Use the information provided above to prepare the following for Midas Enterprises Budgeted Statement of Comprehensive income for the year ended 31 December 2022 12 Budgeted Statement of Financial Position as at 31 December 2012 1.1
Q: 1. Calculate the normal tax consequences arising from the above distributions for Sehari (Pty) Ltd’s…
A: The tax slab rate as applicable is as follows: Taxable Income (R) Tax Rate R1 - R216,200 18%…
Q: S1] Assuming total cashflows are equal for both assets, the asset with more cashflows in the latter…
A: The cash flows need to be taken to present value to need to compare with appropriate discount rate
Q: If the company sells 4,900 units, its total contribution margin should be closest to: (Do not round…
A: Introduction:- Contribution margin is the difference between sales revenue less its variable costs.…
Q: [S1] Valuation will lead to a universal value for an asset. [S2] Valuation when done correctly, will…
A: Here discuss about the details of the valuation of the assets which determine the fair value…
Q: Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is CGS…
A: Introduction: The cost of goods sold (COGS) is the cost of gaining or manufacturing a product that a…
Q: A company estimated $420,000 of factory overhead cost and 28,000 direct labor hours for the period.…
A: Predetermined Overhead Rate=Estimated factory overhead costEstimated direct labor hours
Q: Statement of comprehensive income for the year ended 31 December 2021 Sales 10 000 000 Cost of…
A: Budgeted Statement of Comprehensive Income is a statement prepared as a future forecast or future…
Q: Which of the following companies is going to have three different types of inventory reported on…
A: Inventories - Inventories are the units that are not sold and has some selling value. Company's…
Q: ABC Corporation is experiencing difficulty in paying its bills and is considering filing for…
A: Secured creditors comprises of Wages payable And Taxes payable
Q: Al Ramos, a dentist, opened his own dental clinic on May 1 of the current year, During the first…
A: The ledger includes the posting of journal transaction accounts in order to prepare trial balances…
Q: Lukaku's Bakery is a local bakery that operates in Kuwait. Their controller is trying to determine…
A: A.1. Using High-low method, Variable Cost per unit = Highest Activity Cost-Lowest Activity…
Q: can you do these two too please
A: Companies makes an analysis so that the objective can be achieved which is either that the…
Q: Green and white company reported the following monthly data: Units produced Sales price Direct…
A: The contribution margin is calculated as difference between sales and variable costs. The net income…
Q: Remy Corporation sold 5,000 units of its product at a price of $27 per unit. Total variable cost per…
A: In the context of the given question, we are required to compute the contribution margin for the…
Q: The following wages costs were incurred for the manufacturing of Espresso pods at Nespresso: Labor…
A: Under high-low method the lowest and highest activities are used to compute variable cost per unit…
Q: Hex Industries reports the following information for May: Sales Fixed cost of goods sold Variable…
A: Gross profit can be calculated by deducting the cost of goods sold from net sales. The cost of goods…
Q: Prepare a Budgeted Statement of Financial Position as at 31 December 2022 using the below…
A: For simplification, Pass journal entries roughly for ease of calculations for each adjustments given…
Q: Bal. 1/1 Bal. 12/31 Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31…
A: Raw material inventory :- raw material inventory describe about, how much raw material in inventory,…
Q: The following joint operations account reflects the transactions of the arrangement of ABC, DEF, GHI…
A: Given data: Profit or (loss) sharing ratio between ABC, DEF & GHI is 20%, 30% & 50%…
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…
A: In accounting relevant range of production is the specific production activity level which is…
Q: Marcus purchased a equipment which was an depreciable asset for P38,000 on January 1, 2017. The…
A: Depreciation was used to record value of various machineries after its wear and tear where sum of…
Q: Bedox during the year purchased a coal mine for 2,000,000. It cost 500,000 to prepare the coal mine…
A: Depletion rate per ton for the coal mine can be computed with the purchase cost where it was…
Q: 1 The sum of P35,000 invested on April 16, 2009 amounts to P58,300 on July 16, 2013. At what rate…
A: Present Value Or Principal Amount :— It is the value of Amount today Or Amount invested in present…
Q: Compute for the amount of reduction in capital of ABC in the first month
A: This question belongs to the liquidation of the partnership firm. The reduction in the capital…
Q: The actors of the monetary policy process includes the central bank, commercial banks, depositors,…
A: Monetary Policy: Monetary policy refers to the process of controlling the amount of money that is…
Q: If P19,000 is invested at 18% compounded semiannually, find the compound interest in 3 years.
A: Compound interest = A - P = 31,864.902* - 19,000…
Q: Arca Company reports the following for its product for its first year of operations. Direct…
A: Given that, Selling price per unit = $390 Units produced = 2,580 units Units sold = 2,180 units…
Q: 2. Complete the below table to calculate income statement data in common-size percents. (Round your…
A: Common size financial statement refers to an analysis statement of the record of a company in a…
Q: ertical Balance Sheet for Isrceam factory on December 31,the end of the fiscal year, are shown below…
A: Lets understand the basics. Management for the purpose of analysis may make two type analysis which…
Q: Nature of Transaction 1. Cash payment on hydro bill that arrived today 2. Cash sale 3. Bank interest…
A: Nature of Transaction Source Document Required Accounting Entry Account Debited Account Credited…
Q: Prepare a journal entry on June 30 for the payment of dividends of $16,000. If an amount box does…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: 2.1 Use the information provided below to calculate the number of units of Product Tex that must be…
A: Given that, Estimated Sales volume for ; June = 25 000 units July = 21 000 units August = 30 000…
Q: A person is 71 and earning $23000 a year at a part time position, how much of their allotted $12000…
A: Earning before full retirement:- Full retirement age is after 65. But any earning before the full…
Q: An obligation of P31,300 is due on April 16, 2013. What is the value of this obligation on December…
A: Time value of money is the concept that tells the value of money differs at different points of…
Q: Study the information given below and calculate the value of closing inventory as at 31 March 2022…
A: Inventory valuation is a very important and crucial part that is to be played by the management. The…
Q: MAKE A BASIS AND DISCUSSION ON THE EFFICIENCY RATIO OF NESTLE (ASSET TURNOVER, INVENTORY TURNOVER,…
A: Efficiency ratios are the ratios that are calculated to check the efficiency of the organization or…
Q: a) Estimated profit and loss account (Profit and loss budget) b) Cash budget c) Estimated balance…
A: Computation of accounts receivables at the end of Year Accounts Receivables at 31.12.201X = Turnover…
Q: Changes in Current Operating Assets and Liabilities-Indirect Method Covington Corporation's…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: On 1 January 2015, Telupid Bhd acquired a fabric design from a well-known fashion designer at…
A: Acquisition is an transaction between two companies where one company purchases all the assets and…
Q: Given below are the stater Turnover Cost of sales Gross profit Expenses Operating profit before tax…
A: The Consolidated Profit and Loss account is prepared to show a fair and true view of the earnings…
Q: A and B agreed to dissolve their relationship on January 1, 20x1. Their capital balances were P400,…
A: >Partnership is the business entity where there are two or more than two owners, known as…
Q: Prepare a budgeted balance sheet at March 31 using the following information from Zimmer Company. a.…
A: Balance sheet (BS) of a company or organization refers to part of financial statement which provides…
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…
A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…
Q: Urban Company reports the following information regarding its production cost: Units produced Direct…
A:
Q: program itself will:
A: If Auditing isn’t done by testing the input an output of a computer system instead of a computer…
Q: The person invested Sat 5%, $at 11%, and $at 13%.
A: Calculation of interest = Principal amount * rate of interest * time given We take time to be equal…
Q: Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is CGS…
A: FIFO stands for First in First Out method. It is an inventory valuation method where the Inventory…
Q: Gibson Boot Co. sells men’s, women’s, and children’s boots. For each type of boot sold, it operates…
A: Calculation of above requirement are as follows
Q: • Executive 1. M. Best is covered under his company's ISO plan. The plan grants Best an option in…
A: Taxable gain=Sale consideration-Fair market value of shares Compensation Income=Fair Value of…
Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…
A: Introduction: Journals: 1 ) Journals are book of prime records. 2 ) All the business transactions…
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Comprehensive income Anson Industries, Inc., reported the following information on its 20Y1 income statement: Prepare the following for Anson Industries, Inc.: A. Income statement, including comprehensive income. B. Income statement and a separate statement of comprehensive income.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…INFORMATION The trial balance, adjustments and additional information given below were obtained from the records of Pentel Traders on 29 February 2020, the end of the financial year. PENTEL TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) Balance sheet accounts section Capital Drawings Land and buildings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Trading inventory Debtors control Provision for bad debts Bank Petty cash Creditors control Loan: Met Bank (15%) 681 800 82 000 489 000 190 000 63 000 32 000 23 400 46 000 34 000 1 900 1 100 100 30 400 30 000 Nominal accounts section Sales |Cost of sales Sales returns Wages Bank charges Rent income Packing materials Advertising Rates 420 000 233 000 5 000 41 000 3 000 27 000 12 000 6 000 4 000 1 000 Bad debts Discount allowed Discount received Stationery Interest on loan Water and electricity Insurance Telephone 2 000 700 9 000 4 000 7 000 9 000…
- 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…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:…B. Below is the Statement of Comprehensive Income of Q & A Trading Company: Percentage 2020 P1,939,500 900,000 1,039,500 445,500 37,575 P 556,425 2019 Percentage Revenue Cost of Goods Sold Gross Profit Selling and General Experses Other Experses Net Income P1,674,675 843,975 830,700 409,725 30,825 P 390,150 Requirements: Prepare a vertical aralysis for Q & A Trading Compary.
- [The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Numerator: 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 156,366 KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 1 1 / 1 1 58,007 36,990 94,997 61,369 12,581 $ 74,141 $ 48,788 December 31 2021 $ 62,574 0 Current Ratio 114,438 $ 177,012 $ 25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: $ 41,881 $…You have been provided with Leonard Corporation's partial Statement of Financial Position and the Statement of Comprehensive Income for the year ended December 31, 2021. Leonard Corporation Partial Statement of Financial Position For the Year Ended December 31, 2021 Accounts receivable -net Prepaid expenses Inventory Property, Plant & Equipment Accumulated Depreciation Accounts payable Income taxes payable Deferred revenue 2021 Sales....... Cost of goods sold.. Gross Margin. Selling, general and admin Depreciation expense $440,000 482,000 45,000 31,000 825,000 810,000 2,475,000 2,105,000 2020 (866,000) (823,000) 184,000 197,000 38,000 35,000 47,000 42,000 Leonard Corporation Statement of Comprehensive Income For the Year Ended December 31, 2021 Interest expense..... Gain on sale of PPE Net income before taxes Income Tax Expense Net income and comprehensive income... $3,560,000 1,950,000 1,610,000 (595,000) (320,000) (115,300) 55,400 635,100 95,300 .$539,800 Additional information:…Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2019 $ $ 413,444 316,732 248,893 198,274 164,551 118, 458 58,709 43,709 37,210 27,872 95,919 71,581 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2018 2020 Assets Current assets Long-term investments Plant assets, net Total assets 68,632 46,877 31,871 12,766 9,610 6,470 $ $ $ 55,866 37,267 25,401 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income…
- VII. Direction: Compute and interpret. The following comparative financial statements are provided by Avatar Industries. You were asked to compute the different financial ratios and provide your interpretations with regards to profitability, efficiency, liquidity and solvency of the company. Use the Answer Sheet template below to input your answer and solution. AVATAR INDUSTRIES AVATAR INDUSTRIES Comparative Statement of Financial Position For the years 2019 and 2018 Comparative Income Statement For the years 2019 and 2018 2019 2018 2019 2018 ASSETS Current Assets: Sales P200,000 P210,000 Cash & Cash Equivalent P65,000 P70,000 Sales Returns and Allowances 40,000 25,000 Accounts Receivable 40,000 35,000 Net Sales 160,000 185,000 Marketable Secuities 40,000 35,000 Cost of Goods Sold 100,000 115,625 Inventory 100,000 80,000 Gross Profit 60,000 69,375 Total Current Assets 220,000 200,000 160,000 P445,000 P380,000 245,000 Operating Expenses: Fixed Assets Selling Expenses 22,000 25,000 Total…Solve for the following with provided solution: for reference: https://www.bartleby.com/questions-and-answers/income-statement-just-stuff-inc.-for-the-years-ended-dec.-31-2019-and-2020-2019-2020-sales-revenue-p/935f7cfa-fccf-4e0b-b22f-0cb98b1eb001Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…