Excel Templates_Module 5

Balance on April 1, 2020Debtors control Dr. $65, 145Debtors control Cr. 600Creditors control Dr. 950Creditors control Cr. 75, 500Totals for the month of April 2020Cash purchases 35, 600Credit purchases 62, 600Cash Sales 47, 000Credit Sales 75, 000Contra entry: Set off 1, 800Refund to cash customers 2, 800Bad debt written off 3, 300Discount Allowed 3, 750Total payments to suppliers 87, 000Total receipt from customers 98, 800Discount received 5, 500Dishonoured cheques: customers 2, 900Increase in the allowance for bad debts 2, 100Return Inwards 2, 400Return Outwards 15, 200Balances at 30 April 2020Debtors control: Dr. ? Cr: $8 300Creditors control: Dr. $7 500 Cr: ?Required: Prepare the Sales ledger control account Prepare the Purchases control account

Problem 13. LL Incorporated which began operating on January 2008 appropriately uses the installment method of accounting. The following information pertains to LL's operations in 2008. Installment sales P600,000 Regular sales 800,000 Cost of Installment sales 270,000 Cost of Regular sales Operating expenses 440,000 200,000 Collections on installment sales 150,000 Collections on regular sales 200,000 How much is the Realized Gross Profit in 2008? a. P690,000 b. P242,500 c. P82,500 d. P442,500

Given the following:  Number of Units 170  Vacancy Rate 5%  Monthly Rent $1,000  Operating Expenses $750,000  Collection Loss 3 %  Debt Service $360,000  Calculate on an Annual Basis: (There are no negative numbers in this answer)  a. What is the Potential Gross Income (PGI)?  b. What is the Effective Gross Income (EGI)?  c. What is the Net Operating Income (NOI)?  d. What is the Before Tax Cash Flow (BTCF)?  e. Utilizing a capitalization rate of 8.5%, what is the estimated value of the property?    Please provide the proper keystrokes for the BAII Plus Professional and Qualifier Plus IIIfx calculators.  Thank you!

Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Bothpartners worked in the business during the year.3. The annual allowance was $450,000.4. The partners agreed to dispose of an old pick-up truck with a net book value of $350,000for $400,000. The pick-up had a tax written down value of $300,000.5. Donations of $60,000 were made to a local political party to fund its campaign. Theremainder was donated to an approved local children’s home.6. The partners could not determine if all…

Company C had the following investment. Help them determine the financial statement implications of the investment. Tax rate Estimated tax payment 21% 21,000 Investment cost and ending fair values for 20X1 and 20X2: 20X1 20X2 Cost Fair value Total gain 100,000 110,000 10,000 100,000 134,000 34,000 20X1 income statement information: Sales Expenses 1,670,200 1,536,600 Assuming the investement is short-term, what is the deferred taxes payable on the 20X1 balance sheet?

Problem 5-18 (PHILCPA Adapted) P80,000. Recoveries Credit sales Writeoffs 260,000 295,000 300,000 310,000 22,000 37,000 36,000 40,000 2017 11,100,000 12,250,000 14,650,000 15,000,000 2018 2019 2020 The collections from customers during 2020 totaled P14,000,000, excluding recoveries. Doubtful accounts are provided for as a percentage of credit sales. The entity calculated the percentage annually by using the experience of the three years prior to the current year. 1. What amount should be reported as doubtful accounts expense for 2020? a. 310,000 b. 300,000 c. 222,000 d. 378,000 2. What amount should be reported as allowance for doubtful accounts on December 31, 2020? a. 110,000 b. 378,000 c. 300,000 d. 478,000 im 3. What is the net realizable value of accounts receivable on December 31, 2020? a. 2,650,000 b. 2,690,000 c. 2,760,000 d. 2,800,000 158

Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $525,000 Net sales Sales discounts Salaries expense 221,000 Utilities expense $950,000 125,000 20,000 Advertising expense 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. Calculate gross profit ratio (round to one decimal place).

Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of goods available for sale 2, 480 Operating expenses 830 Effective tax rate 20% Ending inventories: If LIFO is elected 940 If FIFO is elected 1, 150 What is Nu's net income if it elects LIFO? Multiple Choice $800 $ 640 $472 $590

Calculate the net income after corporate income tax is paid for Quarter 1 from the following income statement. Use a corporate income tax rate of 21%. Q1 (x1000) Q2(x1000) Net Sales 115 125 COGS (30) (31) Gross Profit 85 94 Overhead (32) (41) Pre-tax Income 53 53 Net Income = $[?] Multiply your result by 1000 before entering. For example: 1.23 (x1000) = $1,230. %3D Enter Copyright 2003 - 2021 Acellus Corporation. All Rights Reserved,

Locker Rent 3500 Income from Government securities 2274 Interest on deposits 473 Transfer fees received 576 Rent and Lighting 767 From the above information Total Non-Interest income will be: a. OMR 5790 b. OMR 6350 c. OMR 6530 d. OMR 7590

Income Statement Balance Sheet Current Current Sales $9,300 $ 4,050 $ 2,625 assets liabilities Long-term debt Costs 6,550 Fixed assets 9,300 4,190 Taxable $2,750 Equity 6,535 income Taxes (22%) 605 Total $13,350 Total $13,350 Net income $ 2,145 Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 44 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 17 percent. What is the external financing needed? External financing needed

Extra Credit Problem These items are taken from the 2020 trial balance of Suarez Inc. (Assume no taxes): 70,000 Accounts payable Sales Revenue 535,000 Unearned Revenue 15,000 75,000 Salaries expense Common Stock Land 239,000 260,000 Inventory 75,000 Cost of goods sold 420,000 Retained earnings (beginning) 113,000 Advertising expense 15,000 Accounts receivable 90,000 Prepaid insurance expense 5,000 Notes payable (due 2024) 20,000 Insurance expense 5,000 Cash 45,000 Interest expense 2,000 Other revenue from Investments 8,000 Dividends 8,000 Required: In an excel spreadsheet: a. Use an excel spreadsheet and prepare a multi-step income statement (Exhibit 3.1 in book an example), statement of stockholders' equity (Exhibit 1-4 an example), and a classified balance sheet (Exhibit 2.8 in book as an example) for December 31, 2020 for Suarez Inc. (Points will be awarded for neatness and format). [Hint: First prepare the income statement because the net income carries to the statement of…

10.  Nu Company reported the following pretax data for its first year of operations.          Net sales   2,800   Cost of goods available for sale   2,500   Operating expenses   880   Effective tax rate   25 % Ending inventories:       If LIFO is elected   820   If FIFO is elected   1,060     What is Nu's net income if it elects FIFO?   a. 480 b. 360 c. 1360 d. 180

Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($ in 000) Net sales $5,281,954 Costs and expenses Cost of products sold Marketing, administrative, and other expenses Interest expense 4,765,505 193,147 17,143 54,529 Other, net Total expenses before taxes Earnings before income taxes 5,030,324 251,630 (52,842) 198,788 3,046,660 (100,000) Provision for income taxes Net income Retained earnings at 1/1/20X1 Dividends on common stock Retained earnings at 12/31/20X1 $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a…

The most recent financial statements for Assouad, Incorporated, are shown here: Income Statement Sales Costs Taxable income Taxes (24%) Net income $ 3,500 2,500 $1,000 240 $760 Multiple Choice What is the external financing needed $1,730.00 $905.00 Current assets Fixed assets $1,472.50 Total $1,522.50 Balance Sheet Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 40 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 25 percent. $ 3,900 5,300 $ 9,200 Current liabilities Long-term debt Equity Total $ 830 3,620 4,750 $ 9,200 X

s Co. has a pretax profit of P2,000,000. The income tax rate 20% There were no temporary differences at the start of the vear. The only temporary differences at year-end relate to the following: Carrying amount Таx base Trade receivables 1,000,000 Equipment, net. Accrued expenses 2,000,000 1,200,000 400,000 Requirements: Compute for the following: a. Deferred tax liability and deferred tax asset b. Income tax expense and current tax expense c. Deferred tax expense/benefit d. Provide the journal entry.

ACCY 6833 FALL 2015 QUESTION # 1: Eastern and Western Universities offer executive training courses to corporate clients. Eastern pays its instructors $5,985 per course taught. Western pays its instructors $285 per student enrolled in the class. Both universities charge executives a $370 tuition fee per course attended. Part A. Prepare income statements for Eastern and Western, assuming that 21 students attend a course. University Eastern Western Tuition revenue $ $ Total cost of instruction Net income (loss) $ $ Part B Eastern University embarks on a strategy to entice students from Western University by lowering its tuition to $200 per course. Prepare an income statement for Eastern, assuming that the university is successful and enrolls 42 students in its course. University Eastern Tuition revenue $ Total cost of instruction (fixed) Net income (loss) $ Part C. Western University embarks on a strategy to entice students from Eastern University by lowering its tuition…

revenue $878,412.00     general & administrative expense $352,666.00     depreciation expense $131,455.00     leasing expense $108,195.00     interest expense $78,122.00                     if average tax rate is 3.4%, what is its net income after taxes?

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? (Round your answer to the nearest whole percentage.) 990 $ $1,250

Calculate the net commission from the following information: Particulars OMR Particulars OMR Salary 12,000 Commission on 30,000 reinsurance ceded Commission on direct 85,000 Commission on 15,000 business reinsurance business Net Commission OMR 82,000 OMR 70,000 OMR 112,000 OMR 100,000

Revenues 800,000Income from continuing operations 100,000Comprehensive income 120,000Net income 90,000 Income from operations 220,000Selling and administrative expenses 500,000Income before income tax 200,000Required: Calculate the following: i. Other income and expenses ii. Financing costs iii. Income tax iv. Discontinued operations v. Other comprehensive income

REVIEW: Use the following to answer questions 28 – 32 T&JR Corp reports the following income statement results: Gross profit $338,000 Interest expense 6,000 15,000 Sales discounts Net Sales 789,000 Operating expense 214,300| Effective tax rate 20% 28. $ Calculate Sales. 29. $ Calculate Income before Income tax (IBT). 30. $ Calculate net income. 31. % Calculate the gross profit margin (one decimal place) 32. % Calculate the profit margin (two decimal places)

4. Non-Profit Conceras: The following is the receipts and payments account of Insanint Welfare Society for the year ended on December 31, 2020. Rs. Rs. 9,000 20,000 Receipts Payments Utilities Expenses Free Supply of ration General Expenses Opening Balance 10,000 Rent Revenue 50,000 Donations 40,000 12,000 10,000 Salary Expenses Other Revenues 18,000 Furniture 10,000 Additional information. ) Prepaid Salaries Rs. 3,000 lI) Unearned Rent Rs. 5,000 ili) Utilities Payable Rs. 4,000 iv) Depreciation on furniture Rs. 1,000 Required: Prepare an Income and Expenditure account for the year ended on December 31, 2020.

The following extracts of the financial statements of Wiggo have been obtained: Revenue $980,000 ($530,000) ($210,000) Cost of sales Operating expenses Equity $600,000 Loan $300,000 Deferred tax $44,000 Payables $46,000 What is the return on capital employed of Wiggo? A 24.2% В 25.4% C 26.7% D 50%