The following is selected information related to Culumber Campany at December 31, 2022. Culumber reports ferancial inturmation monthly Accounts Payable $4.113 Salaries and Wages Expense s22621 Cash 8,911 Notes Payable 34275 Advertising Expense 8.226 Rent Expense 14395 Service Revenue 73,348 Accounts Receivable 18.508 39.759 Owner's Drawing 10.282 Equipment
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Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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- O NWP Assessiment Player U Appli X education.wiley.com/was/u/v2/assessment-player/indehtmi?launchid=18601d98-edio 4163-98b4-b319630510e/question/8 Hw 1 Question 9 of 9 View Policies Current Attempt in Progress The following information relates tD Cullumber Weigel Co, for the year 2020. Retained earnings, January 1.2020 147,000 Advertsing pense $6.300 Dividends paid during 2020 21.000 Rentepensd 36,400 Service revenue 222,600 Ualities expense 10,850 Salaries and wages expense 105.700 Other conpréhensive income 1610 After analyzing the data, prepare an income staterment for the year 2020, CULLUMBER WEIGEL CO. Income Statement e here to search DOLL F12 Hom SysR F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 144 @ 23 & 2 3 4 6 7 9 W E R T Y U P 4 5 6Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profitview Policies Current Attempt in Progress Using these data from the comparative balance sheet of Cullumber Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable $ 467,400 $ 410,000 Inventory $ 785,400 % $ 660,000 % Total assets $3,197,900 % $2,830,000 % eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
- Comprehensive Problem Happy Hearts Company provided the following statements of financial position at year-end and other financial data relating to activities during the current year 2021 2020 200,000 1,040,000 600,000 1,100,000 150,000 1,200,000 110,000 300,000 3,400,000 (900,000) Cash and cash equivalents Accounts receivable, net of allowance Trade notes payable Inventory Prepaid expenses Investment in equity securities, at cost Property, plant and equipment Accumulated depreciation 200,000 1,360,000 120,000 500,000 2,000,000 (600,000) Patent 80.000 4.900.000 Total 5.960.000 Accounts payable Trade notes payable Accrued expenses 880,000 60,000 100,000 400,000 3,000,000 530,000 990,000 840,000 240,000 330,000 Notes payable (short-term debt) Share capital, P100 par Share premium Retained earnings Treasury shares, at cost 2,400,000 400,000 790,000 (100,000) 4.900.000 Total 5.960.000 The statement of retained earnings for the year ended December 31, 2021 showed the following Retained…ull Zain JO ? 6:10 PM @ 42% 4 Manar Select 44 Photos l paiall e agama yb 31714120009 SIS AND DESIGN OF-2020/2019-3-3 ACCOUNTING INFORMATION SYSTE Summer Semster ANALYSIS AND DESIGN OF ACCOUNTING INFORMATION SYSTEMS(2)-1-2020 الامتحان النصفي Which entity is most likely to be part of both the payroll cycle Pand the expenditure cycle اختراحد الخيارات a. Disburse Cash 8. b. Receive Goods .c. Inventory o 12 d. Customer0 16 20 0:1 تم دخولك بصفة 09 0 31714120 طارق محمود عبد المنعم السلاق )خروج( SIS AND DESIGN OF ACCOUNTING INFORMATION SYSTEMS(2)-1-2020/2019-3-3 انتقل إلى السمة القالب المعيارياة 6:29 PM uprattempt=Y paiall c 3gas By la 31714120009Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500 (b) Calculate the following ratios of Barry Sdn Bhd for the year ended 31December 2020. (iv) Inventories turnover days(v) Trade receivables turnover days
- Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500 (b) Calculate the following ratios of Barry Sdn Bhd for the year ended 31December 2020.(i) Gross profit margin(ii) Net profit margin(iii) Current ratioKincaid Company reported the following data (in millions) for the past two years:2019 2018$$$$$2801501304090$$$$$2501401103575Net revenues........................................Cost of goods sold...............................Gross profit..........................................Operating expenses..............................Operating income................................In a vertical analysis of 2019, the operating expenses percentage is closest toa. 225%.b. 69%.c. 14%.d. 32%.ic Calendar My MCBS Library English (en) amentals of Financial Accountin mer Session 1 2021/ACT 140/D2/ Course Documents Quiz 126-5-2021 The year-end financial statements of Grunewald Company contained the following elements and corresponding amounts. Assets = $22,000; Common Stock = $5,000; Revenue $11,0003; Dividends = $750; Beginning Retained Earnings $3,750; Ending Retained Earnings= $6,000. Based on this information, the amount of expenses on Grunewald's income statement was a. $8,000 b. $8,750 C. $5,000
- SWEETS 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%) ABCPrepare 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…ect 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.…