Q: FINANCIAL POSITION: RATIO 2021 2020 2019 Current ratio CR= CR= CR = (CR)= 723,796/12,281,092…
A: A fall in the current ratio typically indicates inventory management issues, inadequate or weak…
Q: Using Financial Statements for 2020, long-term debt to total assets for the year 2020 is 0.23.…
A: Long term debt to total asset is a coverage ratio that gives the long term financial position of the…
Q: Using Financial Statements for 2020, return on equity for the year 2020 is 0.66. TRUE OR FALSE
A: Return on equity = Net Income / Total Equity
Q: 1. What is the warranty expense for 2020? 2. What is the warranty liability on December 31, 2020?
A: The warranty expense is generated based on the percentage of sales.
Q: Required: (30%) 1. Determine Pam's investment income for 2017 and 2018, and its investment balance…
A: Pam Corporation acquired 90% interest in Sun Corporation on July 1, 2017 for $ 675,000. The…
Q: Financial Ratios 2018 2019 2020 2021 Sales Growth Rate .97% .952% 1.13% EBIT Margin .81% 8.4% 8.4%…
A: In the accounting cycle, the last stage is the "analysis and interpretation" of the…
Q: 21.Refer to the information in Question No. 20. How much is the interest income for the year 2022?…
A: This post has several questions. Q21 has been answered below:
Q: 10. How much is the adjusted book receipts for December 2020? 11. How much is the adjusted book…
A: Proof of cash is a statement which is prepared to calculate the opening cash balance at just a cash…
Q: 3. Calculate the amount of interest expense that will appear in the 2021 and 2022 income statements.
A: Interest Expenses :- interest expenses is the cost of Borrowing which is Payable by the Borrower…
Q: Provide the answers to the following questions. (1) What amount of interest expense is reported for…
A: Interest expenditure refers to the cost of borrowing money. A lender will charge a borrower a fee…
Q: What is the company’s gross profit rate beginning January 1, 2020? A. 24% B. 21% C. 17% D. 20%
A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…
Q: Question 14 Which of the following is the most advantageous for a debtor if he borrowed P15, 000 at…
A: We know, exact interest is calculated by taking exact number of days in a year [i.e. 365 or 366 in…
Q: QUESTION 5 REQUIRED 5.1 Use the information provided below to calculate the following ratios for…
A: Financial Statements- Every entity prepares the statement related to assets, liabilities, cash,…
Q: How much shall be reported as interest income for 2022? 90,000 96,836 120,000…
A: Interest Income - It is the amount of money paid by the borrower to the lenders on the amount of…
Q: a1. Produce an income statement for 2020. Assume that net working capital will equal 50% of fixed…
A: a1. Values in thousands 1. Fixed asset after additional fixed asset investment = 800+200= 1000 2.…
Q: QUESTION 10 Which one of the following alternatives represents the correct amount of trade and other…
A: Trade receivables refer to the amount that is not collected from the customer for the services…
Q: 1.) How much is adjusted Interest Expense on December 31, 2021?
A: An adjusting entry is an entry made to assign the right amount of revenue and expenses to each…
Q: How much is the net income for the year 2021?
A: An income statement is one of the mandatory financial statements that every company has to prepare.…
Q: Determine the exact and ordinary simple interest on 100,000.00 borrowed at 12% interest rate from…
A: Simple interest is the amount of interest which is being payable on amount borrowed or taken from…
Q: Using Financial Statements for 2018-2019. Net book value for 2018 is $8,025,800. TRUE OR FALSE
A: Net book value or net asset value is the value of asset after adjusting the depreciation charges…
Q: Using Financial Statements for 2020, average daily sales for the year 2020 is 1,452.05. TRUE OR…
A: Average daily sales = Annual Sales / Number of days in a year
Q: Calculate the Rate of Return on Investment for Company 2 for the year ending 2019.
A: ROI: It is the return generated from the investments made by a company or an individual.
Q: 6. What should be the basic earnings per share in 2021? a. ₱ 9.00 b. ₱ 10.50 c. ₱ 12.50 d. ₱…
A: Introduction:- Basic earning per share :- Basic earnings per share is the amount of a company's…
Q: Analyse a debt ratio 2019 is 0.37 and debt ratio for 2020 is 0.40
A: Debt ratio identifies a ratio of total debts of entity to total assets of entity. Debt ratio =…
Q: QUESTION 81 The annual percentage rate of interest on terms 4/8, net 28 is 73%. TRUE OR FALSE?
A: Discount is 4% if we do payment in 8 days
Q: 16. What is the adjusted cash balance on November 30, 2020? 17. What is the adjusted cash balance on…
A: The adjusted cash balance on November 30, 2020:
Q: Using Financial Statements for 2018-2019. Net assets available to meet preferred claims for 2019 is…
A: Total liabilities(excluding preference liability)=7045650
Q: What amount should be reported as sales revenue including the revenue earned from points for 2020?…
A: Revenue Recognition in Loyalty Programme Most of the companies are offering the loyalty programs to…
Q: 3. Net income for 2021 Select ) 4. Retained Earnings as of December 31, 2019 ( Select] Retained…
A: Net income is transferred to retained earning account every year. Hence last year income adjustment…
Q: 1. Compute 2022 net periodic pension expense.
A: Companies makes the funds which are specially designed with the purpose of making the life of the…
Q: Payment Interest Principal Balance ($) ($) ($) ($) 30 June 2018 500,000 30 June 2019 55,000 445,000…
A:
Q: 4. What is the amount of interest receivable as of Dec. 31, 2019? 5. What amount of cash will be…
A: Interest means the extra amount which we received because of investment made and will be paid in…
Q: 19. The heading of income statement might include the line "As of December 31, 2020". True False
A: Income statement is the statement that records all the income and expenses of the company and helps…
Q: Question 13 Not yet answered Marked out of 1 P Flag question the statement of financial position for…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Using Financial Statements for 2018-2019. Net working capital for 2018 is $3,292,800. TRUE OR FALSE
A: Net working capital = Current assets. - Current liabilities
Q: Questions: 1. What is the loan impairment loss to be recognized for the year 2023? 2. How much is…
A: The Bank has given loan to company amounting to P 2000000 at the rate 6% and received a note P…
Q: K. What is the carrying value of the note received fi Company B on October 1, 2020?
A: Note receivable: It is a written promise. The promise is for receiving specific amount of cash on…
Q: Question 4: (Maximum 300 words ) Critically evaluate the three measurement approaches under IFRS 17…
A: the three approach are : The General Measurement Model The Premium Allocation Approach Variable…
Q: Using Financial Statements for 2020, debt equity ratio for the year 2020 is 2.30.
A: Debt to Equity ratio = Debt / Equity where Debt = long term debt Equity = Total equity
Q: 5. What amount should LINGATONG report as accrued interest receivable at December 31, 2021?
A: Lingatong Company Receive P10,000 Accrued Interest Receivable at 31st Dec,2021 is Interest Expense…
Q: Using Financial Statements for 2020, sales to working capital for the year 2020 is 2.41. True or…
A: Working capital is the difference between a company's current assets and current liabilities.…
Q: Upon the study of the SFP For the year ended December 31, 2020. Q1. What is the total amount of…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: 1. Based on the historical financial highlights extracted of statement of income and expenditure,…
A: Net asset value is calculated as the total assets less liabilities which represent the net asset…
Q: 4. What is the carrying amount of note payable on December 31, 2022? a. 942,400 b. 846,064 c.…
A: Present value means the actual amount is adjusted with the interest rate so as to get the present…
Q: Section V: Statement of Income Question 5 Identify McDonald's EPS-basic amounts. You can find this…
A: The income that a common shareholder earns on the shares which are under the possession of the…
Q: Questions: 1. The carrying amount of the loan receivable at December 31, 2022 is? 2. The interest…
A: The bank has granted a loan of P 3000000 on 1st January 2021 at interest rate of 8%. The first…
Q: Times Interest Earned Ratio
A: Times Interest Earned Ratio = Operating income/Interest expense
Q: Using Financial Statements for 2020, sales to total assets for the year 2020 is 0.99. TRUE OR…
A: Sales to Assets: It is the ratio that measures the company's ability to generate sales from the…
Q: Years 2020 2019 Current Assets 11.68 9.51 Current Liabilities 9.95 8.66 Current Ratio 1.17 1.09…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Using Financial Statements for 2018-2019. Net working capital for 2019 is $4,427,200.
A: Net Working capital = Current Assets - Current Liabilities
Using Financial Statements for 2020, debt ratio for the year 2020 is 0.33.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- THE ATHLETIC ATTICIncome StatementFor the Year Ended December 31, 2024Net sales $8,900,000Cost of goods sold 5,450,000Gross profit 3,450,000Expenses: Operating expenses $1,600,000 Depreciation expense 210,000 Interest expense 50,000 Income tax expense 360,000 Total expenses 2,220,000Net income $1,230,000 THE ATHLETIC ATTICBalance SheetsDecember 31 2024 2023Assets Current assets: Cash $164,000 Accounts receivable 790,000 Inventory 1,405,000 Supplies 110,000Long-term assets: Equipment 1,150,000 Less: Accumulated depreciation (420,000) Total assets $3,199,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $115,000 Interest payable 0 Income tax payable 40,000 Long-term liabilities: Notes payable 600,000 Stockholders' equity: Common stock 700,000…INCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…Income Statement for the years ending 31 August: 2020 2019 £ £Revenue 950,000 975,000Cost of sales 455,000 460,000Gross profit 495,000 515,000Total expenses 320,000 310,000Net profit 175,000 205,000 Statement of financial position as at 31 August: 2020 2019£ £Non-current assets 70,000 65,000Current assetsCash at bank…
- Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %Income Statement for the years ending 31 August: 2020 2019 £ £Revenue 950,000 975,000Cost of sales 455,000 460,000Gross profit 495,000 515,000Total expenses 320,000 310,000Net profit 175,000 205,000 Statement of financial position as at 31 August:- 2020 2019£ £Non-current assets 70,000 65,000Current assetsCash at bank…Current Asset Current Liabilities COGS Inventory Total Liabilities Total Assets Net Sales Operating Income Gross Profit EBIT EBT Cash Flow Operation Retained Earning Owner's Equity 2018 80,073,836 26,882,064 51,678,144 14,854,944 80,133,248 124,776,768 160,099,728 75,249,200 108,421,584 56,436,900 45,149,520 49,716,192 28,967,893 44,643,520 2017 54,919,520 13,083,840 35,379,840 9,575,808 64,875,200 100,945,824 98,157,888 32,775,808 62,778,048 24,581,856 19,665,485 26,781,248 29,361,440 36,070,624
- Using the information provided below:Rubialac PaintsSelected Income Statement Items, 2020Cash Sales $2,500,000Credit Sales $9,500,000Total Sales $12,000,000COGS 7,000,000 Rubialac PaintsSelected Balance Sheet Accounts12/31/2020 12/31/19 ChangeAccounts Receivable $550,000 $400,000 $150,000Inventory $275,000 $250,000 $25,000Accounts Payable $150,000 $110,000 $40,000 What is the inventory turnover for Rubialac Paints? What is the average production cycle for the firm? What is the average collection cycle? What could Eagle Paints do to reduce the average collection cycle?Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…Accounts receivable (gross) Inventory Total current assets Total current liabilities Credit sales Cost of goods sold Current ratio Receivables turnover Inventory turnover 2021 1.000.000 $850,000 $750,000 $650,000 1.020,000 980,000 840,000 2,100,000 2,000,000 1,700,000 1.100.000 1,250,000 6.420.000 6.240,000 5.430.000 4,540,000 4,550,000 3,950,000 (b) Based on (1) current ratio, (2) receivables turnover ratio, and (3) inventory turnover ratio, what conclusion(s) can be drawn about the company's liquidity? 2021 21:1 2020 8.0 times 4.5 times 2020 2019 18:1 8.9 times 5.0 times.
- Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings COMPARATIVE BALANCE SHEETS 12/31/25 Sales revenue $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $8400000 $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash COMPARATIVE BALANCE SHEETS Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 12/31/25 $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000