Income statement in $ Sales COGS Gross profit 300000 Operating expenses 200000 EBIT Interest expenses 50000 EBT Taxes Net Income 800000 COGS = Consider the above income statement and answer the following questions: a. Calculate the value of the cost of goods sold (COGS). $ 20% Calculation details (recommended): EBIT = b. Calculate the value of the EBIT. $ Calculation details (recommended):
Q: On January 1, 2020, EF company purchased P1,000,000, 12% bonds for P1,065,000, a price that yields…
A: Bonds: Bonds are the financial security that are being tradeable in the stock market by the…
Q: The 2021 income statement of Adrian Express reports sales of $19,710,000, cost of goods sold of…
A: The company is less profitable then industry as its profitability ratios are less than that of…
Q: KPT Enterprises COMPARITIVE INCOME STATEMENT for years ended 31 December 2020 Revenues and gains…
A: The comparative income statement is described as that statement in which the operating results for a…
Q: Jackie Chan Leasing signs an equipment lease contract with Chris Tucker on January 1, 2020. The…
A: Answer - Working Note: Annual Lease Payment: Particulars Amount Fair value of asset…
Q: Complete the statement: Preference share that has a claim on any prior year dividends that may have…
A: Lets understand the basics. On based of comulation of dividend, preference shares are divided into…
Q: 1. A company is evaluating two projects, A and B. The company's cost of capital has been determined…
A: Note: The options given in first question is not correct. Answer is different from the given…
Q: Bill owns convertible securities in The Winning Edge Corp. If the conversion ratio for the…
A: Convertible Security :— Securities which are convertible to other securities.…
Q: Question 3 A product is manufactured by passing materials through two processes. Production costs…
A: Process Costing- Process costing is a method of allocating manufacturing costs to the number of…
Q: 13 Complete the statement: The effect of recording a 100% share dividend would be to ______.…
A: Share dividend is one of the form of dividend being paid to shareholders. Under this, additional…
Q: ners A, B and C decided to liquidate their partnership. A summ nership's statement of financial…
A: Cash Priority Program Under Cash priority program decide which partner shall be paid first and…
Q: 11. Which type of financial assets are purchased only with the intent of selling them in the near…
A: FVTPL is subsequently measured at fair value Any gain and loss in the fair value measurement to be…
Q: Blue Spruce Corp. has accounts receivable of $93.500 at March 31, 2022. Credit terms are 2/10, n/30.…
A: Journal entry is the primary step to record the transaction in the books of account. The adjusting…
Q: How much would be the total effect of the errors in Satin's 2015 net income? Select the correct…
A: Introduction:- Income statement shows company's income and expenses over a period of time. Three…
Q: Below are data from Peekay Chewing Gum Company’s operating budgets. The company’s financial year…
A: Lets understand the basics. Cash inflow and outflow calculated by the management for the purpose of…
Q: Question 3 (Retain or Replace Equipment) Chudzick Company has a factory machine with a book value of…
A: Retain and replacement decision will be taken on the basis of incremental profit, if after replacing…
Q: What is NOT a question that needs to be answered when completing financial due diligence? A. Is…
A: Financial due diligence is an integral part of the merger and acquisition process. It states that…
Q: Pharoah Company is considering an investment that will return a lump sum of $931,000 4 years from…
A: · Time value of money states that the value of money decreases over time. · The…
Q: Is
A:
Q: Select the balance sheet category where the items given would best typically appear. Items 1. Bond…
A: Introduction: The balance sheet is one of the most important financial statements a company will…
Q: Current Attempt in Progress Charlie Company uses a perpetual inventory system. During May, the…
A: A journal entry is a record of a business contract in the accounting system of a company. Journal…
Q: 00,000 out of his business . His ex- wife gifted him cash in account worth rupees 6 lakh. He spent a…
A: Taxable Income is that the portion of a person’s or company’s gross income that the govt deems…
Q: Question 7. PINAUTANG started constructing a building for its own use in March 1, 2020. PINAUTANG…
A: INTRODUCTION: Total cost is the total cost of manufacturing that includes both fixed and variable…
Q: DF% (Debt financing rate) = 60%; ER (Required rate of return on equity) = 15%; Original Loan =…
A: Capitalization is a rate in evaluating a real estate investment it shows the potential rate of…
Q: On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note…
A: Installment note is a type of loan that allows individuals to borrow a large amount of money that…
Q: Which of the following items IS included in gross income? O Municipal bond interest O Unemployment…
A: Any interest from state or municipal government bonds is not included in gross income. Any…
Q: Trial Balance? Cash Debit balances 10,700 Accounts receivable 23,750 Credit balances
A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial Balance to…
Q: The following transactions occured during 2014 for Bentley Inc. which uses a perpetual inventory…
A: Net Sales - Net Sales is calculated by deducting Sales Return and Allowance s and Sales Discount.…
Q: Although Margaret's tax return has been prepared, she is unable to pay the balance owed. She ought
A: The Internal Revenue Service (IRS) is delaying the filing deadline for all individual tax returns…
Q: GAAP standards allow financial statements to answer the questions that investors or others might…
A: Financial statements are the reports prepared by an entity. These statements represents the…
Q: Determine the missing amounts. elling te $640 $300 1300 (e) $ WA Unit Variable Costs $352 207 975…
A: Contribution margin ratio refers to the ratio which is equal to the revenue less all the variable…
Q: What is typically included in testing for the balance sheet? A. All of these are typically included…
A: In order to check the balance sheet items Rights and obligations One should check weather the asset…
Q: Landvision Inc. had net income in 2020 for $120,000. Here are some of the extra financial ratios…
A: Return on Equity- Return on Equity can also be referred to as "Return on Net Assets." It calculates…
Q: What is a Capital Gain Tax (CGT) Asset? Give at least one example for each of the three types of…
A: Capital gain tax asset is an asset which when sold, the gain will attract capital gain tax. As per…
Q: QUESTION 1 If the actual fixed costs total $166500 with the actual number of units produced equal to…
A:
Q: Elliot & Hesse Inc. Manufactures ergonomic devices for computer users. Some of its more popular…
A: The cost plays an important role in the performance evaluation. the greater the cost the lower the…
Q: If Ana chose to be taxed at an 8 percent rate, how much is her overall income tax? (based on the…
A: SOLUTION- COMPUTATION OF TAX DUE - GROSS SALES 2800000 LESS- TAX EXEMPT INCOME (250000)…
Q: Etling Center for State Government Policy, a nonprofit organization, receives a cash contribution…
A: Date Particulars Debit Credit 31 December, 2021 Restricted Cash Contribution - with Donor…
Q: company has a total of 3 factories to produce steel and iron. Every month, the company must meet the…
A: Issue of product for shipping: The method of issuing the material is used to minimise the cost and…
Q: ce Walton bought one full bitcoin in March 2020. His bases in the coin is $5838. In July 2021, he…
A: Donations are deductible up to certain limits for different limits for different tax payers and they…
Q: Why might an auditor issue a disclaimer of opinion after an audit? A. All of these may cause an…
A: A clean opinion refers to financial statements that are presented fairly, In all material…
Q: You were able to extract the following information from the records of Grey Corporation in…
A: Taxable temporary difference means those amount on which the tax will be charged on some later date.…
Q: ic. ac bu per years ago. 2020, Homer nventory costing P75,000 to Boboy for P100.000. A total of 16…
A: Cost of goods sold: It is the cost of goods which incurred for the sales of goods to the buyer at…
Q: I. DYESEBILBIL has just begun the operation of a cleaning and pressing business named" WATERY…
A: Journal entries: Journal entries are used to recognize the monetary transactions being entered by…
Q: Shoostar Ltd is a video tech company that produces videos for companies’ marketing campaigns and…
A: Job Costing- When a company wants to know the cost of a specific job or product separately, or when…
Q: PROBLEM 5-4. RECONCILIATION OF HO AND BRANCH ACCOUNTS On December 31, 2019, the Home Office Equity…
A:
Q: Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor who requires…
A: Given that, Cash received from donor = $300,000 Purpose of donation = matching funds Ishak center…
Q: Question 4 The following information is available for the capital structure of TestraQ Group: Debt:…
A: Current price of bond is present value of all interest payments plus present value of payment at…
Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: D.…
A: Introduction: A journal entry is a recording of a business arrangement in the accounting system of a…
Q: Question 2. Using terms of 2/10 and n/30, Granite Company spent $133,000 on a machine. The equipment…
A: INTRODUCTION:
Q: On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following…
A: Answer:- Partnership meaning:- A partnership can be defined as the agreement between two or more…
Step by step
Solved in 3 steps
- Calculate gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 4000. a.OMR 24000 b.OMR 20000 c.OMR 8000 d.OMR 12000Calculate the gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 6000, Return outwards 4000, Purchases 15000. a. OMR 5000 b. OMR 8000 c. OMR 6000 d. OMR 12000Calculate the gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return inwards OMR 4000, Return outwards 2000, Purchases 5000.
- Financial information is presented below: Operating expenses Sales returns and allowances 3000 Sales discounts Sales revenue Cost of goods sold The gross profit rate would be 0.40. 0.60. 0.44. $ 45000 0.38. 8000 180000 101000Cost of goods sold :- Sales - gross profit = 1000000 - 400000 = 600000 Calculation of total expenses:- (Depreciation + advertisement exp. + Rent + salaries + commission + other exp. ) = (80000 + 60000 + 15000 + 56000 + 5000 + 7000) = 223000 Calculation of Gross profit margin:- Formula = sales - cost of goods sold = 1000000 - 600000 = 400000 Calculation of gross profit percentage margin:-Formula = (Gross profit margin / sales)*100 = (400000 / 1000000)*100 = 40% Calculation of net profit margin:- Formula = Gross profit - total expenses = 400000 - 223000 = 177000 Calculation of net profit percentage margin: - Formula = (Net profit / Net Sales)*100% = (117 000/ 1 000 000) *100 = %17.7 Calculation of Current Ratio: - Formula = Current Assets / Current Liabilities = 135 000/ 47 000 = 2.87 : 1 Calculation of Acid Test Ratio: - Formula = Liquid Assets / Current Liabilities Liquid Assets = Cash + Accounts Receivables = 100 000 + 20 000 = 120 000 Acid Test ratio = 120 000/ 47 000 = 2.55 : 1…Financial information is presented below: Operating Expenses $56000 Sales Revenue Cost of Goods Sold Gross profit would be $48000. $238000. $182000. $104000. 238000 134000
- IComc ノラ EEIS.S (LO 2) Vertical analysis (common-sizc) percentages for Palau Company's salcs revenuc, cost of goods sold, and expenses are as follows. Analyze chinge in nci imome. Vertical Analysis 2020 2019 2018 Sales revenue 100.0% 100.0% 100.0% 60.5 Cost of goods sold Expenses 62.9 64.8 26.0 26.6 27.5 Did Palau's net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Provide numerical support for your answer. BE18.9 (LO 2) Writing Horizontal analysis (trend analysis) percentages for Phoenix Compa chanye in net income.A company reported the following: Cost of Goods Sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances What is the amount of gross profit? Multiple Choice $108,360 $98,950 $121,000 $203, 200 53,120 3,920 16,500 26,080 292,000 3,040 2,640The following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $
- The statement of cost of production may be presented with: Statement 1: The beginning and ending work in progress showing the breakdown of direct materials, direct labour and factory overhead Statement 2: The beginning and ending work in progress showing the breakdown of the cost of production according to prime cost and factory overhead Statement 1 and Statement 2 Statement 1 and Statement 2 are incorrectс. Prepare the T-accounts and post transactions. cost of P500,000. Required: Compute the cost charged to cost of goods sold. b. Calculate the ending balance of cost of goods sold. a. 10/10 ...Question: 1) Determine the profit/loss figure from the information given below: Sales : $90 000 cost of goods sold : $30 000 other expenses : $65 000 Total Assets : $10 000 required: please answer this question by determining the correct profit/ loss figure from the information above.