Retained earnings, January 1, 2022 Advertising expense Dividends Rent expense Service revenue Utilities expense $87,100 2,340 7,800 13,500 75,400 3,120
Q: Need detail explanation Classify all items listed in the fixed budget as variable or fixed. **…
A: Variable Expenses: Variable expenditures, sometimes known as variable costs, are expenses that…
Q: Req 1 Req 2 Req 3 Reg 4 Reg 5A Reg 5B Req 5C Refer to the original data. By automating, the company…
A: Working note :- Particulars Not Automated Automated Total Per unit % Total Per unit %…
Q: 3 hours in the same week. You are required to prepare all the labor variances and answer the…
A: Given Information: Standard Skilled Worker :20 Semi -Skilled :15 Unskilled :10 Standard…
Q: Problem 12-1A Corporate balance sheet preparation LO2 Account Description Accounts payable Accounts…
A: Classified balance sheet is one of the financial statement of the business, which shows all assets,…
Q: In July 1, 20X1, CBC acquired 25% of the outstanding ordinary shares of Yellow Corp at a total cost…
A: Here discuss about the details of the carrying value of the investment account after the acquisition…
Q: NewB Company sells bags with a selling price of P10,000 per bag and a variable cost of P4,000 per…
A: a. Total cost function C(x) =F+V(x) C(x)= Total production cost F= Fixed costs V= Variable cost per…
Q: ssume that a drilling machine is acquired for the following consideration: cash: $200,000 shares:…
A: Fixed assets means the assets which is used for many years in business and depreciated over the…
Q: Due to increased demand for local deliveries in Western Sydney, Metro Deliveries Ltd leased a truck…
A: Under Lease accounting the present value of all the minimum lease payments are recorded as the lease…
Q: The margin of safety is the excess of: O Break-even sales over expected sales. O Expected sales over…
A: Introduction:- Break-even point point means, where no profit or loss At Break-even point point,…
Q: Arrow Manufacturing Co. expects to make 50,000 chairs during the year 1 accounting period. The…
A: Introduction: Manufacturing costs include all resources utilized in the creation of the product.…
Q: Question 3 On 1 July 2021 Michael Ltd. issues $1 million in five-year debentures that pay interest…
A: As multiple sub-parts have been posted, as per the guidelines only the first three sub-parts will be…
Q: ACG Manufacturing Ltd Statement of comprehensive 31/12/20X1 £'000 Total Unit %New project…
A: Cost volume profit analysis is the technique used by the management for decision-making. The…
Q: ddison, Inc. uses a perpetual inventory system. The following is information about one inventory…
A: Perpetual inventory system is the one wherein the record of inventory is maintained on daily basis.
Q: impairment losses must be assessed by companies on a annual basis
A: Impairment loss is an amount by which carrying value is exceeds recoverable amount. At the end of…
Q: Under absorption costing, a company had the following unit costs when 13,500 units were produced.…
A: Production Cost - Production cost is the cost required to manufacture product. It includes Direct…
Q: Sales Contribution margin Total direct fixed costs Total operating assets Jan. 1, 2022 $1248000…
A: Formula used: ROI = Net profit / Average Operating Assets. Division of Average operating assets with…
Q: Chillmax Company plans to sell 3,500 pairs of shoes at $60 each in the coming year. Variable cost is…
A: Break-even sales is the amount of sales where the net income is zero. Contribution margin is given…
Q: 5. Journalize and post the adjusting entries using the following information: a. Insurance expired…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: Calculate break-even point and sales required to earn target operating income in dollars. E6.20 (LO…
A: Given, Selling price per copy= $ 250 Variable cost per copy= $ 50 Fixed cost= $ 450,000 copies to be…
Q: Klamath Company produces a single product. The projected income statement for the coming year is as…
A: The operating income is the earnings of an entity from the core business activities or earnings from…
Q: 2. Computer for the Net Present Value using the present value of an annuity. Get the value using…
A: Present value of annuity is used for calculation of present value of equal cash flows. But in case…
Q: The company has been approached by a customer with a request for a 100-unit special order. What is…
A: Variable Cost: Variable cost is the cost which varies with activity measure. Its important for…
Q: 1. 500,000 units of a product per year is being produced by a company and sells them for P4 million.…
A: Given, Cost per unit of product = P3.00, Annual fixed operating expenses = P680,000, 500,000 units…
Q: Fanning Corporation estimated its overhead costs would be $22,100 per month except for January when…
A: A budget is an estimation or a financial plan for a defined period, usually one year. It may also…
Q: Exercise 1- Errors Not Revealed by Trial Balance State which type of error each of the following…
A: Comment; Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…
A: Introduction: Gross margin = Deduction of cost of goods sold from Net sales value derives the Gross…
Q: Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: TB MC Qu. 5-63 (Algo) Manufacturing overhead: Metal Company Metal Company budgeted $564,000…
A: Calculation of cost per direct labor hour :- Direct labor hour = Machine…
Q: Aqua-fuel Ltd is a fast-growing marine biotech company operating in the ASEAN region. The following…
A: Earning per share is the earnings calculated to be divided amongst the common shareholders only. The…
Q: Asset Liability Stockholders' Equity 1. Service Revenue 2. Common Stock 3. Accounts Payable 4.…
A: Introduction: Balance sheet: All Assets and liabilities are to be shown in Balance sheet. It tells…
Q: Evans Ltd leases their equipment from Mitchell Co. The typical arrangement that Evans have with…
A: Evans Ltd leases their equipment from Mitchell Co. The typical arrangement that Evans have with…
Q: Raner, Harris and Chan is a consulting firm that specializes in Information systems for medical and…
A: Segment Reporting: Reporting on a company's business segments dis aggregates the company's financial…
Q: Lake acquired a controlling interest in Boxwood several years ago. During the current fiscal period,…
A: Holding Company is the company which owns controlling interest in the subsidiary company. Holding…
Q: Explain what effect will an upward asset revaluation have on subsequent periods’ profits
A: The revaluation of assets means the change in the value of assets over a period of time this made…
Q: what amount should be reported as vacation pay expense in 2018? 3,097,600 3,232,000
A: Vacation pay means the paid leaves provided by the company to its employees. In the vacation pay,…
Q: Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an…
A: Let us understand the following: Break-even point: It is the point of sales at which total revenue…
Q: 4. Paolo is a sales manager receiving a monthly salary of Php 240 000.00, a commission of 7% on his…
A: Paolo is a sales manager receiving a monthly salary of php 240,000 Commission is 7% Transportation…
Q: Question 53 of 75. In which of the following scenarios are qualified educational expenses for the…
A: Answer:- Qualified educational expenses for the education meaning:- Tuition, fees, and other…
Q: Omicron plc prepares financial statements to 31 December each year. On 1 January 2021, Omicron plc…
A: Here discuss about the details of the contract which are made by the company to sell the product…
Q: Analyze the truth of this statement: For an investment greater than 50%, the financial statements…
A: Introduction: When an investor company invests more than 50% of voting shares of the investee…
Q: Using the following accounts and balances, prepare the Stockholders' Equity section of the balance…
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…
Q: Dan Watson started a small merchandising business in Year 1. The business experienced the following…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: K Company estimates that overhead costs for the next year will be $5,125,000 for indirect labor and…
A: Answer:- Overhead rate meaning:- A cost assigned to the manufacturing of a product or service is…
Q: Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount…
A: Revenue: It implies to the income that is earned by the business during it's course of trading…
Q: 61 Liam works for Lamneth Technology and is a member of its defined benefit registered pension plan.…
A: According to relevant laws, maximum annual pension benefit is lower of RPP as per company…
Q: 28 Neakanie Industries sells specialized mountain bikes. Each specialized bike purchased includes…
A: As per IAS 115 Revenue from contract with customers In above case their are two performance…
Q: Concord Company classifies its selling and administrative expense budget into variable and fixed…
A: The selling and administrative expenses are the operating expenses of a business. These expenses are…
Q: Question 4 Jason works Monday to Friday, from 10:00 AM to 6:00 PM, at $18.54/hour, including 30 min…
A: Hi student Since there are multiple questions, we will answer only first question. Pay of the…
Q: Since the birth of his granddaughter, 20 years ago, Jason has deposited $200 at the beginning of…
A: 1. FVA after 7 years = P * (([1 + I]^N - 1 )*(1+I))/I, where P is the payment amount= 200 I is…
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…
A: LIFO means last in first out. As per this method, the inventory bought at last should be sold first.
Step by step
Solved in 3 steps with 2 images
- Net Sales COGS Depreciation EBIT Interest Taxable Income Taxes Net Income 2019 Income Statement Dividends Additions to Retained Earnings 147 647.74 3,456 1,895 235 1,326 320 1,006 211.26 794.74SWEETS OF OMAN SAOG STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER Restated Note 2020 2019 R.O. RO. Revenue 18 2,931,543 (4,240,017) 9,596,698 (7,395,908) Less: cost of revenue 19 Gross (loss) / prefit (1,308,474) 1,700,790 Oher income 44,405 (855,994) (2,669,553) (399,773) (138,245) 20 67,893 General and administrative overbeads Selling and distribution expenses Financial charges Allowance for expected credit losses Advances paid writlen off Impairment loss on investment in subsidiary 21 (579,024) (1,979,050) (522,872) (84,832) (155,802) 22 24 9. (133) Net loss before tax (4562,161) (2,318.503) Tax expense 25 50,455 (16,614) Net comprehensive loss for the year (4,511,706) (2335,117) Loss per share for the year 27 (0.645) (0334) Explain the meaning of each indicator and describe their dynamics over two years. 1- Contribution Margin Ratio 2- Level of sales needed to achieve a desired target profit (for example, if the company wants to increase profits by 10%) ABCThe trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 160,000 6,100,000 600,000 500,000 30,000 500,000 Credits $ 8,200,000 60,000 120,000 140,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format. Note: Round earnings per share answer to 3 decimal places.
- Income 31955 , assets 213000, assets at end year, 259000. What return on assetsthe amounte reported in the 2019 other comprehensive income section of statement of comprehensive income? the amounte reported in the 2020 other comprehensive income section of statement of comprehensive income? amount transferred to retained earnings on april 30 2020?Total Non current assets at december 31 2020ect Assignment The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement. For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains. Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share $ 435 6 128 569 247 158 41 446 $123 $ 12.30 Saved Help Additional information: 1. Selling and administrative expense includes $28 million in restructuring costs. 2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $8 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $10 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material.…
- The stockholders' equity section of Cheyenne Corp. at December 31, 2019, included the following: 5% preferred stock, $100 par value, cumulative, 19,600 shares authorized, 14,300 shares issued and outstanding Common stock, $10 par value, 250,000 shares authorized, 240,000 shares issued and outstanding $1,430,000 $2,400,000 Dividends were not declared on the preferred stock in 2019 and are in arrears. On September 15, 2020, the board of directors of Cheyenne Corp. declared dividends on the preferred stock to stockholders of record on October 1, 2020, payable on October 15, 2020. On November 1, 2020, the board of directors declared a $1 per share dividend on the common stock, payable November 30, 2020, to stockholders of record on November 15, 2020. Prepare the journal entries that should be made by Cheyenne Corp. on the dates indicated below: September 15, 2020 November 1, 2020 October 1, 2020 November 15, 2020 October 15, 2020 November 30, 2020This year Last year 1050 Assets Cash 1530 Marketable securities Accounts receivable Inventories Total current assets 1810 1220 2050 1770 2900 2790 8290 6830 Gross fixed assets 29480 28090 Less: Accumulated depreciation 14680 13140 Net fixed assets 14800 14950 Total assets Liabilities and Stockholders' Equity 23090 21780 Accounts payable Notes payable Accruals 1560 1540 2760 2160 190 350 Total current liabilities 4510 4050 Long-term debt Common stock Retained earnings Total stockholders' equity 5220 4970 9950 9950 3410 2810 13360 12760 Total liabilities and stockholders' equity 23090 21780*see attached How much interest expense is to be reported in its 2022 income statement? a. P 63,483b. P 52,924c. P 56,011d. P 70,000
- Extract of statement of Income and Expenditure for the Financial Years Ended 31 August 2020 2020 (RM) 2019 (RM) 2018 (RM) Investment Income 45,335,069 13,237,244 19,474,895 Expenses -6,039,755 -2,270,688 -1,853,602 Net Income before taxation 39,295,314 10,966,556 14,621,293 Net Income after taxation 39,335,238 10,953,497 17,551,931 Extract of statement of Asset and Liabilities as at 31 August 2020 2020(RM) 2019 (RM) 2018 (RM) Total Investments 501,519,061 154,032,209 84,711,928 Other Assets 6,732,463 9,085,056 3,173,994 Total Assets 508,251,524 163,117,265 87,885,922 Total Liabilities -3,411,047 -2,276,421 -255,684 Number of Unit in Circulation 500,000,000 500,000,000 500,000,000 NAV/Unit Holder’s Capital per shareWELL8 TECHNICAL INBTITUTE Income statement For Year Ended December 31Extract of statement of Income and Expenditure for the Financial Years Ended 31 August 2020 2020 (RM) 2019 (RM) 2018 (RM) Investment Income 45,335,069 13,237,244 19,474,895 Expenses -6,039,755 -2,270,688 -1,853,602 Net Income before taxation 39,295,314 10,966,556 14,621,293 Net Income after taxation 39,335,238 10,953,497 17,551,931 Extract of statement of Asset and Liabilities as at 31 August 2020 2020(RM) 2019 (RM) 2018 (RM) Total Investments 501,519,061 154,032,209 84,711,928 Other Assets 6,732,463 9,085,056 3,173,994 Total Assets 508,251,524 163,117,265 87,885,922 Total Liabilities -3,411,047 -2,276,421 -255,684 Number of Unit in Circulation 500,000,000 500,000,000 500,000,000 NAV/Unit Holder’s Capital per share Based on the historical financial highlights extracted of statement of income and expenditure, calculate the Net Asset Value (NAV) per share of the respective funds?