track of their financial transactions…
Q: First cost Book depreciation life MACRS property class Salvage value n 1 2 3 4 5 6 7 8 A $8,000…
A: Depreciation: It is a method of charging the cost of the asset to the income statement each year.
Q: Question 4 A 90-day note issued on 2 August matures on: 1 November. O 2 November. None of the listed…
A: The issued date is the date when note is prepared and it becomes due for payment by the creditor.…
Q: The management of brewery Ipana oy is planning new strategies to increase profit. An alternative…
A: The minimum price is the price at which company has no gain no loss means it is the price that…
Q: Question 9 A company made no adjusting entry for prepaid expenses at the end of the financial year.…
A: Prepaid expenses refer to the costs that a company pays in advance for goods or services that it…
Q: Exercise 3-9. Preparation of Statement of Profit or Loss and distribution of net income The…
A: A profit and loss (P&L) statement is a type of financial statement gives a general summary of…
Q: Peterson Company's general ledger shows a cash balance of $7,480 on May 31. May cash receipts of…
A: Bank reconciliation statement is used to determine the differences between the bank statement…
Q: alculate the financial ratios of Spinneys in 2022 and 2021. 2- Analyze the change between the…
A: Current ratio refers to the one of the financial ratio which is computed in order to evaluate the…
Q: Question 16 If a company failed to make the end-of-period adjustment to record depreciation of a…
A: Depreciation refers to the gradual decrease in the value of an asset over time due to wear and tear,…
Q: whats the best tax deduction i can get for adoption
A: Tax deduction refers to the provision which helps in decreasing or reducing the taxable income.…
Q: PE 20-4B Equivalent units of conversion The Rolling Department of Blackrock Steel Company had 800…
A: Conversion costs are the costs that are incurred on the making of the goods. It includes the costs…
Q: On March 10, 2020, Pharoah Company sold to Barr Hardware 180 tool with terms of n/60, f.o.b.…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: The statement of earnings of Spazman Corporation includes the items listed below: Net sales Gross…
A: 1. Cost of goods sold = The cost of goods sold is that cost which includes all the costs incurred…
Q: Assume Ava Co. has the following purchases of inventory during the first month of operations Number…
A: Introduction:- As per LIFO method, records the most recently produced items as sold first. LIFO…
Q: ABC had capital balances of P40,000, P25,000 and P5,000 respectively with profit sharing ratio of…
A: Non-cash assets are those that cannot be immediately turned into cash. A loss that is recognized…
Q: The following transactions apply to Jova Company for Year 1, the first year of operation:…
A: Accounting Equation - Accounting Equation is a Horizontal way of representing balance sheet and…
Q: A, B, and C are capitalist partners and D, an industrial partner. the partnership reported net loss…
A: An industrial partner is a type of partner in a partnership who contributes to the partnership with…
BHP Group Ltd.- 2019 and 2020 Partial Balance Sheet Assets Liabilities & Owner’s Equity 2019 2020 2019 2020 Current assets $4665 $7279 Current liabilities $2076 $4256 Net Fixed assets $7033 $11378 Long-term debt $3712 $1980 Total Equity (Total assets – total liabilities) (Total assets – total liabilities) BHP Group Ltd.- 2020 Income Statement Sales $10073 Cost of goods sold $5815
Step by step
Solved in 4 steps
- WESTON ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2019 2020 2019 2020 Current assets $ 1,248 $ 1,305 Current liabilities $ 568 $ 600 Net fixed assets 5,777 6,023 Long-term debt 3,228 3,489 WESTON ENTERPRISES 2020 Income Statement Sales $ 17,529 Costs 5,203 Depreciation 1,532 Interest paid 708 a. What was owners' equity for 2019 and 2020? (Do not round intermediate calculations.) b. What was the change in net working capital for 2020? (Do not round intermediate calculations.) c-1. In 2020, the company purchased $3,110 in new fixed assets. How much in fixed assets did the company sell? (Do not round intermediate calculations.) c-2. In 2020, the company purchased $3,110 in new fixed assets. What was the cash flow from assets for the year? The tax rate is 25 percent. (Do not round intermediate calculations.) d-1. During 2020, the company raised $772 in new…PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets $ 1,278 $ 1,403 Current liabilities $ 566 $ 613 Net fixed assets 5,057 6,120 Long-term debt 2,760 2,939 PARROTHEAD ENTERPRISE 2021 Income Statement Sales $ 15,874 Costs 7,243 Depreciation 1,435 Interest paid 436 a. What is owners' equity for 2020 and 2021? b. What is the change in net working capital for 2021? c-1. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. How much in fixed assets did the company sell? c-2. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent. d-1. During 2021, Parrothead Enterprises raised $564 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year? d-2. During 2021, Parrothead Enterprises raised $564 in new…HIC GROUP OF Companies COMPARATIVE INCOME STATEMENT For years ended 3rd December 2019 2020 Revenue and gains Sales revenue 495,500 496,738.75 Interest revenue 278,500 279,196.25 Investment Income 71,700 71,879.25 Other revenue 101,500 101,753.75 Total revenue and gains 947,200 949,968 Expenses and losses Cost of good sold 450,000 447,750 Selling&administrative 185,000 184,075 Computer (operating) 42,500 42,288…
- HIC GROUP OF Companies COMPARATIVE INCOME STATEMENT For years ended 3rd December 2019 2020 Revenue and gains Sales revenue 495,500 496,738.75 Interest revenue 278,500 279,196.25 Investment Income 71,700 71,879.25 Other revenue 101,500 101,753.75 Total revenue and gains 947,200 949,968 Expenses and losses Cost of good sold 450,000 447,750 Selling&administrative 185,000 184,075 Computer (operating) 42,500 42,288 Depreciation 50,000…Income Statement: The income statement of Fairoz store Inc. is given for the years 2020 & 2019. 2020 2019 General and administrative expenses 21.600 24,000 Interest expense 1,500 1.500 Net sales $136.400 $138,000 Selling Expense 11.660 12,720 $1,023.0 5,230 Income taxes 99.000 95.000 COGS 770 450 Gain on Sale of landComparitive balance sheet of Hillard Co. as of Dec 31, 2020 and 2021 is as under: Assets 2020 2021 Liabilities Cash Accounts Receivable Inventory Fixed Assets Investments Sales Cost of Goods Sold Gross profit 16,425 12,300 Salaries expenses Depreciation expense Income tax expense Admin. Expenses Net profit 16,100 163,000 13,500 221,325 28,025 10,600 Income statement for the year 2021 is as under: 18,400 206,300 9,200 272,525 829,400 614,450 214,950 12,900 11,600 1,150 164,400 24,900 Accounts Payable Salaries Payable Income tax payable Loans Payable Retained earnings Please prepare the cash flow statement using the indirect method. 2020 26,900 2,400 1,600 106,250 84,175 221,325 2021 33,450 3,100 2,050 113,250 120,675 272,525
- Income Statement (Extract) for the year ended 31 March 2018 2019 £ £ Sales 3,000,000 5,400,000 Less: Cost of Sales 2,400,000 4,320,000 Gross Profit 600,000 1,080,000 Less: Expenses 360,000 500,000 Operating Profit 240,000 580,000 Statement of Financial Position (Extract) as at 31 March 2018 2019 £ £ Non- Current Assets 364,000 512,000 Current Assets Inventory 480,000 1,440,000 Trade Receivables 396,000 812,000 Total Assets £1,240,000 £2,764,000 Capital & Reserves Ordinary Share Capital 140,000 240,000 Reserves 260,000 560,000 Non-Current Liabilities 440,000 500,000 Trade Payables 320,000 724,000 Bank Overdraft 80,000 740,000 Total Equity and Liabilities £1,240,000 £2,764,000 Calculate : Trade Receivable Days Trade Payable Days Non-current assets turnoverSelected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 Sales Cost of goods sold Gross profit! Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and…What are the firm's days' sales outstanding for 2018 and 2019? Income Statements ($ in millions) Balance Sheets ($ in millions) 2018 2019 Assets 2018 2019 $1,265 | Cash $780 Short-Term investments $92 | Accounts rec. Sales Revenue $1,180 $35 $20 $660 $20 $5 Less: Cost of goods sold Less: Operating Expenses Less: Depreciation Earnings before interest and taxes Less: Interest paid $75 190 235 $50 Inventory $343 Total Current Assets $40 250 300 $405 $495 $560 $170 $150 | Net fixed assets 990 1,105 Taxable Income $235 $193 Less: Taxes (40%) $94 $77 Total assets $1,485 1,665 Net income $141 $116 Liabilities and Owner's Equity Dividends (45%) Additions to Retained Earnings $63 $52 2018 2019 $78 $64 Accounts payable $125 $100 Accruals $10 $10 Notes payable 35 40 Total Current Liabilities $170 $150 Long-term debt 598 790 Total Liabilities $768 $940 Common stock 554 498 Retained earnings Total Equity Total liab.& equity 163 $227 717 $725 $1,485 $1,665
- XNM Bhd prepared its profit & loss statement and financial position statement as at December 31, 2020 as follows; XNM Bhd Statement of Financial Position As at 31 December 2020 2020 2019 ASSETS RM RM Property, plant and equipment (PPE) 154,000 130,000 Accumulated depreciation – (PPE) (35,000) (25,000) Cash 6,000 9,000 Accounts receivable 62,000 49,000 Short-term investments (Available for sale) 35,000 18,000 Inventories 40,000 60,000 Prepaid rent 5,000 4,000 Copy right 46,000 50,000 Total assets 313,000 295,000 EQUITY AND LIABILITIES Ordinary shares 130,000 130,000 Retained earnings 57,000 36,000 Note payable 8,000 10,000 Long-term loans 60,000 67,000 Interest payable 46,000 42,000 Salaries payable 8,000 4,000 Income tax payable 4,000 6,000 Total liabilities and equity 313,000 295,000 XNM Bhd Statement…[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Numerator: 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 156,366 KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 1 1 / 1 1 58,007 36,990 94,997 61,369 12,581 $ 74,141 $ 48,788 December 31 2021 $ 62,574 0 Current Ratio 114,438 $ 177,012 $ 25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: $ 41,881 $…2019: Profit Margin – Profit $1435 / Net Sales $38,464 = 0.037:1 OR 3.7% Working Capital – Current Assets $3406 - Current Liabilities $4291 = -885 Current Ratio – Current Assets $3406 / Current Liabilities $4291 = 0.79:1 OR $0.79 Current Cash Debt Coverage – Net Cash Provided by Operation Activities $2275 / Average Current Liabilities $8781.50 = 0.26:1 OR 0.26 Average Current Liabilities Calculation: 4291 + 8981 / 2 = 8781.50 Debt to Total Assets Ratio – Total Liabilities 4291 + 2129 = 6420 / Total Assets 3406 + 6371 = 9777 = 0.66:1 OR 0.66 Cash Debt Coverage – Net Cash Provided by Operation Activities $2275 / Average Total Liabilities 11,067.25 = 0.21:1 OR 0.21 Average Total Liabilities Calculation: 6420 + 9295 / 2 = 11,067.25 Return on Assets – Profit 1435 / Average Total Assets 11,160.50 = 0.128:1 OR 12.8% Average Total Assets Calculation: 9777 + 12544 / 2 = 11,160.50 2020: Profit Margin – Profit $978 / Net Sales $37,784 = 0.025:1 OR 2.5% Working Capital – Current Assets $3779 -…