An entity reported the following information for the year ended December 31, 2020:
Q: The following information was extracted from the 2020 financial statements of Max Company: Income…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: Statement of cash flows is a financial statement which shows all cash inflows and cash outflows of…
Q: Income Statement for the years ending 31 August: 2020…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: This information was taken from the books of XYZ Co. for 2020: Sales…
A: Comprehensive financial gain is that the variation in an exceedingly company's web assets from…
Q: The 2021 income statement of Adrian Express reports sales of $22,710,000, cost of goods sold of…
A: Solution : (a).
Q: The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income…
A: Ratio analysis is the technique used to analyze the financial health of the company. Different…
Q: The following is the trial balance of Thompson Corporation at December 31, 2020. Thompson…
A: Single-step income statement: It is an income statement format in which single subtotal of all…
Q: The 2021 income statement of Adrian Express reports sales of $22,710,000, cost of goods sold of…
A: The ratio is used to evaluate the firm's financial situation and helps management in making…
Q: te payable, bank – due June 30, 2021 1,300,000 Note payable, bank – due June 30, 2022 2,100,000…
A: The statement of comprehensive income details the revenue, income, costs, or loss of the company…
Q: How much is the total comprehensive income for the 2020?
A: Total Comprehensive Income means change in equity from income, expense held during the year. Total…
Q: The trial balance of Scan House, Inc. included the following selected accounts as of December 31,…
A: Multi-Step Income Statement: Multi-step income statements are one of the two-income statement…
Q: Prepare a multiple-step income statement for the Reed Company for 2021, showing 2020 information in…
A: Given:
Q: Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Selected information about income statement accounts for the Reed Company is presented below (the…
A: The main purpose of the income statement is to show how much profit or loss an organization…
Q: The following information is related to Dickinson Company for the year ended December 31, 2020.…
A:
Q: Selected information about income statement accounts for the Reed Company is presented below (the…
A: A statement that shows the profitability and the performance of the company is known as the income…
Q: Selected information about income statement accounts for the Reed Company is presented below (the…
A: Multistep income statement is a format of income statement which classifies and separates operating…
Q: The following information for 2021 and 2020 is presented for BuyRite:…
A: Current ratio measures the firms ability to meet its short term obligations. Debt equity ratio…
Q: Calculate the 1) current ratio, 2) acid-test ratio, and the 3) debt-to-equity ratio for 2020 and…
A: Current ratio and acid test ratio are measure of short term solvency to determine whether firm is…
Q: Presented below is information related to Sheffield Corp. for the year 2020. Net sales $1,456,000…
A: An income statement is a report prepared and maintained by the business in order to understand the…
Q: 6. Inventory turnover times times 7. Days sales in inventory days days Return on common…
A: Lets understand the basics. Inventory turnover ratio indicates how many times business is able to…
Q: Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021…
A: Solution: Company profit before taxes = Total of sales and other revenues - Total of Expenses
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: The loss incurred due to discontinuity of any activity is said to loss from discontinued operations.
Q: Doris company has the following information for the year March 2021: selling, general and admin…
A: Operating income is computed to identify the amount of profit that an organisation earned after…
Q: Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE…
A:
Q: Presented below is information related to Whispering Company at December 31, 2020, the end o Sales…
A: Income from operations: =Sales - Cost of goods sold - Selling & administrative expenses Net…
Q: The following pretax amounts pertain to Company for the year ended December 31, 2020:Sales…
A: Retained earning means amount of profit remain after all the adjustment of expense and various…
Q: The Income Statement for the year ended 31st December, 2020 under the method of Historical Cost…
A: Income statements for year ended 31.12.2020 under historical cost accounting of Sohar LLC is Cost of…
Q: Presented below is information related to Bramble Corp. for the year 2020. Net sales $1,378,000…
A: Income statement which categorized income and expenses into operating and non-operating expenses is…
Q: ABC Company prepared the following income statement for the year 2020: Sales…
A: Income statement is a statement that shows the total incomes and expenditure incurred or generated…
Q: The following information is related to Vaughn Company for 2020. Retained earnings balance, January…
A: Multiple-step income statement: It is the more detailed statement for calculating the net income of…
Q: Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021…
A: Cost of goods manufactured = Cost of goods sold + ending finished goods inventory - beginning…
Q: Presented below is information related to Crane Company at December 31, 2020, the end of its first…
A: Multi-step Income Statement: A multi-step income statement is an income statement that segregates…
Q: Income Statement for the years ending 31 August: 2020…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Presented below is information related to Sheridan Corp. for the year 2020. Net sales $1,196,000…
A: Multiple-step income statement: It is a detailed statement that provide the net income of the…
Q: Income Statement For the year Ended December 31, 2020 Sales $ 390,000 235,000 Cost of Goods Sold…
A: Cash flow from operating activities (CFO) indicates the amount of money a company brings in from its…
Q: Presented below is information related to Sheridan Corp. for the year 2020. Net sales $ 1,196,000…
A: Retained earning means amount of profit remain after all the adjustment of expense and adjustments.…
Q: Perry Corp. reports operating expenses in two categories: (1) selling and (2) general and…
A: Selling expenses is the expense that is associated with the marketing and distributing of the…
Q: Presented below is information related to Watt Company in its first year of operation. The following…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: wing income statement and balance sheets for Laser World are provided: LASER WORLD Income…
A: We need to calculate the given ratios.
Q: The 2021 income statement of Adrian Express reports sales of $18,957,000, cost of goods sold of…
A: Formula: Average collection period = 365 days x Average accounts receivable / net sales Average days…
Q: Presented below is information related to Sohar Inc at December 31, 2020. Revenues $1,200,000…
A: S.NO PARTICULARS AMOUNT REVENUE $1,200,000 LESS : OPERATING EXPENSES SELLING AND…
Q: The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: The total amount of money generated by an individual or firm in a certain period of time, minus…
Q: The following is information for Novak Corp. for the year ended December 31, 2020: Sales revenue…
A: Net Income - It the balance remain after deducting the amount earned by the company from the expense…
Q: Selected information about income statement accounts for the Reed Company is presented below (the…
A:
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: In simple terms, net income is the income that comes after deducting all expenses from the total…
Q: Bank overdraft 100,000 Accounts receivable 900,000 Allowance for doubtful accounts 40,000 Raw…
A: The statement of comprehensive income details the revenue, income, costs, or loss of the company…
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: An entity reported the following information for year ended 31.12.2020. Sales = 7750000 Cost of…
Q: Presented below is information related to Viel Company at December 31, 2020, the end of its first…
A: a.
An entity reported the following information for the year ended December 31, 2020:
|
Sales |
7,750,000 |
|
Cost of goods sold |
2,400,000 |
|
Administrative expenses |
700,000 |
|
Loss on sale of equipment |
100,000 |
|
Sales commissions |
500,000 |
|
Interest revenue |
450,000 |
|
Freight out |
150,000 |
|
Loss on early extinguishment of long-term debt |
200,000 |
|
Doubtful accounts expense |
150,000 |
16. What is the income from continuing operations for 2020?
a. 4,000,000
b. 3,800,000
c. 2,800,000
d. 2,600,000
17. What net amount of loss should be reported as results of discontinued operations for 2020?
a. 1,500,000
b. 1,700,000
c. 1,050,000
d. 1,400,000
18. What is the net income for 2020?
a. 2,500,000
b. 1,750,000
c. 1,400,000
d. 1,540,000
Step by step
Solved in 2 steps
- An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 What is the net income for 2020?An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 What is the income from continuing operations for 2020? a. 4,000,000 b. 3,800,000 c. 2,800,000 d. 2,600,000An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000
- An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 What is the income from continuing operations for 2020?Sheridan Corporation had the following 2020 income statement. Revenues $95,000Expenses 63,000 $32,000 In 2020, Sheridan had the following activity in selected accounts. Accounts Receivable1/1/20 20,000Revenues 95,00012/31/20 22,100 Write-offs 900Collections 92,000 Allowance for Doubtful AccountsWrite-offs 900 1/1/20 1,200Bad debt expense 1,90012/31/20 2,200 (a) Prepare Sheridan’s cash flows from the operating activities section of the statement of cash flows using the direct method. Sheridan CorporationStatement of Cash Flows-Direct Method (Partial) $ $ (b) Prepare Sheridan’s cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Sheridan CorporationStatement of…Using the information provided below:Rubialac PaintsSelected Income Statement Items, 2020Cash Sales $2,500,000Credit Sales $9,500,000Total Sales $12,000,000COGS 7,000,000 Rubialac PaintsSelected Balance Sheet Accounts12/31/2020 12/31/19 ChangeAccounts Receivable $550,000 $400,000 $150,000Inventory $275,000 $250,000 $25,000Accounts Payable $150,000 $110,000 $40,000 What is the inventory turnover for Rubialac Paints? What is the average production cycle for the firm? What is the average collection cycle? What could Eagle Paints do to reduce the average collection cycle?
- Presented below are the year-end balance of the assets and liabilitiespertaining to Starlight Merchandising 2020 2019Cash P150,000 P120,000Equity investment at FVPL 260,000 230,000AR, net 360,000 400,000Inventories 705,000 635,000Prepaid Expenses 130,000 128,000Accounts payable 182,000 136,000Other current liabilities 141,000 125,000Bonds Payable 200,000 200,000Additional investment made by the owner during 2020 was P150,000 but a P200,000 personal liability was paid out of company's funds. What is the company's profit or loss for the year ended December 31, 2020? 30,000 800,000 Answer not given 140,000 700,000The accounting records of Uniontown Industries, Inc., provided the data below for the year endedDecember 31, 2020:Sales $1,000,000Cost of goods sold 500,000Depreciation expense 15,000Insurance expense 6,000Selling, general and administrative expenses 140,000Interest expense 20,000Income tax expense 125,000Net income 194,000Decrease in inventory 2,000Increase in accounts receivable 1,400Amortization of bond discount 5,000Decrease in prepaid insurance 300Cash dividends paid 20,000Required: In good form, prepare the operating activities section of the statement of cash flows for 2020using the direct method. Show all work for partial credit.Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 AssetsCash $ 440,000 $ 200,000Short-term investments 600,000 —Accounts receivable (net) 1,020,000 1,020,000Inventory 1,380,000 1,200,000Long-term investments 400,000 600,000Plant assets 3,400,000 2,000,000Accumulated depreciation (900,000)…
- 15. Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2021 2020 Sales revenue $ 4,450,000 $ 3,550,000 Cost of goods sold 2,870,000 2,010,000 Administrative expense 810,000 685,000 Selling expense 370,000 312,000 Interest revenue 151,000 141,000 Interest expense 202,000 202,000 Loss on sale of assets of discontinued component 52,000 — On July 1, 2021, 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, 2021, for $52,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2021–9/30/2021 2020 Sales revenue $ 410,000 $ 510,000 Cost of goods sold (295,000 ) (326,000 ) Administrative expense (51,000 )…Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to TextExcerpts of financial data of Matend Projects Limited for 2019 are as follows: Statement of Comprehensive Income for the year ended 31 December 2019 R Revenue (all credit) 3 000 000 Gross profit 1 050 000 Operating profit 450 000 Profit before tax 420 000 Profit after tax 252 000 Statement of Financial Position as at 31 December 2019 R Assets Non-current assets 585 000 Inventories 270 000 Accounts receivable 180 000 Cash 105 000 1 140 000 Equity and liabilities Equity 750 000 Long-term loan 255 000 Accounts payable 135 000 1 140 000 Required Calculate and comment on the following ratios for 2019. (Where applicable, round off answers to two decimal places. Ratios for 2018 are provided in brackets): 3.1 Gross margin (2018: 40.45%) (5) 3.2 Debtor collection period (2018: 36.54 days) 3.3 Return on equity (2018:…