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- The Gloria Corporation's comparative statements of comprehensive income lor de years 2021 and 2020 are presented below: 2020 720,000 450,000 270,000 30,000 300,000 190,000 110,000 20,000 90,000 2021 1,000,000 P 600,000 400,000 P 80,000 Sales Cost of Sales Gross Profit Other Operating Income Total Income P 480,000 280,000 200,000 P 80,000 120,000 P P P Less: Selling and Administrative Expenses Profit from Operations before Interest and Income Tax Interest Expense Profit The following errors were discovered : The following had been overlooked by the company at the end of 2021 and 2020: Unearned commission income Prepaid rent Accrued interest receivable Accrued wages expense 2021 6,400 21,000 12,000 22,000 2020 8,000 16,000 8,000 25,000 Advances of P90,000 received from customers in 2021 were credited to Sales, although deliveries were made only in 2022. Purchase of merchandise, P15,000, shipped FOB destination in December 2020 and received by the company in 2021 were recorded as…Below is the Income Statement of Company A for 2020-2021 in KWD. 2021 2020 t of Sales Revenue 1,000,000 1,200,000 Cost of GoodsSold 500,000 660,000 Gross Profit 500,000 540,000 Marketing Expenses 70,000 120,000 Administrative Expenses 150,000 132,000 Net Income 280,000 288.000 Enter the Common Size Percents for 2021 and 2020 (1 Common Size Percents - Common Size Percents - 2021 2020 Sales Revenue Cost of Goods Sold Gross Profit Marketing Expenses Administrative Expenses Net IncomeBelow is Rodrigues Ltd's income statement and two balance sheets: Rodrigues Ltd Income Statement for year ending 30th June 2021 Sales COGS Operating expense Depreciation Interest expense Income before tax Tax at 30% Net income $m 600 240 100 40 10 210 63 147 Assets Current assets PPE Cost Accumul. depr. Carrying amount Total assets Rodrigues Ltd Balance Sheet as at 30th June Liabilities Current liabilities Non-current liabilities Owners' equity Retained earnings Contributed equity Total L and OE 2021 $m 98 800 140 660 758 60 130 80 488 758 2020 $m 73 920 100 820 893 50 120 100 623 893 Which of the following statements about the financial year from 30 June 2020 to 30 June 2021 is NOT correct? O a. The increase in net working capital (ANWC) was $15m. O b. Net capital expenditure was negative because in net terms, more property, plant and equipment (PPE) was bought rather than sold. O c. The increase in net working capital was positive largely because in net terms, more inventory was…
- Do the calculations in excel, attach excel screenshots and explain the steps and formulas used for solving the problem. Following are the particulars availableThe Statement of Comprehensive Income for the year ended 31 December 2014 Parent plc Subsid plc Sales Revenue 830,000 235,000 597,500 232,500 76,750 4,500 160,250 25,750 134,500 90,000 44,500 Cost of Sales Gross Profit 142,500 92,500 60,000 Expenses Dividend received from Subsid plc Profit before tax 32,500 16,750 15,750 6,000 9,750 Income Tax expense Profit after tax Dividends paid Retained Earnings brought forward from previous years 211,500 256,000 124,500 134,250 Parent plc acquired 75% of the shares in Subsid plc on 1 January 2010 when Subsid's retained earnings were £70,000. Non-controlling interests are measured using Method 1. During the year Parent plc sold Subsid plc goods for £30,000 which represented cost plus 25%. 30% of these goods were still in stock at the end of the year. During the year Parent plc and Subsid plc paid dividends of £90,000 and £6,000 respectively. The opening balances of retained earnings for the two companies were £211,500 and £124,500 respectively.…Air Company reported the following data for the current year:Income from continuing operations 700,000Net income 500,000Selling and administrative expenses 2,250,000Income before income tax 1,000,000 What amount should be reported as income or loss from discontinued operations?
- Based on the information Income Statement and Balance Sheet of company ABC: Income statement Current Period Previous Period Sales Revenue 450,000 400,000 Less Cost of sales 200,000 200,000 Gross Profit 250,000 200,000 Less expenses Salary Expenses 60,000 68,000 General Expense 40,000 48,000 Interest expense 8000 7000 Depreciation 20,000 15,000 128000 338,000 Profit before tax 122,000 62,000 Taxation 33,000 25,000 Net profit 89,000 37,000 Balance Sheet Current Period Previous Period Assets Cash 50,000 20,000 Accounts…Presented below are the condensed income statement of Vital Corporation for the years ended December 31, 2020 and 2019: 2020 5,000,000 3.350,000 1,650,000 675,000 975,000 200,000 1,175,000 411,250 763.750 2019 4,900,000 3,300,000 1,600,000 650,000 950,000 Sales Cost of goods sold Gross income Operating expenses Operating income Gain on sale of division 950,000 332,500 617.500 Net income before income tax Income tax expense (35%) Net income On October 10, 2020, Chalangs entered into an agreement to sell the assets of one of its geographical segments. The geographical segment comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the company. The segment was sold on December 31, 2020, for P1,750,000. The book value of the segment's assets was P1,550,000. The segment's contribution to Chalangs' operating income before tax for each year was as follows: 2020 113,750 loss 81,250 income 2019 Assume that by…The following information is available for Sunland Corporation for the year ended December 31, 2022: sales revenue $840,000, other revenues and gains $91,000, operating expenses $101,000, cost of goods sold $466,000, other expenses and losses $30,500, and preferred stock dividends $40,950. The company's tax rate was 20%, and it had 70,000 common shares outstanding during the entire year. (a) Your Answer Correct Answer Your answer is partially correct. Prepare a corporate income statement. (List other revenues before other expenses.)
- es Assume a company provided the following information: Net operating income Net income before tax Net income Gross margin The times interest earned ratio is closest to: $ 208,000 $ 170,000 $ 119,000 $ 680,000The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…Use the following information (in thousands):Service Revenue¥1,600,000 Income from continuing operations200,000 Net Income180,000 Income from operations440,000 Selling & administrative expenses1,000,000 Income before income tax400,000Determine the amount of other income and expense
