d charges in 2023?
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Atlanta Corporation, a domestic corporation, had the following data for the years 2022 and 2023:
|
|
2022 |
|
2023 |
Sales |
|
P 10,000,000 |
|
P 15,000,000 |
Cost of sales |
|
4,000,000 |
|
6,000,000 |
Deductible expenses |
|
6,100,000 |
|
7,000,000 |
|
|
50,000 |
|
100,000 |
Interest income on trade notes receivable |
|
10,000 |
|
30,000 |
Rent income |
|
430,000 |
|
600,000 |
Total assets |
|
500,000,000 |
|
550,000,000 |
How much is the total deferred charges in 2023?
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- Condensed balance sheet and income statement data for Bridgeport Corporation are presented here. BRIDGEPORT CORPORATIONBalance SheetsDecember 31 2022 2021 2020 Cash $ 32,000 $ 22,000 $ 20,000 Accounts receivable (net) 52,000 47,000 50,000 Other current assets 93,000 98,000 67,000 Investments 58,000 73,000 48,000 Property, plant, and equipment (net) 500,000 370,000 358,000 $735,000 $610,000 $543,000 Current liabilities $ 87,000 $ 82,000 $ 72,000 Long-term debt 148,000 88,000 53,000 Common stock, $10 par 323,000 313,000 303,000 Retained earnings 177,000 127,000 115,000 $735,000 $610,000 $543,000 BRIDGEPORT CORPORATIONIncome StatementsFor the Years Ended December 31 2022 2021 Sales $743,000 $603,000 Less: Sales returns and allowances 42,000 32,000…K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...The records of a domestic corporation organized in 2010 show: 2016 2017 2018 2019 Net Sales 3,925,000 4,810,000 5,939,000 6,945,000 Cost of sales 1,950,000 2,710,000 3,465,000 4,180,000 Business expenses including bad debts written off 1,900,000 2,000,000 2,520,000 2,400,000 Other taxable income 25,000 100,000 26,000 35,000 Recovery of bad debts written off: In 2016 60,000 In 2017 10,000 The income tax payable for 2016, 2017, 2018, and 2019: a. ₱ 30,000, ₱78,000, ₱0, ₱73,000 b. ₱ 40,000, ₱68,000, ₱50,000, ₱67,000 c. ₱ 58,500, ₱60,000, ₱18,000, ₱67,000 d. None of the above.
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- Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Inventory 12,500Total Assets in 2021 110,000Current Liabilities 40,000Total Assets in 2020 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 0.12b. 0.10c. 0.18d. 0.13Operating data for Coronado Corporation are presented as follows. 2022 2021 Net sales $754,000 $595,000 Cost of goods sold 468,234 391,510 Selling expenses 125,164 67,830 Administrative expenses 63,336 55,930 Income tax expense 35,438 27,965 Net income 61,828 51,765 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.)Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars) 2020 2019 Sales $ 12,000 $ 11,000 Operating costs excluding depreciation 10,522 9,674 Depreciation and amortization 410 370 Earnings before interest and taxes $ 1,068 $ 956 Less interest 180 100 Pre-tax income $ 888 $ 856 Taxes (25%) 222 214 Net income available to common stockholders $ 666 $ 642 Common dividends $ 203 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash $ 650 $ 600 Short-term investments 210 200 Accounts receivable 2,750 2,500 Inventories 1,950 1,800 Total current assets $ 5,560 $ 5,100 Net plant and equipment 3,850 3,500 Total assets $ 9,410 $ 8,600 Liabilities and Equity Accounts payable $ 1,300 $ 1,200 Accruals 650 600 Notes…
- Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars) 2020 2019 Sales $ 12,000 $ 11,000 Operating costs excluding depreciation 10,522 9,674 Depreciation and amortization 410 370 Earnings before interest and taxes $ 1,068 $ 956 Less interest 180 100 Pre-tax income $ 888 $ 856 Taxes (25%) 222 214 Net income available to common stockholders $ 666 $ 642 Common dividends $ 203 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash $ 650 $ 600 Short-term investments 210 200 Accounts receivable 2,750 2,500 Inventories 1,950 1,800 Total current assets $ 5,560 $ 5,100 Net plant and equipment 3,850 3,500 Total assets $ 9,410 $ 8,600 Liabilities and Equity Accounts payable $ 1,300 $ 1,200 Accruals 650 600 Notes…Operating data for Riverbed Corp are presented below. 2022 2021 Sales revenue $850,500 $643,000 Cost of goods sold 529,000 409,600 Selling expenses 121,800 75,900 Administrative expenses 73,300 50,700 Income tax expense 33,000 23,500 Net income 93,400 83,300 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) RIVERBED CORPCondensed Income Statementchoose the accouning period For the Years Ended December 31December 31For the Month Ended December 31 2022 2021 Amount Percent Amount Percent Sales $850,500 enter percentages % $643,000 enter percentages % Cost of goods sold 529,000 enter percentages % 409,600 enter percentages % Gross profit 321,500 enter percentages % 233,400 enter percentages % Selling…Lanfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 2023 Net Sales Revenue $459,000 $428,000 Cost of Goods Sold 234,000 212,000 Gross Profit 225,000 216,000 Operating Expenses 134,000 132,000 Income From Operations 91,000 84,000 Interest Expense 13,000 16,000 Income Before Income Tax 78,000 68,000 Income Tax Expense 24,000 26,000 Net Income $54,000 $42,000 Lanfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 2022* Assets Current Assets: Cash $98,000 $97,000 Accounts Receivables, Net 114,000 115,000 $104,000 Merchandise Inventory 146,000 158,000 202,000 Prepaid Expenses 13,000 6,000 Total Current Assets 371,000 376,000 Property, Plant, and Equipment, Net 211,000 180,000 Total Assets $582,000…