The net assets of Altese, a trader, at 1 January 20X2 amounted to $128,000. During the year to 31 December 20X2 Altese introduced a further $50,000 of capital and made drawings of $48,000. At 31 December 20X2 Altese's net assets totalled $184,000. What is Altese's total profit or loss for the year ended 31 December 20X2? A $54,000 profit B $54,000 loss C $42,000 loss D $58,000 profit

The net assets of Altese, a trader, at 1 January 20X2 amounted to $128,000. During the year to 31 December 20X2 Altese introduced a further $50,000 of capital and made drawings of $48,000. At 31 December 20X2 Altese's net assets totalled $184,000. What is Altese's total profit or loss for the year ended 31 December 20X2? A $54,000 profit B $54,000 loss C $42,000 loss D $58,000 profit

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.
A. Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following: During the year, Gympa purchased trading securities At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost The balance of Retained Earnings was $792,000 on January 1 Gympa paid $67,000 in cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on Decemeber 31. A. The Nile House of Fashion has Asset Turnover of 2.65X. What does it mean? That each dollar of Nile’s asset generates $2.25 in sales That each dollar of stockholders’ equity generates $2.25 of profit That Nile’s EPS is $2.25 That each dollar of Nile’s Equity generates a deficit of $2.25 None of the above.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
15. The income statement of Osborne Company reported net income of $500,000 for the year ended December 31 before considering the following: a. During the year, Osborne purchased trading securities b. At year end, the fair value of the investment portfolio was $35,000 less than the cost 4 c. The balance of Retained Earnings was $743,000 on January 1; d. Osborne paid $46,000 cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on December 31.
Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Goldfinger's common stock during the year. Prepare Goldfinger's income statement for the current year.
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): Borrowed $18,279 from banks due in two years. Purchased additional investments for $22,200 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,584 in cash and signed a short-term note for $1,422. Issued additional shares of common stock for $1,481 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,021 for $19,021 cash. Declared $11,138 in dividends to be paid at the beginning of the next fiscal year. Prepare a classified balance sheet for Orange at September 26, 2020, based on these transactions. please complete this with working and show how did you get the number with other work answer in text thanks
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Borrowed $21,304 from banks due in two years. Purchased additional investments for $21,500 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,045 for $19,045 cash. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. QUESTION: Compute Mango's current ratio for the year ending on September 29, 2018. (Round your answer to 2 decimal places.) Current Ratio:
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Jackson Moving & Storage Co. paid $120,000 for 25% of the common stock ofMcDonough Co. at the beginning of the year. During the year, McDonough earned netincome of $50,000 and paid dividends of $20,000. The carrying value of Jackson’s investment in McDonough at the end of the year isa. $150,000.b. $170,000.c. $120,000.d. $127,500.
ASSETS Current assets: Cash MANGO INC.. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue. Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities. Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions fin $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638