Suppose the Tax Code is "Percetage Tax - 3% of Sales", the presented income statement is correct. False; date or business name error True False; Calculation error False; this is a cashflow
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Suppose the Tax Code is "Percetage Tax - 3% of Sales", the presented income statement is correct.
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False; date or business name error
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True
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False; Calculation error
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False; this is a cashflow
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Step by step
Solved in 2 steps
- The 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…Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.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:…
- The following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” 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) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” 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 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O OCompute NOPAT Selected income statement information for 2018 is presented below for Home Depot Inc. and Lowe's Companies Inc. Assume the statutory tax rate is 22%. Company ($ millions) Ticker Sales NOPBT HD $108,203 $15,530 Home Depot Lowe's LOW 71,309 4,018 a. Compute the following measures for both companies. 1. NOPAT Company Home Depot $ Lowe's $ Home Depot $ Lowe's $ 3. NOPM NOPAT 2. RNOA Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute RNOA. Company Denominator RNOA Numerator Tax on operating profit 4. NOAT NOPAT Home Depot $ Lowe's $ 0 x 0 x Pretax Net Nonoperating Tax Expense Expense $974 $3,435 624 1,080 Home Depot $ Lowe's $ Numerator Net income ♦ Average NOA 0 x $ 0 x $ Note: 1. Select the appropriate numerator and denominator used to compute NOPM from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute NOPM. Company…
- A firm has been experiencing low profitability in recent years. Perform an analysis of the firm's financial position using the DuPont equation. The firm has no lease payments but has a $3 million sinking fund payment on its debt. The most recent industry average ratios and the firm's financial statements are as follows: Industry Average Ratios Current ratio Debt-to-capital ratio Times interest earned EBITDA coverage Inventory turnover Cash and equivalents Accounts receivables Inventories Total current assets 2x 17% 3 x 6 x 11 x Days sales outstandinga Calculation is based on a 365-day year. Balance Sheet as of December 31, 2021 (millions of dollars) $78 Accounts payable Other current liabilities 51 125 Notes payable $ 254 Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity Gross fixed assets Less depreciation Net fixed assets Total assets 15 days Fixed assets turnover Total assets turnover…A seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000D. The following selected account balances were taken from the records of J. Gucela Company, for the month of January 20B. (VAT of 12% is billed separately). Purchases P100,000 10,000 5,000 80,000 6,000 7,000 Purchase Returns & Allowances Purchase Discounts Sales Sales Returns and Allowances Sales Discounts 3 - Required: 1. Compute the Input Tax 2. Compute the Output Tax 3. Compute the Prepaid Tax 4. Entry to close the Output Tax to Input Tax 5. Where do we show the Prepaid Tax in the Financial Statements?
- E10-5A Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount that includes an eleven percent excise tax and a four percent state sales tax. What amount of revenue is recorded? Prepare a general journal entry to record the transaction on the books of Barnes Company.For Year Ended December 31, 2023 Gross Sales Cost of sales Gross Profit Salaries & Wages Repairs & Maintenance Bad Debt expense Rent Expense GAAP/Book Book-Tax adj. Form 1120 Tax Return 45,000,000 (27,450,000) 17,550,000 (3,890,000) (765,000) (380,000) (1,350,000) 45,000,000 (27,450,000) 17,550,000 (3,890,000) (765,000) (380,000) (1,350,000) (252,850) (1,585,000) Payroll Tax Expense (252,850) Federal Income Tax Expense (1,585,000) Interest expense (48,000) (48,000) Charitable Contributions (1,550,000) (1,550,000) Depreciation expense Advertising expense Pension Expense Meals expense (2,000,000) (67,000) (310,000) (2,000,000) (67,000) (310,000) (35,000) (35,000) Total Expenses (12,232,850) (12,232,850) Long-term Capital Gain 389,000 389,000 Short-term Capital Loss (524,600) (524,600) Total Other Income/(Loss) (135,600) (135,600) Taxable Income/(Loss) 5,181,550 5,181,550 NOTES related to the book-tax differences: 1.) MACRS depreciation for 2023 is $1,655,000 2.) 3.) The allowance method…Atlantic Corporation reported the following financial statements: E (Click the icon to view the financial statements.) The company has 2,200 shares of common stock outstanding. What is Atlantic's earnings per share? (Round the earnings per share to two decimal places, X.XX. O A. $1.90 Financial Statements O B. $3.58 OC. $2.49 O D. 3.19 times Atlantic Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents 2,052 $ 1,655 Accounts Receivable 1,951 1,731 Merchandise Inventory 1,342 1,094 1,615 1,817 Prepaid Expenses Total Current Assets 6,960 6,297 18,240 16,174 Other Assets 2$ 25,200 $ 22,471 Total Assets Liabilities Current Liabilities 24 7.087 $ 8,158 4,698 3,844 Long-term Liabilities Total Liabilities 11,785 12,002 Stockholders' Equity Common Stock, no par 7,015 4,169 6,400 6,300 Retained Earnings Click to select your an Total Stockholders' Equity 13,415 10,469 24 25,200 $ 22,471 Clear Al All parts showing Total…