The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 300,000 22,000 Loss on sale of investments Interest revenue 4,000 Cost of goods sold General and administrative expenses 160,000 40,000 Restructuring costs Selling expenses Income tax expense 50,000 25,000
Q: Required: Prepare the necessary closing entries at December 31, 2016.
A:
Q: The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following…
A: Closing Entries:Closing entries are those journal entries which are passed to transfer the balances…
Q: Following is a trial balance of ABC Company for the year ended December 31, 2018. Dr Cr Cash…
A: Income Statement It is a part of the books of a company and is the most important element as it…
Q: During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies…
A: Formula: Supplies expense = Beginning supplies + Supplies purchased - Ending supplies
Q: The following accounts are taken from the adjusted trial balance on December 31, 2020 of Romo…
A: Income summary account is an account which is used for closing of all temporary accounts related to…
Q: The year-end adjusted trial balance included the following account balances: Cash, $7,000;…
A: Debit = Cash (Asset), Equipment (Asset), Dividends (Expense), Salaries Expense (Expense) and…
Q: Sunland has year-end account balances of sales revenue $795,635, interest revenue $14,740, cost of…
A: Closing entries: Closing entries are those journal entries, which are passed to transfer the final…
Q: For the just completed year, Hanna Company had net income of $59,000. Balances in the company’s…
A: As per the indirect method we will trace out the cash inflo and out…
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: The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit…
A: Treasury share is the share issued by company and later it is re-acquired by the company. To find…
Q: M Company provided the following adjusted account balances on December 31, 2x14: Wages Payable -…
A: Assets is the term of accounting which is defined as the capital expenditures of the business that…
Q: Adjusting and Closing Entries and Post-Closing Trial Balance Accounts of Pioneer Heating Corporation…
A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…
Q: The following items are taken from the financial statements of (X) Company for the year ending…
A: Net = Servive revenue - Salaries expense - Advertising expense - Depreciation expense - Insurance…
Q: The net income reported on the income statement for the current year was $73,600. Depreciation…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: Stark company has the following adjusted accounts and normal balances at its December 31 year-end. $…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: Refer to the following selected financial information from McCormik, LLC. Compute the company's…
A: The no.days sales uncollected is derived from the accounts receivable turnover ratio. Then the no.of…
Q: Side Kicks has year-end account balances of Sales Revenue $808,900, Interest Revenue $13,500, Cost…
A: Account Titles and Explanation Debit Credit Income Summary $822,400…
Q: The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit…
A: Preference shares means those shares which have preference in payment of dividend and capital.
Q: The following is a partial list of the account balances, after adjustments, for Wilson Company on…
A: In this example as per given information we will prepare cost of goods sold…
Q: Selected data from the ledger of Burt Co., after adjustments, on September 30, the end of the fiscal…
A:
Q: For the year just completed, Hanna Company had net income of $43,500. Balances in the company's…
A: Cash flow from operating activities part of cash flow statement. it can be paid using the direct and…
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: The following income statement items appeared on the adjusted trial balance of Schembri…
A:
Q: £ £ Sales…
A: An income statements statement that shows the income and expenses of a company. It also shows…
Q: The following are the changes in the accounts of BTS Co. during the period: · Accounts…
A: If any asset is donated by the shareholder then company should records such asset in the books of…
Q: The following Income statement items appeared on the adjusted trial balance of Schembri…
A: The comprehensive income statement is the financial statement (FS) which summarize both the net…
Q: The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit…
A: A Balance is one of the financial statements prepared to determine the financial position of a…
Q: During a recent year, Nicole’s Getaway Spa (NGS) reported net income of $2,300. The companyreported…
A: Statement of cash flows: Cash flow statement is also known as statement of cash flows. It is a…
Q: The net income reported on the income statement for the current year was $149,900. Depreciation…
A: CFS is the statement prepared for the purpose of reporting all the cash inflows and outflows during…
Q: The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit…
A: Accounting equation states that the total assets will be equal to the sum of total liabilities and…
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: The net income reported on the income statement for the current year was $275,000. Depreciation…
A: CASH FLOW STATEMENT:-Cash flow statement known as cash flows is a financial statement that shows…
Q: The following account balances were taken from the 2021 adjusted trial balance of the Bowler…
A: Bowler CorporationIncome statement for 2021 Particulars Amount Sales revenue $325,000 Less:…
Q: For the year just completed, Hanna Company had net income of $104,500. Balances in the company’s…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: The following is the trial balance of Pyramid Ltd as at 30 November 2021.…
A: Introduction:- The accounting cycle culminates with financial statements. The two financial…
Q: The following income statement items appeared on the adjusted trial balance of Schembri…
A: The income statement is one of a company’s core financial statements that are prepared to find out…
Q: The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit…
A: Equity shares are those shares which do not have preferential right on dividend and repayment of…
Q: Prepare Schembri’s single, continuous multiple-step statement of comprehensive income for 2021,…
A: The statement of comprehensive income is the financial statement prepared at the year-end by the…
Q: he December 31, 2020 (pre-closing) adjusted trial balance for Ybor Enterprises was as follows:…
A: The income statement is used for reporting the financial performance of the company over a specific…
Q: Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with their normal…
A: The income statement and balance sheet are the financial statements of the business.
Q: The following income statement items appeared on the adjusted trial balance of Schembri…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Selected accounts from Westeros Co.’s adjusted trial balance for the year ended December 31 follow.…
A: Income statement: It refers to a financial statement that presents all the income earned by the…
Q: The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:…
A: State holders equity = Net income + retained earnings + common stock
Q: For the year just completed, Hanna Company had net income of $84,500. Balances in the company's…
A: The cash flow statement is helpful for the stakeholders as they can identify the organization's…
Q: Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with their normal…
A: Adjusting Journal Entries The purpose of providing the adjustment entries which brings more accuracy…
Q: The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit…
A: Current Assets: These are the assets of an enterprises which are expected to be sold or used…
Q: Debit Credit Retained Earnings 35,200 Dividends Paid $ 15,000 Sales 124,000 Cost of Goods Sold…
A: Income Statement: It is a statement which of expenses and income incur during the operating period…
Q: Based on the accounts shown below in the Partial Adjusted Trial Balance dated 12/31/20xx, what is…
A: Amounts of debits are the sum of expenses and assets
Q: Dividends paid to preference shares amounts to
A: Preferred dividend : The dividend paid to the preference shareholders is known as the…
Q: For the just completed year, Hanna Company had net income of $91,000. Balances in the company's…
A: The cash flow statement is part of the financial statements of the company. It indicates cash inflow…
Income tax expense has not yet been recorded. The income tax rate is 40%. Determine the following: (a) operating income (loss), (b) income (loss) before income taxes, and (c) net income (loss).
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 4 images
- 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…The following information is available from the annualreport of Frixell, Inc.: Currentliabilities . . . . $300,000Operatingincome . . . . . 240,000Net income . . . . 80,000 Currentassets . . . . $ 480,000Average totalassets . . . . 2,000,000Average totalequity . . . . 800,000Which of the following statements are correct? (More thanone statement may be correct.)a. The return on equity exceeds the return on assets.b. The current ratio is 0.625 to 1.The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019RRevenue 1 250 000Direct costs (786 000)Gross profit 464 000Operating expenses (124 000)Operating profit 340 000Interest expense (15 000)Profit before tax 325 000Income tax (97 500)Profit after tax 227 500Statement of Financial Position as at 31 December 2019Assets RNon-current assets 314 000Current assets 386 000Total assets 700 000Equity and liabilitiesShareholders’ equity 350 000Non-current liabilities 205 000Current liabilities 145 000Total equity and liabilities 700 000Note• Current assets (R386 000) include accounts receivable of R160 000, inventories of R80000 and cash of R146 000.• Inventories as at 31 December 2018 amounted to R130 000.• Current liabilities comprise accounts payable only.• All direct costs and revenues are on credit.Required:Calculate the following ratios using the information provided above.…
- 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…Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.This year Last year 1050 Assets Cash 1530 Marketable securities Accounts receivable Inventories Total current assets 1810 1220 2050 1770 2900 2790 8290 6830 Gross fixed assets 29480 28090 Less: Accumulated depreciation 14680 13140 Net fixed assets 14800 14950 Total assets Liabilities and Stockholders' Equity 23090 21780 Accounts payable Notes payable Accruals 1560 1540 2760 2160 190 350 Total current liabilities 4510 4050 Long-term debt Common stock Retained earnings Total stockholders' equity 5220 4970 9950 9950 3410 2810 13360 12760 Total liabilities and stockholders' equity 23090 21780
- Walang Kayo Company Question: Under accrual basis, what amount should be reported as gross sales for the current year? a. P6,650,000 b. P6,600,000 c. P6,350,000 d. P6,550,000The financial data of Mammoth corporation for the year ended 31st December,2020 is as followsParticulars Variable expense as percentage of sales 66.67Interest Expense ($) 200DOL 5DFL 3Income tax rate 0.35Requirement:a) Prepare income statement for company.The following financial statements relate to Inna Projects Limited:Statement of Comprehensive Income for the year ended 30 June 2018R’000Sales (Credit)8 000Cost of sales2 000Gross profit6 000Operating expenses2 800Operating profit3 200Interest expense220Profit before tax2 980Tax (25%)745Profit after tax2 235Statement of Financial Position as at 30 June 2018ASSETSR’000R’000Non-current assets45 320Current assets13 980Inventory5 080Debtors7 600Bank1 30059 300EQUITY AND LIABILITIESOwners’ equity54 040Capital39 000Retained income15 040Non-current assets3 000Current liabilities2 260Creditors2 26059 300Note: Inventory on 1 July 2017 amounted R3 000 000.Required:Calculate the following ratios and where applicable round off answers correctly to two decimal places:2.1 Gross margin (5)2.2 Inventory turnover (5)2.3 Debtors collection period (5)2.4 Return on own capital (5)2.5 Acid test ratio (5
- The summarized revenues and expenses information for Canadian Travel Inc. for the year 2018 states:1cost of goods sold CAD180,000, sales revenue CAD400,000, other (non-operating) revenues and gainsCAD30,000, sales general and administration expenses of CAD100,000. Net interest income is (+)CAD10,000 and the corporate income tax rate is 26,50%: Prepare the Income (i.e. Pro t & Loss) Statement of Holiday Inc., showing Gross Pro t, OperatingPro t, Other gains/(losses), Earnings before Interest and Tax (EBIT), Pro t before Tax and NetIncome i.e. Net Pro t. Point out and explain which of all these revenue and expense items may imply/include non-cashtransactions or accounting records. If the ending balance in Retained Earnings on Canadian Travel Inc.s 31. Dec 2017 balance sheetwas $1,000,000 and a cash dividend of $10,000 was paid in 2018, using the above information showthe balance sheet entries of Retained Earnings as of 31. Dec 2018.In addition to the above, assume that Canadian…Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 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 $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%