From the following balances taken from the books of Tom and Pop Ltd. for the year ending March 31, 2017, calculate the gross profit. Closing Stock Net sales during the year Net purchases during the year Opening stock Direct expenses 2,50,000 40,00,000 15,00,000 15,00,000 80,000
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- Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet: The following stock transactions occurred during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 225,000).Real-world annual report The financial statements for Nike, Inc. (NKE), are presented in Appendix E at the end of the text. The following additional information is available (in thousands): Instructions 1. Determine the following measures for the fiscal years ended May 31, 2017, and May 31, 2016. Round ratios and percentages to one decimal place. a. Working capital b. Current ratio c. Quick ratio d. Accounts receivable turnover e. Number of days sales in receivables f. Inventory turnover g. Number of days sales in inventory' h. Ratio of liabilities to stockholders equity i. Asset turnover j. Return on total assets, assuming interest expense is 82 million for the year ending May 31. 2017, and 33 million for the year ending May 31, 2016. k. k. Return on common stockholders equity l. Price-eamings ratio, assuming that the market price was 52.81 per share on May 31, 2017, and 54.35 per share on May 31, 2016. m. m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders equity section: The company engaged in the following stock transactions during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 270,000).
- FROM THE FOLLOWING, CALCULATE PROFITABILITY RATIOS.TRADING AND PROFIT AND LOSS ACCOUNT OF MMR & CO.FOR THE YEAR ENDING 31.12. 2019(HORIZONTAL FORMAT)PARTICULARS $ PARTICULARS $Opening stock 199,000 Sales 1,700,000Purchases 1,119,000 Closing stock 298,000Gross profit 680,0001,998,000 1,998,000Administrationexpenses300,000 Gross profit 680, 000Selling expenses 60,000 Interest 18,000Financeexpenses30,000Loss on sale ofplant8,000Net profit 300,000698,000 698,000From the following balances taken from the books of Toy and Boy Ltd. for the year ending March 31, 2017, calculate the gross profit. Closing stock 2,50,000 Net sales during the year 40,00,000 Net purchases during the year 15,00,000 Opening stock 15,00,000 Direct expenses 80,000The following ratios and other data pertain to the financial statements of the No Forever Company for the year ended December 31, 2019. Current ratio 1.75 to 1 Acid-test ratio 1.27 to 1 Working capital Fixed assets to equity ratio Inventory turnover (based on cost of closing inventory) Gross profit percentage Earnings per share Average age of outstanding accounts receivable (based on calendar year of 365 days) Share capital outstanding P33,000 0.625 to 1 4X 40% PO.50 73 days 20,000 no par lat value shares Earnings for the year as a percentage of share capital The company has no prepaid expenses, deferred, intangible assets or long- 25% term liabilities. Required: Required. Reconstruct in as much detail as possible the company's balance sheet and income statement for the year ended December 31, 2019, show supporting computations in good form. Answer:
- Calculate the amount of gross profit on the basis of the following balances extracted from the books of Edward and Co. for the year ended March 31, 2022.Advertisements (₹)Opening Stock50,000Net sales11,00,000Net purchases6,00,000Direct expenses60,000Administration expenses45,000Selling and distribution expenses65,000Loss due to fire20,000Closing stock70,000Prepare a Vertical Common Size Income Statement from the following Profit and Loss Account XYZ Ltd. for the three consecutive years and offer your comments. Particulars 2017-18 2018-19 2019-20 Rs. Rs. Rs. To Opening Stock 182,000 210,000 252,000 To Purchases 1,918,000 2,382,800 2,844,800 To Administration Expenses 252,000 323,400 400,400 To Selling Expenses 126,000 169,400 218,400 To Debenture Interest 25,200 25,200 25,200 To Depreciation 21,000 28,000 35,000 To Provision for Taxation 102,900 96,600 79,100 To Net Profit c/d. 102,900 96,600 79,100 2,730,000 3,332,000 3,934,000 By Sales: Cash 630,000 627,200 728,000 Credit 1,890,000 2,452,800 2,912,000 2,520,000 3,080,000 3,640,000 By Closing Stock 210,000 252,000 294,000 2,730,000 3,332,000 3,934,000 Dont give hand written answers plzThe following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses. Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds $852,000 27,000 7,400 12,000 42,000 $3,006,000 1,944,000 1,062,000 940, 400 $ 121,600 VIRTUAL GAMING SYSTEMS Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable. Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Balance Sheets December 31 2021 $180,000 75,000 99,000 11,400 99,000 204,000 264,000 (63,000) $869,400 $ 60,000 4,800 12,000 279,000 294,000 219,600 2020 $138,000 54,000 129,000…
- The comparative financial statements of Bettancort Inc. are as follows. The market price of Bettancort Inc. common stock was $71.25 on December 31, 2014. InstructionsDetermine the following measures for 2014, rounding to one decimal place:1. a.Working capital b. Current ratio c. Quick ratiod. Accounts receivable turnovere. Number of days' sales in receivablesf. Inventory turnoverg. Number of days' sales in inventoryh. Ratio of fixed assets to long-term liabilitiesi. Ratio of liabilities to stockholders’ equityj. Number of times interest charges are earnedk. Number of times preferred dividends are earned2. a. Ratio of net sales to assetsb. Rate earned on total assetsc. Rate earned on stockholders' equityd. Rate earned on common stockholders' equitye. Earnings per share on common stockf. Price-earnings ratiog. Dividends per share of common stockh. Dividend yieldExcerpts from Andre Company's December 31, 2024 and 2023, financial statements are presented below: Accounts receivable Inventory Net sales Cost of goods sold Current liabilities Interest-bearing debt Total stockholders' equity Net income What is the debt to equity ratio for 2024? Note: Round your answer to one decimal place. Multiple Choice 41.9% 41.7% 2024 2023 $ 44,000 $44,000 34,000 45,000 195,000 196,000 117,000 116,000 86,000 68,000 103,000 114,000 246,000 234,000 38,000 33,000N1. Account Calculate the following ratios for Lake of Egypt Marina, Inc. as of year-end 2021. (Use sales when computing the inventory turnover and use total stockholders' equity when computing the equity multiplier. Round your answers to 2 decimal places. Use 365 days a year.)
