Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales 970,400.00 100.00% COGS (540,600.00) 55.71% Gross Income 429,800.00 46.29% OPEX (120,000.00) 12.37% Net Income before Tax 309,800.00 31.92% Tax Paid (3% of Sales) (29,112.00) 3.00% Net Income After Tax 280,688.00 28.92% The vertical analysis is correct. A False; error for VA of net income before tax B False; error for VA of net income after tax True D False; error for VA of gross income
Q: Seconds Fried Chicken bought equipment on January 2, 2018, for $39,000. The equipment was expected…
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…
Q: oOn January 1, 2020, Kingbird Corporation had $2,020,000 of $10 par value common stock outstanding…
A: A log book is used to record a business transaction in an organization's accounting records. A…
Q: ABC Corp sold goods with a list price of P100,000 on terms of 10%, 3/10, 1/15 n/30. Based on…
A: Under the gross method, the accounts receivables are recognized as listed price less trade discount.…
Q: 3. Z, a celebrity, lived alone in a huge house. One evening, she noticed that her bedroom needed…
A: The answer for the question on the need of registration with SSS is discussed hereunder : What is…
Q: Additional data: 1. Depreciation expense was $17,500. 2. Dividends declared and paid were $20,000.…
A: Free cash flows are calculated by subtracting the amount of capital expenditure from Net cash flow…
Q: ABCO Mortgage Company has the following two service and production departments related to its…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: wealth
A: Every person in his life makes asset and owe some liabilities. We try to maximize our wealth my…
Q: (PPE) at December 31, 2021, and December
A: It is given that depreciation expense 26 million.
Q: 35.Shown below is the bank reconciliation of ABC Corp for may 31, 20X1: Balance per bank, May 31…
A: Total deposits in bank during June = P55,000 Deposits pertaining to May = P12,000 Deposits in…
Q: Horton Stores exchanged land and cash of $5,000 for similar land. The book value and the fair value…
A: Introduction: The book value of a firm is the amount of money that shareholders would get if assets…
Q: Eunice Company provided the following information: Dividends on 1,000 cumulative preference…
A: Retained Earnings are the amount of profits of a company after paying all the expenses, direct cost,…
Q: n of the following statements' is the fair value model of valuing erty?
A: The answer has been mentioned below.
Q: A Master budget is called a Static budget because a. It is developed around unchanging (static)…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Domestic corporation X owns all of the stock of domestic corporation Y, which, in turn, owns all of…
A: A U.S. shareholder is defined as a person as a U.S. citizen or a resident alien or who either on his…
Q: ch he will provide snowplowing for the en ter which of the following entries? (Check Check all that…
A: John Grey collects cash for snow plowing for $ 12,000. There is an inflow of cash . The cash is for…
Q: 4. Using the activity-based product costs as the standard, comment on the ability of departmental…
A: 1. Calculation of overhead cost per unit for each product using a plantwide rate based on direct…
Q: Unit VIII question 11 part c
A: An Income statement shows the financial position of the company It is an important statement that…
Q: B Example: 1 Juliana purchases She also pays 4% After the purchase and $2,000 for n
A: Cost of fixed assets shall include it's Purchase cost and all cost incurred to bring the asset to…
Q: 4.2 Accounting Agency Corporation provides primarily two kinds of services: accounting and tax.…
A: Breakeven sales revenue is that level of sales at which business is only recovering it's fixed costs…
Q: Using the following assumptions, what was the change in cash from financing? Starting cash was…
A: Financing activities : Financing activities are activities that will affect the size and…
Q: an IS O a capital or a venue nature forms part of the subjective test. elect one: True False
A: Accounting concepts/ conventions and principles are the guidelines for taking various accounting…
Q: 4. For the proposals accepted for further analysis in part (3), compute the net present value. Use…
A: Proposal B and proposal D are accepted in part 3.
Q: b) Suppose that you observe the following information in Table 2 for stocks A and B: Table 2…
A: Single index model: Ri=αi+βiRm+ei Ri=excess return over risk free rate
Q: If it is a deficit why should add AFN amount to cash and cash equivalents, not to debt? can you…
A: Deficit means the shortage. The asset equation is "Total assets = Total liabilities + Total equity".
Q: The focus in capital budgeting is on a. Favorable and unfavorable variance b. Expenses under…
A: Capital budgeting :- It is process in which different long term investment proposal are evaluated…
Q: Christopher, a staff auditor of the Sycip, Gomez, Velayo & Co. took and passed the examination for…
A: Residency in the countries are applicable when an individual fulfils the conditions given by the…
Q: Top management is trying to determine which would be the best choice of the following investment…
A: Lets understand the basics. Return on investment indicates how much operating income is generated by…
Q: if land and buildings are R100000, vehicles R75000, equipment 80000 and cash and cash equivalent…
A: Assets other than the current assets are called Non-current assets. In other words, all those assets…
Q: d. Double Declining Balance Method. BVs=P26,214.40 e. Sum of the Years Digit Method. BVs=P25,454.55…
A: Explanation of the concept In the present problem, we need to calculate the depreciation as per the…
Q: February 1, 2022 to its ten shareholders. The following fair value less cost to distribute of the…
A: A company may distribute dividend in cash, kind or in form of it's shares which affects it's…
Q: Transcribed Image Text: You have been hired as a financial manager by Alpha Company which sells…
A: Optimal Level of Saftey The term "optimal stock" refers to the stock level that is the most…
Q: Accounts Recei vable. Prepare Journal Entries Allowance for Doubliful Accaunts Transactions 9000 31…
A: Accounts receivable are funds due by purchasers that have yet to pay for purchases to a seller. They…
Q: Compute number of shares outstanding after the stock dividend. Number of shares outstanding
A: Stock dividend means a payment given to the shareholders in shares instead of a cash payment. Stock…
Q: te
A: An annual or annualised return is a measurement of how much an investment has gained on average…
Q: JIN Corporation started a promotional program. A towel is offered as a premium to customers who se…
A: Business transaction analysis. The following are the four stages of business transaction analysis:…
Q: What impact, if any, would the common stock have had on the company’s revenue and expenses during…
A: Share capital : A company divide it's capital into number of shares and then issue it to raise…
Q: How did you calculate PVF (9%,20th year)
A: Present value factor is a metric based on the time value of money. It is used to calculate the…
Q: The Furniture Company currently has three divisions: Maple, Oak, and Cherry. The oak furniture line…
A: The discontinuity of a segment of the business can be evaluated by measuring the various elements…
Q: Assume that on December 31, 2019, Kimberly-Clark Corp. sgns a 10-year, non cancelatie lease…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Determine the following: 1. Record the adjusting entry for the year December 31, 2020 under the…
A: Adjusting entries are those journal entries which are passed at the end of the period for the…
Q: of a domestic corporation: 2018 2019 20 2,800,000.00 5,000,000.00 90
A: Taxable income is the income on which an individual calculates tax after all deductions in a given…
Q: 1. On December 1, 2018, Grey started his business with a borrowed capital amounting to P 40,000 at a…
A: As per the norms of Bratleby, in case of multiple independent questions been asked, solution to only…
Q: 6,864,000 Less: Fixed costs (incl. advertising) 4,011,744 Operating income $2,852,256
A: An income statement is a financial statement that displays a company's revenue and costs. It can…
Q: Should the Federal Reserve take the decision to introduce its own digital currency into circulation,…
A: The Federal Reserve Board of Governors (Fed) released the Money and Payments: The US Dollar in the…
Q: watson is a division of Bolin Products, Inc. During the most recent year, Watson had a net income of…
A: The funds invested in the firm by its owners, debt holders, and lenders during the course of its…
Q: 1. A Machine costs P80,000 and an estimated life of 10 years with a salvage value of P5,000. What is…
A: Business organizations are required to charge the depreciation expense on their assets so as the…
Q: Gross Sales increases by 2% in year 2, 4% in year 3, 6% in year 4, and 8% in year 5. > The Gross…
A: Note: Take the Sales Amount of Year 1 as base year, re-evaluate the sales values of the Years 2,3,4…
Q: Assume that AAA Co. plans to acquire XYZ Co. As its subsidiary on April 30, 2022. Below are the…
A: The Journal Entries in the Parents Co includes: Entry for the acquisition of the interest in the…
Q: State the equation for computing the total budgeted costs for the Ironing. Department
A: A budgeted cost is a projected future cost that the organization expects to incur. In other words,…
Q: ABC Statement of Cash Flows for the Year Ended .. 00000 Net cash flows from operating activities:…
A: Cash flow statement as per revised format is available as under:
29
The vertical analysis is correct.
Step by step
Solved in 2 steps
- Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O OThe following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- Required information ($ thousands) Net sales Cost of goods sold Current Year $ 885,182 396,513 Current Year: Prior Year: Determine the Prior Year and Current Year trend percents for net sales using the Prior Year as the base year. (Enter the answers in thousands of dollars.) Prior Year $ 456,779 137,643 Numerator: Trend Percent for Net Sales: Denominator: Trend Percent 0% 0%A firm has been experiencing low profitability in recent years. Perform an analysis of the firm's financial position using the DuPont equation. The firm has no lease payments but has a $3 million sinking fund payment on its debt. The most recent industry average ratios and the firm's financial statements are as follows: Industry Average Ratios Current ratio Debt-to-capital ratio Times interest earned EBITDA coverage Inventory turnover Cash and equivalents Accounts receivables Inventories Total current assets 2x 17% 3 x 6 x 11 x Days sales outstandinga Calculation is based on a 365-day year. Balance Sheet as of December 31, 2021 (millions of dollars) $78 Accounts payable Other current liabilities 51 125 Notes payable $ 254 Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity Gross fixed assets Less depreciation Net fixed assets Total assets 15 days Fixed assets turnover Total assets turnover…The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
- The following are the financial statement Kin Ltd. for the year ended 31 March 2020: Kin Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 Kin Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:…Use the following to answer questions 34 – 39 ST reports the following income statement results: $700,000 221,575 Sales Operating expense Net income 48,800 Sales returns & allowances 25,000 Gross profit 282,825 Interest expense 250 34. $ Calculate Net sales: 35. Calculate Cost of Goods Sold Calculate operating 36. income 37. $ Calculate Income before Income tax (IBT) %. Calculate the gross profit 38. margin (one decimal place) %. Calculate the net profit margin (one 39. decimal place)Required information For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31,100 $ 1.90 :. -. - == ....... 9 US Sa M
- The following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…Sales Cost of goods sold Gross profit Fixed charges (other than interest) Income before interest and taxes Interest Income before taxes Taxes (35%) Income after taxes. LANCASTER CORPORATION a. What is the times-interest-earned ratio? Note: Round your answer to 2 decimal places. Times interest earned Fixed charge coverage times b. What would be the fixed-charge-coverage ratio? Note: Round your answer to 2 decimal places. times $ 259,000 209,000 $ 50,000 24,500 $ 25,500 19,000 $ 6,500 2,275 $ 4,225Knowledge Check 01 Saunderstown Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected Gross profit ratio $ 2,950 $ 2,480 $700 % 30% What is Saunderstown's gross profit ratio if it elects LIFO? Note: Round your answer to the nearest whole percentage. $ 990 $ 1,250