Using the data given below, compute for the total amount of items that meet the definition of financial liability Bank overdraft P 100,000 Accounts payable 1,200,000 Notes payable 500,000 Loans payable 1,800,000 Income tax payable 120,000 Warranty obligations 180,000 Deferred revenue 240,000
Q: CuddlePH accepted several office equipment from a stockholder which originally costed the donor P1,2...
A: The assets will be recorded at Fair Value less cost of disposal. The details are as given Original C...
Q: Ex 5. Calculate the retained earnings of a retail company considering the following financial inform...
A: Retained earnings are the earnings which is available with company after all appropriation. in simpl...
Q: Blaze Corporation allocates overhead on the basis of DLH and the standard amount per allocation base...
A: Standards are set in advance, from the standard set the actual performance are required to be measur...
Q: A herd of 100, 2-year old animals was held at January 2, 2021. Ten animals aged 2.5 years were purc...
A: Fair value of the biological assets at December 31, 2021: Age on December 31, 2021 Fair value a...
Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...
Q: During 2020, Cullumber Company started a construction job with a contract price of $1,600,000. The j...
A: Solution a: Computation of % of completion, revenue recognition and Gross Profit - Cullumber Comp...
Q: Sandoval needs to determine its year-end inventory. The warehouse contains 23,000 units, of which 3,...
A: Inventory is the stock that the company held for the resale purpose and is expected to be sold in ne...
Q: JDR Ltd manufactures four products using the same machinery. The following details relate to its pro...
A: Costing- Costing is any system for assigning costs to an element of a business. Costing is typically...
Q: The following Trial Balance was extracted from the books of Dana Enterprise, a second-hand bags deal...
A: Profit & Loss A/c is a financial statement which shows profitability of the b...
Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...
A: Formula: Percentage of Current Assets on Total Assets = ( Current Assets / Total Assets ) x 100
Q: Nile Corp. has identified three cost pools to allocate overhead costs. The following estimates are p...
A: Activity-based costing is a method of costing that identifies activities in business that incurs ove...
Q: Samgyup Company reported an impairment loss of P5,200,000 in its income statement for the year 2016....
A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...
Q: Presented below is a list of items that may or may not be reported as inventory in a company’s Decem...
A: Introduction:- Inventories” means as follows under:- Inventories are Held for sale in the ordinary...
Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24.435.00; and purc...
A: Formula: Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory
Q: C Inc. and D Co. have an exchange with no commercial substance. The asset given up by C Inc. has a b...
A: If exchange has no commercial substance, there will be no profit or loss and exchange will be record...
Q: Use the following schedule to answer the questions below. Units Cost per unit Beginning inventory 10...
A: Under LIFO method the units sold will be first from the latest purchases and ending inventory should...
Q: he Town Debt Service Fund accumulates resources to pay its $3 million general obligation debt. The d...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Which statement is incorrect concerning the preparation of consolidated financial statements? A. Wh...
A: Solution Concept The financial statements of the parent and its subsidiaries shall be consolidated o...
Q: [ine ToIioWing inrormation appiies to the questions dispiayea below.j Del Gato Clinic's cash account...
A: It's the summary of banking and business activity which is used to reconcile bank statement with Cas...
Q: Ex 5. Calculate the retained earnings of a retail company considering the following financial inform...
A: Retained earning means the amount of profit that has not been distributed to shareholder as divided....
Q: A proposal to reduce oil spill on MX5 has a B-C ratio of 1.4. The conventional annual worth of benef...
A: Benefit to cost ratio = 1.4 Annual benefits (P) = P 560,000 Interest rate (r) = 6% Period (n) = 20
Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...
A: Current Assets are those assets which provides economic benefits to the owner Upto a period of 12 mo...
Q: RR Records Inc. acquired all of DD Studios’ voting shares on January 1, 20x1, for P280,000. RR’s bal...
A: Answer - Part 12 - Calculation of Goodwill to be reported - Particular Amount Fair Value of...
Q: Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. Certain topics ar...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: QS 6-3 Cash and equivalents LO C2 Choose from the following list of terms and phrases to best comple...
A: Current liability is the liability which is expected to be settled with in the operating cycle of th...
Q: lex Company reported an impairment loss of P5,200,000 in its income statement for the year 2016. Thi...
A: Solution Given Impairment loss on 2016 5200000 Cost of building acquired 80000000 Da...
Q: Required information [The following information applies to the questions displayed below.] Clopack C...
A: Cost per equivalent unit of material = Total cost of material / Equivalent unit of material Cost per...
Q: Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its D...
A: Answer 27) Income statement is prepared by the business organizations so as to known how much amount...
Q: Laguna Company purchased a machine with a cash price of P350,000. Laguna gave the following as...
A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined...
Q: Carla Vista Choice sells natural supplements to customers with an unconditional sales return if they...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Gemini plc manufactures four products using the same machinery. The following details relate to its ...
A: Direct Material- Direct material is the substantial items built into a produce. For example, the dir...
Q: On January 1, Oriole Corporation had 83000 shares of $10 par value common stock outstanding. On June...
A: The company can raise funds by various methods. Some of them are, by way of issuing common stock, is...
Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...
A: Calculation of percentage of current assets on total assets are as follows.
Q: Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, th...
A: The sales activity variance is calculated as variance between flexible budget and master budget. Con...
Q: The property, plant and equipment account of Expert was revisited by its property officers. They dis...
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or chang...
Q: hen an investor uses the cost method to account for investments in subsidiary, cash dividends receiv...
A: Solution Concept Cost method to account for investments in subsidiary This method is used ...
Q: On July 1, 2020, Zelensky Company, a calendar-year company, purchased a machine for a cash price of ...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...
Q: rchased a machinery for Ri. 2.00.000. Or 1st O costing Ps. 1,00,000 wes purchesed. On 1st 3, having ...
A: Fixed assets ledger accounts are being prepared to record and analyze all transactions related to fi...
Q: How do business owners determine their taxable income from their business ventures? How does this tr...
A: The given answer for the above mentioned question is given in the following steps for your reference...
Q: An investor who is in a 33% tax bracket for normal (ordinary) income buys a stock for $5,000 and sel...
A: Financial Instrument: A financial instrument alludes to a resource that can be exchanged by financia...
Q: plz solve it within 30-40 mins I'll give you multiple upvote
A: Net Interest Margin: Net interest margin is a relative term that computes the gross interest income ...
Q: Find the monthly payment needed to save a P240000 down payment for a house in an annuity that pays 1...
A: Future value (FV) = P240,000 Interest rate = 1.3% Monthly interest rate (r) = 1.3%/12 = 0.1083333333...
Q: Suppose that one of Willcom's sellers sells two types of projects with pricing as follows: Projector...
A: As per Bartleby policy, only 1 question will be solved. The annual Total cost of inventory is the s...
Q: Many countries are adopting IFRSs although they are not under compulsion to do so. Some are however ...
A: IFRS refers to International Financial Reporting Standards. It consists of the globally acceptable a...
Q: that Excel will recognize the text as a "string of text" instead of another function. From the Excel...
A: Solution: Return on investment = Net operating income / Average operating assets Residual income = N...
Q: What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual...
A: Solution Concept FIFO method : Under this method the goods in opening inventory is sold first LCNRV...
Q: Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM, Incorpora...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: TGIF Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property...
A: Determination of revaluation surplus to be reported on Dec 31, 2022: Amount (P) a Origina...
Q: A partially owned subsidiary declared dividend and half remains unpaid by the end of the year, which...
A: The question is related to Consolidation. In case dividend is declared by partially owned subsidiary...
Q: Hello, I wanted to know why for the calculation of the current ratio and working capital, on the one...
A: Financial Position: A financial position is the current adjusted sum of the recorded resources, liab...
Step by step
Solved in 2 steps
- You are given the following information. What is your liquidity ratio? Annual disposable income: $45,000 Total liabilities: $17,400 Annual savings: $2,400 Long-term assets: $85,000 Current ratio: 2 Debt-to-asset ratio: 0.2 Select one: a. 0.90 b. 0.56 c. 0.89 d. 0.53In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable? *see attached a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000Base on the income statement below, and if my Ave total assets is 1,725.What is my Return on assets? Formula:Return on Assets = Net Income (before Interest znd Tax) / Average Total assets Thanks in Advance, expert!
- Answer the following questions correctly and show your Complete Solution. a. 3 1/5% is equivalent to b. Find the actual time and approximate time from October 5, 2020 to June 30, 2021 c. Which of the following are NOT true?I. Principal is the money given or paid invested in the origin dateII. Origin date is a date on which money is paid by the borrower.III. Interest is an amount or earned for the use of the moneyIV. Simple Interest is an interest that is computed on the principal and then added to it.Refer to the following selected financial information from WorkFit Corporation. Compute the company's acid-test ratio. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Current liabilities Multiple Choice O O O 2.76. 0.91. 1.10. 2.67. 1.63. $ 42,250 59,180 79,500 115,000 9,700 111,000Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000 What will be the Debtors Turnover Ratio (DTR)? a.16 b.6 c.5 d.8
- The following selected information (in thousands) is available for Steering Limited: Total assets Total liabilities Interest expense Income tax expense Net income Cash provided by operating activities Net capital expenditures Dividends paid on common shares 2021 $3,923 2,177 15 173 409 855 399 110 2020 $3,701 1,962 26 151 378 579 297 90Use the following information for Cronos Group, Inc. (CRON): EBIT / Revenue 25.50% Government Tax Rate 42.50% Revenue / Assets 1.95 times Current Ratio 3.15 times EBT / EBIT 0.80 times Assets / Equity 2.00 times Its interest coverage ratio is closest to: A. 2.50. B. 5.00. C. 7.15. D. 9.25.PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Investments $242,000 98,000 105,000 5,000 $ 130,000 102,000 90,000 3,000 Long-term assets: Land Equipment Less: Accumulated depreciation 580,000 890,000 (528,000) $1,392,000 580,000 770,000 (368,000) $1,307,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payab le Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 109,000 7,000 9,000 95,000 13,000 6,000 2$ 110,000 220,000 800,000 357,000 $1,392,000 $1,307,000 800,000 173,000 Total liabilities and stockholders' equity Additional information for 2021: 1. Net income is $184,000. 2. Sales on account are $1,890,000. 3. Cost of goods sold is $1,394,250.
- You are considering two possible companies for investment purposes. The following data is available for each company. Company A Net credit sales, Dec. 31, 2019 $540,000 Net Accounts receivable, Dec 31, 2018 $120,000 Net accounts receivable, Dec 31, 2019 $180,000 Number of days sales in receivables ratio, 2018 103 days Net Income, Dec. 31, 2018 $250,000 Company B Net credit sales, Dec. 31, 2019 $620,000 Net Accounts receivable, Dec 31, 2018 $145,000 Net accounts receivable, Dec 31, 2019 $175,000 Number of days sales in receivables ratio, 2018 110 days Net Income, Dec. 31, 2018 $350,000 Additional Information: Company A: Bad debt estimation percentage using the income statement method is 6%, and the balance sheet…Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).