Financial report
Q: Donna is married filing jointly, claims 9 allowances and earns $2,700 biweekly; her W-4 is from 2020…
A:
Q: 3. Joven Manufacturing, Inc. uses a job order costing system. The company uses predetermined…
A: Overhead costs refer to those expenses associated with running a business that can't be linked to…
Q: (e) Product Blue Product Red £ £ Selling £12.00 £24.00 Variable cost £ 4.00 £ 8.00 Contribution…
A: Breakeven point (units)=Fixed costsContribution margin per unit
Q: E8.2 (LO 1, 2, 3), AN Suni, the manager of Stargazers, is analyzing the company’s MOH costs from…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: How do I Prepare a journal entry for a bond to record the installment payment and any interest. with…
A: The transactions related to bonds should be recorded as following: a. Interest accrued on bonds at…
Q: The following data relate to M4 Engineering: Anticipated sales... Normal sales price/unit.. Variable…
A: Relevant Cost :— It is the cost that is different in different alternatives. This cost is used for…
Q: The company has a mortgage note payable for $1,500,000 that comes due in year 3. this note is paid…
A: Lets understand the basics. Journal entry is required to make to record event and transaction that…
Q: Prepare a context diagram and Level 0 DFD to document the payroll processing system at Permalite…
A: SOLUTION:- 1.
Q: Ornamental Iron Works began August with 50 units of iron inventory that cost $35 each. During…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: You are the laboratory manager. The hospital administration wants to penetrate the market and expand…
A: Cost Benefit Analysis is a systematic method to find out the potential cost and expected revenue of…
Q: Can I get the income statement, a statement of retained earnings, and a classified balance sheet…
A: Balance Sheet A financial statement that lists a corporate resources, debts, and shareholders ’…
Q: Compute equivalent units using the weighted average method. Attached is 2 screenshots of the entire…
A: The equivalents units of production are equal to the units completed and transferred out plus the…
Q: (a) The Sales Budget for both products for January to March 2017.…
A: ASSUMPTIONS- 1. while calculating production budget the beginning inventories are taken which are…
Q: c. Given the data below, try to recreate the three charts using a data visualization tool such as…
A: Segment Income The organization describes segment income as gross margin minus administrative and…
Q: Characteristics of Production Process, Cost Measurement Vince Kim, of EcoScape Company, designs and…
A: Pre-determined overhead rate per system=Estimated Manufacturing overheadAllocation Base
Q: To enhance internal control in the bank reconciliation process, the bank reconciliation should be…
A: According to the given question, we are required to find out the correct option from the available…
Q: A business operates based on a mark-up on cost of 40%. If opening inventory was GH₵ 5,000, sales…
A: It has been provided: Mark-up on cost = 40%. Opening inventory = GH₵ 5,000, Sales = GH₵ 98,000…
Q: b. Calvin's AGI is $290,000, but the State Museum told Calvin that it plans to sell the painting.…
A: Calvin charitable contribution deduction =$110140 Carryover =$0
Q: ABFHRL437 Corporation's info is below: (Baruch College Exam) Sales $843,000 VC $168,600 FC $14,350…
A: Lets understand the basics. Contribution margin is a margin generated from the sales after deducing…
Q: Mary Alexander is a sole trader who operates a small wholesale business in Kingston, Jamaica. On…
A: Answer:- Depreciation meaning:- Due to usage, deterioration or obsolescence and asset's monetary…
Q: there is some question about whether the company is actually making any money on jobs for some…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: On May 20, Montero Company paid $240,000 to acquire 105 shares (5%) of ORD Corporation as a…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: If the organization operates at an activity level outside the relevant range, any cost predictions…
A: Answer:- Relevant range meaning:- The term "relevant range" describes a particular activity level…
Q: days Sales Outstanding is over 90 days and the Payment Interval is significantly less than 30 days.…
A: Operating cycle of a company should be less as it ensures liquidity and cash flow into the company.…
Q: As a student of financial Accounting, if a supplier has sold you goods on credit, take us through…
A: Answer:- Financial accounting meaning:- Financial accounting is a particular discipline of…
Q: Explain “gain contingency”.
A: MEANING OF GAIN CONTINGENCY:- A gain contingency is an uncertain situation that will be resolved in…
Q: nber 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be…
A: Under % of sales method, bad debt expense are computed based on a certain percentage of credit…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Introduction: As per FIFO method, inventory which comes first in the store is dispatched first at…
Q: If 8,000 units are produced, what is the total amount of fixed manufacturing cost incurred to…
A: Fixed manufacturing costs, such as rent, insurance, and property taxes, do not vary with production…
Q: Analyze and journal the transactions: The Company is VAT- registered with 5% tax…
A: Journal Entry In order to document a business event in the financial documents of the company, a…
Q: Entries for Notes Receivable, Including Year-End Entries The following selected transactions were…
A: Lets understand the basics. When any service provided against the notes payable then jounral entry…
Q: TRUE OR FALSE Basic earnings per share is required to be reported for all publicly-traded…
A: The answer is True. All publicly traded corporations are required to report basic earning per share…
Q: During the current year, Reed Consulting acquired long-term available-for-sale debt securities on…
A: A corporation records a credit to cash and a debit to the available for sale securities when it pays…
Q: Calculate maturity value for the interest-bearing note using ordinary interest: Face Value…
A: Maturity value: It implies to the total value of the money invested that is received by the investor…
Q: Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security,…
A: Answer:- Net pay meaning:- Net pay is the term used to describe the take-home pay that an employee…
Q: Selected current year-end financial statements of Cabot Corporation follow. (All sales were on…
A: Introduction:- Ratio analysis used identify the business performance of the company. It is used to…
Q: A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost…
A: Journal entry: It implies to the recording or accounting of the day-to-day financial transactions of…
Q: V2 - New Image Sports uses a process costing system. Direct materials are placed into production at…
A:
Q: What are the internal factors that impact the sales budget?
A:
Q: (i) What required rate of return should Pisctataway use to evaluate the QI proposal? 20% Explain…
A: It has been given in the question that all the manufacturing as well as sales and distribution is to…
Q: 0 to my cousin Vinny who has extensive medical issues. $4,000 to Grave Robbers, a nonprofit cemetery…
A: Charitable deductions refers to the concept that helps the taxpayers to subtract certain donations…
Q: What would be Piscataway's net operating cash flow if they choose FPS?
A: It has been given in the question that 12% of the payments from the customers have to be given to…
Q: If fixed costs are $287,000, the unit selling price is $33, and the unit variable costs are $15, the…
A: Break-even point is the number of units position where the company is making no profit no loss.…
Q: If a business had sales of $3,814,000 and a margin of safety of 20%, the break-even point was Oa.…
A: Margin of safety % = Margin of safety in dollars/Actual sales Margin of safety in dollars = Actual…
Q: Crane Corporation, which uses ASPE, leased equipment it had manufactured at a cost of $146,100 for…
A: SOLUTION:- JOURNAL ENTRIES OF CRANE CORPORATION Date…
Q: Swifty, Inc. uses activity-based costing as the basis for information to set prices for its six…
A: The overhead is applied to the production on the basis of predetermined overhead rate. The activity…
Q: High-Low Method Ziegler Inc. has decided to use the high-low method to estimate the total cost and…
A: Variable Cost - Variable Cost is the cost that varies according to the change in Output. Fixed Cost…
Q: What are the four primary elements described in the definition of auditing?
A: An audit consists of a review or inspection of several books of accounts carried out by an auditor,…
Q: The Estrella Corporation purchased 5,000 outstanding shares (which had previously been issued)…
A: 1. Treasury Stock - Treasury Stock is the shares repurchased by the company from the market. It is…
Q: A company has 65,000 common shares at a market price of $42 per share. If the average issue price…
A: Stock Dividend - Stock Dividend is the issuance of Shares in the form of dividend. It is the…
Kamikazi Investment Limited had the following balances as at the end of September, 2022
Balances |
Debit (Dr) “000” |
Credit (Cr) |
Plant and Machinery |
160,000 |
|
Land |
674,000 |
|
|
16,000 |
|
Purchases(Adjusted) |
400,000 |
|
Closing stock |
150,000 |
|
Wages |
120,000 |
|
Sales (Net) |
|
1,000,000 |
Salaries |
80,000 |
|
Bank overdraft |
|
200,000 |
10% debentures (issued on 1st April, 2016) |
|
100,000 |
Equity share capital |
|
200,000 |
|
|
100,000 |
|
1,600,000 |
1,600,000 |
Required:
With reference to the above table and using the knowledge you have acquired in this module, explain the type of Financial reports you would produce at the end of the year stating the rationale for each.
Step by step
Solved in 2 steps
- Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31 2022 2021 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2022: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal…ABC Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 17. Total current assets reported in the December 31, 2021 balance sheet is a. 176,000 b. 156,000 c. 173,000 d. 170,000Lendell Company has these comparative balance sheet data: Lendell CompanyBalance SheetsDecember 31 2020 2019 Cash $ 16,000 $ 30,000 Accounts receivable (net) 70,000 59,000 Inventory 59,000 49,000 Plant assets (net) 200,000 179,000 $345,000 $317,000 Accounts payable $50,000 $59,000 Mortgage payable (15%) 106,500 106,500 Common stock, $10 par 142,000 125,000 Retained earnings 46,500 26,500 $345,000 $317,000 Additional information for 2020: 1. Net income was $25,600. 2. Sales on account were $406,800. Sales returns and allowances amounted to $19,800. 3. Cost of goods sold was $199,800. 4. Net cash provided by operating activities was $45,700. 5. Capital expenditures were $23,600, and cash dividends were $10,200. Compute the following ratios at December 31, 2020. (Round current ratio to 2 decimal places, e.g. 1.67. Round Accounts receivable…
- Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers’ accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet isCarmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable - bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet isThe following balances were extracted from the books of MajuJaya Enterprise on 31 December 2022. Particular RM RM Capital 50,000 Motor vehicles 90,000 Fixtures & fittings 48,500 Inventory as at 1 January 2022 32,200 Provision for doubtful debts 500 Accumulated depreciation as at 1 January 2022: Motor vehicles 16,000 Fixtures & fittings 10,400 3% fixed deposit 30,000 4% bank loan 50,000 Sales 199,070 Purchases 73,500 Return inwards 2,050 Return outwards 2,120 Discount allowed 2,550 Discount received 2,830 Account receivables 37,700 Account payables 48,650 Carriage inwards 3 ,570 Interest received 450 Commission received 2,600 Salaries 16,100 Electricity bills 5,400 Custom duty on purchases 3, 000 Insurances 450 Maintenance expenses 3,300 Drawing 2,300 Cash in hand 6,800 Cash at bank 25,200 Additional information: 1. Inventory as of 31 December 2022, RM 18,180 2. Depreciation for the year ended 31 December 2022 has yet to be provided as follows:a. Fixtures & fittings. 10% using…
- Lendell Company has these comparative balance sheet data: Lendell CompanyBalance SheetsDecember 31 2020 2019 Cash $ 16,000 $ 31,000 Accounts receivable (net) 69,000 60,000 Inventory 59,000 51,000 Plant assets (net) 198,000 179,000 $342,000 $321,000 Accounts payable $50,000 $60,700 Mortgage payable (15%) 107,500 107,500 Common stock, $10 par 136,500 121,000 Retained earnings 48,000 31,800 $342,000 $321,000 Additional information for 2020: 1. Net income was $24,700. 2. Sales on account were $414,050. Sales returns and allowances amounted to $20,600. 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $44,300. 5. Capital expenditures were $26,400, and cash dividends were $8,800. Compute the following ratios at December 31, 2020. (Round current ratio to 2 decimal places, e.g. 1.67. Round…Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31 2020 2019 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2020: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. Compute the following ratios at December 31, 2020. (Round current ratio and inventory turnover to 2 decimal places, e.g.…The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:Demand bank deposits P650,000Net Long-Term Receivables 400,000Patents and Trademarks 150,000 In preparing constant peso financial statements, how much should Baird classify as monetary assets?a.1,200,000b.1,050,000c.800,000d.650,000
- 6. As of December 31, 2020, V Corporation reported the following items in its balance sheet: Php 240,000 520,000 350,000 Cash Receivables Inventory Property and Plant Equipment Accounts Payable Short-term notes payable Long-term debt Weighted Average of outstanding shares in 2020 3,000,000 850,000 400,000 500,000 1,000,000 250,000 V Corporation contracted with a third-part appraiser to determine how much replacement cost of its assets. Based on the report of the appraiser, The property and plant have replacement cost of 125% of its reported value. On the other hand, the equipment only commands replacement costs of 70% of its value. According to the appraiser. The equipment was designed using an old technology thus lower replacement cost, other assets and liabilities are valued fairly. How much is the non-current asset reflected in the books of V Corporation as of Dec 31,2020? a) Php4,960,000 b) Php3,850,000 c) Php2,860,000 d) Php2,150,000 7. How much is the book value per share of V…The following data are provided for Cet Company: December 31 2021 2020 Cash $ 1,500,000 $ 1,000,000 Accounts receivable (net) 1,600,000 1,200,000 Inventories 2,600,000 2,200,000 Plant assets (net) 7,000,000 6,500,000 Accounts payable Income taxes payable 1,100,000 800,000 200,000 100,000 Bonds payable 10% Preferred stock, $50 par 1,400,000 1,400,000 2,000,000 2,000,000 Common stock, $10 par Paid-in capital in excess of par Retained earnings 2,400,000 1,800,000 1,600,000 1,300,000 4,000,000 3,500,000 What is Cet's current ratio for 2021?Daidnice oneels as of December 2021 2020 Assets Cash and equivalents $ 14,000 $ 12,000 Accounts receivable Inventories 35,000 30,000 34,845 29,000 Total current assets $ 83,845 $ 71,000 Net plant and equipment 49,000 46,000 Total assets $132,845 $117,000 Liabilities and Equity Accounts payable $10,500 $9,500 Accruals 8,000 5,000 Notes payable 6,600 5,300 Total current liabilities $ 25,100 $ 19,800 Long-term bonds 20,000 20,000 Total liabilities $ 45,100 $ 39,800 Common stock (4,000 shares) 60,000 60.000 Retained earnings Common equity Total liabilities and equity 27,745 17,200 $ 87,745 $ 77,200 $132,845 $117,000 Income Statement for Year Ending December 31, 2021 Sales $215,000 Operating costs excluding depreciation and amortization EBITDA 170,000 $ 45,000 Depreciation & amortization 7,000 EBIT Interest $ 38,000 EBT Taxes (25%) Net income Dividends paid 700 $ 37,300 9,325.00 $27.975.00 $17,430.00 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered…