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A scrambled list of accounts from the income statement and
What is the retained earning?
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- Current Asset Current Liabilities COGS Inventory Total Liabilities Total Assets Net Sales Operating Income Gross Profit EBIT EBT Cash Flow Operation Retained Earning Owner's Equity 2018 80,073,836 26,882,064 51,678,144 14,854,944 80,133,248 124,776,768 160,099,728 75,249,200 108,421,584 56,436,900 45,149,520 49,716,192 28,967,893 44,643,520 2017 54,919,520 13,083,840 35,379,840 9,575,808 64,875,200 100,945,824 98,157,888 32,775,808 62,778,048 24,581,856 19,665,485 26,781,248 29,361,440 36,070,624Data Table al staten þund he Inventory 6,480 sheet for b) as par Common stock 44,920 Cash 16,500 your an Operating expenses 1,340 Short-term notes payable 620 Interest expense 950 d to the n Depreciation expense 490 sheet for Sales 12,710 Accounts receivable 9,620 om the di Accounts payable 4,820 Long-term debt 54,710 Cost of goods sold 5,770 Buildings and equipment 122,190 Accumulated depreciation 34,120 Taxes 1,400 General and administrative expense 840 $ Done nple %24Operating profit 43-7 Sales revenue 910-4 Share capital and reserves 182-3 Long-term borrowing 77-9 Inventory 46-2 Receivables 97-8 Payables 51:3 Calculate the following: GReturn on Cepitatemployest (i Assetturnover (ii) Current ratio (iv) Acid test (quick) ratio
- Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.Determine net income for Kein using the following information. Accumulated depreciation S140,000 Beginning inventory Ending inventory Expenses Net purchases S500,000 S220,000 $167,000 $450,000 Net sales $950,000 a. $527,000 b. $53.000 c. $387.000 d. S85.000need formula for cost of goods sold CURRENT ASSETS Cash and cash equivalents $ 607,987 $ 480,626 Accounts receivable, net 104,500 80,545 Inventory 26,445 26,096 Prepaid expenses and other current assets 54,906 57,076 Income tax receivable 282,783 27,705 Investments 343,616 400,156 Total current assets 1,420,237 1,072,204 Leasehold improvements, property and equipment, net 1,584,311 1,458,690 Long term investments 102,328 0 Restricted cash 27,849 27,855 Operating lease assets 2,767,185 2,505,466 Other assets 59,047 18,450 Goodwill 21,939 21,939 Total assets 5,982,896 5,104,604 Current liabilities: Accounts payable 121,990 115,816 Accrued payroll and benefits 203,054 126,600 Accrued liabilities 164,649 155,843 Unearned revenue 127,750 95,195 Current operating lease liabilities 204,756 173,139 Total current liabilities 822,199 666,593 Commitments and contingencies (Note 12) Long-term operating lease liabilities 2,952,296…
- ACCOUNT TITLES DEBIT CREDIT 160,000 304,000 358,500 817,300 Patent Prepaid rent expense Raw materials inventory Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities- FVPL Machinery and equipment Accumulated depreciation- machinery and equipment 435,100 525,910 6,200,500 1,860,150 227,350 56,280 Accounts receivables Goods in process inventory Bonds payable- at fair value 350,100 Bonds payable 1,200,000 748,950 8,450,000 Investment in debt securities- FVOCI Land Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 96,000 3,714,024 Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation- building 1,730,540 5,145,000 1,029,000 Direct labor 813,900 Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL Unrealized loss on investment in equity securities- FVPL Finished goods…How much is the total inventory to be reported in the statement of financial position? A. 870,000 B. 866,000 C. 926,000 D. 930,000Inventory $5000. Net Fixed Asset-50000 Accounts rec=$800 Cash= 1000 Accts payable=4500 How much is total current assets?
- The estimated inventory amount is: A. P720,000 B. P600,000 C. P784,000 D. P840,000 E. P550,000Assets Land Machinery Inventory Cash Total Statement of Financial Position BD 175,000 50,000 80,500 52.500 BD 358,000 Equity and Liabilities. Share Capital - Ordinary Retained Earnings Notes Payable Bonds Payable Total BD 115,000 133,000 20,000 90.000 BD 358,000 Euro and Aldi agreed that the fair value of inventory was BD85,000, land was BD210,000 and machinery was BD52,500. All other assets and liabilities' fair value amounts equal amounts reported on the statement of financial position. Euro paid BD400,000 cash to purchase Aldi. Required: 1) Prepare the journal entry for Euro Inc. to record the acquisition. 2) In December 31, 2022, assume that the carrying amount of net assets including goodwill is BD515,000. Prepare the necessary journal entry, given that the recoverable amount is BD490,000. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). RIUS Paranranh Arial 10nt A Activate WinQUESTION 1The following are extracts of the income statement and the statement of financial position forMorula Industries.STATEMENT OF INCOME FOR THE YEAR ENDED 31 DECEMBER 2019PulaSales 500,000Less Cost of sales:Opening inventory 120,000Purchases 415,000Cost of goods available for sale 535,000Closing inventory (115,000) (420,000)Gross profit 80,000Operating expenses (40,000)Net surplus for the year 40,000 STAMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019PulaCurrent assetsInventory 115,000Receivables 133,000Bank overdraft 124,000Current LiabilitiesPayables 96,000Capital and reservesShare capital 70,000General reserve 110,000Retained profit 110,000Additional Information The receivables and payables opening balances were P50, 000 each. All sales and purchases were made on credit.Required:a. Calculate the:i. Average payment period. ii. Average age of inventory. iii. Average collection period. iv. Cash conversion cycle. b. Explain five strategies that can improve the cash conversion…