Evaluate the financial status of my icecream business chills and fruit by looking at the general journal. Is my business making a profit or operating at a loss? and how do you know???
Q: High-Low Method The manufacturing costs of Kellam Industries for the first three months of the year…
A: High Low Method - This method is used to segregate the variable and fixed cost. This method is…
Q: Michael saves PHP 1,000 per month and increases by PHP 20 per month with the first deposit being…
A: Present Value in Annuity The amount of cash you would be required to deposit now in order to get a…
Q: The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next…
A: A cash budget is created to project the cash payments and receipts made over a given time period.…
Q: Shellhammer Company's inventory records show the following data for the month of September: Units…
A: Inventory - Inventory, usually referred to as merchandise in business, refers to the products and…
Q: 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is…
A: INTRODUCTION: An agreement between partners in a company that specifies the terms and circumstances…
Q: To help in the analysis, Kaylin gathered the following data for LLHC for 20X1: Tons sold: 10…
A: Introduction The records of the company are kept using an accounting system. You would enter…
Q: Wildhorse Ltd. had the following selected opening account balances at the end of April 30: Cash…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: Company provides Total costs Fixed costs Variable costs Total costs Cost per client Fixed cost…
A: The fixed costs remain constant at every level of production. The variable cost changes with change…
Q: Newhard Company assigns overhead cost to jobs on the basis of 114% of direct labor cost. The job…
A: The manufacturing cost is a cost which is incurred by a company to produce it product for running…
Q: following costs related to its office building. You can assume all costs were paid in cash. (You do…
A: Total Cost - The real expenses made to produce a specific level of output are included in the total…
Q: Which of the following is not true about the unified credit that accompanies the unified transfer…
A: Option 1st:- Incorrect. Explanation: The lifetime credit amount is subject to change based on the…
Q: Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $250,000 and…
A: Lets understand the basics. Cost of goods sold is a cost incurred to make a product or services…
Q: Fill in the correct account balances of(1) Assets Cash 182,250 Accounts Receivable 7,500 Supplies…
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…
Q: Trade discounts may be stated in series. Assume instead that the trade discount given by the…
A: A trade discount is a discount given on merchandise or goods by the manufacturer to the wholesalers…
Q: On December 16, 2018, Mr. Anjo Marquez applied for a Php 750,000 loan. After deducing the interest…
A: Rate at which interest charged is calculated by dividing the amount of interest with the amount of…
Q: On January 1, 2025, Cullumber Company makes the two following acquisitions. 1. 2. Purchases land…
A: A non interest bearing note is a note which don't have stated the interest rate.in this type of…
Q: Which Match components correspond to the following terms? each item to a choice: Choices: Selling…
A: The selling price of perishable goods considers the quantity of the goods, the cost of the goods,…
Q: Define formula to calculate income tax for individuals and corporations in US. Contrast different…
A: The income tax is a charge on the income of the taxpayer which is collected and…
Q: Problem 10-01 West Wind, Inc. has 5,200,000 shares of common stock outstanding with a market value…
A: Note : Dear student, since you have asked 2 multiple questions we will solve only one questions as…
Q: his sole proprietorship. Nick originally acquired the Old Truck in 2018 by paying $23,790 in cash,…
A: Gross Income - Individuals' entire earnings before taxes or other deductions are referred to as…
Q: Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track…
A: Working : Total Manufacturing cost = Beginning cost + Cost during the month (i.e. Direct material +…
Q: B Hardware is a company in the retail industry. Assume it is the end of the year and they are…
A: Income Statement: It is a part of financial statement of a company in which revenue and expenses are…
Q: Sharp Paper Inc. has three paper mills, one of which is located in Memphis, Tennessee. The Memphis…
A: 1) The new method proposes assigning the cost of shipping and warehousing separately for low-volume…
Q: In January 2022, Wildhorse Manufacturing incurred the following costs in manufacturing Detecto, its…
A:
Q: Daniel is considering selling two stocks that have not fared well over recent years. A friend…
A: Answer The total ordinary lòss which is eligible for setoff is = $25200 $72000 × 35%
Q: 2. Use the following information to answer the following questions: Taxable income Tax rate $…
A: Working : Average Tax Rate = (Tax Payable / Taxable Income) x 100 Marginal Tax Rate = Last slab of…
Q: 7. If Php 24,000 is the present value of Php 27,500 due at the end of 16 months, find: a. the…
A: Discount rate is the rate of interest, which is used to calculate the present value of the future…
Q: stone operates a concrete repair business. His condensed income statement for fiscal December 31,…
A: Mortgage - Mortgages are a sort of loan that can be used to buy or keep up a house, land, or other…
Q: Coffee Bean Inc. (CBI) processes and distributes a variety of coffee. CBI buys coffee beans from…
A: Predetermined overhead rate = Budgeted factory overhead/Budgeted direct labor cost =…
Q: Chuck, a single taxpayer, earns $65,000 in taxable income and $10,000 in interest from an investment…
A: Every citizen have to pay tax on income and tax on income depends on the income earned and it…
Q: of product X is as follows: Materials 50 Kilos Labor 6 Hours Factory overhead 8 Hours 60/kilo 50 per…
A: Lets understand the basics. Entity set up standard cost system in order to control cost. It helps to…
Q: The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below.…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases…
A: INTRODUCTION: The revenues or money that the business will receive from its clients who have…
Q: a. Compute the controllable variance. b. Compute the volume variance
A: Variance is the difference between the estimated or budgeted cost of production and the actual cost…
Q: Which of the following statements relating to non-performance risk is O The entity's own credit risk…
A: Non performance risk is very important in the accounting and proper measurement of the non…
Q: the answer above is incorrect according to the exam I am taking the correct answer is $17780
A: Particulars Amount ($) Cash balance per books, 4/30 14,100 Add: Notes receivable and interest…
Q: Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of…
A: Lets understand the basics. As per accounting equation or balance sheet equation, total assets are…
Q: According to the tables you provided: 1. What is the Net income at the end of the year? 2. What is…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received…
A: The T-accounts are prepared from the Journal book of the business by transferring balances to the…
Q: A stock dividend of 5% is declared and issued at the fair value of the shares. Prepare the…
A: The dividend is declared and paid to the shareholders from the retained earnings of the business.…
Q: Denton Company manufactures and sells a single product. Cost data for the product are given:…
A: The fixed costs are the cost that normally does not change if the level of activity changes but…
Q: e sole shareholder in Helio, Inc., a calendar-year corporation. After operating as a C corporation…
A: Taxation - The term "taxation" refers to the process through which a taxing authority, typically a…
Q: At the end of its annual accounting period, Midi Company estimated its bad debts as 0.67% of its…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of…
A: The income statement is an essential part of the financial statements and represents the business…
Q: Cash Notes Receivable Accounts Receivable Merchandise Inventory Furniture and Fixture Accumulated…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Problem 8-5 The trial balance of Winston Corporation Home Office and its branch on December 31, 2014…
A: Closing entries are the entries done at the end of the accounting period to transfer the temporary…
Q: BDB Company manufactures its one product by a process that requires two departments. The production…
A: weighted average method of process costing The expenses are averaged out and equally applied to both…
Q: Refer to the financial statements of Mixon Company in Exercises 1–3 and 1–5. The following…
A: Dividend: The dividend is the return on the stocks of a company provided to the stockholders. The…
Q: Sony Inc. is a lessor-manufacturer of expensive machinery. On January 1,2011, a machinery is leased…
A: A lease is a type of transaction in which the owner of the asset (called the Lessor) lets the asset…
Q: Record the following transactions in general journal form: Issued a $6,000 note to Shelter, Inc for…
A: A journal entry is the first stage in accounting or bookkeeping. This stage involves chronologically…
Evaluate the financial status of my icecream business chills and fruit by looking at the general journal. Is my business making a profit or operating at a loss? and how do you know???
Step by step
Solved in 5 steps
- Compared to the ROE in 2020, the ROE in 2021 has Improved / 6.65% Improved / 3.43% Worsened / -6.65% Worsened / -3.43% Stayed the same / 0% byBALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 What is the firms ROE (Return on Equity)?Group of answer choices 9.45% 9.63% 9.84% 10.20%BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 9 What is the firm's Debt Ratio? Group of answer choices 60.0% 65.0% 70.0% 75.0% Question 10 What is the firm's Inventory Turnover? 4.41 4.55 4.69 4.83 Question 11 What is the firm's DPS…
- BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 5 What is the firm's EBITDA coverage? Group of answer choices 3.51 3.69 3.88 4.17 Question 6 What is the firms DSO (Days Sales Outstanding)? Group of answer choices 51.30 days 52.80 days 53.50…Assets Cash S.T. Investments Accts Receivable Inventories Total Current Assets Net PP&E Total Assets Liabilities. Accts Payable Notes Payable Accruals Balance Sheet Current Liabilities L.T. Bonds Preferred Stock Common Stock Retained Earnings Total Equity Total Liab. & Equity Less: Interest 2021 120 30 400 Pre-tax Earnings 1,200 1,750 3,000 4,750 100 100 300 500 520 200 530 3,000 3,530 4,750 Net Sales COGS except Dep Depreciation & Amortization Other Operating Expenses EBIT Income Statements 2021 5,500 3,800 180 600 920 60 860 215 Taxes (25%) Preferred Dividends 15 Net Income for CS Holders 630 2020 $102 40 384 774 1. What is the company's MVA? 2. What is the company's EVA in? 3. What is the current ratio of the Company? 1,300 1,780 3,080 180 28 370 578 350 100 500 1,552 2,052 3,080 Number of Common Stock Outstanding = 1,200 Price of Common Stock = 4.00 WACC Cost of Capital = 12.0% Return on Investment (ROI)= 15.97% 2020 4,800 3,710 180 470 440 40 400 100 7 293Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…
- E9-6 Current Position Analysis Obj. 3 .................. The following data were taken from the comparative balance sheet of Icon Living, Inc., for the years ended December 31, 20Y9 and December 31, 20Y8: Cash Temporary investments Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Accounts payable Accrued liabilities Total current liabilities ▸ Details Dec. 31, 20Y9 $ 75,000 125,000 250,000 425,000 25,000 $ 900,000 $ 350,000 25,000 $ 375,000 Dec. 31, 2018 $ 50,000 75,000 200,000 305,000 20,000 $ 650,000 $ 230,000 20,000 $ 250,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. b. What conclusions can be drawn from these data?From the following information, balance the ledger Cash A/c Date Particulars Amount Date Particulars Amount 1.6.2017 CAPITAL 84000 5.6.2017 Purcahses 14600 10.6.2017 sales 9500 30.6.2017 General expenses 178 30.6.2017 Salaries 4500 30.6.17 Bal C/d ? Select one: a. 84222 OMR b. 45522 OMR c. 74222 OMR d. 94222 OMRCategory Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year ??? ??? 320,715 397,400 40,500 33,750 500,000 541,650 17,500 47,500 94,000 105,000 328,500 431,876.00 33,750 35,000 54,000 54,402.00 40,500 42,823.00 279,000 288,000 339,660.00 398,369.00 946,535 999,000 148,500 162,000 126,000 162,881.00 306,000 342,000 639,000 847,928.00 24,750 47,224.00 What is the current year's return on assets (ROA)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))
- om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat- Current Position Analysis The following items are reported on a company's balance sheet: Cash $248,600 Marketable securities 194,200 Accounts receivable (net) 197,000 Inventory 137,100 Accounts payable 457,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio Check My Work Email Ins All work saved. %23O A https://prod.reader-ui.prod.mheducation.com/epub/sn_710f1/data-uuid-be8dbaUcb8ea w -> Aa く > 三 P20-2 Cash flow statement under indirect method (L LO 20-1, L LO 20-2, LO 20-3, E LO 20-4) The Barden Corporation's comparative balance sheets for 20X1 and 20X0 are presented below. Barden Corporation Table Summary: Row 1 is a header and spans columns 2 and 3. Rows 3, 12, and 17 are subheaders and contain data only in column 1. Balance Sheets December 31, Increase (Decrease) Assets Cash $ 337,000 $246,000 Accounts receivable, net 420,000 280,000 140,000 Marketable securities 0000 -0- Inventories Land 650,000 250,000 Plant and equipment 1,160,000 1,266,000 (106,000) Less: Accumulated depreciation (200,000) Total assets $2,922,000 $2,432,000 $ 490,000 Liabilities and Stockholders' Equity Liabilities: Accounts payable 000 099 $ $ 500,000 $160,000 Accrued wages 520,000 Long-term bonds (due 7/1/20X8) 260,000 360,000 Total liabilities 1,460,000 1,380,000 80,000 Stockholders' equity: Common…PE.17-03B Current Position Analysis The following items are reported on a company's balance sheet: Cash Marketable securities Accounts receivable (net) Inventory Accounts payable Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place. a. Current ratio $210,000 120,000 110,000 160,000 200,000 b. Quick ratio