Part One DaYs Sales Outstanding Data: 2018: 26.05 2019: 32.25 2020: 29.69 2021:36.43 2022: 35.05 Based on your analysis from Part One, which of the following transactions and events would result in
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Part One DaYs Sales Outstanding Data:
2018: 26.05
2019: 32.25
2020: 29.69
2021:36.43
2022: 35.05
Based on your analysis from Part One, which of the following transactions and events would result in an improvement in Days Sales Outstanding in year 2022?
A) recognising the impairment of plant & equipment
B) the recognition of income tax expense owing at the end of the period
C) recognising the increase in market value of land
D) A and B only
E) A and C only
F) B and C only
G) All of the above
H) None of the above
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- Asset Efficiency Ratios Rumsford Inc.s financial statements for 2019 indicate the following account balances: Required: 1. Using this information, calculate Rumsfords receivable turnover ratio. (Note: Round to two decimal places.) 2. Using this information, calculate Rumsfords asset turnover ratio and also convert the ratio into days.Intel-period Tax Allocation Chris Green, CPA, is auditing Rayne Co.s 2019 financial statements. For the year ended December 31, 2019, Rayne is applying GAAP for income taxes. Raynes controller, Dunn, has prepared a schedule of all differences between financial statement and income tax return income. Dunn believes that as a result of pending legislation, the enacted tax rate at December 31, 2019, will be increased for 2020. Dunn is uncertain which differences to include and which rates to apply in computing deferred taxes. Dunn has requested an overview of GAAP from Green. Required: Prepare a brief memo to Dunn from Green that identifies the objectives of accounting for income taxes, defines temporary differences, explains how to measure deferred tax assets and liabilities, and explains how to measure deferred income tax expense or benefit.View Policies Current Attempt in Progress Important information needed to determine if companies can pay their current obligations is the O profit for this year. O relationship between current assets and current liabilities. O projected profit for next year. O relationship between current and non-current liabilities. eTextbook and Media Save for Later Attempts: 0 of 1 used Submit Answer
- Module pute Net Operating Profit after Tax Refer to the balance sheet information below for Home Depot. Feb. 3, 2019 Jan. 28, 2018 $35,891 $34,794 1,511 3,056 $37,402 $37,850 $14,177 $13,640 24,822 22,974 $38,999 $36,614 Operating assets Nonoperating assets Total assets $ millions Operating liabilities Nonoperating liabilities Total liabilities Net sales Operating expense before tax Net operating profit before tax (NOPBT) Other expense Income before tax Tax expense Net income Assume a statutory tax rate of 22%. a. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = Net income + NNE Net income NNE NOPAT $ 9,453 $ $ $91,973 78,772 13,201 828 12,373 2,920 $9,453 7,361 * $ 16814 b. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = NOPBT - Tax on operating profit NOPBT Tax on operating profit 7,361 * $ 10,296.78 x $ NOPAT -2936Part One: 2018: 31.57% 2019: 24.88% 2020: 25.53% 2021:15.09% 2022:16.03% Based on your analysis from Part One, which of the following transactions and events would result in a deterioration in Return on Equity in year 2020? A) the cash sale of a non-current asset for a profit B) a payment of income tax owing from the previous period C) recognising the impairment of plant & equipment D) A and B only E) A and C only F) B and C only G) All of the above H) None of the abovetudent question Time to preview question: 00:09:07 Company is subject to an income tax rate of 30%. It has the provided the following data on December 31, 2021: Income Statement Items for 2021: Net sales P3,600,000Cost of goods sold 1,100,000Operating expenses including depreciation 840,000Depreciation expense 60,000Interest expense 100,000Income tax expense ? Other information for 2021: Payment of bank loan 300,000 Dividends paid to stockholders P250,000 Balance Sheet Items December 31, 2021 December 31, 2020Cash and cash equivalents 2,000,000 P1,750,000Accounts receivable 670,000 410,000Inventory 430,000 220,000Supplies 18,000 12,000Accounts payable 520,000 380,000Accrued liabilities 72,000 53,000Property and equipment, net 1,700,000 2,100,000Loans payable 1,000,000 1,500,000Share capital 1,000,000 1,000,000Retained earnings ? ? Based on the above, answer the following questions for 2021: (Round answers to whole numbers for monetary amounts while for percentages,…
- how much is the revaluation deficit/impairment loss to be recognized on the income statement as of dec. 31, 2023STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31 2020 2019 2018 Turnover 373,578 424,486 456,300 Cost of sales (253,604) (254,210) (198,900) Gross profit 119,974 170,276 257,400 Impairment of financial assets (2,477) (1,800) (5,400) Distribution costs (87,036) (91,309) (96,100) Administrative expenses (32,556) (50,656) (67,200) Other operating income 2,369 10,039 3,500 Operating profit 274 36,550 92,200 Finance income 2,594 4,949 7,200 Finance costs (2,069) (2,765) (3,400) Profit before income tax 799 38,734 96,000 Income tax expense (285) (13,718) (15,450) Profit for the year 514 25,016 80,550 Other comprehensive income - - - Total comprehensive income 514 25,016 80,550 Table 1 Source (Author, 2022) CLOUD 9 LTD STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31 Non-current…View Policies Current Attempt in Progress Crane Company gives you the following information pertaining to the year 2020. Net sales $860160 Cost of goods sold 484000 Current assets 497000 Current liabilities 254000 Average total assets 1024000 Total liabilities 549000 Net income 135000 The asset turnover ratio of Crane Company is O 0.13. O 1.19. O 0.47. O 0.84. Save for Later Attempts: 0 of 1 used
- 1-What will be the net income? a. 72000 b. 56000 c. 16000 d. 338000 Clear my choice Question 43 Not yet answered Marked out of 1.00 Flag question Question text What will be the Gross Profit at the end of the year December 2019 a. OMR 56000 b. OMR 16000 c. OMR 338,000 d. OMR 336,000 2-What is the Gross Margin in terms of Percentage? a. 16.66 b. 16.56 c. Cannot be determined d. 20.66 3-What will be the total operating expense? a. 21500 b. 53200 c. 41200 d. 19700 4-What will be the total Selling and distribution expense? a. 41200 b. 19700 c. 14800 d. 17200Question 8 The Sleazy Corporation prepared the following statement of income and comparative statements of financial position for 2023. SLEAZY CORPORATION Income Statement For the Year Ended 31 January 2023 Sales Less: Cost of Goods Sold Gross Profit Less: Depreciation expense Other operating expenses Plus: Gain on Sale of Equipment Income Before Taxes Income Taxes Net Income SLEAZY CORPORATION Statement of Financial Position At January 31 Assets Cash Accounts Receivable Temporary Investments Merchandise Inventory Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Liabilities and Shareholders' Equity Accounts Payable Other Accrued Payables Bonds Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity $840,000 385,000 455,000 68,600 85,400 49,000 350,000 70,000 $280,000 ======= 2023 $ 14,000 89,600 35,000 336,000 350,000 (75,600) $749,000 ======== $ 70,000 49,000 140,000 210,000 280,000 $749,000 ======== 2022 $ 12,600 77,000 35,000…Question 2 Selected ratios of Company X are shown below: Inventory turnover Days' sales uncollected Days' purchases in accounts payable Total asset turnover Equity ratio Times interest earned 2021 5.3 32.4 21.0 2.6 0.8 N.A. 2020 7.1 18.3 20.0 2.5 0.8 N.A. Using the financial ratios provided, analyse the performance of Company X in 2021 compared to the previous year.
