Net Income-preferred Dividends / Average Common Shareholders' Equity
Q: Compute the ending inventory using the dollar value LIF0 method for 2019, 2020, and 2021. Do not rou...
A: Inventory valuation refers to the methods used by the company to determine the value of its inventor...
Q: Glenn refuses an invitation to become a partner of Dorothy and Cynthia in a retail grocery business....
A: Case summary: D and C offered G the opportunity to join the firm as a partner, which G declined. D h...
Q: GLO402 - Based on Problem 4-2A Lowe's Company LO P1, P2 Prepare journal entries to record the follow...
A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service re...
Q: ABC Ltd enters into a five-year lease agreement with Legal Ltd on 1 July 2023 for an item of machine...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: Figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average C...
A: Units sold = Total units available for sale - Units in ending inventory = 1,000 - 375 ...
Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterpri...
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after...
Q: Cavaliers Corporation is selling audio and video appliances. The company’s fiscal year ends on March...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Direct materials $7,000 Direct labor 3,000 Manufacturing overhead 2,000 Selling expense 8,000 Last m...
A: Formula used for Calculating Total Product cost: Total Product cost = Direct materials cost + Direct...
Q: The unit cost… a. is the total conversion costs divided by the number of units produced. b. is the t...
A: Solution A unit cost is a total expenditure incurred by a company to produce , store and sell one un...
Q: At year-end, Lazy Company had 10,000 ordinary shares and 20,000 convertible preference shares outsta...
A: In order to determine the Earning per share, the earnings available to the common shareholders are r...
Q: On October 1, 2020 Sheffield Corp. issued 6%, 10-year bonds with a face value of $8010000 at 104. In...
A: The bonds payable can be issued at discount or premium depending on the market rate of bonds payable...
Q: On February 10, 2012, after issuance of its financial statements for 2011, House Company entered int...
A: Financial obligations that are projected to be paid off within a year are referred to as short-term ...
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: The overhead variance is the difference between actual overhead and applied overhead cost.
Q: FOB SHIPPING POINT, who is the owner of goods in transit
A: The invoice made at the time of sale includes the invoice price, payment terms, discount terms, etc....
Q: Retained Earnings has a $3,000 Debit balance (Retained Loss) at the beginning of 2021. The company h...
A: Retained earnings are the amount retained by the company from the net profit of the company after pa...
Q: Stephanie's Bridal Shoppe sells wedding dresses. The average selling price of each dress is $1,000, ...
A: Operating income = Sales - Variable cost - fixed cost
Q: An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000....
A: Answer- Working Note : I. Bonds' carrying value = face value + unamortized premium = $800,000 + ...
Q: On October 15, 2020, the Skyline Company received a liquidating dividend of P100,000 from David Comp...
A: Formula: Dividend income = Total liquidating dividend x Ownership Percentage in the company.
Q: What critique can say about this?
A: Liquidity ratios analysis is the usage of numerous ratios to determine the capability of a company t...
Q: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August 10...
A: Note: 4/15, n/60: Here, 4 represents the discount rate if payment is made within 15 days. And if pay...
Q: On February 1, 2022, Mr. X promised to pay Ms. Y the amount of ₱10,000.00 at an annual rate of 6%. M...
A: Note payable is a form of promissory note which is a promise given by one person to another person. ...
Q: 1. Which of the following is true about the self-employed health insurance deduction? a.The cost of ...
A: As per the bartleby guidelines, in case of different question answer first 3 only You may be able ...
Q: Which of the following statements about “RESP’s are true?
A: The answer for the multiple choice question and relevant explanation are presented hereunder : RRSP ...
Q: An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000....
A: Formula used for gain on bond redemption: Gain on bond redemption = Bond face value + Unamortized pr...
Q: At present, a foundation who has 6 million deposit in bank with interest of 10% compounded annually,...
A: Future Value: Using an expected rate of growth, future value (FV) is defined as the worth of a prese...
Q: QUESTION 13 A dish sponge would be classified as: O a) Tangible property O b) Intangible property Oc...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Kate is an accrual basis, calendar-year taxpayer. On November 1, 2021, Kate leased out a building fo...
A: The question is related to the income from house property. The details are given. Monthly Rent = $45...
Q: Massy Company issued $4,000,000 of 10-year, 11% bonds on January 4, 2021. The bonds pay interest sem...
A: Introduction:- A journal entry is the act of recording or keeping track of any financial or non-fina...
Q: Eliza Vega started an accountinin on June, investing 523,000. Her net loss for the month was \$3,000...
A: Formula: Ending capital Balance = Beginning Capital balance - Net loss - Withdrawals
Q: Stephanie's Bridal Shoppe sells wedding dresses. The average selling price of each dress is $1,000, ...
A: Contribution = Sales - Variable costs Sales = Number of units * Selling price per unit Variable cost...
Q: In January 2022, the management of Pharoah Company concludes that it has sufficient cash to permit s...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: beginning of the process. How much is the materials cost per unit if ending work in process was 30% ...
A: Process costing refers to an accounting system which is used by manufacturing companies who are prod...
Q: On March 1, 2014, cat and Fish formed a partnership with each contributing the following assets: Cat...
A: In the given question profit sharing ratio of partnership is not given. So we assume that Cat and Fi...
Q: ts: - an engagement ring which cost $5,000 - a ceramic antique vase (for $3,000), - a painting (for ...
A: The amount by which the sum of long-term capital gains and short-term capital gains on a claimant's,...
Q: Complete the Gifts to Charity section of Schedule A below to show Jerry's deduction for 2021.
A: Gifts toCharity 11 Gifts by cash or check. If you made any gift of $250 or more, ...
Q: les On the other hand, Company B sells Buko Juice in Brgy. Cabacungan area for 5 years. Company B i...
A: The income statement shows the profit for the year and the cash flow statement shows the closing cas...
Q: P 13-6 Foreign currency hedge, firm purchase commitment On October 2, 2016, Flx, a U.S. company, en...
A: To create a journal entry, you enter transaction data into your company's books. Your journal entrie...
Q: dney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. y 11 Syd...
A: Journal is the book of original entry in which all the transactions of the business are recorded ini...
Q: Alon is a retired Doctor. His wife Nancy is a retired Social Worker. Both wish to remain active and ...
A: All profits and losses are to be shared equally between the three partners- Alon, Heather, and Nancy...
Q: (1) Manufacturing costs are regarded as expenses of the current period and are expensed when incurre...
A: Solution Period costs are costs expensed on the income statement at the time when they are incurred....
Q: Determine the balance in PASTEL Company's finished goods inventory account at the end of August — us...
A: Cost of goods available for sale - Ending finished goods inventory = Cost of goods sold Ending finis...
Q: You are auditing the Digos People’s Cooperative with a substantial annual sales, all of which are bi...
A: Fraud is deception with the intent of obtaining an illegal advantage for the perpetrator or deprivin...
Q: How much asset does the partnership have?
A:
Q: Given the following information, what journal entry does Lil Wayne's company make to COGS if they us...
A: The inventory valuation method is used to calculate the cost of goods sold and ending inventory. It ...
Q: Year 1 Year 2 S01,000 $72.500 $18,500 Year 3 NOI S4,640 S08,426 DS $72.500 S2,500 Cash flow $72,140 ...
A: solution concept dividend rate It is known as the rate of dividend or dividend y...
Q: Megan Company (not a corporation) was careless about its financial records during its first year of ...
A: The effect of each individual business transaction is analyzed on three elements as assets, liabilit...
Q: 42. How much is capitalized cost of borrowing?
A: When funds are borrowed specifically for a qualifying asset, costs in relation to that borrowing are...
Q: On January 1, 2022, partners Kho, Lagman and Magno decided to liquidate their partnership. Prior to ...
A: Partnership liquidation is the official ending of a partnership agreement. It is a process of closin...
Q: Problem 7-19 Education Tax Credits (LO 7.5) Janie graduates from high school in 2021 and enrolls in ...
A: On first $ 2,000 2,000 =2000*100% On Next $2,000 500 =2000*25% Total credit...
Q: Briefly explain why land does not depreciate.
A: Depreciation is reduced in the value of assets due to natural ability to decrease due to continuous ...
D. Return on Common Shareholders' Equity
|
Net Income-preferred Dividends / Average Common Shareholders' Equity
|
||||||||||||
E. Accounts Receivables Turnover
|
Net Credit Sales/Average Accounts Receivable
|
||||||||||||
F. Merchandise Inventory Turnover
|
Cost of Goods Sold/ Average Inventory
|
d. Return on Common
e. Accounts Receivables Turnover
f. Merchandise Inventory Turnover
Step by step
Solved in 3 steps
- D CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, December 31, PERCENTAGE 2021 2020 USD USD Assets Current assets Cash and cash equivalents 34,115,412 25,681,845 Short-term financial instruments 71,417,748 80,798,680 Short-term financial assets at amortized cost 2,944,705 2,409,853 Short-term financial assets at fair value through profit or loss 35,624 62,452 Trade receivables 35,585,565 27,065,012 Non-trade receivables 3,930,828 3,150,548 Prepaid expenses 2,042,001 1,980,685 Inventories 36,172,043 28,007,314 Other current assets 4,441,629 3,281,589 Assets held-for-sale - 812,370 Total Current Assets 190,685,555 173,250,348 Non-current assets Financial assets at fair value through other comprehensive income 12,206,843 10,991,369 Financial assets at fair value through profit or loss 1,333,227 1,051,455 Investment in associates and joint ventures…Corporation Partlal Starternent of Finandal Position 20-וו at Decamber 31, 2020 2020 2019 21-24 Bulldings and equipment Accumulated deprecation-bulldings and equlpmet Intanglble assets Accumulated amortizatlon Investment, non-trading €60 000 62 000 Inventory 48 100 37 000 Prepald expenses Accounts recelvable (net) 4 300 2 500 49 800 22 000 Divldend recelvable Cash 9 100 10 000 192 000 181 000 Total assets Share capital-ordinary Retained earnings Other comprehensive income Bond payable-lang-term Notes payable-bank, long-term Notes payable-bank, short-term €103 000 147 000 74 000 74 000 4 800 16 000 Unearned revenue 11 700 10 500 81 900 5 500 24 900 Accounts payable Interest payable Dividend payable 9 400 31 700 27 000 Total llabilities and shareholders' equlty Additlonal Information from the footnotes to the financlal statements reveals that - Net Income for 2020 amounts to C162 800: For the year 2020, the company recognlzed depreclation of €22 000, amortization of €4 200, and galn on…2020 R0'000 2019 R0'000 ASSETS Non-current assets Property, plant and equipment 238,924 246,322 Right-of-use assets 3,246 3,479 Capital spares 566 487 242,736 250,288 Current assets Inventory 1,913 1.911 Trade and other receivables 15,249 5,118 Short term deposit 1,154 1,578 Cash and cash equivalents 1,543 1,883 19,859 10,490 TOTAL ASSETS 262,595 260,778 List all the fixed assets and categorize them in Tangible and Intangible Assets Using Notes to Accounts.
- Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.Requlred Informatlon RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9: 2 of 3 Item Amount Cash and cash equivalents $1,000,000 300,000 8,500,000 1,200,000 400,000 4,800,000 Receivables Capital assets Accumulated depreciation Accounts payable 01:56:09 Long-term liabilities Additlonal Information avalable is as follows: All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service. Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt? Multiple Cholce $3.300,000 $2.900,000 $2,825,000 $4.200,000QUESTION 3 Income statement for the year ended 31 December 2021 and the balance sheet as at 31 December 2020 and 2021 of Jimah Berhad are as follows: TIMAH BERHAD Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2021 RM RM Sales 623,000 Cost of Sales 353,000 Gross Profit 270,000 Other Expenses (101,000) 169,000 Other Operating Income 13,000 182,000 Interest Revenue and Similar Income 4,000 186,000 Interest Expense and Similar Charges (16,000) 170,000 Tax on Profit (35,000) 135,000 Profit after Taxation Retained Profit b/f 53,000 188,000 (40,000) Transfer to General Reserve Dividend on Ordinary Shares Retained Profit c/f (60,000) (100,000) 88,000
- Loans and borrowings Deferred taxek liability 14,130 10,220- 1,010 960- 15,140 11,180 Current Liabilities Trade payable Current tax 1,260 1,140 1,040 920 payable Interest payable 980- 740k 3,280 40,190 2,800 32,960 Total Equity and Liabilities 2019 £'000 2018 £'000 Sales Cost of sales Distribution costse Administration expenses Gain on disposal of PPE 22,000 (11,800) (3,100) (1,630) 280 16,000 (8,200) (2,600) (1,420) Interest expensee a Тах еexpensee (1,140) (1,820) (760) (1,240) Net profit 2,790 1,780 1. The company disposal of PPE during the year with a book value of £1,000,000. 2. Depreciation of property, plant and equipment for the year was £650,000.4 The intangibles were acquired for cash towards the end of the year and were not sub ject to any amortisation in the current period.e 3. Prepare the statement of cash flows using the indirect method.statement of cash flow 2019 GH¢’000 2018 GH¢’000 2017 GH¢’000 Cash flows from operating activities Profit before income tax 32,548 35,430 11,576 Adjustments for: - Depreciation 56,108 58,326 54,759 - Amortisation 1,185 971 563 - Loss/(profit) on disposal of property, plant and equipment 2,242 (9) (566) - Impairment charge 1,110 534 43 - Finance cost 19,579 19,392 30,724 - Finance income (2,245)…statement of cash flow 2019 GH¢’000 2018 GH¢’000 2017 GH¢’000 Cash flows from operating activities Profit before income tax 32,548 35,430 11,576 Adjustments for: - Depreciation 56,108 58,326 54,759 - Amortisation 1,185 971 563 - Loss/(profit) on disposal of property, plant and equipment 2,242 (9) (566) - Impairment charge 1,110 534 43 - Finance cost 19,579 19,392 30,724 - Finance income (2,245)…
- Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectivelyExercise 16-16 (Algo) Multiple differences; financial statement effects [LO16-2, 16-3, 16-5] For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $1,020,000. Selected information for 2024 from Fidelity's records follows: Interest income on municipal governmental bonds Depreciation claimed on the 2024 tax return in excess of depreciation on the income statement Carrying amount of depreciable assets in excess of their tax basis at year-end Warranty expense reported on the income statement Actual warranty expenditures in 2024 $ 76,000 100,000 176,000 48,000 38,000 Fidelity's income tax rate is 25%. At January 1, 2024, Fidelity's records indicated balances of zero and $19,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2024, and prepare the appropriate journal entry. 2. What is Fidelity's 2024 net income? Complete this question by entering your…Problem 15-5 (IAA) Aborigine Company reported the following accounts in the statement of financial position on January 1, 2020: Noncurrent assets Financial asset - FVOCI Market adjustment for unrealized loss 4,000,000 ( 500,000) Market value 3,500,000 Other comprehensive income Unrealized loss ( 500,000) An analysis of the investment portfolio revealed the following on December 31, 2020. Cost Market XYZ ordinary share ABC ordinary share RST preference share 1,000,000 2,500,000 500,000 1,200,000 2,000,000 200,000 4,000,000 3,400,000 On July 1, 2021, the ABC ordinary share was sold for P2,100,000. On December 31, 2021, the remaining investments have the following market value: XYZ ordinary share RST preference share 1,000,000 150,000 Required: 1. Prepare journal entry to recognize the decrease in value on December 31, 2020. 2. Prepare journal entry to record the sale of ABC ordinary share on July 1, 2021. 3. Prepare journal entry on December 31, 2021 to recognize the change in fair…