The income statement of Mid-South Logistics includes $12 million for amortized prior service cost. Does Mid- South Logistics prepare its financial statements according to U.S. GAAP or IFRS? Explain.
Q: HAPPY Corp. assets have a carrying amount of P100,000 before year end adjustments. The PFRSs require…
A: As per Philippines Financial Reporting Standard, the accounting treatment of biological…
Q: During 2020, Israel Company constructed asset costing P4,215,000. The weighted average accumulated…
A: Calculation of capitalization rate for general borrowing : Loan / Note Payable…
Q: ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021:…
A: Answer: Gross sales : Php 100,000,000 Less: Cost of sales : Php 60,000,000 Gross Income : Php…
Q: HAPPY Corp. assets have a carrying amount of P100,000 before year end adjustments. The PFRSs require…
A: Fair value in case of principal market or in absence of principal market, the most advantageous…
Q: The following are preliminary financial statements for Choco Co. and Cake Co. for the year ending…
A: Business Combination: It is the transaction between two entities in which one acquires control over…
Q: he company has net sales revenue of $6.8 million during 2021. The company's records also included…
A: Fixed assets include the Property, plant, and equipment. Fixed assets turnover ratio = Net sales…
Q: During 2020, ABC Company constructed various assets. The weighted average expenditures for…
A: This question deals with the IAS 23 'Borrowing cost". As per IAS, interest expense incurred on…
Q: Newmarket's revenue as shown in its draft statement of profit or loss for the year ended 31 December…
A: International Financial Reporting Standard (IFRS) 15, revenue from contracts with customers…
Q: The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash…
A: Balance sheet: A balance sheet is a statement of assets, liability, and equity. It is prepared after…
Q: SKOLAR started constructing a building to be used for producing its goods in January 2021. ISKOLAR…
A: solution concept as per the provision of PAS 23 borrowing cost , borrowing cost incurred for the…
Q: Spein Company is a diversified company that discloses supplemental financial information on its…
A: Solution: Total income before allocable costs = $900,000 - $600,000 = $300,000 Segment Y income…
Q: During 2021, Tiktok Company constructed various assets. The weighted average expenditures for…
A: Calculation of weighted average borrowing rate : Borrowings Interest Average Borrowed Fund…
Q: ISKOLAR started constructing a building to be used for producing its goods in January 2021. ISKOLAR…
A: Calculation of the amount of borrowing costs to be capitalised as per PAS23::: Interest Expense of…
Q: A Company provided the following information for the current year: Current service cost 500,000…
A: Defined benefits plans are those plans which are maintained by the employer for the purpose of…
Q: During the current year an entity sold a piece of equipment used in production. The equipment had…
A: (1) Sales Price = P 100,000 (2) Carrying Amount of Equipment = P 90,000 (3) Revaluation Surplus = P…
Q: For letters a to d, identify how much to add or deduct from the Investment in Associate account of…
A: Step 1 Investment in Associate refers to the investment in an entity in which the investor has…
Q: he following are the balances of the liability accounts of ABC Company as of December 31,2021:…
A: Concept Account payable with debit balance has to net off and presented with single amount When the…
Q: SBP Co. provided these data for 2020: Income from continuing operations Unrealized gain on financial…
A: Net income is the difference between total revenues generated and total expense incurred during the…
Q: Sister Company provided the following information for 2020: Current asset, Jan 1-P240,000; Property,…
A: Working capital on Jan 1, 2020 = Current asset on Jan 1, 2020 - current liabilities on Jan 1, 2020…
Q: Ireland Airways recently reported the following items at fair value in recent annual report (in…
A: ASC 820 Fair Value Measurements classifies fair value measurements into three categories. A. Level…
Q: Music Corporation had current assets of P2,000,000 at the end of 2020 and P1,800,000 at the end of…
A: Net current asset investment is the difference between net change in current assets and net change…
Q: compute the Income Tax Due.
A: Income tax due is the amount being paid by the taxpayer or the business owner over the net income…
Q: The balance sheet for Tomkins plc, a British company, is presented as follows. Tomkins…
A: a)
Q: what si the amount of revenue from long-term contract for the year ended December 31,2022? what is…
A: Revenue recognition: Revenue recognition is the principle that provides specific conditions under…
Q: Llungby AB spent 1,000,000 krone in 2020 on the development of a new product. The company determined…
A: Journal entry is a process of recording and classifying business transactions into books of account…
Q: Deem Holdings Inc had cash and cash equivalents at January 1, 2019 of P400,000. The transactions and…
A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating…
Q: ndar year 2021. Its total assets of P180,000,000.00 as of December 31, 2021 per Audited Financial…
A: Given: To find the tax income and tax due is calculated as,
Q: On June 1, 2021, Cline Company paid P800,000 cash for the assets and liabilities of Renn Corp. The…
A: Answer: Goodwill is the intangible asset and it is calculated as difference of net asset paid and…
Q: On January 1, 2021 Simon Co. purchased an item of equipment for P600,000, including P50,000…
A: Here discuss about the determination of initial cost which are incurred in the purchase of the…
Q: Use the following information for the next three questions: A group of Entity A's biological assets…
A: Calculations are as follows
Q: A company in the manufacturing sector prepares its account to 31.12 annually. In July 2020, the…
A: A company in the manufacturing sector prepares its account to 31.12 annually. In July 2020, the…
Q: National Corporation had net current assets of P2,500,0 at the end of 2021. In addition, National…
A: When evaluating a company's financial health, net current assets, also known as working capital, are…
Q: party at any time. Required: Explain and show how the three events should be reported in the…
A: A financial statement refers to the statements prepared by the companies in a structured manner by…
Q: A Corporation began construction work in 2019 for a project with a contract price of P8,000,000. The…
A: >Contract accounting involves complex estimates and calculations.>This is because the contract…
Q: Chicken Wings Inc. incurred the following expenditures relating to its biological assets during the…
A: As per IAS 41 Agriculture cost to sell is defined as The incremental costs directly attributable to…
Q: On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its…
A: Income tax expense = Income from continuing operations before income taxes X tax rate = 12500000 x…
Q: The semiconductor business of the California Microtech Corporation qualifies as a component of the…
A: Given information is: The semiconductor business of the California Microtech Corporation qualifies…
Q: ABC (S) Pte Ltd, incorporated in 2010, is in the business of manufacturing tyres. For the year ended…
A: Taxable income: It implies to the income that is earned by a business or any individual and subject…
Q: During the year, Ben Company received a total of P870,000 from its customer, P60,000 of which was…
A: Solution Concept Cash basis Under the cash basis income and expenses are accounted…
Q: MVP Co. provided these data for 2020: Income from continuing operations Unrealized gain on financial…
A: Comprehensive income refers to the total income of an entity which includes the net income and other…
Q: Under the accrual basis rental income of EL Company for the calendar year 2020 is P600,000.…
A: Unearned revenue:- Unearned revenue is also known as deferred revenue which include the amount of…
Q: What is the amount of income Inkjet Company would report from its investment in GIC for the year…
A: The answer for the multiple choice question and relevant working are presented hereunder : Inkjet…
Q: AAA Corporation, a retailer, has a gross sales of P1,400,000,000.00 with a cost of sales of…
A: Allowable deductions : To ascertain the accounting income, the expenses are deducted…
Q: he following are the balances of the liability accounts of ABC Company as of December 31,2021:…
A: Concept Account payable with debit balance has to net off and presented with single amount When the…
Q: or the year ending December 31, 2018 Lomi Inc has calculated that total depreciation expense will…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
Q: Coronado Industries sells major household appliance service contracts for cash. The service…
A: Unearned service revenue: Small businesses receive unearned revenue when a client pays for goods or…
Q: Calculate the qualifying building expenditure. Select one:
A: As Given In the question Description Amount(RM) Land 580,000.00 Legal fees for an…
Q: The entity has an unsecured overdraft of R20000 at prospect Bank that carries an interest rate of…
A: Unsecured overdraft: It can be defined as the extension of credit to the customer by the bank…
Q: On March 1, 2021, Special Company paid P500,000 for the calendar year'sproperty taxes. Advertising…
A: Income statement is that financial statement which shows all incomes and all expenses of the…
The income statement of Mid-South Logistics includes $12 million for amortized prior service cost. Does Mid- South Logistics prepare its financial statements according to U.S. GAAP or IFRS? Explain.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 4 images
- Can you do 2022 income statement of this table? Statement of Profit or Loss and Other Comprehensive Income Presentation Currency Nature of Financial Statements Revenue Revenue from Finance Sector Operations Total Revenue Cost of Sales Cost of Finance Sector Operations Total Costs Gross Profit (Loss) from Commercial Operations Gross Profit (Loss) from Finance Sector Operations Gross Profit (Loss) Profit (Loss) From Operating Activities Profit (Loss) Before Financing Income (Expense) Profit (Loss) from Continuing Operations, Before Tax Profit (Loss) from Continuing Operations Profit (Loss) from Discontinued Operations Net Profit (Loss) Profit (Loss) Attributable To, Non- controlling Interests Profit (Loss) Attributable To, Owners of Parent Other Comprehensive Income (Loss) Total Comprehensive Income (Loss) Total Comprehensive Income Attributable To, Non-controlling Interests Total Comprehensive Income Attributable To, Owners of Parent 2020/12 1000TL Consolidated 21.529.210 37.824.578…Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. 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 Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…Required Information P13-6 (Algo) Computing Comparative Financial Statements and ROA Profit Driver Ratios LO 13-3, 13-4, 13-5 [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 12%) Common stock ($5 par value, 6,780 shares outstanding) Retained earnings Total liabilities and stockholders' equity P13-6 Part 1 Year 2 Year 1 $ 204,000 $ 178,500 115,500 101,400 88,500 69,100 57,400 53,700 31,100 15,400 9,400 4,700 $ 21,700 $ 5,400 14,708 41,400 47,100 $ 10,700 $ 7,700 18,700 36,800 39,400 $ 108,600 $ 102,600 $ 16,700 45,700 33,500 12,700 $ 17,700 45,700 33,500 5,700 $ 108,600 $ 102,600 Required: 1.…
- The following pretax amounts pertain to Helsinki Company for the yearended December 31, 2021: Sales, P800,000; Distribution andadministrative costs, P84,000; Other income, P40,000; Interest expense, P4,000; Cost of goods sold, P480,000; Correction of priorperiod error (credit), P16,000; Discontinued operations (debit),P40,000; Cumulative effect of change in accounting policy (credit),P28,000; Retained earnings, January 1 (not restated), P160,000; Dividends declared, P12,000; Income tax rate is 30% How much retained earnings would be shown on December 31, 2021 statement of financial position?[The following Information applles to the questions displayed below.) Selected comparative financlal statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales 2019 $ 555,000 $ 340,000 212,50e 127, see 46,920 29,920 76,840 se,660 10,370 S 40,290 $ 278,800 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 283,500 271, see 102,900 5e, 668 153,900 124, 100 5e,8ee 22,800 153,568 73,600 se, se0 15,670 $ 34,830 Income before taxe 117,932 40, 8e0 Income tax expense Net income $ 77,132 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 2019 Assets Current assets $ 52, 390 $ 37,924 S 51,748 Long-term investments Plant assets, net 500 3,956 100,0ee 96,000 60, 000 Total assets $ 152,390 $134,424 $ 115,698 Liabilities and Equity Current liabilities $ 22, 800 72, 800 9,000 $ 20, 30e 60, e00 6,000 29,398 $ 115, 698 $19,960 72,000 Common…[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 $…
- Q8: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement?The summarized revenues and expenses information for Canadian Travel Inc. for the year 2018 states:1cost of goods sold CAD180,000, sales revenue CAD400,000, other (non-operating) revenues and gainsCAD30,000, sales general and administration expenses of CAD100,000. Net interest income is (+)CAD10,000 and the corporate income tax rate is 26,50%: Prepare the Income (i.e. Pro t & Loss) Statement of Holiday Inc., showing Gross Pro t, OperatingPro t, Other gains/(losses), Earnings before Interest and Tax (EBIT), Pro t before Tax and NetIncome i.e. Net Pro t. Point out and explain which of all these revenue and expense items may imply/include non-cashtransactions or accounting records. If the ending balance in Retained Earnings on Canadian Travel Inc.s 31. Dec 2017 balance sheetwas $1,000,000 and a cash dividend of $10,000 was paid in 2018, using the above information showthe balance sheet entries of Retained Earnings as of 31. Dec 2018.In addition to the above, assume that Canadian…Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
- How much should be disclosed as "Sales to Related Parties" in the notes to the financial statements for the year ended December 31, 2021?[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY 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 KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…Using the following national income accounting data, compute (a) GDP. (b) NDP, and (c) NI. All figures are in billions. Category Compensation of employees U.S. exports of goods and services Consumption of fixed capital Government purchases Taxes on production and imports Net private domestic investment Transfer payments U.S. imports of goods and services Personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy Instructions: Round your answers to 1 decimal place. a. GDP = $ 437.8 billion b. NDP = $426.02 billion C. NI = $ 425.6 billion Billions $ 225.2 18.8 11.8 59.4 14.4 52.1 13.9 16.5 40.5 2.2 249.1 0.0