For year ended 31, Dec, 2022, Revenues are $ 8 m, gross profit is $ 4m, operating profit is $ 3m, and net income is $2m. the gross margin is O a. 25% O b. 37.5% O c. 50% O d. 30%
Q: What is the present value of the package assuming an interest rate of 12 percent? (Euture Value of…
A: Many areas of accounting or finance, such as investment analysis, personal finance, and corporate…
Q: Provide the missing data in the following table for a distributor of martial arts products: Note:…
A: The ratio is the technique used by the prospective investor or an individual or strategist to read…
Q: On August 1, 2020, Andrew Inc. acquired 2,500 shares of Carrot Ltd. for $125,000. This investment…
A: Shares -A share is a piece of the ownership of a particular company. Being a shareholder in a…
Q: Required Information [The following information applies to the questions displayed below.] The…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: a. Prepare the journal entry for the declaration of the stock dividend on 30, 2020. September b.…
A: A stock dividend is a corporate action in which a company distributes additional shares of its own…
Q: On January 1 of the current year, the records of Smita Corporation showed the following: Truck…
A: The depreciation expense is charged on the fixed assets as a reduction in the value of the fixed…
Q: Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and…
A: The contribution margin income statement arranges the information so that management is able to…
Q: Required information [The following information applies to the questions displayed below.] Tennis…
A: Stockholder's Equity includes the amount contributed by shareholders in the form of common stock,…
Q: Use the following information to prepare the September cash budget for PTO Company. Ignore the "Loan…
A: Budgeting is a method of estimating expected future outcomes based on past events. Budgeting…
Q: Dhapa
A: The objective of the question is to calculate the total non-current liabilities given the current…
Q: A company reports net income of $9,600 for the year. During the year, the company reports an $1,120…
A: Cash flow statement consists of three activities which are operating, investing and financing…
Q: A U.S. company owns an 80% interest in a company located on Mars. Martian currency is called the…
A: Profit on sale of inventory to subsidiary company is calculated by difference between the sale value…
Q: In 2020, Tim, a single taxpayer, has ordinary income of $30,000. In addition, he has $2,000 in…
A: Adjusted Gross Income (AGI): It refers to the sum total of all the gross earnings made by an…
Q: Probable future sacrifices of economic benefits arising from an entity's present obligations to…
A: Assets are probable future economic benefits obtained or controlled by a particular entity as a…
Q: JT Engineering makes widgets. Widgets first go through Smelting and then go through Polishing. JT…
A: Process costing is a method used to assign costs to each stage or process in the production of goods…
Q: Littman LLC placed in service on July 29, 2022, machinery and equipment (seven-year property) with a…
A: Modified Accelerated Cost Recovery System (MACRS) -Modified Accelerated Cost Recovery System (MACRS)…
Q: Harrod Company paid $6,600 for a 4-month insurance premium in advance on November 1, with coverage…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials:…
A: Material Price Variance: The difference between the actual price paid for materials and the standard…
Q: Marigold Corporation has outstanding 385, 000 shares of $10 par value common stock. The corporation…
A: Definition:Stock dividends: Stock dividends are the number of shares issued by a company to the…
Q: Required information [The following information applies to the questions displayed below.] Mason…
A: Answer:- Qualified business income meaning:- The qualified business income deduction is basically a…
Q: 2
A: Variances is the amount of difference between the actual values and the values estimated by the…
Q: What's Christie's gross income in 2021? Please explain.
A: Introduction:Gross income refers to the gross profit made by a corporation through the selling of…
Q: During Year 2, Chico Company earned $3,800 of cash revenue, paid $1,550 of cash expenses, and paid a…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: The following amounts were withheld from employees' pay cheques during the current statutory…
A: The objective of the question is to calculate the total amount that must be remitted to the Canada…
Q: Cane Company manufactures two products called Alpha and Beta that sell for $130 and $90,…
A: In the given question we are required to compute units of each product should Cane produce to…
Q: Horton Manufacturing Incorporated produces blinds and other window treatments for residential homes…
A: Actual costs: The actual costs incurred for each data point.Predicted costs: The costs predicted by…
Q: Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $80 per…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: [The following information applies to the questions displayed below.] Celestial Products, Inc., has…
A: The annual sales level at which the management will be indifferent between the two method of…
Q: Assuming an income tax rate of 25%, what is LIFO liquidation profit or loss that the company would…
A: The Last In, First Out (LIFO) method is an inventory valuation method used in accounting. It assumes…
Q: 3 Whirly Corporation's contribution format income statement for the most recent month is shown…
A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is one of the Important Cost…
Q: Cane Company manufactures two products called Alpha and Beta that sell for $130 and $90,…
A: Manufacturing units always has this question of manufacturing units by their own or outsource the…
Q: Which of the following is true regarding LIFO and FIFO? A) In a period of decreasing costs, LIFO…
A: First in first out is also written as FIFO and last in first out is also written as LIFO. These are…
Q: Current Attempt in Progress The controller is waiting on Bramble's budgeted cash disbursements so…
A: Cash disbursement schedule :— This budget is prepared to estimate the payment for direct materials…
Q: Cash Dividends Sanders Corporation has the following shares outstanding: 6,000 shares of $50 par…
A: Journal entries are passed below.Explanation:
Q: hrd.3
A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book with…
Q: Posters.com is a small Internet retailer of high-quality posters. The company has $810,000 in…
A: Contribution margin :— It is calculated by multiplying sales with contribution margin ratio. Net…
Q: A company establishes a $300 petty cash fund on August 3 to pay for minor cash expenditures. The…
A: Petty cash fund is established to manage the payment for the small business expenditure like…
Q: Hardev
A: The variance is the difference between the standard and actual cost data. The variance can be…
Q: Current Attempt in Progress At December 31, 2020, Florrict Company has $500,000 of $100 par value,…
A: EARNING PER SHARE Earnings per share is the monetary value of earnings per outstanding share of…
Q: In order for documentation to provide benefits to your company, you must know which form of…
A: Business Documentation: This involves recording and describing various aspects of a business,…
Q: 2
A: Gross margin is the difference between net sales and cost of sales. It is the profit included in the…
Q: Beginning balances Additional contribution Net income Drawings Ending capital balances PURKERSON,…
A: A partnership is a business structure where two or more individuals share ownership and management…
Q: Campbell Manufacturing Company produced 1,400 units of Inventory In January Year 2. It expects to…
A: The predetermined overhead rate is the rate used to allocate the manufacturing overhead to various…
Q: Sunland Limited had 42,600 common shares outstanding on January 1, 2023. On March 1, 2023, Sunland…
A: The weighted average number of shares is computed based on the number of days or months or year for…
Q: [The following information applies to the questions displayed below.] Henrich is a single taxpayer.…
A: Tax liability -The total amount of taxes owed to taxing authorities, such as the federal, state, or…
Q: Required information [The following information applies to the questions displayed below.] Johnson…
A: Income statement is a financial statement that shows the profitability, total revenue and total…
Q: At year-end December 31, Chan Company estimates its bad debts as 0.30% of its annual credit sales of…
A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…
Q: a) Determine the true cash balance as of November 30.
A: True cash balance: The process of precisely estimating the real amount of cash accessible within the…
Q: Laker Company reported the following January purchases and sales data for its only product. The…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Maplewood Supply received a $5,250 invoice dated 4/15/20. The $5,250 included $250 freight. Terms…
A: Invoice price is a commercial document. which is issued by the seller to buyer when any goods are…
Step by step
Solved in 1 steps
- ABC LTD's figures for an accounting period include sales R25m, cost of sales R15m and equity R5m. The gross profit margin for the period is_______. Select one: a. 60% b. 50% c. 30% d. 40%Use the balance sheets and information provided about revenue and expenses to answer the question. Stuart Company Balance Sheet As of December 31, 2022 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment, Gross 243,000 71,000 Accumulated Depreciation 71,000 67,000 Property Plant & Equipment, Net 172,000 235,000 28,000 302,000 Other Assets Total Assets 373,000 Total Liabilities & Equity 373,000 Stuart Company Balance Sheet As of March 31, 2023 (amounts in thousands) Cash 84,000 Accounts Payable 47,000 42,000 Accounts Receivable Debt Other Liabilities Total Liabilities Paid-In Capital Retained Earnings Total Equity 87,000 44,000 Accounts Payable Debt Other Liabilities Total Liabilities 19,000 28,000 Inventory 50,000 29,300 Property Plant & Equipment, Gross 243,000 76,300 Accumulated Depreciation 72,100 67,000 Property Plant & Equipment, Net 170,900 235,600 Other Assets 27,000 302,600 Total Assets 378,900 Total Liabilities & Equity 378,900 28,000 34,000…Assume the following sales data for a company: Current year $1,025,000 Preceding year 820,000 What is the percentage increase in sales from the preceding year to the current year? Oa. 125% Ob. 25% Oc. 75% Od. 100%
- In an income statement, total Sales and revenue in $230,000 and total operating expenses is $80,000. If tax rate is 20%how much will the net income be? O a. $30,000 Ob $120,000 Oc. $248,000 Od $150.000 Next pageThe balance sheet of ATLF, Inc. reports total assets of $1,950,000 and $2,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $150,000 and $1,000,000, respectively. What is ATLF's profit margin? Select one: a. 10% Ob. 8% O c. 7.5% O d. 15% e. 12%Chupapi Inc. has a gross profit ratio of 16.67 % for the year 2020. If Chupapi Inc. has gross profit of P 1,090,000 and P 6,000,000 net sales on year 2021, What would be the gross profit margin of Chupapi Inc, during 2021? * 36.33% 18.17 % 16.57 % O 15. 76 %
- Revenue is $135,000. Gross profits are $80,000. Operating expenses are $60,000. Calculate operating margin. 75% 59.25% 44.4% O 14.8%Fill in thr blanks on the table below and show the formulas used for each value Dayton, Inc. Annual Income Statement (Values in Millions) Common Size 2019 2018 2019 2018 Sales $ 178,909 $ 187,510 100.0% 100.0% Cost of Sales 111,631 59.5% Gross Operating Profit $ 75,879 40.5% Selling, General & Admin. Expense 12,900 6.9% Other Expenses 33,377 17.8% EBITDA $ 29,602 15.8% Depreciation & Amortization 7,944 4.2% EBIT $ 21,658 11.6% Other Income, Net 3,323 1.8% Earnings Before Interest and Taxes $ 24,981 13.3% Interest Expense 293 0.2% Earnings Before Taxes $ 24,688 13.2% Income Taxes 5,184 0.21 tax rate Net Income Available to Common $ 19,504 10.4% Dividends per share $ 1.15 $ 0.91 EPS…Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
- What is the company’s gross profit rate beginning January 1, 2020? A. 24% B. 21% C. 17% D. 20%1. Prepare a comparative statements for Sunshine Co. showing an income statement for 3 year period. 2020. 2021Sale 475,000. 505,000Less: Cost of sales. 210,000. 250,000Gross Profit on Sales. 265,000 255,000Less: Operating Expenses. 180,000. 155,000Net Income 85,000. 100,000salamagundi, inc. has the following income statement: For the year ended December 31, 2021 net sales: $160 Cost of goods sold: $100 gross profit: $60 Operating expenses: $40 Net income: $20 Using vertical analysis, what percentage is assigned to operating expenses? a. 25% b. 40% c. 66.7% d. 200%