Njengabo Limited is company in the coal export business and the following information was extracted from the financial records of this listed company at 28 February 2022, the end of the financial year. Other financial liabilities Other financial assets Inventory Trade payables Trade receivables Additional information: 1. Purchases for the year amounted to R310 000 and 51% thereof were on credit. 2. Ratios reported in year ended 28 February 2021: • Trade receivables collection period - 66.9 days • Trade payables payment period - 64.9 days • Inventory turnover rate - 6 times 3. Only 40% of the total sales were cash sales. 4. The gross profit percentage is 35% on sales. 2022 R 178 800 154 500 89 500 37 000 64 500 2021 R 181 200 125 400 22 600 28 700 47 800
Q: 1 and July 1. The discount in connection with the issue was $120,000, which is being amortized…
A: Journal entries refer to the concept of noting all the transactions of a company in the desired…
Q: The following monthly budgeted data are available for the International Company: Product A Product B…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: On July 1, 2024, Action Printers purchased a printer for $67,000. It expects the printer to last for…
A: In the case of an asset purchased during the year depreciation of an asset under the straight-line…
Q: 5. The following information pertains to a by-product called Moy: Sales in 2018 5,000 units Selling…
A: The question is based on the concept of Cost Accounting.
Q: Benson Limited is constructing a Power Plant which was completed on 31st December 2019. The company…
A: Borrowing cost refers to the interest and other costs that is directly incurred for arrangement of…
Q: Imagine Canada has decided to start trading with other countries. Once it allows trade with other…
A: Once it allows trade with other nations its economy is importing item will increased and exporting…
Q: a seller's marginal cost of a unit of a good is $20, and a buyer’s marginal benefit from consuming…
A: Total surplus generated from trading =Consumer surplus + producers surplus = $20+$40 =$60
Q: urchased 165,000 pounds of raw materials at a cost of $7.20 per pound. All of this material was used…
A: Lets understand the basics. Material price variance is a variance between the price at which…
Q: Calloway Cab Company determines its break-even strictly on the basis of cash expenditures related to…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: A distributor sells water cooling ur for $860 each. The operating prof 25% on cost and markup is 60%…
A: Revenue - The total amount of revenue a business really makes from the sale of goods or services…
Q: Rundle Company began operations on January 1, year 1, by issuing common stock for $33,000 cash.…
A: Income statement is the financial statement which is prepared to depict the profitability of the…
Q: Corporation uses à job-order costing system with a single plantwide predetermined overhead rate…
A: The overhead is applied to the production on the basis of predetermined overhead rate. The total…
Q: Sunland Corporation is preparing the comparative financial statements for the annual report to its…
A: Basic earnings per share is the amount per share which is earned by the common stockholders from the…
Q: he following events took place for Migliozzi Inc. during July, the first month of operations as a…
A: Business companies compile income statements to determine how much gross profit or net profit they…
Q: Pawn Corporation purchased 30 percent of Shop Company’s common stock on January 1, 20X5, by issuing…
A:
Q: Exercise 5-17 (Algo) Analyzing inventory errors LO A2 Vibrant Company had $950,000 of sales in each…
A: An income statement displays the revenues, costs, and profitability of a business over time. It is…
Q: rmal capacity of an Assembling Department was 12,000 machine hours. At normal capacity, the standard…
A: Cost Variance - The cost variance enables a business to evaluate and keep track of different…
Q: ● eBook Print Item Exercise 12-19 (Algorithmic) (LO. 3) Brennen sold a machine used in his business…
A: According to the popular wisdom, a taxpayer who makes a lot of money and utilizes numerous tax…
Q: O decrease by $1,000 O decrease by $4,000 O increase by $1,000 O increase by $3,500
A: Introduction:- Calculation of relevant cost for making as follows:- =Number of units x Variable…
Q: A company has liabilities of 15,500 and 20,200 of owner's equity at the year end. What is the total…
A: Lets understand the basics. As per accounting equation, total assets are always equal to total…
Q: A portion of the SPARK COMPANY's statement of financial position appears as follows: December 31,…
A: Periodic Inventory system: Under the periodic inventory system, inventory is ascertained by taking…
Q: Swifty Corporation has a weighted-average unit contribution margin of $40 for its two products,…
A: correct answer is 20000 unit of standard break even point
Q: Smith obtained following nformation related to the investments from Acme's ecember 31, Year ,…
A:
Q: Distinguish between the general audit objectives and management assertions. Why are the general…
A: Auditing: Auditing is the process by which assertions made by management about financial…
Q: The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its…
A: A. Schedule I Partner Capital balance/loss allocation The maximum loss that can be absorbed…
Q: Why do we ignore the residual value?
A: Residual value refers to the estimated amount or the value of the fixed asset at the end of the term…
Q: 9. With below information provide, construct a balance sheet statement 1) Ben Nice Shoe Company has…
A:
Q: The following related entries were recorded in sequence in the general fund of a municipality: 1. 2.…
A: The correct answer is option - b) the process of recognised expenditures
Q: 3.How much is the output tax? How about the input tax? Outo Innut +
A: There are three questions in the question and two questions relate with each other but the first…
Q: after paying commission if 7% of the sale price to his broker, tess receives 103,000 for his car.…
A: The amount that a customer pays to buy a product is called a selling Price. Selling Price after…
Q: Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory…
A:
Q: 20. On 12-31-20 J entered into an agreement allowing J to collect the following: Starting 12-31-21,…
A: Amount are not received at one time but are received in steps over the period but value of money…
Q: Jebali Company reports gross income of $560,000 and other property-related expenses of $364,000 and…
A: Businesses that are engaged in the extraction of fossil fuels, minerals, and other nonrenewable…
Q: Don Ho has the following sources of income and deductions: Net employment income 34,000 Property…
A: The money that a person or entity receives in exchange for providing an item or service, investing…
Q: The Foundational 15 (Static) [LO3-1, LO3-2, LO3-3, LO3-4] [The following information applies to the…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Form 941 except:
A: The Business houses are required to fill out Form 941 to report their federal withholdings from…
Q: Compute the missing amounts in the contribution income statement shown below: (Round "Per Unit"…
A: A financial statement that outlines a company's income and costs is known as an income statement. It…
Q: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year…
A: The term "completed contract method of revenue recognition" relates to an accounting approach that…
Q: Pea Company purchased 70 percent of Split Company's stock a building from Split for $300,000. Split…
A: Assets - There are many resources available to a corporation, both financial and non-financial.…
Q: During the last accounting period, Carla Vista Corporation sold 96000 units at $45 each. The…
A: The contribution margin is calculated as difference between sales and variable costs. The operating…
Q: Margaret, a married taxpayer filing a joint return, engaged in two business activities this year.…
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: If a single set of worldwide accounting standards were to be developed, should it be…
A: Answer:- Accounting standard meaning:- A unified collection of guidelines that serve as the…
Q: Please explain the calculation of C transactions
A: Retirement of bonds means the bonds which was issued earlier are retired. In simple, the amount is…
Q: Mr Cruz, procured a tract of timber for P65,000. The worth of the land was established tobe P17,000…
A: The depletion is a method of accrual accounting that is used to calculate the cost of extracting…
Q: Problem 1-20A (Algo) Product versus selling, general, and administrative (SG&A) costs LO 1-2, 1-3…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: he Dakota Corporation had a 2021 taxable income of $31,500,000 from operations after all operating…
A: Taxes are to be paid by the corporations but there are different taxes and some of expenses are tax…
Q: Stockholders’ Equity Transactions, Journal Entries, and T-Accounts The stockholders’ equity of…
A:
Q: Required information Problem 1-24A (Algo) Service versus manufacturing companies LO 1-4 [The…
A: Depreciation is the reduction in the value of asset due to normal wear and tear Effluxion of time.…
Q: The business' accrued sales income increased from R300 000 to R500 000 during the year. Explain how…
A: The question is based on the concept of Cash flow statement. Cash flow statement is a statement…
Q: 15. Firm A has a total asset turnover ratio of 4.4, a net profit margin of 0.11, and return on…
A: Total Assets Turnover Ratio :— It is calculated by dividing net sales revenue by average total…
C4
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…The following financial statements were extracted from the books of Alpha Ltd. and Omega Ltd. for the yearended 31 March 2023:Statement of profit or loss for the year ended 31 March 2023:Alpha Ltd. Omega Ltd.Sh.“million” Sh.“million”Revenue 1,699.815 2,058.96Cost of sales (1,171.045) (1,397.135)Gross profit 528.77 661.825Less: Operating expenses (354.775) (469.89)Net profit 173.995 191.935Less: Finance expenses (22.31) (31.625)Profit before tax 151.685 160.31Tax (36.8) (40.02)Profit for the year 114.885 120.29Statement of financial position as at 31 March 2023:Alpha Ltd. Omega Ltd.Non-current assets Sh.“million” Sh.“million”Land and building 414.00 586.5Furniture and fittings 100.65 104.88514.05 691.38Current assets:Inventories 680.80 463.45Trade receivables 202.86 370.185Bank 97.29 105.34980.95 938.975Total assets 1,495 1,630.355Capital and liabilities:Capital:Ordinary share capital 368.00 287.50Retained earning 422.74 718.29790.74 1,005.79Non-current liabilities:Bank loan 218.50…XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g. 52.75.): Current Ratio ? times…
- The following information pertains to BTS Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?The following is an extract from the statements of financial position of Carp plc as at 31 December 2020 and 2021: Plant and equipment (carrying amount) 2020 £m 268 O a. (£87m) O b. (£84m) O c. (£76m) O d. (£65m) 2021 £m 343 During the year to 31 December 2021 the following transactions took place: 1. Interest received was £llm 2. Depreciation of plant and equipment during the year was £23m There were no disposals of non-current assets during the year. What was the appropriate figure for net cash from investing activities for reporting in the statement of cashflows for the year ending 31 December 2021?The following information pertains to BT21 Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
- The following are extracts from the financial records of COF (Pty) Ltd for the year ended 30 June 2021: Extract from the statement of profit or loss and other comprehensive income for the year ended 30 June 2021 30 June 2021 R Revenue from sale of goods 920 000 Cost of sales 490 000 Profit on sale of non-current assets 31 000 Commission income 23 000 Audit fees 84 000 Depreciation 72 000 Interest expense (finance cost) 20 000 Income tax expense 87 000 Profit for the year (after tax) 123 000 Extract from the statement of financial position as at 30 June 2021Ledger Properties of XYZ Itd has the following financlal information: Current Prior Year Year Revenues $18,915 $13,610 Administrative 2,106 1,602 expenses Interest expense 816 468 Cost of goods 9,715 6,309 sold Depreciation 408 387 Net fixed assets 12,711 11,984 Current liabilities 4,652 4,625 Common stock 5,000 4,000 Current assets 6,506 4,687 Long-term debt 2,200 ? Retained earnings 1365 246 Dividends paid 290 275 What is the cash flow of the firm for the current year if the tax rate is 12 percent? Select one:a. 1500 b. 2096 c. 25000The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash Marketable securities Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Current liabilities: Accounts and notes payable (short-term) Accrued liabilities Total current liabilities. $620,500 718,500 294,000 749,800 386,200 $2,769,000 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Albertini has in current assets relative to current liabilities. $411,800 298,200 $710,000 $496,000 558,000 186,000 529,500 338,500 $2,108,000 $434,000 186,000 $620,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year from the preceding year to the current year. The working capital, current ratio, and quick ratio have all Most of these changes are the result of an
- The following information for Neptune Ltd has been provided for the year ended 31 March 2022. Balances as at 31 March 2022. R Gross Profit 12 500 000 Trade payables 900 000 Land and Buildings 11 500 000 Mortgage loan (repayable in full on 31 August 2022) 2 750 000 Trading inventory 8 750 000 Ordinary share capital (R30 per share) 15 000 000 Earnings attributable to ordinary shareholders 5 000 000 Trade receivables 3 250 000 Fixed deposit (Maturing 28 February 2026) 1 450 000 Interest on loan 915 000 Bank (debit balance) 180 000 Additional information: The mark up percentage has been correctly calculated as 25% for the year ended 31 March 2022. Trading inventory was calculated at R7 125 000 at 31 March 2021. The shares are currently trading at R50 per share and total dividends paid at 31 March 2022 amounted to R2 000 000. REQUIRED: Calculate the following ratios for the year ended 31 March…Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…