SOURCES OF FUNDS Share Capital Reserves and Surplus Loan Funds Balance Sheet of a Company as at 31st December This Year Last Year APPLICATION OF FUNDS Fixed Assets (Net) 10 10 Current Assets: 70 10 30 60 100 90 - Stocks -Debtors - Cash and Bank balances -Other Current Assets Total Current Assets Less: Current Liabilities Net Current Assets Sales for this year and last year were *270 Lakhs and *300 Lakhs respectively. This Year 30 (in lakhs) Last Year 30 30 30 10 30 100 (30) 70 100 20 30 20 10 80 (20) 60 90
Q: Stag, a public limited company, is preparing its financial statements for the year ending 31…
A: For the relocation of the office premises, Stag should recognize a provision for the future lease…
Q: You are interviewing for an accountant position with Smith Industries. There are several candidates,…
A: A job costing system is a method of accounting used by the business that determines the cost…
Q: O O $48,800 $85,000 $86,000 $118,800
A: Companies operate businesses to earn profit. To know how much profit is earned by the company for a…
Q: Exercise 3: On 2 January 2014 Tokyo Co. lease large equipment from China Co. for four year at annual…
A: Lets understand the basics. Lease is having two types. (1) Operating lease (2) Finance lease…
Q: Jess Company incurred the following R&D costs during the year: Equipment purchased for current and…
A: Research and Development costs are costs incurred directly in connection with the research and…
Q: Z Company plans to discontinue a department with the following average monthly operating results:…
A: Lets understand the basics. In cost accounting, management needs to choose between various…
Q: M&W business enterprise is selling beverages at Posta in Dar-es-salaam. Its main expenses rent and…
A: Prepaid assets are those assets for which expenses has been paid in advance, but will be incurred…
Q: Marlo Enterprises produces radon mitigation pumps. Information pertaining to the company's monthly…
A: A company's ability to use people in accordance with expectations is evaluated by the labor…
Q: Chris LeBlanc estimates that if he does 4.5 hours of research using data that will cost $175.00,…
A: Expected return It is the profit or loss that an investor estimates on an investment that has known…
Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…
A: The question is based on the concept of Cost Accounting. The valuation of the inventory is made in…
Q: Product costs that have become expenses can be found in: Multiple Choice cost of goods sold. period…
A: Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This…
Q: The accountant for Scott Industries prepared the following list of account balances from the…
A: The sum of a person's or organization's assets is their total assets. Assets are items having…
Q: If it takes 3 units of raw material to make one unit of a product and the cost per unit of raw…
A: Raw materials: This includes the unfinished materials or substances that are being used by the…
Q: Following the February bank reconciliation, the accountant made the following entry in the journal…
A: NSF check is basically concerned with bank reconciliation statements and it is prepared at a…
Q: From the following annual statements of a Company, calculate the following accounting ratios - (a)…
A: Accounting ratio is the comparison of two or more financial data which are used for analyzing the…
Q: Q2. Provide an example of each title here and then record the journal entries. Following the first…
A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…
Q: What is the effect of bad debts on revenue recognition? a. Bad debts must be of a remote likelihood…
A: As per IAS/IFRS 15 Revenue From contract with customers, A Bad debt is an uncollectible accounts…
Q: On January 1, 20X1, Toy inc. Issued $500,000 of convertible bonds. The bonds mature on December 31,…
A: Journal entries, the initial stage of the accounting cycle, are used to record every business…
Q: Required: a. Assuming TOPP maintains its current income level and achieves the expected income from…
A: Lets understand the basics. When expansion is made then it can be done either using equity or debt.…
Q: Q3. From the information given, prepare a statement of retained earnings. | ABC corporation had an…
A: Net income :— It is the difference between total revenue and total expenses. Statement of…
Q: a. Calculate assessable income, including deemed income.
A: Assessable income is income that you pay tax on, if you earn enough to exceed the tax-free…
Q: Let's assume that you're thinking about buying stock in West Coast Electronics. So far in your…
A: To find the expected return using the internal rate of return (IRR) approach, you would need to…
Q: 1. On reporting date, they are measured at market value. 2. Initially measured at purchase price,…
A: An equity investment is money that is put into a business by buying stock in it on the stock…
Q: Almaraz Corporation has two manufacturing departments--Forming and Finishing. The company used the…
A: Plantwide Predetermined manufacturing overhead rate is the amount of predetermined overhead rate…
Q: Assume the perpetual Inventory system is used. 1) Green Company purchased merchandise Inventory that…
A: Gross Margin An amount of margin determines after taking into the difference between sales revenue…
Q: Prepare a Trial Balance The following balances were taken from the general ledger of Howser…
A: A calculation known as a trial balance is carried out after a series of accounting transactions have…
Q: A company began the accounting period with $50,000 in owner’s capital, ended with $75,000 in owner’s…
A: Net income represents the overall profitability of a company after all expenses and costs have been…
Q: Snavely, Incorporated, manufactures and sells two products: Product E1 and Product A7. Data…
A: Total overhead applied includes the overhead cost related to labour, machine setups and order size…
Q: Z Company produces three (3) products, X, Y, and Z. One machine is used to produce the three…
A: When there are multiple products but only one key factor :— Step 1 :— Rank the product on the basis…
Q: S pard account. 4. Cheques from debtors for Sh. 43,275 deposited by Johnson on 29th March were…
A: Before making any amendment one should remember that usually two types of transactions are recorded…
Q: Seatle Company provided the following balances at the end of 2022: Wasting asset at cost…
A: The company issue share to the public, public purchases them and gives money to the company. The…
Q: Millo Clothing experienced the following events during Year 1, its first year of operation: 1.…
A: The question is based on the concept of Financial Accounting. Journal entries is the first step in…
Q: annualized rate of return
A: Annualized rate of return is actually the return rate that you derive from a given investment in a…
Q: Q3. On 31/12/2020, the following balances appeared in the trial balance of Al Ghanim Company Prepaid…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: The following information has been collected from two London-based companies. The accounts are drawn…
A: Lets understand the basics. Current ratio indicates firms abilities to pay its short term…
Q: Zandro has the following items of income earned during the taxable year: Income earned in the…
A: If Zandro is a resident citizen, he is subject to Philippine income tax on all his income earned…
Q: The following transactions incurred by a National Government Agency during the period of FY 2021:…
A: The net financial assistance or subsidy for the period in the statement of financial performance can…
Q: Required information Problem 10-2A (Algo) Record equity transactions and indicate the effect on the…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Sonny, who invested P15,500 had P19,900 returned to him 4 years and 4 months later. At what rate of…
A: Time Value of Money :— According to this concept, value of money in present day is greater than the…
Q: Handerson Corporation makes a product with the following standard costs: Direct materials Direct…
A: Overhead rate variance is determined by multiplying the difference between the actual and budgeted…
Q: Cost-volume-profit analysis is used to make many decisions, including product pricing and…
A: The cost volume profit analysis is used to assess how the firm’s profit is affected if there is a…
Q: With the estimates shown below, Sarah needs to determine the trade-in (replacement) value of machine…
A: calculation of replacement cost are as folows
Q: Linda, age 58, contributed $3,000 to her traditional IRA in 2022. If her permitted Roth IRA…
A: Traditional IRA The traditional IRA is an individual retirement plan that provides participants with…
Q: tax due
A: VAT is actually a tax imposed on an entity or a person who, in due course of his/its business or…
Q: Z Company sells three (3) products, A, B, and C. The company is considering to discontinue the…
A: Given information Particulars A B C Total Sale price per unit 5 7 9 21 Variable Cost per Unit…
Q: An investor estimates that next year's sales for Dursley's Hotels, Inc., should amount to about…
A: a. The estimated net earnings for next year is calculated by multiplying the sales by the net profit…
Q: During 2018, Beta Ltd incurred expenses of £250 and earned a net profit of £50. Retained profits on…
A: Income Statement :— It is one of the financial statement that shows profitability of company during…
Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…
A: Cost of goods sold The amount spent by company in manufacturing a product is referred to as the cost…
Q: In your honest opinion, do you find Income Taxation subject relevant or useful to your current…
A: Income taxation is extremely relevant to management accounting and my desired career. As a manager,…
Q: Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and…
A: Manufacturing Process Raw ingredients are transformed to FG during this procedure (finished goods).…
The Balance Sheet abstract of a Company for two years are given below. You are required to –
1. Calculate, for the last year Debt-Equity Ratio, Quick Ratio, and
and
2. Sales Volume required to maintain the same Working Capital Turnover Ratio in last year.
Step by step
Solved in 2 steps
- The following information relates to Basic Lid. for the year ended 31" December 2021: Net working capital RO. 1.200.000 Fixed assets to proprietor's fund ratio 0.75 Working capital turnover ratio 5 timeg Return on Equity 15% Current liabilities RO. 400.000 Long term Debts 0 You are required to calculate: Proprietor's funds Fixed Assets Current assets Net profit ratio Current ratioCategory Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year ??? ??? 320,715 397,400 40,500 33,750 500,000 541,650 17,500 47,500 94,000 105,000 328,500 431,876.00 33,750 35,000 54,000 54,402.00 40,500 42,823.00 279,000 288,000 339,660.00 398,369.00 946,535 999,000 148,500 162,000 126,000 162,881.00 306,000 342,000 639,000 847,928.00 24,750 47,224.00 What is the current year's return on assets (ROA)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))Seminole Corporation reported the following items at December 31, 2021, and 2020: (Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2021. (Abbreviation used: Cash* = Cash and cash equivalents. Round your final answer to two decimal places.) Cash* + Short-term investments + Net current receivables + Total current liabilities = Quick (acid-test) ratio $ Seminole's quick (acid-test) ratio is considered fairly weak. (b) Select the formula and calculate Seminole's days' sales outstanding for 2021. (Round interim calculations to two decimal places, XX.XX. Round the days' sales outstanding up to the next whole day.) Accounts receivable turnover = + Days' sales outstanding Seminole's days'…
- Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 428,571.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,035.00 Interest expense 40,500 42,155.00 Inventories 279,000 288,000 Long-term debt 339,577.00 401,377.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,171.00 Retained earnings 306,000 342,000 Sales 639,000 849,094.00 Taxes 24,750 47,192.00 What is the current year's entry for long-term debt on a common-sized balance sheet? (ROUND TO 4 DECIMAL PLACES.)Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year 3,106.00 5,972.00 6,919.00 8,940.00 5,691.00 6,099.00 20,212.00 13,343.00 ??? ??? 2,850 18,751.00 500 2,850 22,826.00 500 965.00 1,016.00 1,259.00 1,123.00 3,086.00 6,750.00 16,982.00 22,296.00 75,731.00 73,844.00 4,053.00 6,596.00 19,950 20,000 35,937.00 34,762.00 46,360 45,530.00 350 920 What is the firm's cash flow from operations? Submit Answer format: Number: Round to: 0 decimal places.Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,139.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,349.00 Interest expense 40,500 41,741.00 Inventories 279,000 288,000 Long-term debt 337,728.00 398,725.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,280.00 Retained earnings 306,000 342,000 Sales 639,000 847,106.00 Taxes 24,750 48,618.00 What is the current year's return on assets (ROA)? (Round to 4 decimal places.)
- Category Prior Year Current Year Accounts payable ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,516.41 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,946.66 Interest expense 40,500 41,874.31 Inventories 279,000 288,000 Long-term debt 336,467.85 401,942.46 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,499.58 Retained earnings 306,000 342,000 Sales 639,000 854,554.01 Taxes 24,750 48,384.56 ??? What is the current year's return on equity (ROE)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign re rounded to 4 decimal places (ex: 0.0924))The summarized balance sheet of WIPRO Itd forthe year ended 31/03/2020 and 31/03/2021 are given below. Prepare funds flow statement. Liabilities Equity share capital General Reserve Pro fit&loss a/c Sundry Creditor Provision for Tax 2020 5,00,000 2,00,000 40,000 1,58,000 45,000 2021 Assets 2020 2021 Land & Building 6,00,000 2,20,000 1,32,000 1,72,000 30,000 1,80,000 Plant and Machinery 2,10,000 80,000 2,00,000 1,70,000 1,03,000 9,43,000 3,00,000 2,76,000 95,000 1,90,000 1,95,000 98,000 11,54,000 Other fixed Assets Stock Debtors Cash at bank Total 9,43,000 The following adjustment the company faces during the year. 11,54,000 Total Dividend Rs. 30,000 was paid during the year. An old machinery costing 1,20.000 was sold for 1,00,000 and the depreciation Rs 50,000.Fiscal Year Ended Make-ThemCorporation Consolidated Balance Sheet (in thousands except share data) Current assets: Cash and cash equivalents Accounts receivable, net Inventories Prepaid expenses and other current assets Deferred income taxes, net Total current assets Property, plant and equipment, net Other assets TOTAL ASSETS Current liabilities: Accounts payable Accrued compensation and related costs Accrued taxes Current portion of long-term debt ASSETS Total current liabilities Long-term debt $ LIABILITIES AND SHAREHOLDERS' EQUITY Total liabilities Shareholders' equity: Common stock ($0.1 par value)-authorized, 4,000,000 shares; issued and outstanding, 3,500,000. Paid-in capital in excess of par Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Dec. 31, 2008 $ S $ 369 58 489 107 43 1,066 5,137 1,168 7,371 429 104 132 89 754 2,630 3,384 **** 2,415 1,222 3,987 7,371 $ $ S Dec. 31, 2007 Assume the following information for both years: Net Profit…
- Category. Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 429,735.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,152.00 Interest expense 40,500 42,662.00 Inventories 279,000 288,000 Long-term debt 339,349.00 400,985.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,641.00 Retained earnings 306,000 342,000 Sales 639,000 848,846.00 Тахes 24,750 47,931.00Given the following Year 9 selected balance sheet data: Assets Cash on Hand Total Current Assets Total Fixed Asset Investments Total Assets Liabilities and Shareholder Equity Accounts Payable Overdraft Loan Payable 1-Year Bank Loan Payable Current Portion of Long-Term Loans $116,000 235,000 230,000 $465,000 $ 56,000 0 0 17,000 Total Current Liabilities 73,000 Long-Term Bank Loans 46,000 Total Liabilities 119,000 Year 8 Year 9 Shareholder Equity: Balance Change Common Stock (at a par value of $0.50 per share 10,050 0 10,050 Additional Capital 81,500 0 81,500 Retained Earnings Total Shareholder Equity Total Liabilities and Shareholder Equity 162,450 92,000 254,450 254,000 +92,000 346,000 $465,000 Based on the above figures and the definition of the debt:equity percentages (or debt%:equity%) presented in the Help section for p. 5 of the Camera and Drone Journal, the company's debt:equity percentages (rounded to the nearest whole percentage--like 25% and 75%) and its current ratio areThe comparative accounts payable and long-term debt balances for a company follow. Current Year Previous YearAccounts payable $111,000 $100,000Long-term debt 132,680 124,000Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis?