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Q: ow to do a P&L statement
A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…
Q: Assume the Cont
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Q: Wich type of interest, the factor (F/P,i, n) replace?
A: While calculating compounding interest we have to find future value.
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A: Balance Sheet: Balance sheet is a financial statement which helps to know financial position of…
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A: As per IRS provisions S corporation is a closely held corportation that…
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A: APY means Annual Percentage Yield . It tells us that if you invest some amount how much total…
Q: how do you cal culate IRR
A: Using the IRR function in excel
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A: The main objective of financial literacy is to establish a control over your finances and also…
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A: Explanation : The proportion of deferred tax liability owing to transitory differences that will…
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Q: what is a P&L
A: P & L : P & L is defined as the Profit and loss statement. In financial accounting, the…
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A: Independent projects are those, the selection or deselection of which is not dependent on the other…
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- Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
- windaer Lomparry buyan speratiuma un Jeruary 1, 2018. and uaa the everupe-coat muthud of pris ng imentury. Munagement a cortLmpluting a hungs ir iventury me.hada far 2021. The fuloniry infurmation ia evai uble for the peara 2018 202o. Net Income Computed Using FIFO Method S19.030 21.010 24,050 LTFO Method Average-Cost Method $16,130 17,910 25.120 2018 $12,070 10,70 2014 2020 () Prepare the juurnal entry resoury io rucord e dharye from the arrege oal mslhud te the PIFU malhud in 2021. (Creult acrouwl Etles ure uulomalcaly maented when amount is entered. De mot mdent mamally. If no entry s reyurcd, seleet "Ne tntry" for the and enter o for the amounts. ) Account Titla and txplanalion Debst Crudit (b) Deturmine net inceme ta be rup:rted for 2018, 201s, and 2020, aftar giving uffect to the charge in accountirg principle. Net Tarame 2018 2019 (c) Assume Windsor Company used the LIFO method instead of the average cost method during the years 2018-2020. In 2021, Wintsor changed to the FIFO…Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
- the sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june 2020 $19,420sales ledger balance as 1 june 2020 $28,227purchase journal $210,416sales journal $305,824returns outwards $1,452returns inwards $3,618cheques paid to suppliers $205,751cash paid to supplier $62cheques ans cash received from customers $287,317discount allowed $4,102discount received $1,721contras against purchase ledger $640 1) Sales ledger control2)Puchase ledger controlcompany A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?Accounts Receivable as of December 31, 2020 should amount to: *A. 180,000B. 330,000C. 525,000D. 555,000
- Errors During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2019, you discover the following: Inventory at January 1, 2019, was understated by 6,000. Inventory at December 31, 2019, was overstated by 5,000. During 2019, the company received a 1,000 cash advance from a customer for merchandise to be manufactured and shipped during 2020. It had credited the 1,000 to sales revenue. The companys gross profit on sales is 50%. Net income reported on the 2019 income statement (before reflecting any adjustments for the above items) is 20,000. Required: Next Level What is the correct net income for 2019?A. Read and analyze the adjusted trial balance of AVETOR Hardware for the year ending 31 December 2019. (Attach your answer on this page) Cash P130,115| Freight-in 30,000 Purchase Returns and Allowances P30,875 2,585 20,000 115,600 18,000 12,260 1,200 17,650 65,900 48,000 9,000 Notes Receivable Accounts Receivable Allowance for Impairment LoS Merchandise Inventory, 1/1 Prepaid Insurance Unused Supplies Accounts Payable Notes Payable Avetor, Capital Avetor, Drawing 98,750 Purchase Discount 4,835| Sales Salaries 785,345 | Advertising Expense 6,000 | Freight-out 3,750 Interest Income 371,535 | Miscellaneous Selling Expenses 50,000 | Office Salaries 527,030 | Rent Expense 48,000 | Insurance Expense 1,950,345 | Supplies Expense 4,020 | Impairment Loss 20,800 | Miscellaneous General Expenses 1,320,500| Interest Expense 120,000 | Office Equipment 12,000 Depreciation – Office Equipment 36,000 Accumulated Depreciation - 8,650 2,515 Sales Sales Returns Sales Discount 1,800 Purchases Store…(To record cash purchase of premiums) Cash Sales Revenue (To record cash sales) Cash Premium Expense Inventory of Premiums (To record redemption of codes) (To adjust unearned revenue) Save for Later 3840000 000 0 Attempts: 1 of 3 used Submit Answer E