Problem #1: On June 30, 2020, PSA Trading Co. has the following information: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost P 14,600; rent is P8,000; light
Q: 3.1 Prepare a projected statement of comprehensive income for the year ended 31 December 2021 to…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: Martinez Corporation had January 1 and December 31 balances as follows. 1/1/20…
A: Opening inventory = $94000 Closing inventory = $108,000 COGS = $440,000 Purchases = Closing…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Change in gross profits = Gross profits in 2019 - Gross profits in 2018=P 330,000 -P328,000=P…
Q: Income Statement For the year ended Dec. 31, 2020.and 202019 2020 2019 P 5,150,000 150,000 5,000,000…
A: The ratio analysis analyzes the financial statements including income statement and balance sheet of…
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: Surmani Company has a condensed income statement as shown. Use the following statement to answer…
A: Amount Change in Sales = Current Year (2020) - Base Year (2019) = $ 185000 - $ 207000 = - $ 22000…
Q: Problem Solving. Raymar Alison Trading has the following transactions during the fiscal year 2021.…
A: The formula for calculating the return of net income is Net income / total sales × 100
Q: Mabuhay Corporation generated these gross profits during the past recent ears when the sales price…
A: Mabuhay corporation 's Sales price was lower was 10% during 2020 compared to 2019. Decreased sales…
Q: During May, 2020, Samoul’s Supply Store generated revenues of $180,000. The company’s expenses were…
A: Income from operation is the income that is generated from the operating activities of the company.…
Q: Sales Cost of goods sold 2021 $ 80,000 67,500 Required A Required B Sales Cost of goods sold 2020 $…
A: Trend Percentages can be calculated using the formula: Percentage change = {(Current year amount -…
Q: ven the following information for Franklin Jewelers, by how much did the gross profit percentage go…
A:
Q: 1-Please construct a profit and loss statement for " Comfortable Shoes Store" for the year 2020 with…
A: The compny is having net loss of $1500. The profit & loss statement is given below
Q: Following are data foE Net sales $5,365,000 Cost of sales, and related buying costs Accounts…
A: The ratio analysis helps to analyze the financial statements of the business.
Q: View Policies Current Attempt in Progress Presented below is information for Blue Spruce Corp. for…
A: Introduction: A multi-step income statement calculates income in several steps, hence it is called…
Q: 2022 Sales revenue $500,000 Cost of goods sold Gross profit Operating expenses 400,000 ? Wages…
A: Formula: Gross profit = sales revenue - cost of goods sold
Q: If Going Merry Inc. has a net income of P 200,000 and a net sales of P 5,050,000 during 2020; and a…
A: Return on sales indicates how efficiently the company is converting revenue into profit. Higher rate…
Q: For the goods purchased by the business, the Availability of Goods at the Beginning of the Period is…
A: Cost of goods sold means actual cost of goods that are being sold to the customers.
Q: Prepare a multi-step income statement for Prestige Traders and General Merchandise for the year…
A: 1. Net Sales = Sales - Sales Discount-Sales return Net sales = 600,000 -11,000 -20,000 = 569,000
Q: Mabuhay Corporation generated these gross profits during the past recent ears when the sales price…
A: Gross profit is the difference between the sales revenue and the cost of goods sold. Gross profit…
Q: Payton Inc. reports in its Year 7 annual report, sales of $7,362 million and cost of goods sold of…
A: Given sales = $7,362 million Increase of sales = 3% Cost of goods sold = $2,945 million Cost of…
Q: Presented below are excerpts from the income statements of Ralos Company for the years ended…
A: Cost of goods sold if unit cost not decreased = Cost of goods sold / (1 - decrease %) = 1,584,000…
Q: The following information of ABC Merchandise Business for the year ended 31st December 2020 Account…
A: Net sales = Sales - Sales Discounts - Sales returns
Q: The change in gross profit due to change in quantity sold must be: a. P42,710 U
A: Budgeted gross profit ratio Sales 792,000 Less: cost of sale 464,000 Gross…
Q: In the fourth quarter of 2020, Eurofit Cycling, a bike shop, had the following net income: Sales…
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: Sales $200,000 Interest expenses $10,000 Tax $5,000 Administration expenses $2,000 Advertisement…
A: Income statement in the business shows all incomes and all expenses in the business and at the end…
Q: In the year 2020, Metro Corporation expects an increase of 25% in cost of sales as compared to cost…
A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Hammond's net working capital in 2020 is closest to: A) $2.3 million B) $3.8 million C) $6.5…
A: Working capital or net working capital is equals to firm’s current assets minus current liabilities,…
Q: Libscomb Technologies' annual sales are $6,879,896 and all sales are made on credit, it purchases…
A: The operating cycle is the period which provides the days which required the company to convert it's…
Q: 2020 2019 General and administrative expenses 21,600 24,000 Interest expense 1,500 1,500 Net sales…
A: Operating profit margin:- It is the ratio of Operating income divided by Net Sales. Formula: OPM%…
Q: Company XYZ it made sales of $230,000 during 2019 the fixed expenses were $90,000 and variable…
A: Gross margin = Sales - Cost of goods as sold Gross Margin % = Gross margin / Sales
Q: Additional Information: (a) Gross profit rate for 2019 is 50%, which decreased by 5% in 2020 due to…
A: While preparing an income statement, we can use ratio analysis to find out the missing figures. For…
Q: During 2020 Quail, Inc. had sales of $86,000. In addition, during 2020 Quail received $4,000 in cash…
A: Net sales means the amount of revenue earned and cost of goods sold means the cost of goods which…
Q: During August, 2022, Sheffield's Supply Store generated revenues of $60100. The company's expenses…
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
Q: The portion of the functional income statements of Brief Company for 2021 and 2020 are presented…
A: Net sales for 2021 if price does not change= Sales of 2021 / (1 - decrease in sales %) =…
Q: Blossom Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company…
A: CVP analysis is known as a decision-making tool that helps management to make strategies and take…
Q: Libscomb Technologies' annual sales are $5,153,262 and all sales are made on credit, it purchases…
A: Inventory Turnover calculates the number of times a company sells its inventory in a year.
Q: Active Fast Berhad has the following income statement items for 2021: Revenue/Sales RM559,236…
A: Retained earnings = 100 - %of dividend of net profit = 100 %- 40% = 60% of profit after tax
Q: Chupapi Inc. has a gross profit ratio of 16.67 % for the year 2020. If Chupapi Inc. has gross profit…
A: 2021 Gross profit = P1,090,000 Net sales = P6,000,000
Q: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost…
A: Computation of gross profit as well as net profit are as follows:
Q: The following information of ABC Merchandise Business for the year ended 31st December 2020 Account…
A: Total general and administrative expenses will include the amount related to expenses incurred at…
Q: If a company's sales are $650,000 in 2021, and this represents an 5% increase over sales in 2020,…
A: The sales in previous year can be calculated as current year sales minus the growth in sales of…
Q: E18.4 (LO 2) Prepare vertical analysis. Operating data for Joshua Corporation are presented below.…
A: Vertical analysis means it is like a income statement as part of financial statement . It analyse…
Q: C Company has the following data for the year ending 12/31/2020 (dollars are in thousands): Net…
A: EVA or Economic value added is defined as the measure of the financial performance of the…
Q: effect on sales due to change in selling price
A: Let number of units in 2020 = x Let number of units in 2021 = y Unit cost in 2020 = 1,600,000/x…
Q: the answers to the four questions at the bottom under the statement table. Oakdale Fashions,…
A: The Current Corporate tax rate is 21%. Generally corporate taxes are fixed rate irrespective of the…
Q: Bajaj Ltd. reported the following statistics and results for 2020: Net operating income Return on…
A: Operating assets refer to those assets that contribute to generating profits for the company. For…
Q: ASSESSMENT: Problem #1 On June 30, 2020, PSA Trading Co. has the following informatign: revenue from…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold…
A: The income statement is prepared to record the revenues and expenses of the current period. The…
Q: 8. Pierce Corporation has the following gross profits for 2018 and 2019: Sales - 2019 - Ps10,000;…
A:
Step by step
Solved in 2 steps with 2 images
- Problem #2: On June 30, 2020. PSA Trading Co. has the following information: revenue from sales is P9o,760; sales return is P35.500: cost of goods sold is P8,490; salaries cost P 14,600; rent is P8,0003; ight and water expenses are P7 550 and miscellaneous expenses are P9,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales b. Gross Profit C. Net ProfitASSESSMENT: Problem #1: On June 30, 2020, PSA Trading Co. has the following informatign: revenue from sales is Po8,760; sales return is P35,50o; cost of goods sold is P8.490: salaries cost P 14,600; rent is P8,090; light and water expenses are P7.550 and miscellaneous expenses are Po,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss Problem #2: AMA 6operative store had the following activities for year ended 2021: gross sales amounting to Po4,653, the cost of goods sold was P48,923, the operating expensés were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income slatemeni and find: a. Net Sales b. Gross Profit c. Net Profit Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales…TASK THREЕ: Income Statement for the year ended 31 December 2020 Edward Frankie Company Company $ Sales 100,000 80,000 Less: Cost of goods sold 60,000 50,000 Gross Profit 40,000 30,000 Less: Expenses 36.000 18,000 Net Profit 4.000 12,000 1. Calculate the gross profit ratio, net profit ratio and expense to sales ratio for each of the company respectively. 2. Comment the profitability of the two companies.
- B. Below is the Statement of Comprehensive Income of Q & A Trading Company: Percentage 2020 P1,939,500 900,000 1,039,500 445,500 37,575 P 556,425 2019 Percentage Revenue Cost of Goods Sold Gross Profit Selling and General Experses Other Experses Net Income P1,674,675 843,975 830,700 409,725 30,825 P 390,150 Requirements: Prepare a vertical aralysis for Q & A Trading Compary.9 - The income statement of a Business for the period 2019 is as follows: 31.12.2019 % Gross sales 45.200 TL 102.72 Discounts From Sales 1.200 TL 2.72 Net Sales 44,000 TL 100.00 Cost of sales 12.500 TL 28.41 Gross Profit on Sales 31,500 TL 71.59 This table was prepared according to which of the following analysis methods? a) Technical analysis B) Analysis with Vertical Percentage Method NS) Ratio Analysis D) Comparative Tables Analysis TO) Trend Percentages AnalysisDirection: The following list of accounts for Pazado, Inc is available at the end of December 2020. Make a summary of Income Statement from the given information below with the following required data. 1. Calculate the turnover/ROI 2. Calculate the consumption of goods for sale 3. Prepare the Income Statement of Pazado, Inc for year 2020. Sales Rent Expense Depreciation Expense Utilities Expense Taxes and Licenses Goods Available for Sale Merchandise, Inventory, January 31 Salaries Expense Freight, out Uncollectible Accounts Sales Discount Sales Returns and Allowance 902,000 30,000 11,250 18,000 15,000 714,900 102,000 50,000 3.920 19,100 5,000 13,000
- Answer ALL the questions in this section. QUESTION 1 Read the information below and answer the following questions INFORMATION The following statement of comprehensive income for the financial year ended 31 December 2021 and the statement of financial position as at 31 December 2021 have been provided by Midas Enterprises: Statement of comprehensive income for the year ended 31 December 2021 1 Sales Cost of sales Gross profit Variable selling and administrative expenses Fixed selling and administrative expenses Net profit R 10 000 000 (5 750 000) 4 250 000 (1 500 000) (500 000) 2 250 000 Statement of financial position as at 31 December 2021 ASSETS Non-current assets Property, plant and equipment Current assets Inventories Accounts receivable Cash EQUITY AND LIABILITIES Equity Current liabilities Accounts payable R 800 000 800 000 3 400 000 1 600 000 600 000 1 200 000 4 200 000 3 760 000 440 000 440 000 4 200 000 Additional information: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. The sales budget…The following income statement appears in the financial report of MERCADO Company for the year ending December 31, 2020: MERCADO Company Income Statement For the year ending December 31. 2020 Sales 72,485,000.00 Cost of goods sold Gross profit 39.866,750.00 32.618.250.00 Less: Operating expenses: Variable selling expenses: Salesmen's commissions 3,624,250.00 Communication expenses 1,812.125.00 Advertising and promotion 635.350.00 Representation expenses 215.385.00 Gas and oil - salesmen 1,285.000.00 Repairs and maintenance 1,150.000.00 3.722.110.00 Fixed selling expenses Salaries and wages 4,225,000.00 Franchises and royalties 524,150.00 Office supplies and materials 555.000.00 Depreciation 963 300.00 6.267,450.00 14.989,560.00 Fixed administrative expenses Salaries and wages 6.324,650.00 Employee benefits 316,490.00 Communications expenses 335,125.00 Office supplies and materials 275,150.00 Depreciation 325,500.00 104 250.00 7.681,165.00 9.947.525.00 Miscellaneous expenses Operating…Problem 1: Viance Queen Company Required: Compute for the company’s profitability and operating efficiency ratios for 2019 Compute for the financial health ratios of the company for 2019 B.Operating Efficiency Days in Inventory AR Turnover Days in AR
- VII. Direction: Compute and interpret. The following comparative financial statements are provided by Avatar Industries. You were asked to compute the different financial ratios and provide your interpretations with regards to profitability, efficiency, liquidity and solvency of the company. Use the Answer Sheet template below to input your answer and solution. AVATAR INDUSTRIES AVATAR INDUSTRIES Comparative Statement of Financial Position For the years 2019 and 2018 Comparative Income Statement For the years 2019 and 2018 2019 2018 2019 2018 ASSETS Current Assets: Sales P200,000 P210,000 Cash & Cash Equivalent P65,000 P70,000 Sales Returns and Allowances 40,000 25,000 Accounts Receivable 40,000 35,000 Net Sales 160,000 185,000 Marketable Secuities 40,000 35,000 Cost of Goods Sold 100,000 115,625 Inventory 100,000 80,000 Gross Profit 60,000 69,375 Total Current Assets 220,000 200,000 160,000 P445,000 P380,000 245,000 Operating Expenses: Fixed Assets Selling Expenses 22,000 25,000 Total…Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0Problem 1: Viance Queen Company Required: Compute for the company’s profitability and operating efficiency ratios for 2019 Compute for the financial health ratios of the company for 2019 A.Profitability ratio a.Gross Profit Ratio b. Operating income margin c. Net profit margin d. Return on Assets: ROA (NI/Total Assets) ROA (NI/Average Assets) ROA (EBIT/Total Assets) ROA (EBIT/Average Assets) ROE (NI/Capital) ROE (NI/Average Capital B.Operating Efficiency a. Asset Turnover b. Fixed Asset Turnover c. Inventory Turnover d. Days in Inventory e. AR Turnover f. Days in AR C.Financial Health/ (Solvency and Liquidity) Solvency ratio: a. Debt to equity ratio b. Debt Ratio c. Equity Ratio d. Interest Coverage Ratio Liquidity ratio: a. Current Ratio b. Quick Ratio