Sunland Company has assets of $4398000, common stock of $1068000, and retained earnings of $645000. What are the creditors' claims on their assets? $4869000 $4015000 O $2685000
Q: Key questions to consider when determining the appropriate consolidation adjustment entries include ...
A: Consolidation adjustment entry is the accounting entry that is to be made for consolidating the book...
Q: A C. D MVP, Inc. Income Statement For the Year Ended December 31, 2021 Sales $ 375,000 Cost of Goods...
A: Income statement: Income statement as a part of financial statement that presents the organization's...
Q: Crystal has received a special order for 4,000 units of its product. The product normally sells for ...
A: Minimum selling price = incremental revenue/number of units
Q: Question: 7. Quick assets ratio or Quick ratio or Acid test ratio (need interpretation) Current as...
A: According to this question , we find out the Acid test ratio of the firm and also write interpretati...
Q: Honda Company acquired 70% of the outstanding stock of Hyundai Co. on January 1, 2022. The consolida...
A: CALCULATION OF PURCHASE CONSIDERATION GOODWILL (18100-10000) 8100 ADD: NET IDENTIFIABLE ASS...
Q: 2) You have been the finance director of a Diwan Silks LLC Sohar, for ten years. Its yearend is 31st...
A: Accounting ethics refers to following specific standards and conventions established by governing bo...
Q: Indigo Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Chambe...
A: The question is based on the concept of Lease Accounting.
Q: If it is now profit hospital, its income tax after tax credit is:
A: Gross Income of Philippines and Abroad is P4,000,000 and $40,000 respectively. Deductions of Philipp...
Q: The firm takes into account the timing of a transaction whether it is advantageous or not to the fir...
A: SAVANT is an acronym for – Strategy, Anticipation, Value adding, Negotiation and transformation. It ...
Q: Helsinki Inc. produces premium bottled water. Helsinki purchases artesian water, stores the water in...
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
Q: Which of the following is primarily interested in the liquidity of a company? O Long-term creditors ...
A: Liquidity of the company means short term debt paying capacity of the business. It means how much a ...
Q: Freetown Manufacturing company acquired three patents in January 2016. The patents have different l...
A: As per Bartelby policy, only three interlink parts are answered. If you want any specific part to be...
Q: Sage Industries and Pronghorn Inc. enter into an agreement that requires Pronghorn Inc. to build thr...
A: The question is based on the concept of Lease Accounting.
Q: 16. H.E.B. Grocery Company, LP has two classes of stock authorized: 100 par value preferred and $1 p...
A: Share capital refers to the capital is raised by the issue of shares. It is an amount that is invest...
Q: Land $151000 Land (held for future use) 231000 Buildings 1080000 Inventory 221000 Equipment 670000 F...
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...
Q: The depreciation cost is included in the cash flow analysis since it is a book cost Select one: True...
A: Financial Statement Analysis: Financial statement analysis is the most common way of dissecting an o...
Q: he following selected accounts and their current balances appear in the ledger of wymar Company are ...
A: A financial statement is a statement showing the financial position of the company. It includes vari...
Q: BRAMBLE CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount ...
A: Horizontal analysis is done to review and analyze financial statements for a number of years. It sh...
Q: On December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus inter...
A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of mon...
Q: w does a company determine if it should use an ABO, PBO, or VBO calculation? Is the determination ma...
A: ABO The estimated amount of a company's pension plan commitment at any one time is known as the acc...
Q: Moore Industries manufactures exercise equipment. Recently the vice president of operations of the c...
A: The question is based on the concept of Financial Management. The Selling price or the fair of the b...
Q: Directions: Establish the following T-Accounts. Write your answers on a separate sheet of paper. Mas...
A: T accounts posting is the second step of accounting cycle process, under which recorded journal entr...
Q: ournalise the following transactions and post them into Ledger: 2006 September 1 -Started busine...
A: JOURNAL ENTRIES SL Date Particulars Dr. Cr. 01-Sep Cash 50000 To,...
Q: The standard price and quantity of fuel are $1.60 per gallon purchased and 1.25 gallons consumed per...
A: Standard costing is acknowledged as a process of recording the costs incurred in the accounting reco...
Q: Identify benefits of using analytical procedures in the audit process
A: Although every audit process is unique, the audit process is similar for most engagements and normal...
Q: 7..new Sage Industries and Pronghorn Inc. enter into an agreement that requires Pronghorn Inc. to ...
A: Lease is the facility available to the lessee to use the asset for a certain specified period as per...
Q: ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC as...
A: Decrease in Deferred Tax Asset = P500000 - P200000 = P300000 Decrease in Deferred Tax Liability = P6...
Q: ABC Company reported pretax financial income of P 6,500,000 and P 8,200,000 for years 2019 and 2020,...
A: The extra amount paid as taxes i.e. advance payment for next year or over payment of the amount due ...
Q: A lessor with a sales-type lease involving an unguaranteed residual value at the end of the lease te...
A: At the inception of a Sale Type Lease, Present Value of all the Future Cash Flows including unguaran...
Q: The following information relates to the defined benefit pension plan of ABC Company for the year en...
A: RECONCILITION OF PLAN ASSETS AND DEFINED BENEFIR OBLIGATION (DBO) (AMT IN Php) PARTICULARS...
Q: Carla Vista Co. accepts from Gates Stores a $4,400, 4-month, 9% note dated May 31 in settlement of G...
A: Principal = $4,400 Rate = 9% Time = 4-month
Q: On December 31, 2020, Sack Port Ventures Inc. borrowed $103,000 by signing a four-year, 8.0% install...
A: The note payable is liability for the business. The amount on note payable due in one year is record...
Q: The following additional information is available at July 31, 2021: (i) Rent of $510,000 was paid on...
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...
Q: Calculate the net income for the year and post it on the Discussion Board, as well as all supporting...
A: 1. Ledgers - After recording transactions in the journal next step is to transfer them into ledgers....
Q: Contingent liabilities must be recorded if: O The future event is probable and the amount owed can b...
A: Solution: Contingent liability is the liability that occurrence of which depends on the future event...
Q: Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per Repair-...
A: Solution Costing is any system for assigning cost to an element of a business. It is an estimate of ...
Q: 21.15 A company starts in business on 1 January 2017, the financial year end being 31 December. You ...
A: Machinery - Machinery is fixed assets for the company. Company invest in such non current assets to ...
Q: Coronado Industries issues 2600, 10-year, 8%, $1000 bonds dated January 1, 2020, at 103. The journal...
A: Bonds are issued by the company for raising finance. It can be issued at a discount or at a premium.
Q: A company borrows $10,000 and signs a 90-day nontrade note payable. In preparing a statement of cash...
A: Introduction:- Cash flows are classified into three types as follows under:- Cash flows from operati...
Q: If bonds with a face value of $124000 are converted into common stock when the carrying value of the...
A: Each of these transactions requires a diary entry. It's vital to remember that we're looking at the ...
Q: Naughty Company assembles the following data relative to a certain entity in determining the amount ...
A: Solution:- 1)Calculation of Average earnings are capitalized at 10% as follows under:- Note:-Average...
Q: Cullumber Company provides you with the following balance sheet information as of December 31, 2017....
A: A balance sheet is a financial statement that displays a company's assets, liabilities, and equity. ...
Q: The contingent liability is an accrual for possible loss on a P1,000,000 lawsuit filed against the e...
A: Answer - Calculation of amount should be reported on December 31, 2020 for current liabilities - ...
Q: During 2008, Luciana Company introduced a new product carrying a two-year warranty against defects. ...
A: Answer: 2, 200, 000 Explanation/ Computation: The warranty liability is a liabil...
Q: If a manager at the company desired to determine the percentage
A: The percentage change in operating income depends on the operating leverage. Operating leverage is c...
Q: On November 5, 2008, a Breakthrough Company truck was in an accident with an auto driven by McAllen....
A: Provision means amount that is put aside from profit for future probable loss and expenses. Provisi...
Q: Distribution Limited projects sales next year to be $4 million and expects to earn 5% of that amount...
A: Assets is the resource that generates that generates potential benefits in the future for any entity...
Q: The board of directors declared cash dividends totaling $229,400 during the current year. The compar...
A: The dividend is declared to the shareholders from the retained earnings of the business.
Q: A$560000 bond was retired at 98 when the carrying value of the bond was $550000. The entry to record...
A: The loss or gain on redemption is based on the carrying value and book value of the bond. If the car...
Q: Using the following balance sheet and income statement data, what is the debt to assets ratio? Curre...
A: Total assets = $ 87000 Total Liabilities = $ 28600 Average common shares outstanding = 17000 shares ...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following information is provided for Cullumber Company and Bramble Corporation. (in $ millions) Cullumber Company Bramble Corporation Net income 2022 $125 $370 Net sales 2022 1310 4520 Total assets 12/31/20 1070 2040 Total assets 12/31/21 1055 3150 Total assets 12/31/22 1170 4100 What is Cullumber's asset turnover for 2022?Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places
- Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Asset turnoverenter the number rounded to 2 decimal places (g)Return on assetsenter percentages rounded to 0 decimal places…Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places (b)Acid-test ratioenter the ratio rounded to 2 decimal places…
- Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (i)Earnings per share$enter a dollar amount rounded to 2 decimal places (j)Payout ratioenter percentages rounded to 0 decimal…Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…Refer to the following data of SG Company: Assets to be realized1,375,000Liabilities liquidated1,875,000Assets acquired825,000Liabilities not liquidated1,700,000Assets realized1,200,000Liabilities to be liquidated2,250,000Assets not realized1,375,000Supplementary charges3,125,000Liabilities assumed1,625,000Supplementary credits2,800,000Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively.
- Refer to the following data of SG Company: Assets to be realized1,375,000Liabilities liquidated1,875,000Assets acquired825,000Liabilities not liquidated1,700,000Assets realized1,200,000Liabilities to be liquidated2,250,000Assets not realized1,375,000Supplementary charges3,125,000Liabilities assumed1,625,000Supplementary credits2,800,000Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively.A. P1,325,000b. P1,475,000c. P2,075,000d. P1,450,000The following information pertains to BT21 Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?Calculate the comprehensive income for burns corp. using the following items: Sales revenue $48000 Loss on early retirement of bonds 35000 Realized gain on sale of available for sale securities 27000 Unrealized loss on sale of available for sale securities 17000 Loss on write down of inventory 3200 What is the net income What is the total comprehensive income/loss?
