Net Income and Retained Earning:
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- Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPSIndicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. A fixed asset is sold for more than book value.Use the following information for the next two questions:The following items were presented for the purpose of determining comprehensive income. Profit for the year 2,000Increase in revaluation surplus 1,000Remeasurements of the net defined benefit liability (asset) - loss (200)Net change in translation of foreign operation (400)Dividends declared (100)Stock rights 300 a. How much is the other comprehensive income?b. How much is the total comprehensive income?
- Problem 12-23 (Algorithmic) (LO. 5, 6) Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 30% Zebra shareholder throughout the year. Sales $135,000 Cost of goods sold (54,000) Depreciation expense (MACRS) (13,500) Administrative expenses (6,750) §1231 gain 21,000 Depreciation recapture income 28,500 Short-term capital loss from stock sale (6,500) Long-term capital loss from stock sale (5,500) Long-term capital gain from stock sale 17,000 Charitable contributions (5,800)The calculation of earnings and profits is used primarily to determine, which of the following: O a. if there is a return of basis O b. long term gain C. amount of the dividends O d. taxability of future distributions O e. taxability of dividendsRetained profit from the statement of comprehensive income is________. Select one: a. subtracted from reserves in the statement of financial position b. added to reserves in the statement of financial position c. carried forward to form part of the trading profit for the next year d. shown as an asset in the statement of financial position
- When do we use the Income Summary Account? O A. At the beginning of the financial year to close net income/net loss В. At the end of the financial year to close net income/ net loss C. At the end of the financial year to close gain/loss O D. At the beginning of the financial year to close gain/lossRequired: (a) You are required to calculate the following ratios:(i) Gross profit margin(ii) Operating profit margin(iii) Expenses to sales(iv) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest cover (b) In light of your calculations comment on the performance of the company over thelast two years.is there any chance these other calculcations could be done please? thank you :) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest cover
- On the multiple-step income statement, which of the following would be the least likely to be found in the section often described as "Other Revenues and Expenses" (or "Other Income and Losses)? a. Dividend revenue b. Interest expense c. Gains or losses on the sale of a long-term asset d. Interest revenue e. Income tax expenseWhich should be subtracted from the net income when using the indirectmethod? A. Loss on sale of investmentB. Amortization of patentC. Increase in accounts receivableD. Increase in accounts payableThe equity method of accounting for investments requires a.the investment to be increased by the reported net income of the investee b.the investment to be reported at its original cost c.a year-end adjustment to revalue the stock to lower of cost or market d.the investment to be increased by the dividends paid by the investee