The following information is from a new business Assets Liabilities $250,000 $122,000 296,000 153,000 220,000 #5,300 End of Year 1 End of Year 2 End of Year 3 Owner's Equity $125,000 143,000 134,700 Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used) End of Year It Asset financed by End of Year 21 Asset financed by End of Year 31 Assets of s withdrawals) nof used to and combination of and combination of of laboties. Company also had combination of bud (or amat net income oft by large
Q: Identify the difference between the risks considered when measuring volatility. Provide at least 3…
A: INTRODUCTION: Volatility is a measure of the rate of change in the price of an investment over time.…
Q: Question 4 of 6 Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Ratio…
Q: es Given the following: January 1 inventory April 1 June 1 November 1 Number purchased 37 57 47 52…
A: Since the method "first in first out" is followed the closing inventory would include those…
Q: You habe a business where you babysit for people in your local area.Some of your customers pay you…
A: Introduction: Under accrual method of accounting, all items of income and expenses are recorded in…
Q: The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Question 10 of 20: Select the best answer for the question The books of the Marvel Company showed…
A: Accounting equation has three important elements. These are assets, liabilities and equity. At the…
Q: Recording Inventory Purchases and Sales on Account Record the entries for the following…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: REQUIRED (a) (b) Prepare the statement of financial performance for the year ended 30 November 2019.…
A: Financial statements are prepared at the end of accounting period for review of profitability and…
Q: On June 10, Cullumber Company purchased $7,300 of merchandise from Oriole Company, terms 3/10, n/30.…
A: In the context of the given question, we are required to prepare Journal entries in the books of…
Q: HP Entity's current reporting date is 31 December 2014. On 1 December 2014 the following balances,…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: n January 1 , Ryan and James decided to open a Peruvian chicken restaurant ( yum ! ) . Ryan…
A: Partnership : It is the agreement between the two or more person to carries the business with profit…
Q: For each of the transactions in items 2 through 5, indicate the two (or more) effects on the…
A: Accounting Equation: According to the accounting equation, the total assets of a corporation are…
Q: A three year bond has 8.1% compound rate and face value of P1000. If the yield to maturity on the…
A: Bonds are the securities issued by an entity for raising funds. The payment of these is an…
Q: (a) Bara Enterprise manufactures product Alpha. The following information is for the year 2021:…
A: Sales budget is the statement which is prepared to forecast the future sales of a business. It is…
Q: Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse…
A: Admission in Partnership Firm: In the absence of any other agreement, the only way for the business…
Q: Q2 Lautaro & Lukaku's provided the following accounting information for 2021: Jan. 1, 2021 Dec 31,…
A: Cost of goods sold = Opening finished goods + Cost of goods manufactured in the current period -…
Q: An investor buys a five-year, 7.5% annual coupon bond priced to yield 5%. The investor plans to sell…
A: Macaulay duration=∑Present Value of Time-Weighted Cash Flows∑Present Value of Cash Flows
Q: Chicken Wings company issued P1 million face value bonds for P1,032,880 on January 2, 2022, a price…
A: Interest expense = issue price of bond ×yield
Q: Identify the major payroll tax forms and describe the purpose of each.
A: Payroll tax refers to the percentage which is withheld from the pay or salaries of the employee…
Q: Research and development costs are classified as: O a. Inventoriable costs. O b. O c. O d. Product…
A: Cost is the amount of money incurred for running the daily business operations. It can be either…
Q: REQUIRED (a) (b) Prepare the statement of financial performance for the year ended 30 November 2019.…
A: Statement of financial performance shows net profit or loss made during the particular period. This…
Q: March 1 Invested OMR 10,000 as capital March 3 Purchased office furniture for OMR 3,000 from Blossom…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Alaskan Fisheries, Incorporated, processes salmon for various distributors and it uses the…
A: Introduction: In process accounting, equivalent units are those physical units work upon which have…
Q: Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45 on December 26.…
A: Journal Entries Sampson Company would record each transaction Journal Entries Batson Company would…
Q: Tom and Rachel are married and living together in California. Their income is as follows: Tom's…
A: In all of the community property states , income from interest shall be considered one half of by…
Q: (a) On September 30, the firm received its utilities bill for the month of September amounting to…
A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…
Q: Problem 3-26 (Algo) Return on assets analysis [LO3-2] In January 2009, the Status Quo Company was…
A: Return on Asset=Income after taxesTotal Assets
Q: A downtown bank promises its potential employees a $9000 sign-on bonus, an additional bonus of $…
A: Rate of discount quarterly 8℅/ 4 = 2℅ Period for two years 2years*4 period= 8 period Here we took 2…
Q: In today's globalized and technologically inundated world, machines are gradually and systematically…
A: Answer:-a Following are five practical considerations critical to the selection of accounting…
Q: Required: i) Lara Sdn . Bhd . has a variable cost ratio of 0.56 . The fixed cost is RM103,840 and…
A: Break-even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…
Q: On January 1, 20x1, ALLEVIATE Co. acquired 30,000 ordinary shares representing 30% interest in…
A: Introduction: If investor acquires between 20 to 50% of ordinary shares of the investee company, it…
Q: An investor buys a five-year, 7.5% annual coupon bond priced to yield 5%. The investor plans to sell…
A: Macaulay Duration=∑Present Value of Time-Weighted Cash Flows∑Present Value of Cash Flows
Q: Please give right answers to both questions
A: Depreciation is an amount charged on the fixed asset by which the asset value decreases over its…
Q: On April 2, Granger Sales decides to establish a $370 petty cash fund to relieve the burden on…
A: Date particulars amount amount Apr 2 petty cadh $370 Cash $370 Being cash paid…
Q: Vanderbilt Company is a dealer in machinery. On January 1, 2010 machinery was leased to another…
A: The total financial revenue will be calculated by reducing present value of total amount to be…
Q: Required: a) Enter the opening balances from the August 2021 balance sheet into the general ledger…
A: Post Closing Trial Balance While preparing the post closing Trial balance first to close the revenue…
Q: The comparative current liabilities balances for December 31, end of the year, for a company are…
A: Horizontal Analysis - The Statement of Financial Position - The statement of financial position is…
Q: Required : Prepare the cash flow statement for the year 2017 Select appropriate items…
A:
Q: In 2020, Julie Co purchased a property with the mineral deposit for P30,000,000. The property had a…
A: Depletion is the reduction in the value of the natural resources like time, coal, oil etc. Depletion…
Q: China Airlines Inc., a resident foreign corporation, has the following data for the taxable year…
A: The income tax payable by the resident foreign individual or corporation on the flights being cargo…
Q: Solaris Company Limited , makers of solar water heaters, uses a perpetual inventory system. The…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: 8. A closely-held corporation, deemed committed unreasonably accumulating its income, shows the…
A: Introduction: A federal government tax levied on businesses with retained profits that are deemed…
Q: Shellhammer Company's inventory records show the following data for the month of September:…
A: FIFO Method - Under this method of inventory valuation inventory that is purchased first will sell…
Q: Use the following information for Transylvania Railroad: Long-term debt ratio: 0.4…
A: The values have been computed by evaluating the ratios provided. The ratios have been given as-…
Q: Using the Exhibit below, assume that the balance of Accounts Payable was $60,000 at the beginning of…
A: Statement of Cash Flow - In the indirect method of cash flow it starts with Net income and adding…
Q: Required information [The following information applies to the questions displayed below.] As a…
A: INTRODUCTION: Financial transactions are recorded via journal entries. You insert transaction…
Q: Varto Company has 12.200 units of its product in inventory that it produced last year at a cost of…
A: Solution: In order to perform Sell as is or process further analysis, we should compare incremental…
Q: At the break-even point, Jefri Company sells 115,000 units and has a fixed cost of RM349,600. The…
A: Break-even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…
Q: Rodgers Company gathered the following reconciling information in preparing its May bank…
A: The management prepares a bank reconciliation statement to match the company's cash balance with the…
Q: Financial accounting is the primary source of information needed for decisio making, planning, and…
A: Lets understand the basics. Financial accounting and management accounting are different thing. This…
Step by step
Solved in 4 steps
- Use the following data to determine the total dollar amount of assets to be classified as current assets Bramble Corp. Balance Sheet December 31, 2022 Cash $129000 Accounts payable $158500 Salaries and wages Accounts receivable 121300 33200 payable Inventory 207000 Note payable (due 2025) 268000 Short-term investments 85400 Total liabilities $459700 Land (held for future use) 255500 Land 282000 Buildings Common stock Less: Accumulated depreciation 271400 Retained earnings Franchise 203600 Total stockholders equity. Total liabilities and stockholders Total assets $1555200 equity O $335700 Ⓒ$798200 Ⓒ51001800 O $542700 $335000 (63600) $355000 740500 $1095500 $1555200D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?Need a brief description for Assets distribution in Case Stuady 5 to 6 sentences ASSETS DISTRIBUTION END OF YEAR 2019 ASSETS Cash, cash equivalents & Investments $ 239,784 Accounts receivables & Prepaid expenses $ 54,458 Inventory $ 59,088 Fixed Assets $ 188,455 Goodwill & Trademarks $ 248,261 Other Assets $ 187,818 TOTAL $ 977,864
- The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the aboveThe following are extracts from the financial statements of Captus Ltd. As at 31 March: 2021 2020 Sh.’000’ Sh.’000’ Sh.’000’ Sh.’000’ Fixed assets: Goodwill Freehold land and building Plant and machinery (NBV) Investment at cost Current assets: Stocks Accounts receivable Investments Cash at hand and bank Current liabilities Bank overdraft Accounts payable Proposed dividends Taxation Net current assets 15% debentures Capital and reserves: Authorised, issued and paid Sh.10 Ordinary shares Share premium Revaluation reserve Retained profit 10,050 6,140 1,710 200 18,100 (2,390) (5,850) (450) (820) (9,510) 2,800 16,800 5,860 3,600 29,060 8,590 37,650 (7,500) 30,150 18,000 1,500 4,500 6,150 8,700 7,800 840 430 17,770 (6,540) (5,250) (380) (600) (12,770) 2,900 12,000 6,350 3,750 25,000 5,000 30,000 (9,000) 21,000 15,000 750 -…help me please
- he financial statements of Hollywood Estate are given below. Comparative Statements of Financial Position at: 30 September 2021 30 September 2020 Assets $ $ Current Assets Inventory 420 000 460 000 Accounts Receivable 390 000 320 000 Interest Receivable 4 000 9 000 Investments (Held for trading) 50 000 0 Cash in bank 75 000 0 Cash in hand 7 000 5 000 Total Current Assets 946 000 794 000 Non-Current Assets Property, Plant and Equipment (net) 584 000 510 000 TOTAL ASSETS 1 530 000 1 304 000 Liabilities and Shareholders’ Equity Current Liabilities Bank overdraft 0 70 000 Accounts Payable 550 000 400 000 Interest Payable 6 000 33 000 Income Tax Payable 100 000 90 000 Other Payables 30 000 0 Total Current Liabilities 686 000 593 000 Non-Current Liabilities…Valuation of assets. Using the information provided in the following table, find the value of each asset. Asset End of Year Amount A 1 7000 7% 2 7000 3 7000 B 1 through &inf; 600 5% C 1 0 5% 2 0 3 0 4 0 5 45000 D 1 through 5 1000 3% 6 8900 E 1 6000 7% 2 7000 3 9000 4 11000 5 8000 6 5000QUESTION : " The balance sheet of Lara Ltd are as follows: 31/12/2019 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 28,500 (11,450) 17,050 Current Assets 18,570 Inventory Account receivable 8,470 Less: Provision doubtful debts (420) 8,050 4,060 30,680 Cash and bank Total Assets Current Liabilities Account Payable 4,140 Non-Current Liabilities Loan 10,000 Total Liabilities (14,140) 16,540 Net Assets 33,590 Capital Opening Add: Net profit 35,760 10,240 Cash introduced Less: Drawing Total Capital (12,410) 33,590 31/12/2020 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 26,100 (13,010) 13,090 Current Assets 16,250 Inventory Account receivable 14,190 Less: Provision doubtful debts (800) 13,390 3,700 33,340 Cash and bank Total Assets Current Liabilities Account Payable 5,730 Non-Current Liabilities Loan 4,000 23,610 36,700 Total Liabilities (9,730) Net Assets
- Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earningsThe following sre the ending balances of accounts st December 31, 2021, for the Valley Pump Corporstion. Account Title Cash Accounts receivable Te Inventory Intarest payble Delits Credits $ 31,000 93,eea $ 16, 800 Investrant in equity securities Land Buildirgs Accurulated depreciation-buildings 56,000 132,00a 185, e Equipnent Accurulated depreciation-equiprent 87,000 31, 00 Copyr right (net) 18,000 Prepaid expenses (next 12 nonths) Accounts payable Deferred Notes payable Allawance for uncallectible accounts 71, ee 26, 00 280, e 6, 00 260, 0e 57, 00 revenue (next 12 months) Cormon stock Retained earnings Totals $853,68a sas3, a00 Addltionel Information: 1 The $132,000 balance in the land account conslsts of $106,000 for the cost of land where the plant and office buldings sre located. The remsining S25,000 represents the cost of Isnd being held for speculstion. 2 The $56,000 balance in the Investment in equity securities sccount represents an Investment in the common stock of another…From the following income statement and the balance sheets, prepare a funds-flow statement: The Income Statement for the year ended 31 December 2018 shows: Amount(2) Amount(2) 15,000.00 Profit before depreciation Less: Depreciation Taxation 5,000.00 5,000.00 Dividend Transfer to reserves Balance of profit and Loss(P/L)A/e The Balance Sheet as on 31 December, 2017 and 31 December, 2018 is as follows: | Liabilitios 500.00 3,500.00 14,000.00 1,000.00 As on As on Assets As on As on 31/12/2017 31/12/2018 31/12/2017 31/12/2018 Share capital Reserves Fixed Assets 40,000.00 42,000.00 15,000.00 18,5000.00 Current Assets: P&L A/e 1,000.00 Stodk 10,000.00 15,000.00 Secured Loans 9,000.00 14,000.00 Debtors 15,000.00 21,000.00 Current Liabilities and 18,500.00 19,000.00 provisions Total Cash 2,500.00 4,000.00 67,500.00 82,500.00 67.500.00 82,500.00