Please help prepare Financial position and comprehensive income statement
Q: Direct Labor Budget for Service The School of Accounting (SOA) at State University is planning its…
A: preparation of direct labor budget in both situation are as follows
Q: Bunyon Lumber Company incurs a cost of $390 per hundred board feet (hbf) in processing certain…
A: The income statement shows the net income or net loss that is calculated by deducting the expenses…
Q: When you retire, a key goal is to be able replace about 80% of your pre-retirement income level.…
A: The answer is stated below:
Q: hool level assuming that the last contribution and his graduation will be held at the end of
A: Amount saved = 500Php twice a month Interest rate (i) = 8%/24 = 0.33% Kyle's mom saves twice every…
Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,0O00 shares of…
A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…
Q: Inflation affects the historical cost of an asset over time. TRUE OR FALSE.
A: Concept of historical cost of an Assets Concept of Impact of inflation on historical of cost of…
Q: Use the following information for Questions 1 a) and 1 b): a) At the beginning of the year, Juju…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On January 1, 2016, Indians Corporation bought a factory equipment for P924,000 salvage value was…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Cost of Goods Sold Budget Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic…
A: The budgeted total costs are calculated as number of units produced multiplied by budgeted cost per…
Q: What percentage of the intercompany gain on plant asset sale should be used to reduce consolidated…
A: Under the these stream transactions, unrealized loss on the transfer of non-current assets should…
Q: Which of the given options, is a limitation of financial reporting? (choose one answer only) a.…
A: Financial reporting is also written as financial results of the company. In simple, it is…
Q: Axis corporation has a balance of 300K on its retained earnings. During the year the company…
A: whenever company sale there is generation of profit. For generation of such profit their has to be…
Q: Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question…
A: Increase/(decrease) = Year 4 amount - Year 3 amount % change = Increase (decrease)/Year 3 amount
Q: The petty cash fund of ABC Corp consisted of the following: Currency and coins, P2,000 Employees…
A: Petty cash is a small amount of cash on hand that is used for paying small amounts owed, rather than…
Q: On June 30, 2017 Naruto Company sold to Sasuke Company P1,000,000, 8% 5 year term bonds. The bonds…
A: Carrying value of the bonds on December 31, 2017 = Issue price + Interest accrued - Interest paid
Q: Home Office put up a branch with initial investment of cash 400,000; and equipment 180,000, and…
A: Head office means from where the company mainly operate and all branches are controlled from that…
Q: Walrus Co. becomes a member of a partnership in 2021. Walrus Co. has a June year-end while the…
A: Financial year: It implies to a twelve month period that is used by corporates, government, and…
Q:
A: Total overhead variance = Actual manufacturing overhead costs - Standard manufacturing overhead…
Q: Tiger Drug Store carries a variety of health and beauty aids, including 500-count bottles of…
A: Solution:- 1)Preparation of a merchandise purchases budget in bottles of vitamins for as many…
Q: Cost of goods sold per record – 385,800 Inventory at year-end shall be carried at
A: The determination of value of inventory at year end is shown hereunder : We can determine the value…
Q: What is the total Tease liability (principal and interest) which Darwin Company should recognized in…
A: The fair value of the machinery was 4900000 as on January 1, 2020. Annual rental payment on January…
Q: Delray Leasing Company signs an agreement on January 1, 2020, to lease equipment to Swifty Company.…
A: Introduction Lease is an agreement between leaser and lessee in which leaser allows lessee to use…
Q: Rooney Company reported the following data regarding the product it sells: Sales price Contribution…
A: Introduction: Break even points: The level where there is no profit nor loss to the company for the…
Q: Juliet Company is in the business for leasing new sophisticated equipment. As lessor, Juliet Company…
A: Following information are summarized for calculation of required information: Commencement of lease…
Q: Deciding how much earnings to retain and how much to return to ordinary shareholders is a key part…
A: The wealth of a shareholder is the sum total of the earnings per share and the current market price…
Q: A computer, printer, and copier were purchased for a total price of Php 250,000 on August 1, 2013.…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Assume that Barb City acquires $2,000 of inventory on May 1, 2022, having held no inventory…
A: Calculation of closing stock = Opening stock + purchases - consumption = Closing stock
Q: Distinguish between tax avoidance and tax evasion.
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: How do cash dividends affect the realized rate of return from investing in shares of common stock
A: Cash dividends are distribution of profits earned by a company is cash. These are inflows for…
Q: On January 1, 2019, Heaven Company acquired 20% of the ordinary shares of an associate for…
A: GIVEN On January 1, 2019, Heaven Company acquired 20% of the ordinary shares of an associate for…
Q: Assume the following data for Mother Earth LLC: Unit Selling Price $ 230.00 Unit Variable…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: 1.2. KK Limited owns a property that is used as its head office in Pretoria. On 1st January 2020,…
A: Under the operating lease, the ownership rights of property remains with lessor, thus even after the…
Q: . is planning to introduce changes in its collection procedures. The new procedures are expected to…
A: Basic concept of Accounting
Q: Which of the following joumal entries would be recorded if a business makes a cash payment to a…
A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…
Q: At the beginning of the period, a company reports a balance in office supplies of $450. During the…
A: Introduction: Journals: Recording of each and every business transactions are to be recorded in…
Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,000 shares of…
A: The dividend is paid to the shareholders from the retained earnings of the business. The treasury…
Q: A wholly owned subsidiary declared dividend and half remains unpaid by the end of the year, which of…
A: A wholly owned subsidiary is a subsidiary in which parent company holds 100% equity. All income or…
Q: a. $40,000
A: Internal rate of return refers to the method of financial analysis for computing the profitability…
Q: Weekend Warriors, Inc., has 35% debt and 65% equity in its capital structure. The firm’s estimated…
A: Weighted average cost of capital is the overall cost of capital. It is calculating by multiplying…
Q: 1, 2021, ABC Co. acquired most of the outstar a paper elimination entries on that date for the…
A: Goodwill is an intangible asset which helps a firm earn more than what it’s competitor’s are…
Q: 5. Archer's cost accountant prepared the following static budget based on expected activity of 4,000…
A: A flexible budget is something that could be altered to account for fluctuations in real income…
Q: during the year, Marion Produce's receivable collection period increased from 11 to 21 days. the…
A: Solution: Increase in collection period shows poor performance of company in relation to collection…
Q: Use the following to answer the questions DO NOT INCLUDE COMMAS OR DOLLAR SIGNS IN YOUR ANSWERS…
A: The current ratio measures the organization's ability to meet the short-term liabilities due within…
Q: 6. Cartman makes Supersized Cheezy-Poofs. Cartman determined the standards for each unit (bag) of…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: Low Falls Corporation (lessor) entered into a lease agreement on January 1, 2017, to provide Amazon…
A: Present value denotes the present worth of money by discounting the future cash flows whereas future…
Q: Analyzing Cash Flow Effects of Equipment Sale Frontier Company sold equipment on June 30, 2020, for…
A: Cash flow statement means the statement which shows the movement of cash in flow and out flow under…
Q: The Melbo Foundation is contemplating the purchase of new equipment, which may potentially increase…
A: Incremental tax payment is based on the incremental revenue being earned due to any change in the…
Q: How much will $10,000 grow to in 3 years, assuming an interest rate of 9% compounded quarterly? What…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: In October, Pine Company reports 21,000 actual direct labor hours, and it incurs $125,500 of…
A: Standard overhead = Standard hours*Predetermined overhead rate Total overhead variance = Actual…
Q: Cash Flows from Operating Activities-Direct Method The cash flows from operating activities are…
A: The cash flow statement (CFS) is a financial statement that shows how cash equivalents (CCE) enter…
Please help prepare Financial position and comprehensive income statement
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Problem #2 WAPA issued $15,000,000, 7.8%, 20-vear bonds to vield 9% on January 1, 2020. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14.233,448. Using effective-interest amortization, answer the following questions: (2a) Complete the following chart: Discount Amort. Carrying Amo Dates Cash Paid Interest Expense Jan 1, 2020 June 30, 2020 December 31, 2020 June 30, 2021 December 31, 2021 (2b) Provide the journal entry on for December 2021:LiabilitiesOMRAssetsOMRShare capital400,000Land and building280,000Net profit60,000Plant and machinery700,000General reserve80,000Stock400,000Debentures840,000Debtors200,000Creditors200,000Bills receivables20,000Bills payable100,000Cash80,000Total1,680,000Total1,680,000 1>calculate total current liabilites 2>calculate total Current assetsUse the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
- Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).From the following forecast the Balance sheet for the year 2021Balance sheet as of 31/12/2020Liabilities& Equity AmountAssetsAmountEquity33,000 Plant and machinery 10,000Retained earnings 10,000 Land Property20.000Accounts payable 7,000 Accounts receivables 3.000Inventories10.000Cash in hand2000Cash at Bank5.00050,00050,0001. It is expected that the company will make a net income of10% of forecasted sales2. The company will purchase additional 5000 OMR worthmachines by taking an additional loan of 5000 OMR3. Forecasted sales OMR 100,0004. Dividend payout will be 50%5. The following estimates are also given;Accounts payable 10,000Accounts receivable 6,000Inventories 15,000Cash in hand 6.000Cash at bank 1,000Question Content Area The following information relates to the Davensmith Company: Interest payable, beginning of period $ 60 Bond discount amortization, end of period 40 Interest payable, end of period 10 Total interest expense reported on the income statement 850 Bond discount amortization, beginning of period 70 What was the amount of interest paid? $820 $870 $830 $850
- Bond sinking fund, January 1, 2021 10,000,000Additional investment in 2021 2,200,000Dividends on investment 300,000Interest revenue 600,000Administration costs 100,000Carrying amount of bonds payable 15,000,000 How much is the carrying amount of the bond sinking fund on December 31, 2021?From the partial/incomplete amortization table below. what is the perlodic tgot payment for the 1st period? Interest Раyment Periodie Repayment Outstanding Principal 7,000,000.00 Periodic Period Payment 0. 100,000 00 100,000 00 100,000 00 60,000 00 O P160,000 00 O PI30.000.00 P40,000 00 P60.000 00 0123Use the information below to answer questions 3, 4, 5 and 6. 2020 2021 Sales$5,300 $5,900 Depreciation750850COGS24002900Interest180196Cash200500Accts Receivables200400Notes Payable800550Long-term debt15001950Net fixed assets30003500Accounts Payable250400Inventory700900Dividend payout30%30%Tax rate35%30% What is the ROE for 2021?
- On January 1, 2025, Metlock Company purchased 10% bonds having a maturity value of $260,000 for $280,761.26. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2025, and mature January 1, 2030, with interest received on January 1 of each year. Metlock Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.82 How would the carrying value on the amortization table will be computed when an interest-bearing note collectible in installment at the end of each year was received at the beginning of the year? Group of answer choices the previous carrying value deduct the collection to principal and add the nominal interest. the previous carrying value add the amortization of premium and deduct the collection to principal. the previous carrying value add the effective interest and deduct the collection to principal. the previous carrying value add the collection to principal and add the amortization of discount.Calculate net debt. Cash and cash equivalents Short term borrowings Long term borrowings Commercial paper (liability) Capital / finance lease Accounts receivable Total liabilities Inventory Select one: 2,108.0 2,103.0 2,025.0 14,132.0 3,176.0 419.0 2,883.0 331.0 1,651.0 83.0 17,308.0 5.0