Company were presented for you to prepare a single statement of comprehensive income for the year ended December 31, 2018. Provide also a brief description on the importance of providing this information to users of financial statements.
Q: Compute taxable income for 2019. Taxable income $enter Taxable income in dollars (b) Pre...
A: Deferred tax asset is the tax asset which the company has paid in advance to the government during t...
Q: On March 13, Folder purchased 100 shares of Straddle Co. stock for $57 per share. On April 5, Folder...
A: Internal Revenue Service- The Internal Revenue Service (IRS) of the United States collects taxes and...
Q: At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts: ...
A: 1)Accumulted depreciation on asset sold on May 1 Deoreciation per annum = 3000000/10 = 300000 per an...
Q: The following data were taken from the records of Winner Company for the month of October: Work in ...
A: Under average costing it is assumed that whole of opening inventory is completed during the period, ...
Q: P 20,000 rental payment was not recorded in the books. What is the type of this error ? O Error of o...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: The inventory records of Spiro Company indicate that $62,500 of merchandise should be on hand at the...
A: Journal entry is the practice of recording economic transactions for the first time in the books of ...
Q: Bond Premium and Discount Markway Inc. is contemplating selling bonds. The issue is to be composed ...
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
Q: The following data were taken from the records of Winner Company for the month of October: Work in p...
A: the material cost is the cost that has been incurred in production of the goods.while the conversion...
Q: The retained earnings account only reflects the profits retained in the business and gains and losse...
A: RE stands for Retained Earnings which refers to the net earnings or the company profits in cumulativ...
Q: Mojo Industries tracks the number of units purchased and sold throughout each accounting period but ...
A: The question is based on the concept of Cost Accounting.
Q: For the coming year, Bepis Inc. anticipates fixed costs of $700,000, a unit variable cost of $85, an...
A: Cost volume analysis depicts how change in variable costs, fixed costs and sales volume affects the ...
Q: Income Statement Dec. 31, 2022 Company A Company B Sales P850,000 P1,350,000 Less: Cost of Goods Sol...
A: Efficiency in the management of stock is judged by inventory turnover ratio and days inventory outst...
Q: P75,000, respectively. C, new partner, acquire A and B. Land is undervalued by P30,000 prios 4. What...
A: The meaning of partnership business is two or more persons bringing the capital to form the business...
Q: Q-1: The Hum co. has decided to distribute the costs of service departments by the algebraic method....
A: The cost of service departments may be allocated to the production departments using various method ...
Q: What amount of dividends will common stockholders receive? Annual preferred dividend Total dividends...
A: Dividend refers to that portion of the net income of the company which the company paid to its stock...
Q: eported earnings become overstated as a result of failure to record a. the amortization of premium...
A: Solution Concept The reported earnings is overstated when the expenses has not been recorded or exce...
Q: Equipment acquired on January 8, 20Y1, at a cost of $675,000, has an estimated useful life of 17 yea...
A: Depreciation expenses are charged over the the period. the different method for charging depreciatio...
Q: IFRS 9, the cumulative balance of equity as a result of measuring the investment at fair value throu...
A: Under IFRS 9, an investment can be measured at fair value or amortized cost. If the investment is me...
Q: Consider the investment in a wind turbine with the data below. You are told the fixed charge rate (F...
A: LCOE stands for Levelized Cost of Energy/ Electricity. This is a method which is used when someone w...
Q: Sharp Company received P 80,000 of inventory items on the last day of its fiscal year, May 31, 2022....
A: 1. Items Alpha were included in inventory at May 31, 2022, but the purchase was not recorded until J...
Q: Registration of securities with the SEC is usually valid for O 3 years O 2 years O 4 years O 1 year
A: Securities and Exchange Commission (SEC): The Securities and Exchange Commission (SEC) of the United...
Q: Dove Company uses FIFO method of process costing. The company’s cost accountant has provided you wi...
A: Computation of WIP beginning inventory: Amount Transferred in(10,000*30) P300,000 Materials...
Q: Abbe Company uses activity-based costing. The company has two products: A and B. The annual producti...
A: Overhead is a term used to describe ongoing business expenses that are not directly related to the c...
Q: Required information Use the following information for the Exercises 12-13 below. (Algo) [The follow...
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: Jun Jon and Company, general co-partnership has the following data of income and expenses for 2018:...
A: Corporate Taxable Income: Corporate profit consists of business income and all normal business expen...
Q: Supply the missing dollar amounts for each of the following independent cases: Selling and General E...
A: Total available = Beginning inventory + purchases Cost of goods sold = Total available - Ending inve...
Q: Max Coco's December 31, 2020 financial information is presented below: ASSETS PHP LIABILITIES PHP Ca...
A: Gross profit margin = Gross profitNet sales ×100
Q: The information below pertains to Pierpont Corp. for 202 Net income, $1,200,000. Common Stock, $10 p...
A: The formula for calculating basic EPS involves dividing net income by the number of common shares ou...
Q: Current Year Previous Year Amount Percentage Income Statement Sales Revenue 118,000 $ 53,600 64,400 ...
A: The horizontal analysis of financial statements is made to compare the data of current year to previ...
Q: Don Juan, a single taxpayer, is the sole owner of DJ's Incorporated, $600,000 business loss, all of ...
A: In this question, we have to find out the deductible loss as per the 2021 tax year and the loss carr...
Q: 3. A family obtained a P1,000,000 mortgage. If the monthly payment is P38,000 for four years, how mu...
A: Formula: Yearly payment amount = Monthly payment amount x Number of months in a year
Q: ROBL MOVING ON Co. has been undergoing liquidation since January 1. As of March 31, its condensed st...
A: Statement of realization and liquidation is the statement prepared by the entity which is used in wi...
Q: Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,600 tires to the...
A: 2/10, n/30 means 2% discount will be given if payment is made with in 10 days and final payment is t...
Q: does not require an entry, leave it blank. Alert Security Services Co End-of-Period Spreadsheet (Wor...
A: Financial statements refer to the statements which state the financial performance as well as the po...
Q: Angel Corporation uses activity-based costing to determine product costs for external financial repo...
A: Introduction: Overhead is defined as continuing company costs that are not directly related to the c...
Q: Mahmood establishing his photography studio December 1, 2021. During the first month of operations, ...
A: Introduction: Ledgers: First all the transactions are to be recoded in Journals and then all the jou...
Q: A manufacturer printed the price of his goods as BD240 per article. He allowed a discount of 20% to ...
A: VAT refers to the Value Added Tax which is paid to the government by the producers and ultimately th...
Q: Consider the following sales and cost data for Van Buren Company. The total sales and cost informati...
A: Lets understand the basics. Contribution margin is a margin generated from the sales. In other words...
Q: Compute the equivalent units of production of conversion cost using Average.
A: Process costing refers to an accounting system which is used by manufacturing companies who are prod...
Q: In process, beg (3/5 additional work to be done) 10,125...
A: Equivalent units concept comes in to existence when some units remain incomplete at the end of proce...
Q: What is the effect of omission of accrued income in net income during the year of error? O Understat...
A: Net income means the amount of profit earned after deducting all expenses from the revenue of the ...
Q: Content Learning Worksheet - Answer the question and provide the page number of your solution. 1. __...
A: Oly 3 sub-parts are allowed as per policy and first 3 sub-parts have been solved.
Q: The Sino-Fizer Company is concerned about the cash flow of the company. They consulted you to prepar...
A: Budgeting is the method to forecast the future cashflows, sales, production and other important area...
Q: Broker A loans Broker B 1,000 shares of IBM for the price of $100 per share at that time. When A ret...
A: Recognised gain refers to the amount of gain from sale of an asset which is taxable, or simply it is...
Q: Mandarin Manufacturing Company uses a process cost system with FIFO method of costing to account for...
A: Forming Deptt Process A/c Particular Units Amounts Particular Units Amounts Op...
Q: Marine Components produces parts for airplanes and ships. The parts are produced to specification by...
A: Total estimated machine hours = Estimated manufacturing overhead/Total Machine hours
Q: A variance is the difference between standards and actual performance with materials, labor, or over...
A: Variances are used for the performance evaluation of the company. It is also helpful for the managem...
Q: Love Company uses FIFO method of process costing. The company’s cost accountant has provided you wi...
A: Solution: Dove Company Finishing Department Computation of Equivalent unit (FIFO) Particula...
Q: Daily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are ...
A:
Q: The following report was prepared for evaluating the performance of the plant manager of Marching An...
A: The total of all resources used in the manufacturing of a good is referred to as manufacturing costs...
The following account balances which appear in the adjusted
Company were presented for you to prepare a single statement of comprehensive income for the year ended December 31, 2018. Provide also a brief description on the importance of providing this information to users of financial statements.
Gain on sale of equipment 150,000
Translation loss on foreign operation 300,000
Cost of goods sold 9,000,000
Distribution cost 750,000
Sales 14,250,000
Income tax expense 1,425,000
Interest Revenue 375,000
Administrative expenses 450,000
Revaluation surplus during the year 1,800,000
Finance cost 225,000
Share of profit of associate 525,000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: Additional data: 1. A physical count reveals an ending-inventory of 22,500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. The income tax rate is 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Schuchs cost of goods sold. 2. Prepare a multiple-step income statement. 3. Prepare a single-step income statement.Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28February 2021.INFORMATIONThe trial balance, adjustments and additional information given below were extracted from the accounting records ofRoyal Traders on 28 February 2021, the end of the financial year.ROYAL TRADERSPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021Balance sheet accounts sectionCapital 301 000Drawings 134 720Vehicles at cost 360 000Equipment at cost 240 000Accumulated depreciation on vehicles 186 000Accumulated depreciation on equipment 62 000Trading inventory 140 000Debtors control 62 000Provision for bad debts 8 000Bank 42 800Cash float 1 000 Creditors control 82 800Mortgage loan: Leo Bank (18% p.a.) 160 000 Nominal accounts section Sales 1 000 000Cost of sales 480 000Sales returns 8 000Salaries and wages 178 000Bad debts 2 000Stationery 4 000Rent expense 42 880Motor expenses 34 000Bad debts recovered 2 000Telephone 14 000Electricity and water 24 000Bank charges 6 000Insurance 12…
- Use this information to Prepare a multiple-step income statement with earnings per sharedisclosure Denver Co. 12/31/2022 Debits CreditsPartial Trial Balance DataSales revenue 700,000Interest revenue 60,000Salary payable 15,000Gain on sale of land 110,000Patent 15,000Supply inventory 25,000Cost of goods sold 500,000Salary expenses 150,000Common stock 250,000Retained earnings 150,000Cash 250,000Office expense 100,000Denver's business segment, Division A, was sold at a pretax loss of 25,000 on July 1, 2022. Ithad earned a $13,000 pretax operating income from January 1, 2022 to the disposal date. Denverhad 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet beenaccrued. The effective tax rate is 30%. dont give me handwritten answers thank youDela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
- Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2024 2023 $5,250,000 $4,350,000 2,170,000 3,030,000 970,000 845,000 530,000 472,000 167,000 157,000 234,000 Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $116,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 234,000 116,000 1/1/2024-9/30/2024 $ 570,000 (375,000) (67,000) (37,000) $ 91,000 2023 $ 670,000 (422,000) (57,000) (37,000) $ 154,000 In addition to the…The following Income statement and additional year-end Information is provided. SONAD COMPANY Incone Statenent For Year Ended December 31 $ 1,823,e00 893, 270 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense 929,730 $ 249,751 43,752 49, 221 5,469 20,053 368, 246 561,484 7,292 Gain on sale of equipment Net income $ 568,776 $ 31,5e0 increase Accounts payable 13,375 increase Salaries payable $ 13,950 decrease 4,800 decrease Accounts receivable Inventory Prepare the operating activitles section of the statement of cash flows using the direct method. (Amounts to be deducted should be Indicated with a minus sign.) Answer is not complete. Statement of Cash Flows (Partial) Cash flows from operating activities Amortization expenses-Patents Gain on sale of equipment Increase in Accounts receivable Increase in Inventory Decrease in Accounts payable Decrease in Salaries payable Net cash…Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises.TIGER ENTERPRISESIncome StatementFor the Year Ended December 31, 2018($ in thousands)Sales revenue $7,000Operating expenses:Cost of goods sold $3,360Depreciation 240Insurance 100Administrative and other 1,800Total operating expenses 5,500Income before income taxes 1,500Income tax expense 600Net income $ 900Balance Sheet Information ($ in thousands) Dec. 31, 2018 Dec. 31, 2017Assets:Cash $ 300 $ 200Accounts receivable 750 830Inventory 640 600Prepaid insurance 50 20Plant and equipment 2,100 1,800Less: Accumulated depreciation (840) (600)Total assets $3,000 $2,850Liabilities and Shareholders’ Equity:Accounts payable $ 300 $360Payables for administrative and other expenses 300 400Income taxes payable 200 150Note payable (due 12/31/2019) 800 600Common stock 900 800Retained earnings 500 540Total liabilities and shareholders’ equity $3,000 $2,850Required:Prepare Tiger’s statement of…
- Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…The following are the financial statement Kin Ltd. for the year ended 31 March 2020: Kin 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 Kin 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:…Expenses: b. Calculate the company's net income for 2019. $ $ 0 0 0