The following are the incomes and expenses of ABCD Ltd for the year ending March 31st, 2013. You are required to prepare a Profit and Loss Statement.
Q: In order to try to improve the efficiency of the distribution activities at Zecon, Mr. McDowall was…
A: Existing income statement: Particulars Amount ($) Sales 200,000,000 Less: COGS…
Q: On December 1, 2016, Buggy Ca received a donation of 2,000 sha its P50 par value ordinary share
A: Shares - The business's financial resources are its shares. Shareholders receive capital gains if…
Q: Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are…
A: The portion of your total income used to calculate how much tax you owe in a given tax year is known…
Q: 78,000 if it is invested simple interest rate?
A: Simple interest is the interest amount earned on the principal amount . It is calculated for a fixed…
Q: tant reveal the following: ayai sold goods costing $37,300 to India-based Moghul Company, FOB…
A:
Q: d couple, had taxable income of $303,600. If they were to file separate tax returns, Lisa would have…
A: Taxable income refers to total amount of money earned or gained by an entity through its business…
Q: Which accounts are affected when $133,000 of indirect goods are used in production?
A: The question is based on the concept of Cost Accounting. When indirect goods are used in the…
Q: Dot’s Delicious Donuts has the following accounts on its balance sheet: 1) Current assets. 2)…
A: Classification in Balance sheet A income report with categories like current assets and liabilities…
Q: reate the journal entry for the transactions below
A: Date Particulars Amount (Debit) 1-Mar Cash 60000 Bank Note Payable 60000…
Q: E8.3 (LO 1, 2) The following control procedures are used in Mendy Lang's Boutique Shoppe for cash…
A: Internal control is a process carried out by a company's board of directors, management, and other…
Q: Presented below is information related to Splish Company. Date December 31, 2022 December 31, 2023…
A: Inventory - For a manufacturing company, inventory is a crucial current asset. The tangible stock of…
Q: Karla Tanner opened a Web consulting business called Linkworks and completed the following…
A: Journal Entry In order to document a commercial transaction in the financial records of the company,…
Q: View Policles Show Attempt History Current Attempt in Progress Swifty Corporation was organized on…
A: The shares can be issued for cash or non-cash assets by the company. The non-cash assets are…
Q: 1. Prepare the journal entries for the following transactions of Sun and Moon Resort for the month…
A: 1. Journal Entries - Journal Entries are the records of the transactions entered into by the…
Q: Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home.…
A: Journal is the primary book of entry.
Q: Sims Company began operations on January 1. Its cost and sales information for this year follow. $…
A: Answer:- Income statement meaning:- An income statement, is one of a company's financial statements…
Q: What is not considered a tax base used by government agencies to collect tax? Federal income taxes…
A: Tax is the amount which is charged by government in lieu of various services provided by government.…
Q: Michael Bautista needs $20,000 in 6 years. Click here to view factor tables. What amount must he…
A: Time Value of money :— According to this concept, value of money in present day is greater than the…
Q: 1, FRED and GEMMO formed a by contributing cash of P405,000 and P270,000, respectively. On February…
A: Introduction The term "capital" on a balance sheet refers to whatever financial assets a corporation…
Q: Anthony invested Php55,000 in a bank that pays 3.75% simple interest. How much will be his money at…
A: calculation of amount after 3 years and 8 months under simple interest are as follows
Q: At the end of the first pay period of the year, Dan earned $5,000 of salary. Withholdings from Dan's…
A: Wages refer to the amount that an employee receives for the services rendered by them to the…
Q: ecurities would be classified as marketable securities in the current asset section of the balance…
A: Securities - Because investors have specific information demands, securities are available. In…
Q: What does the additional paid-in capital account represent? a) The difference between the par and…
A: When a company issues fresh shares for a price more than the par value of a share, excess amount is…
Q: A company manufacturers and sells a single product. The marginal costing statement for the year is…
A: The question is based on the concept of Cost Accounting. Contribution margin is the difference…
Q: If a company's net income before tax is $500. If they have a corporate income tax rate of 40% what…
A: Net income is the difference between income before tax and the tax charged to the company. It can be…
Q: Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a…
A: Answer:- Property, plant and equipment meaning:- In the course of conducting business, property,…
Q: From the following information, prepare journal entries in the Permanent Fund: a. The estate makes a…
A: The concept of permanent funds is used by the government organization which is slightly different…
Q: Absorption and Variable Costing Income Statements During the first month of operations ended July…
A: As per the absorption costing method, the product cost includes fixed and variable manufacturing…
Q: 17. Assume a token swap at DEX SashimiSwap costs 100,000 gas and the baseFee is currently (in March…
A: Introduction A community marketplace known as a decentralized exchange (or DEX) is where…
Q: Alvis Construction Supply Company has a department that manufactures wood trusses (wood frames used…
A: Solution Fifo method is a valuation method in which the assets produced or acquired first are sold…
Q: The weighted average cost of capital (WACC) for Knight is decimal places.) (Present the final answer…
A: Given in the question: Tax Rate = 32% Cost of debt before tax = 10.9% The weighted average cost of…
Q: KBS enterprise is selling one of its division for $80million cash.At the upcoming quarterly board…
A: A company can use its funds in different ways to return profits to shareholders. It can pay dividend…
Q: Bemidii Company has the following data for one of its production departments: Theoretical velocity:…
A: Conversion cost per units means the cost of labor and overhead per unit of product. It is reported…
Q: A. State Income Tax Withholding B. Social Security
A: Payroll refers to the form of compensation provided by a company to its employees for the work done…
Q: View Policies Current Attempt in Progress Cullumbers Hardware Store completed the following…
A: Net Sales Revenue :— It is gross sales revenue less sales discount less sales return and allowances.…
Q: This exercise stresses the relationships between the information recorded in a periodic inventory…
A: Sale means the amount of revenue earned by selling goods and the cost of goods sold means the cost…
Q: Santana Rey is considering the purchase of equipment for Busin company to add a new product to its…
A: Payback period The payback period is the amount of time necessary for an investor to achieve a…
Q: Exercise 4-11A Calculate the balance of cash using a bank reconciliation (LO4-5) On October 31,…
A: preparation of bank reconciliation and recording of journal entry are as follows
Q: Three Rivers Inc. provides cable TV and Internet service to the local community. The activities and…
A: The phrase "cost of quality" (COQ) refers to a system that enables an organisation to evaluate how…
Q: Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The…
A: COMMON STOCK Common stock is generally issued by the Corporation to generate fund for their…
Q: Consider the following information for Presidio Inc.'s most recent year of operations. Number of…
A: Income statement is the financial statement that records all the income and expenses of the…
Q: Problem 6-39 (LO 6-5) David is a college professor who does some consulting work on the side. He…
A: Adjusted gross income (AGI) is a measure of income calculated from your gross income and used to…
Q: Use the Optimistic, Conservative and Regrets payoff analysis approaches. State which product(s) Mr…
A: It has been mentioned that on each product a minimum amount of money to be invest is the $100,000…
Q: Required information Use the following information for the Exercises 12-13 below. (Algo) [The…
A: A bank reconciliation statement is prepared by the management at a particular time period. It helps…
Q: Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by…
A: In this question we need to create revenue journal and Cash receipt journals. The format of the…
Q: A fourth-year student receives a student loan of $5700 at 3.9% interest compounded monthly. After…
A: The question is based on the concept of Financial Management. Future value can be calculated by…
Q: Alpha Company Ltd manufactures a variety of fabrics. The Sewing Department had 1048 units in work in…
A: Weighted Average Method :— Under this method, equivalent units is calculated by adding equivalent…
Q: Prepare the general journal (Debit and Credit) for the following transaction. Facebook issues…
A: We know that Common stock is nothing but the sharecapital issued to investors. Therefore, when…
Q: The following are the available data of Anton Corp. for year 2025: Budgeted Fixed Overhead 1,566,000…
A: calculation of over-under applied overhead , spending variance and idle capacity variance are as…
Q: Suppose that your company sells a product for which the annual demand is 10,000 units. Holding costs…
A: Economic order quantity :— It is the number of quantity at which total cost is minimum. At this…
Step by step
Solved in 3 steps with 2 images
- a. What is your company’s primary revenue, secondary revenue, and gains? b. What is your company’s primary expenses, secondary expenses, financial activity generated expenses, and losses? c. What is the revenue trend? Does the 10-K or 10-Q discuss primary revenues, as well as other revenue types? d. What do the accounting policies say in the annual report (footnotes) regarding the cost of revenue? What are the drivers to the cost of revenue and the trends?Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Required: 1. Calculate the average percentage of losses from uncollectible accounts for 2015 through 2018. 2. Assume that the credit sales for 2019 are $1,260,000 and that the weighted average percentage calculated in Requirement 1 is used as an estimate of loses from uncollectible accounts for 2019 credit sales. Determine the bad debt expense for 2019 using the percentage of credit sales method. 3. CONCEPTUAL CONNECTION Do you believe this estimate of bad debt expense is reasonable? 4. CONCEPTUAL CONNECTION How would you estimate 2019 bad debt expense if losses from uncollectible accounts for 2018 were What other action would management consider?Perform the Reperformance or Recalculation procedures to check the mathematical accuracy ofthe Income Statement. What issue did you find? What is the next step? Create a Correctedversion of the Income Statement. Income Statement For the Year Ended For the Year Ended Revenue 3/31/2021 3/31/2022 Sales Revenue: Corporate Accounts $ 353,739.57 $ 343,050.56 Sales Revenues: Storefront $ 80,649.00 $ 91,411.50 Total Sales Revenue $ 434,388.57 $ 434,462.06 Cost of Goods Sold: Ingredients $ 69,736.39 $ 64,645.64 Cost of Goods Sold: Boxes and Cupcake Cups $ 3,875.55 $ 3,755.55 Cost of Goods Sold: Beverages $ 5,466.50 $ 5,681.50 Total COGS $ 76,078.44 $ 74,082.69 Gross Profit $ 358,310.13 $ 360,379.37 Interest Revenue $…
- a. What do the accounting policies say in the annual report (footnotes) regarding the cost of revenue? What are the drivers to the cost of revenue and the trends? b. Are there any trends in sales and marketing expenses or research and development? Are these amounts reasonable for the type of business? c. Compare general and administrative expenses to similar companies. Are they reasonable? d. What is the ratio of net interest income (expense) to income from operations? Is this a safe ratio for the company? Why or why not?Use the information provided below to answer the following questions: Comment on the financial result of the company. Is the company efficient in its collection of debts arising from credit sales? Motivate your answer by using an appropriate ratio. Will creditors allow credit under distress business conditions to Silverstone Limited? Explain your answer with the relevant ratio. INFORMATION Extracts of the statement of comprehensive income and statement of financial position of Silverstone Limited for 2021 and 2020 are as follows: Statement of Comprehensive Income for the year ended 31 December: 2021 (R) 2020 (R) Sales 6 400 000 5 440 000 Cost of sales 4 000 000 3 264 000 Gross profit 2 400 000 2 176 000 Operating expenses 960 000 1 056 000 Operating profit 1 440 000 1 120 000 Profit before tax 1 280 000 1 040 000 Profit after tax 896 000 728 000 Statement of Financial…Listed below are balance sheet accounts for Elf’s Gift Shop. Mark currentaccounts with “C” and noncurrent accounts with “NC”_____ (a) Long-term debt._____ (b) Inventories._____ (c) Accounts payable._____ (d) Prepaid expenses._____ (e) Equipment._____ (f) Accrued liabilities._____ (g) Accounts receivable._____ (h) Cash._____ (i) Bonds payable._____ (j) Patents.
- Compute the missing amounts on the company’s financial statements. (Hint: What’s the difference between the acid-test ratio and the current ratio?)10. Gross margin11. Selling and administrative expenses12. Bonds payableSynergy Enterprise has the following financial statement items: Details Classification of account 1. Trade payable 2. Brand 3. Cash in hand 4. Cost of sales 5. Transportation charges 6. Property 7. Bond 8. Unearned ticket revenue 9. Notes payable 10. Bad debt recovered 11. Commission received 12. Telephone bill 13. Printing cost 14. 15. Accrued salary 16. Prepaid insurance Required: Indicate whether each of the accounts above is a Current Asset (CA), Non-Current asset (NCA), Current Liability (CL), Non-Current liability (NCL), Revenue (R), and Expense (E). Use the following format to prepare your answer. Details Classification of account Example: Salary and wages Expenses Trade payable 1. 2. Brand 3. Cash in hand Decrease in doubtful debtplease answer all parts please do not say about your guidelines in detail with explanation computation formulas thanks 2. For each transaction below, write the net effect on Current Assets (CA), Current Liabilities (CL), Gross Profit (GP), Net Income Before Taxes (NIBT), and Cash flows from operating activities (CFO). - Ignore income tax effects - Write only the effect for the current period. - Assume the companyis a merchandising firm. - Assume warranty expenses are recognized in COGS and bad debt expenses are recognized in SG\&A. - If the net effect is negative, include a negative sign. - If no effect, write 0 . - Note that this is not a balance sheet equation(A=L+E)table, so you should not expect amounts to balance.
- 1. Calculate the following values for the company for the year ending in 20x9. Present evidence of all your calculations.a. NOPAT - Net Operating Profit after Taxesb. OCF - Operating Cash Flowc. FCF - Free Cash Flow2. Discuss what meaning each of the measures calculated in the previous question has, both for management and for investors and creditors, among other constituents.3. What is the main cause of the differences that exist between the company's earnings and the cash flows of the same evaluated period?Hello! look at the attached images and answee the following points: (a) Calculate ratios for the year ended 31 December 2021 (showing your workings) for Primrose Plc, equivalent to those provided above. Return on year-end capital employed Net asset turnover Gross profit margin Net profit margin Current ratio Closing inventory holding period Trade receivables’ collection period viii. Trade payables’ payment period Dividend yield Dividend cover (b) Analyse the financial performance and position of Primrose Plc for the year ended 31 December 2021 compared to 31 December 2020. (c) Explain the uses and the general limitations of ratio analysis. Thank you a lot!Compute the missing amounts on the company’s financial statements. (Hint: What’s the difference between the acid-test ratio and the current ratio?)16. Retained Earnings17. Total liabilities and stockholders' equity18. Total Assets19. Plant and equipment, net