ing income statement was prepared by a new and inex organized as a corporation, PHOENIX, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 Les in sale of treasury stock of issuance price over par value of capital stock period adjustment (net of income tax) al revenue. of goods sold Ling expenses eral and administrative expenses. alement of litigation. $6,000,000 1,104,000 1,896,000 24,000 720,000 $10,800,000 62,000 510,000 96,000 $11,468,000
Q: if you can earn 2.5% per year on your investment how long will it take to double your money
A: According to the given question, we are required to compute how long the time period will take to…
Q: When preparing government-wide financial statements at the end of the fiscal year, Lambertsville…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. These…
Q: Trez Company began operations this year. During this year, the c absorption costing income statement…
A: Answer : Calculation of direct material cost = 80,000*$3 = $240,000 Calculation of direct labor cost…
Q: (a) Did Troy pay Riker before or after delivery of the vehicle? (b) Prepare the journal entry Riker…
A: Time value of money is the mostly used by the companies or by any individuals so that the worth of…
Q: Required: Prepare the journal entries in the records of Yasmina Ltd to record the transactions and…
A:
Q: Assume that the hospital uses the direct method for cost allocation. Furthermore, the cost driver…
A: Lets understand the basics. In direct allocation method, cost of the service department gets…
Q: Exercise 6-24 (Algo) Long-term contract; revenue recognition over time; solve for unknowns [LO6-9]…
A: calculation of above requirement are as follows
Q: nuary 1, 2021 with a rate of 10%
A: Interest expense is expense paid by the lessee to the lessor for the right to use the asset. It is…
Q: which of the following is correct about the appropriateness of evidence? A. Audit evidence from…
A: Audit is the process of checking the financial statement and identifying the errors and…
Q: 15) How soon does goodwill acquired in a business combination need to be tested after an…
A: Goodwill should be recognized when money or money's worth is paid for it. In case of a business…
Q: late basis to X corporation for Inventory
A:
Q: Assume the following (1) sales = $200,000, (2) unit sales = 10,000, (3) the contribution margin…
A: The question is based on the concept of Cost Accounting.
Q: Prepare the necessary journal entries for the following dates for Rodney Inc.
A: Service rendered to be recognised when it is provided. Rodney Inc has provided service to Smith Co.…
Q: Selected financial data from Crew Restaurant is provided below. Cash Accounts Receivable Food…
A: QUICK RATIO Quick ratio is also known as Liquidity Ratio & Acid test Ratio. Quick Ratio is…
Q: On October 20, 2020, Corporation H entered a contract to receive two million Argentinian pesos on…
A: The parties to the future agreement are the vendor and the buyer. The vendor consents to sell a good…
Q: Mia bought a hifg-definition television for $7,500. Based on her income she could afford to pay back…
A: INTRODUCTION: Accounts payable is the sum that clients owe the business for the products they have…
Q: Julie and Suresh conclude an agreement in terms of which they agree that Julie will pay Suresh the…
A: 1, For an offer to be valid, acceptance must be a mirror image. Offer means to make a promise to…
Q: O O owners' equity. O profits. assets.
A: Lets understand the basics. Bank has sole purpose of obtaining deposits from the customer, paying…
Q: Umdloti Ltd, which manufactures liquid hand soap, commenced operations on 01 November 2021. Standard…
A: VARIABLE COSTING INCOME STATEMENT Under Variable costing income statement we compute Net income…
Q: market value of $28,000 and an adjusted basis of $14,000 was completely destroyed. She received…
A: In case of any accident or any loss may be suffered are subjected to deductions to the taxable…
Q: Aishwarya's husband passed away in 2021. She needs to determine whether Jasmine, her 17-year-old…
A: Gross income refers to the gross pay for person which is the total or aggregate pay of the…
Q: QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2…
A: Journal entry: It implies to the recording of financial transactions of the company on day-to-day…
Q: The units of an item available for sale during the year were as follows: Date Line Item Description…
A: Periodic inventory system is the one wherein the inventory record is prepared at the end of a…
Q: Required: 1. Calculate the company's total estimated direct labor cost for each quarter of the the…
A: Budgeting is a tactical planning made by business to spend its money efficiently. A business need to…
Q: Use the 2016 marginal tax rates to compute the tax owed by a head of household with a taxable income…
A:
Q: Delacroix Co. had 800 units of inventory at the beginning of March 2010. Other information about…
A: Under the FIFO method of process costing, costs are transferred to next department and ultimately to…
Q: In the manufacture of 9,400 units of a product, direct materials cost incurred was $177,400, direct…
A: Lets understand the basics. Conversion cost is a cost to convert raw material into finished product.…
Q: ich the following onscreen Vendors and Expenses transaction forms typically should be prepared.…
A: The payments are done to the vendors in the order bills and invoices are received and they are paid…
Q: E3-1 Inferring Statement of Earnings Values LO3-2 Supply the missing dollar amounts for the 2020…
A: A statement of earnings is also known as a statement of comprehensive income used to estimate the…
Q: 08) Nina acquired a 75% controlling interest in Pinta in two stages. 1) In 2012, Nina acquired 15%…
A: According to the given question, we are required to compute the cost of investment that will be used…
Q: ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2019 2020…
A:
Q: 1. Prepare all appropriate Journal entries related to the Investment during 2021. 2. What amount…
A: If a company purchases another company's shares with its own funds, the following rules apply: The…
Q: m No. 1 (Cost Accounting) Determine the following using the weighted average (WA) method of…
A: Inventory - The things that a business keeps on hand in order to make money are referred to as…
Q: Apartment building 12/29/2022, total price=2000000;500000 allocated to the land. a. What is the…
A: Total assets purchase of apartments building.,... 16july 2022.…
Q: Determine the following using the First-In First-Out (FIFO) method of process costing 1.…
A: Process Costing - A process costing system is the technique used to gather and apply production…
Q: Last year Easton Corporation reported sales of $900,000, a contribution margin ratio of 40% and a…
A: The question is based on the concept of Cost Accounting. Break even point is the point at which…
Q: Assume you received note receivable of 5,000,000 carrying 12% nominal interest rate for a period of…
A: The premium on notes receivable is amortized by deducting a portion of the premium from the interest…
Q: Valley Farm Supply started the period with $155,000 cash. Cash receipts for January were expe-…
A: The cash budget helps to estimate the ending cash balance for the given period. The cash receipts…
Q: Match each business that follows with the job cost system it would most likely utilize. Clear All…
A: Job order costing : in this costing cost is calculated for each job separately. Each job is…
Q: P11.
A: Break even point means if company reaches to its break even point it will not earn a single penny.…
Q: Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value…
A: Dollar value LIFO pools method is a type of inventory valuation method which is mainly used by the…
Q: Take me to the text Sleiger Spa has a net accounts receivable opening balance of $223,000 and and…
A: Given, Sleiger Spa Net accounts receivable opening balance= $223,000. Ending balance= $176,000.…
Q: /29/2022, total price=2000000; 500000 llocated to land. a. What is the maximum llowed cost recovery…
A: Cost recovery means the cost that can be recovered through depreciation and amortization of an asset…
Q: What ethical considerations exist in this scenario? 2. What stakeholders are harmed or benefited?…
A: 1) The company is breaching the agreement with creditors by wantedly delaying the payments to them…
Q: Dave Krug contributed $1,400 cash along with inventory and land to a new partnership. The inventory…
A: Working note - 1 : Amount of krug's capital = Investment made by Krug in Partnership firm -…
Q: down credit card 3. For Which credit card did you pay?, select 2100 VISA Credit Card 4. For How much…
A: Credit card is the facility given by bank to pay the expenses without having money in the bank…
Q: what are some of corporate governance applications out there?
A: Program overview:- This program allows executives and board members of public and private…
Q: 11) On January 1, 2012 Peter Inc. acquired 80% of the outstanding common stock of Sam Co. for…
A: At the time of acquisition of stake in a Company, the assets are taken over at Fair Value and basis…
Q: QUESTION 3 On 1 January 2022, Rodney Inc. provided services to Smith Co. in exchange for Smith's…
A: An amortisation schedule, also known as an amortisation table, is a table that lists each instalment…
Q: Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is…
A: INTRODUCTION: Common stock is a sort of investment reflecting a firm's equity ownership. Other…
Step by step
Solved in 2 steps
- 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. 0.21Use the information provided to answer the questions that follows below: Extract of Statement of Changes in Equity for the year ended 31 December 2020 Retained earnings R Balance on 01 January 2020 1500 000 Profit after tax 480 000 Dividends paid and proposed in 2020 (180 000) Balance on 31 December 2020 1 800 000 INFORMATION The information provided below was extracted from the accounting records of Harmony Limited on 31 December 2020: Harmony Limited Extract of Statement of Comprehensive Income for the year ended 31 December 2020 Sales 6 600 000 Cost of sales (3 900 000) Gross profit 2 700 000 Operating expenses (1710 000) Selling and administrative expenses 1 260 000 Depreciation 450 000 Operating profit 990 000 Interest expense (270 000) Profit before tax 720 000 Company tax (240 000) Profit after tax 480 000Corporate Accounting The draft financial statements for Impact Sdn Bhd for the year ended 31 March 2021 included the following: RM'000 Statement of comprehensive income (extract) Tax expense for year ended 31 March 2021 1550 Notes to the accounts: Under provision for 31 March 2020 100 Estimate of income tax for 31 March 2021 1200 Increase in deferred tax provision for 31 March 2021 350 1650 Statement of cash flows (extract) Tax paid in the year to 31 March 2021 900 Required: Explain how the under provision of RM100,000 in the income statement arose. In accordance with MFRS112 1ncome Taxes, deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences. Explain what is meant by temporary differences and how deferred tax arises.
- 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)?Ecobank Pole Pan African Bank S 740 5523 VISA Awa Taak Financial statement analysis. 2. Given below are the summarized accounts of Helper Ltd for the past five years. These form the basis for the questions which follow. Summarized profit and loss accounts of Belper Ltd 19X5 [000 Sales Cost of sales Trading profit Depreciation Interest Net profit before tax Taxation Net profit after tax Extraordinary items. Dividends Retained profits Retained at start of year Retained at end of year Fixed assets Freehold land and buildings Leasehold land and buildings 19X4 £000 Plant and machinery Total gross fixed assets gross Depreciation freehold Depreciation leasehold Depreciation plant, etc. Total depreciation Net fixed assets THIntangible fixed assets Goodwill Ahvestments 93,930 81,750 12.180 Patents and trade marks Current assets Stock 1,023 2,727 8,430 2,517 5,913 5,913 801 5.112 14,637 19,749 Summarized balance sheets of Belper Ltd 19X4 £000 117 4,197 4,314 20.175 116,232 101,673 14,559 1,380…I need amounts for total current assets, total assets, retained earning, dec 31, year 1, and tiotal stockholders equity:Gross profit $1,554,000Total selling expenses $885,000Total administrative expenses $267,500Total operating expenses $1,152,500Income from operations $401,500Net other expenses and income $68,000Income tax $140,500Net income $329,000Earnings per common share (rounded to the nearest cent) $2.29Retained earnings, January 1, Year 1 $9,319,725Total current assets $Investment in Dream Inc. bonds $90,000Total property, plant, and equipment $11,174,000Total assets $Total current liabilities $238,300Net long-term liabilities $519,000Total liabilities $757,300Total paid-in capital preferred 5% stock $1,750,000Total paid-in capital common stock, $20 par $2,886,800Total paid-in capital $4,649,800Retained earnings, December 31, Year 1 $Total stockholders' equity
- Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Inventory 12,500Total Assets in 2021 110,000Current Liabilities 40,000Total Assets in 2020 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 0.12b. 0.10c. 0.18d. 0.13The 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…A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 days
- For this question, please refer to the Fact Pattern below (Same fact pattern as previous question). Given the set of transactions above, what was Adjusted EBITDA in 2021? O $1,107.2 O $1,082.2. O $1,068.2 $1,092.2 Activities during the year: Capital expenditures Cost of Goods Sold (excluding D&A) Dividend Payout Ratio (dividends/ net income to common shareholders) Income Tax Net Interest Expense Net Revenues Non-controlling Interest Expense (After-Tax) Litigation Expense Other Operating Expenses (excluding D&A) Purchases of intangible assets Preferred dividends Research And Development (excluding D&A) Proceeds from sale of land with book value of $15 Selling, General, & Administrative (excluding D&A) Write-down of PP&E 2021 580.0 3,256.0 40% 35% 45.6 5,800.0 25.0 97.0 16.5 45.0 5.0 56.3 20.0 1,488.0 7.0The 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)?Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year ??? ??? 320,715 397,400 40,500 33,750 500,000 541,650 17,500 47,500 94,000 105,000 328,500 431,876.00 33,750 35,000 54,000 54,402.00 40,500 42,823.00 279,000 288,000 339,660.00 398,369.00 946,535 999,000 148,500 162,000 126,000 162,881.00 306,000 342,000 639,000 847,928.00 24,750 47,224.00 What is the current year's return on assets (ROA)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))