e value is expected and 2 million to e a Debit to inventory of $1,200,000
Q: Questions: Determine the following: 1. The gross sales for the year. a P1,000,000 b. P1,030,000 2…
A: Sales and purchases are an integral of every organization. Both Sales and Purchases can be done by…
Q: Net income example Formula: Net Income = Revenue – Expenses Total assets are $2,500,000, and…
A: Given that, Total assets = $2,500,000 Current liabilities = $800,000 Long-term Liabilities =…
Q: Sales are 2,000,000. COGS are 1,000,000. Depreciation is 300,000. Taxes are 150,000. SG&A is…
A: Formula used: Operating cash flow = Net income + Depreciation. Sum of both net income and…
Q: What is the amount of Long-term assets assuming the accounts above reflect normal activity? O…
A: Long Term Assets = Equipment + Patents + Land
Q: What will be the total operating expense? a.41200 b.53200 c. 19700 d. 21500 2-What will be the net…
A: Operating expense is defined as the expense which business make from its normal course of business…
Q: Sales are 2,000,000. COGS are 1,000,000. Depreciation is 300,000. Taxes are 150,000. SG&A is…
A: Operating cash flow of the business means income generated from the operations of the business but…
Q: What is the amount of ASSETS when liabilities are OMR 30,000 and capital is OMR 70,000? O a. OMR…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: Barry Co. has a net monetary assets of P75,000 with an quick acid test ration of 1.25. Inventories…
A: Acid Test ratio = (Current Assets - Inventory)/Current Liabilities Current ratio = Current…
Q: The Nelson Company has $1,312,500 in current assets and $525,000 in current liabilities. Its nitial…
A: Solution Given The changed values for this problem are Current assets 1374184 Current…
Q: A business has $550,000 in current assets and a current ratio of 2.0. What is the balance of its…
A: A company's short-term financial commitments that are due in a year or within a typical operational…
Q: Consider a firm with a 2010 revenue of S60 million and cost of goods sold of $25 million lf the…
A: Weeks of supply = ( Average inventory / Cost of goods sold ) * 52 weeks
Q: ng data are accumulated by Paxton Company in evaluating the purchase of $156,100 of equipment,…
A: In this we have to calculate present value of cash flow and we have to calculate difference between…
Q: 1. Current assets is P20,000, current liabilities is P30,000. What is the current ratio? 2.…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: 7. AHR Company has provided the following data: Inventory and prepaid expenses, P35,000; Current…
A: Assets and liabilities are the two components of the balance sheet. Assets can be long-term or…
Q: Camaro $2,000 $ 110 $1,000 50 350 GTO Cash Short-term investments Current receivables Inventory…
A: Ratio analysis means where different ratio of various years of years companies has been compared and…
Q: Accounts receivable Inventory Net sales (all credit) Cost of goods sold Total assets Total…
A: Formula: Receivables turnover ratio = ( Net credit sales / Average Accounts receivables )
Q: Total assets are $12.0 million, with $4.0 million being long-term assets. Current liabilitiesare…
A: Current ratio = Current assets / Current liabilities
Q: Harbinger Corporation reports the following balances: As of 12/31/19 As of 12/31/20 Accounts…
A: Sales: Sales include a number of goods and services sold by the organization during their accounting…
Q: Owner's equity is OR150,000 and total liabilities are OR90,000. Total assets would be: Select one:…
A: Assets = Owner's equity + liabilities
Q: Perush. Trade "CAHAYU has the following data: 01/12/2006. Paid-up capital in the form of cash Rp.…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Sales $2,100 (50% of average assets)ª Costs 1,050 (50% of sales) Interest 20 (38 of debt at start of…
A: Income statement is also called profit or loss a/c. Income statement shows the performance of the…
Q: Sales are 2,000,000. COGS are 1,000,000. Depreciation is 300,000. Taxes are 150,000. SG&A is…
A: Net Income: Net income means net profit or net earnings, It is an amount that an individual or an…
Q: Delta GMBH’s ROE is 8.9 percent. Sales are $2,956,000.00. Total debt ratio is 0.3743. Total debt is…
A: The ROA cane be calculated as per the DuPont Equation.
Q: 0, yielding a $4,300 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the…
A: Statement of cash flows is one of the financial statement of the business which shows all cash…
Q: Brilliant Company has a quick ratio of 2.5 to 1. It has current liabilities of P40,000 and…
A: Current Ratio and Quick Ratio are the types of Liquidity Ratio.
Q: 1. What is the amount of purchases for the current year? a. 1,700,000 b. 1,600,000 c. 1,500,000 d.…
A: When the inventory of the business lost, damaged or theft during the accounting period, it…
Q: Rush Company had net income of $152 million and average total assets of $1,810 million. Its return…
A: The return on assets is one of the financial ratios that shows the profitability of the company in…
Q: following account balances: Sales - P120,000; Cost of goods sold - P60,00O; Salary expense P10,000;…
A: The income before tax is calculated as income before deduction of any income tax on the income.
Q: if you have the following information Sales 250,000 Cost of goods sold 260,000 Gross loss (10000)…
A: Financing activities refer to the transactions involved in raising and retiring funds. In order to…
Q: Barry Co. has a net monetary assets of P75,000 with an quick acid test ration of 1.25. Inventories…
A: Quick ratio = Quick assets / current liabilities 1.25 = 75000/Current liabilities Current…
Q: 13.Mario's trial balance includes the following items: non- current assets RM50,000, inventory…
A: Introduction:- Assets are classified into two types as follows under:- Fixed asset (non current…
Q: e compan
A: Given: To calculate the company's quick ratio is shown as,
Q: Aqua Ltd has operating profit for the year ended 30 June 2020 of £56,300, after charging…
A: Cash flow from Operating Activities = Net Profit + Depreciation (+/-) Changes in Working Capital
Q: Bulldogs Inc. has current assets of P3,000,000 and a current ratio of 2.3 times before acquiring…
A: The current ratio is a liquidity ratio that shows how efficiently an organization fulfils its…
Q: 2. Inventory is P15,000; Accounts Payable is P45,000. Cash and accounts receivable total P8,000.…
A: Current Ratio = Current Assets / Current Liabilities Quick ratio = (Current Assets - Inventory) /…
Q: Credit Rop = 15,00,000/-; Cash Rop is 25% of Rop; liquid asset 2,00,000/-; Inventory 1,00,000/-;…
A: The working capital turnover ratio seems to be a metric that determines how well a firm utilizes its…
Q: You are given the following information for MZ5 Enterprises. Net PP&E 2018 = $1,000, Net PP&E 2019 =…
A: The investment in the asset can be computed using the beginning and the ending balances and the…
Q: Current assets and Current liabilities of Company $2,325,000 and $956,000 respectively. Company is…
A: The current ratio is a measure for conducting a liquidity analysis of the company which shows the…
Q: Compute the Quick ratio if Current Assets: 10.354; Current Liabilities: 6.615; Inventory: 5.767;…
A: Formula used: Quick ratio = Quick Assets / Current liabilities Division of Current liabilities with…
Q: A. • Current assets is PHP2,000, current liabilities is PHP3,500. What is current ratio? • Inventory…
A: The question is related to Ratio Analysis. The Current Ratio and Quick Ratio are as under:- 1.…
Q: hort-term debt 2,100,000 Long-term debt 2,420,000 Current assets 3,900,000 A company buys…
A: Fixed assets purchased by a business organisation should be financed out of long-term funds.…
Q: Calculate the current assets and current liabilities from the data given below. Current ratio.…
A: Current ratio is given by current assets to current laibilties.
Q: balances and profit ratio on this date, follow Capital Bal. P 50,000 60,000 20,000 RR TT
A: The sharing of profit and loss in accordance with the profit and loss sharing ratio.it completely…
Q: Current assets and Current liabilities of Company $2,325,000 and $956,000 respectively. Company is…
A: Formulas: Current ratio = Current assets / Current liabilities Given: Current asset = $2,325,000…
Q: The total liabilities and capital of Saturn Store is P350,000. Subsequently, from its P50,000…
A: Total assets = Total liability + Equity
Q: Given:Avarege trade receivables of afirm is40.000,average finished goodsis 50.000, cost of goods…
A: Ratio analysis is the term under which company is evaluating and analyzing different items in the…
Q: Rent Expenses Depreciation Expense Utilites Expenses Supplies Expense Transportation and Travel…
A: Cost of goods sold means for how much cost of goods has been sold by the business in the market.…
Q: 5600 investment by the owner and revenues of $ 20200). The total of the credit entries to the cash…
A: The ledger accounts are prepared by posting entries from journal book.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Underwoods Miners recently purchased the rights to a diamond mine. It is estimated that there are two million tons of ore within the mine. Underwoods paid $46,000,000 for the rights and expects to harvest the ore over the next fifteen years. The following is the expected extraction for the next five years. Year 1: 50,000 tons Year 2: 900,000 tons Year 3: 400,000 tons Year 4: 210,000 tons Year 5: 150,000 tons Calculate the depletion expense for the next five years and create the journal entry for year one.A mineral mining company expects to produce 60, 000 tons of minerals annually for 5 yrs. The deposit cost $150,000 to acquire. Annual gross revenues are expected to be $9/ton. Net revenues are projected to be $4/ton. a. Compute annual depletion on a cost basis b. Compute annual depletion on a percentage basisMaggie Company expects to extract 20 million tons of coal from a mine that cost $12 million. If no salvage value is expected and 2 million tons are mined in the fırst year, the entry to record depletion will include a: Select one: a. credit to Depletion Expense of $1,200,000. b. The answer does not exist c. debit to Inventory of $1,200,000. d. debit to Accumulated Depletion of $2,000,000. e. credit to Accumulated Depletion of $2,000,000.
- The Weber Company purchased a mining site for $1,750,000 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 400,000 tons will be recovered. The estimated residual value of the property is $150,000. During the first year, the company extracted 6,500 tons of ore. The depletion expense is $26,000 $15,000 $16,000 $17,500The Weber Company purchased a mining site for $510,498 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 82,226 tons will be recovered. During the first year the company extracted 6,000 tons of ore. The depletion expense is a.$46,488.30 b.$45,615.00 c.$37,260.00 d.$33,922.34A coal company invests $12 million in a mine estimated to have 20 million tons of coal and no salvage value. It is expected that the mine will be in operation for 5 years. In the first year, 1,000,000 tons of coal are extracted and sold. 1) What is the depletion expense for the first year, 2) show calculations of how you calculated cost per ton mined?
- XYZ Company purchased land for P6,000,000. The company expected to extract 1 million tons of mine from this land over the next 20 years at which time, residual value will be zero. During the first two years of the mine's operations, 30.000 tons were mined each year and sold for P80 per lon. The estimate of the total remaining lifetime capacity of the mine was estimated to be P480,000. Duning the third year, 50,000 tons were mined and sold for P85 per ton. How much would be the depletion for the third year?Rogers Mining Company purchased a coal mine for $5,000,000 and expects yield of 8,000,000 tons of coal during the next 10 years. Rogers expenses the coal when sold. What is the gross profit for year 1 if 725,000 of the 940,000 tons extracted is sold for $12 per ton? $10,692,500 $8,246,875 $8,112,500 O $8,200,000Gomez Corporation purchased land for P 6,000,000. The company expected to extract 1,000,000 tons of mine from this land over the next 20 years at which time, the residual value will be zero. During the first 2 years of the mine’s operations,30,000 tons were mined each year and sold for P 80 per ton. The estimate of the total lifetime capacity of the mine was raise to 1,200,000 tons at the start of the 3rd year and the residual value was estimated to be P 480,000. During the third year, 50,000 tons were mined and sold for P 85 per ton. How much would be the depletion for the third year? a. 215,000 c. 225,000 b. 227,500 d. 235,000
- A coal company invests $10 million in a mine estimated to have 15 million tons of coal and no salvage value. It is expected that the mine will be in operation for 5 years. In the first year, 1140000 tons of coal are extracted and sold. What is the depletion expense for the first year?Weber Company purchased a mining site for $525,247 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 85,242 tons will be recovered. The estimated residual value of the property is $49,377. During the first year, the company extracted 4,550 tons of ore. The depletion expense is Oa. $47,587.00 Ob. $25,400.72 Oc. $28,036.34 Od. $49,377.00A coal mine was purchased a cost of $97,243,062,829B (1B is 1E9) and the estimated amount of coal that can be mined is 63,379,972M tonnes (1 tonne = 1000 kg). If the extraction rate per month is 499,492 tonnes. What is the depletion cost after the 5th year?
