69. 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- P195,120 How much is the profit (loss)?
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69. 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- P195,120
How much is the
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- 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)?Condensed balance sheet and income statement data for Oriole Corporation are presented here. Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Oriole Corporation Balance Sheets December 31 2022 $ 30,100 49,800 89,600 55,100 500,100 $724,700 24 $84,500 145.700 381,000 113.500 $724,700 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) Net income Oriole Corporation Income Statement For the Years Ended December 31 2022 $16,100 45,500 95,000 70,000 370,800 $597,400 $79,400 84,300 319,000 114,700 $597,400 2021 $744.500 39 200 705 300 424.700 280,600 188.911 $91.689 2021 $605,400 30,700 574.700 366.000 208.700 151 200 $57.470 2020 $18,300 47,900 63,000 46,000 358,600 $533,800 306,000 107,400 $533,800 $69,700 50,700 Additional information: The market price of Oriole's common stock was…The following financial information is for Cullumber Company. CULLUMBER COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 70,000 $64,000 Debt investments (short-term) 53,000 39,000 Accounts receivable 108,000 90,000 Inventory 229,000 162,000 Prepaid expenses 30,000 25,000 Land 130,000 130,000 Building and equipment (net) 264,000 185,000 Total assets $884,000 $695,000 Liabilities and Stockholders' Equity Notes payable $172,000 $102,000 Accounts payable 65,000 51,000 Accrued liabilities 41,000 41,000 Bonds payable, due 2025 250,000 172,000 Common stock, $10 par 202,000 202,000 Retained earnings 154,000 127,000 Total liabilities and stockholders' equity $884,000 $695,000 CULLUMBER COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $890,000 $786,000 Cost of goods sold 641,000 575,000 Gross profit 249,000 211,000 Operating expenses 194,000 159,000 $ 5000 $ 52,000 Net income Additional information: Inventory at the beginning of 2021 was $116,000. 1. 2.…
- 10. The following information relates to the Smith Company for 2021: $ 1,600 Cash dividend declared for 2021 Retained earnings, January 1, 2021 Net income for 2021 4,680 1,920 Retained earnings, December 31, 2021 ? What was the December 31, 2021, balance of retained earnings? a. $4,360 b. $4,680 c. $5,000 d. $8,200 11. The method of valuation under the US GAAP is 1. accounts receivable at net realizable value. 2. short-term marketable securities at fair value. 3. inventories at current cost if current cost is higher than historical cost. a. b. C. d. 1 and 2 2 and 3 1 and 3 1, 2, and 3Cash Accounts receivable (net) Other current assets 1. Investments Plant and equipment (net) Net sales 2. NOVAK CORPORATION Balance Sheets December 31 Current liabilities Long-term debt Common stock, $10 par Retained earnings Sales revenue Less: Sales returns and allowances Net income Additional information: 2022 $32,000 52,000 93,000 58,000 500,000 $735,000 148,000 Cost of goods sold Gross profit Operating expenses (including income taxes) 323,000 177,000 NOVAK CORPORATION Income Statements For the Years Ended December 31 2021 $ 22,000 47,000 $87,000 $82,000 2022 98,000 370,000 $610,000 73,000 313,000 127,000 88,000 699,400 428,311 271,089 2021 $20,000 2020 $743,000 $603,000 43,600 115,000 $735,000 $610.000 $543,000 50,000 32,265 570,735 352,878 217,857 181,870 ▷ 151,764 $89,219 $66,093 67,000 48,000 358,000 $543,000 $72,000 53,000 303,000 The market price of Novak's common stock was $7.00, $7.74, and $8.43 for 2020, 2021, and 2022, respectively. You must compute dividends paid. All…17. Cost of goods sold Interest Dividends Depreciation Addition to retained earnings Tax rate $6,409 315 520 811 267 30% What is the operating income (EBIT) given the above information?
- 1.The changes in account balances of ENIGMA Co. during 2020 are as follows: Assets: P133,500 increase Liabilities: P40,500 decrease Ordinary share capital: P90,000 increase Share premium: P9,000 increase. Assuming there are no changes in retained earnings except for net income and a dividend payment of P19,500, how much is the net income (net loss) for 2020?The following information was extracted from the accounting records of Royal (Pty) Ltd for the financial year ended 31 May 2021. Royal (Pty) Ltd Extract: Statement of financial position as at 31 May 2021 Property, plant and equipment: Land and buildings at cost.. Equipment at carrying amount... Investment in shares... Inventory....... Trade debtors.. Prepaid expenses.. Ordinary share capital.. Retained earnings.... 12% Debentures... Trade creditors.. Bank overdraft.. Income tax payable.. Dividends payable. 31 May 2021 R 300 000 45 000 247 500 186 000 55 500 Nil 600 000 500 82 30 000 37 500 31 500 7 500 45 000 31 May2020 R 240 000 52 500 165 000 180 000 42 750 2 250 442 500 7 500 90 000 63 750 37 500 11 250 30 0001.The changes in account balances of ENIGMA Co. during 2020 are as follows: Assets: P133,500 increase Liabilities: P40,500 decrease Ordinary share capital: P90,000 increase Share premium: P9,000 increase. Assuming there are no changes in retained earnings except for net income and a dividend payment of P19,500, how much is the net income (net loss) for 2020? 2.The financial records of DISGRASYA Inc. were destroyed by fire at the end of 2020. Selected information gathered are the following: Inventory on January 1 was P92,000 and decreased by 20% during the year. Sales discount amounted to P17,000. Interest expense is P20,000. Cost of sales is P500,000. Administrative expenses amounted to 20% of cost of sales but only 8% of gross sales. Two thirds of operating expenses relate to sales activities. The company is subject to 30% income tax. How much is the net income (net loss) during 2020? Thank You!
- Some selected financial statement items belonging to PXR Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Receivables 18,500 Total Assets 120,000 Current Liabilities 42,000 Shareholders' Equity 85,00 Net Profit 18,000 Select one: a. 0.18 O b. 0.15 O c. 0.11 O d. The correct answer not available O e. 0.21Sandhill Co. reported the following information for 2020: Sales revenue $2520000 Cost of goods sold 1748000 Operating expenses 282000 Unrealized holding gain on available-for-sale securities 85700 Cash dividends received on the securities 9200 For 2020, Sandhill would report comprehensive income of A.$85700. B.$499200. C.$575700. D.$584900.These are the information of Talc Inc. for the year 2020· Net assets, Jan.1, 2020- P1,000,000· Net assets, Dec. 31. 2020- P2,000,000· Share capital issued in 2020- P300,000· Dividends declared in 2020- P100,000How much is the profit or loss for 2020?