2020 2019 Net sales.. P2,200,000 P2,000,000 Total Expenses. 1,998,000 1,800,000 Required:
Q: A and B form the equal AB partnership on January 1 of Year 1. A contributes equipment with a tax…
A: GIVEN A and B form the equal AB partnership on January 1 of Year 1. A contributes equipment with a…
Q: Angela de Dios, a business graduate student who was working in Think Computer, a company selling all…
A:
Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…
A: Formulas: Working Capital = Total Current assets - Total Current liabilities Current ratio = Total…
Q: You are reviewing the purchase of a machine in your subsidiary in Europe that costs 6 million Euros.…
A: Net Present Value: It is the difference between the present values of cash inflows and cash…
Q: Prepare the following financial statements for Sea View Tour. Income Statement for the year ended 31…
A: Financial statements are those statements which are prepared at the end of accounting period in…
Q: . Prepare the journal entry to record the sick pay earned in 2020. b. Prepare the journal entry to…
A: As per our protocol we provide solution to the one question or up to first three sub-parts only but…
Q: Prepare 2 T-Accounts, one for TA/R (using the gross amount) and one for the Allowance for Doubtful…
A: Trade Receivables A/C Particular Amount Particular Amount To Sales A/C (Balancing Figure)…
Q: The financial statements for Nike, Inc. (NKE), are presented in Appendix E at the end of the text.…
A: Introduction:- Financial statements are official records of a company's, person's, or other entity's…
Q: data on each project are as follows. Project Bono Project Edge Project Clayton Capital investment…
A: Payback period is the term which is defined as the time period taken to recover the investment or…
Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…
A: Solution.... (a).After issuing of notes Current assets = $900,000 Current liabilities =…
Q: Q1. Suppose a man receives an initial annual salary of 60,000Php, increasing at the rate of 5,000Php…
A:
Q: Walmart Blackout Power Company constructed a new power plant to supply energy to the Castle…
A:
Q: Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal…
A: Formula: Social security tax amount = Gross pay x Social security tax rate
Q: 1. When an item of asset is transferred to and from the classification investment property, carried…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: $ 3.00 per ounce $ 18.00 per hour $ 3.00 per hour $20.10 $12.60 $ 2.10 Direct materials 6.7 ounces…
A: The variance is the difference between standard and actual production dats of the current period.
Q: 38. Disclosure requirements for lease by lessee include: a. General Information about the lease b. A…
A: Disclosure requirement for lease by lessee includes : a. General information about the lease. b. a…
Q: Prepare the following financial statements for Sea View Tour: 1. Balance Sheet as at 31 May 2021
A: Introduction : A balance sheet is a financial statement that shows the assets, liabilities, and…
Q: Sales $1248000 Contribution margin 466560 Total direct fixed costs 405000 Total operating assets…
A: Formula: ROI = ( Net income / Average operating Assets ) x 100
Q: Pretzel Company acquired the assets (except for cash) and assumed the liabilities of Salt Company on…
A: Journal entry refers to the first step of accounting which involves the recording of monetary…
Q: On March 1, 20x1, ABC assigned its P4,000,000 accounts receivable to XYZ Bank in exchange for a…
A: Introduction The formula in computing the Equity on Assigned Accounts of ABC is shown below. Equity…
Q: ix) Wages and salaries are expected to be $2,304,000 per annum and will be paid monthly. In the…
A: A Cash budget is the presentation and forecasting of all the future availability and upcoming…
Q: PA9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO…
A: The question is related to General Journal for the given transactions.
Q: the task of preparing the cash budget for the business for the quarter ending September 30, 2022.…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: At the end of the current year, Accounts Receivable has a balance of $605,000, Allowance for…
A: The percentage of sales technique and the percentage of receivables approach are the two most…
Q: The Canliss Milling Company purchased machinery on January 2, 2016, for $840,000. A five-year life…
A: Computation of depreciation Cost - residual value / useful life of assets $840,000 - $0/ 5 $168000…
Q: For the year ending December 31, 2022, Sheridan Inc reports net income $147,000 and cash dividends…
A: Formula: Ending retained earnings balance = Beginning retained earnings balance + Net income -…
Q: D 2) Contribution Margin The following information is supplied about one of the…
A: Contribution margin- Contribution margin, or dollar contribution per unit, is the selling cost per…
Q: On July 1, 2018, Mundo Corporation purchased factory equipment for $50,000. Residual value was…
A: Answer) Calculation of depreciation expense for 2019 Depreciation for 2019 = Book value at the end…
Q: Discuss the major characteristics of a theory.
A: Discussion of major characteristics of a theory
Q: 8. On January 1, 20x1, ABC Bank extended a P1,000,000 loan to XYZ. Principal is due on December 31,…
A: Loan on Jan 01-2001 1000000 Principal Due on 31.12.2005 Rate of Interest 10% On…
Q: Daniel Jackson, a lawyer, accepts a legal engagement in March, performs the work in April, and is…
A: As per the revenue recognition principle, revenue must be recognized once it is earned, not when the…
Q: REVIEW: Use the following to answer questions 28 – 32 T&JR Corp reports the following income…
A: Calculation of Sales Sales = Net Sales + Sales Discounts Sales = $ 789,000 + $ 15,000 Sales = $…
Q: 1. & 2. Determine the type of accounting change and prepare the appropriate journal entry to record…
A: Introduction:- Deferred tax liability arises due to timing difference in the value of assets as per…
Q: The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally…
A: Formula: Net book value of Asset = Asset value - Accumulated depreciation
Q: The following are Mueller Company’s cash flow activities: Prepare Mueller Company’s statement of…
A: Statement of cash flows forms a part of financial statements and is prepared with a view to…
Q: Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance…
A: Formula: Net income = Total revenues - Total expenses
Q: 1. Assume that the contribution margin ratio of the investment opportunity was 65% instead of 70%.…
A: Solution:- 1)Calculations if the contribution margin ratio of the investment opportunity was 65%…
Q: PNW company issues 6% 5-year bonds with a total face amount of $1,000,000 with interest paid…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The company also uses standard costing techniques and the following data has been provided for the…
A: Cost Variances: Cost variances are used to determine the deviations between cost of material, cost…
Q: Calculate the net present value, ignoring the additional benefits described by Rick. negative…
A: The decision regarding whether to purchase the asset or not depends upon various factors and one of…
Q: The Adam Corporation had the following transactions during the year: Jan. 15 Purchased 1,500 shares…
A: Date Particulars Debit Amount Credit Amount Jan 15 Equity share of LMN stock a/c…
Q: The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: 1.D Balance off the accounts and prepare a Trial Balance On June 2019, Started Business with capital…
A: A trial balance is a bookkeeping worksheet in which all ledger balances are aggregated into equal…
Q: Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has…
A: 1. Determination of financial advantage or Disadvantage of buying 15,000 carburetors from outside…
Q: On May 1, 2014 Barton Corporation purchased for cash of S37.500 a patent with a useful ife of 10…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Fairfield Company management has budgeted the following amounts for its next fiscal Selling price…
A: Formula to calculate Break Even Point. BEP = Fixed Cost / Contribution per unit Where, Contribution…
Q: Required Supply the missing information in the following table for Gibson Company. (Do not round…
A: Operating Income is one of the important measure of profitability of the business. Operating income…
Q: Q1: Mater Pasta Inc. has projected a sales volume of $1,432 for the second year of a proposed…
A: Calculation of Operating Cash Flow Operating Cash Flow = Net Income + Depreciation Expense Operating…
Q: "Do not do to others what you would not like yourself?" Give an example of experienced stance when…
A: Answer:- Golden Rule:- This golden rule taken from The Bible. The idea behind this rule is that one…
Q: Kabe owns a fleet of light delivery vehicles. One of his delivery vehicles with a market value of…
A:
Step by step
Solved in 2 steps with 1 images
- CALCULATE THE INTEREST COVERAGE RATIO. For the year ended December 31, Notes 2020 2019 Revenue ₱ 10,775,731.00 ₱ 11,334,976.00 Cost of Sales 7,175,540.00 7,552,700.00 Gross profit 3,600,191.00 3,782,276.00 General and Administrative expenses 3,278,202.00 3,417,740.00 Finance Cost Or Interest Expense 48,000.00 16,000.00 Net Income before Tax 273,989.00 348,536.00 Provision for Income Tax 82,197.00 104,561.00 NET INCOME AFTER TAX ₱ 191,792.00 ₱ 243,975.00 (See Notes to Financial Statement)How much is the gross profit realized in 2019? A. P1,600,000 B. P1,350,000 C. P500,000 D. P250,000Upon the study of the SFP For the year ended December 31, 2020. Q1. What is the total amount of sales during 2020? Q2. What is the total amount of purchases during 2020? Q3. What is the total depreciation for 2020? Q4. What is the total interest expense for 2020? Q5. What is the total net income during 2020?
- Analyze the Gross profit ratio and give you a report on the same in 2020 and|2019? Gross profit Gross profit ratio= x100 Net sales In 2019= (25,361,421 /63,161,098) x100 =0.401 x100 =40.153% In 2020= (26,796,019/ 63,441,144) x100 =0.422 x100 =42.237%Use the given statement of comprehensive income below in answering the question. DEF Company, Income Statement 2021 2020 Sales P10,200.00 P9,600.00 Cost of Goods Sold P3,000.00 P2,600.00 Gross Profit P7,200.00 P7,000.00 Operating Expenses P2,400.00 P2,200.00 Operating Profit P4,800.00 P4,800.00 Interest Expense P900.00 P800.00 Earnings before tax P3,900.00 P4,000.00 Income Tax P1,560.00 P1,600.00 Net Profit P2,340.00 P2,400.00 How many percent of the sales is the operating expenses in 2021 and 2020? A 8.82% and 8.33% 70.59% and 72.92% 29.41% and 27.08% 23.53% and 22.92%Use the given statement of comprehensive income below in answering the question. DEF Company, Income Statement 2021 2020 Sales P10,200.00 P9,600.00 Cost of Goods Sold P3,000.00 P2,600.00 Gross Profit P7,200.00 P7,000.00 Operating Expenses P2,400.00 P2,200.00 Operating Profit P4,800.00 P4,800.00 Interest Expense P900.00 P800.00 Earnings before tax P3,900.00 P4,000.00 Income Tax P1,560.00 P1,600.00 Net Profit P2,340.00 P2,400.00 What is the percent change of net profit? А -3.5% В 12.5% C) -12.5% -2.5%
- 2021 2020 2019 2018 2017 $ 394,032 199,466 19,071 $ 262,688 132,894 15,394 $ 205,225 $ 150,348 76,774 8,780 $ 112,200 56,100 Sales Cost of goods sold Accounts receivable 106,013 14,058 7,708 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Trend Percent for Net Sales: Numerator: Denominator: Trend percent 2021: % 2020: % 2019: % %3D 2018: % = 2017: % Is the trend percent for Net Sales favorable or unfavorable? Trend Percent for Cost of Goods Sold: Numerator: Denominator: Trend percent %3D 2021: % 2020: % 2019: % %3D 2018: % = 2017: %3D Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Accounts Receivable: Numerator: Denominator: Trend percent %3D 2021: % 2020: % %3D 2019: % = 2018: % 2017: % %3D Is the trend percent for Accounts Receivable favorable or unfavorable? II II IL || IIAssume the following cost of goods sold data for a company: 2023 $1295360 2022 1209000 2021 1012000 If 2021 is the base year, what is the percentage increase in cost of goods sold from 2021 to 2023?Following are forecasts of sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of December 31, 2018, for Humana. Reported Horizon Period $ millions 2018 2019 2020 2021 2022 TerminalPeriod Sales $56,912 $57,766 $58,632 $59,512 $60,404 $61,008 NOPAT 2,492 2,542 2,580 2,619 2,658 2,684 NOA 4,032 4,097 4,158 4,221 4,284 4,327 Answer the following requirements assuming a discount rate (WACC) of 7.8%, a terminal period growth rate of 1%, common shares outstanding of 135.6 million, net nonoperating obligations (NNO) of $(6,129) million, which is negative because Humana’s nonoperating assets exceed its nonoperating liabilities, and no noncontrolling interest (NCI) on the balance sheet. (a) Estimate the value of a share of common stock using the residual operating income (ROPI) model as of December 31, 2018. Instructions: Round all answers to the nearest whole number, except for discount factors, shares outstanding (do not round), and…
- 2021 2020 2019 2018 2017 Sales $ 489,967 $ 322,347 $ 256,850 $ 180,880 $ 136,000 Cost of goods sold 252,383 166,097 134,444 94,199 69,360 Accounts receivable 23,763 18,857 17,594 10,600 9,302 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.Compute for the corrected profit for the following year: 2019 A.550,000 B.450,000 c.360,000 D.500,000Feeney, Inc., reported the following sales and net income amounts (Click on the icon to view the data.) Show Feeney's trend percentages for sales and net income. Use 2018 as the base year. (Do not enter the % sign if any of the input fields.) Sales Net income 2021 % % 2020 1% % 2019 % 28 29 % 2018 % %