How much revenues from major customers will MILKTEA disclose as part of its entity-wide disclosures on its notes to financial statements for the year ended December 31, 2021 in accordance with IFRS 8, Operating Segments?
Q: Answer of the following question related to these characteristics and constraints. National Bancorp,…
A: GAAP is the common set of accounting principles, standards, and procedures that the companies must…
Q: Disclosures for major customer shall be provided if revenues from transactions with a single…
A: Revenues are proceeds from the sale of goods or delivery of services to the customers. Disclosures…
Q: Need assistance with this please Prepare a corrected classified balance sheet for the Hubbard…
A: A classified balance sheet is one of the financial statement that provides details regarding asset,…
Q: Which sections of an annual report do IFRSs apply to? a) Management report b) Financial statements…
A: management report is used as a means of communicating whatever information that is essential to be…
Q: How much should be disclosed as "related party balances" in the notes to the financial statements of…
A: As per AS 18, Related Party means , "at any time during the year, one party has an ability to: a)…
Q: The June 30, 2023 individual financial statements of the entities show the following information:
A: Shares:- A firm’s total capital is divided into small equal units, these each units is known as a…
Q: Which of the following is correct about the General Purpose Financial Statements? Oa.…
A: General purpose Financial Statement : General purpose Financial Statement are those statements which…
Q: 11. A company is issuing its comparative financial statements for years 2021 and 2022. If the…
A: Statement of financial position: It is one of the company's financial statements that shows all of…
Q: Which of the following represents a liability? The obligation to pay for goods that an entity…
A: The assets and liabilities are the main aspects of the business which are recorded in the balance…
Q: Earnings per share must be reported on the face of every income statement that is a. prepared…
A: GAAP is the generally accepted accounting policies. Financial statements should be prepared in…
Q: Required: Based on the preceding information, prepare a correct December 31, 2022 statement of…
A: Statement of Financial Position The preparation of statement of Financial position which involves…
Q: Central Avenue Company reported net income of P700,000 for the year 2021. The entity declared and…
A: Retained earning means the amount of profit that has not been distributed to shareholder as divided.…
Q: n requirements for this public company relating to the ATO, including reporting periods and taxation…
A: Taxation refers to the imposition of compulsory financial obligation by the government on…
Q: Required: Prepared the consolidated statement of financial position for the Pee group at 31 December…
A: Computation of Net Assets of Cee as on 31 December 2018 Particulars Amount Share Capital…
Q: PAS 34 Interim Financial Reporting specifies Group of answer choices a. How soon after the end of…
A: Solution: As per PAS 34, "This Standard does not mandate which enterprises should be required to…
Q: What is Phoenix's consolidated retained earnings balance at December 31.2018?
A: Retained earnings: Retained earnings are the portion of earnings kept by the business for the…
Q: REQUIRED: Prepare the STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2021 IN A PRESCRIBED REPORT…
A: Balance sheet is the financial statement in which all the summary of the accounts balance in…
Q: Under what circumstances might it be acceptable for a company preparing IFRS financial statements to…
A:
Q: When should liabilities for each of the following items berecorded on the books of an ordinary…
A:
Q: On March 20, 2022, the board of directors authorized the financial statements for issue. The entity…
A: Journal entries shows the recording of transactions during an accounting year and every transaction…
Q: Prepare a properly classified statement of financial position for ABC Company as of December 31,…
A: Classified balance sheet which is also known as the classified statement of financial position is…
Q: Choose the letter of the correct answer.
A: Financial statements refer to the recording of the business activities in the written format…
Q: Summary statements of financial position at 31 December 2019 Bank Assets Cash and cash equivalents…
A: Total Assets - Total Assets are the sum of Current Assets and Non Current Assets. Current Assets are…
Q: Most companies use a chart of accounts prepared by the Entity's accounting department O Accounting…
A: Accounting means the process of recording the transaction , posting , summarising , interpreting and…
Q: The following statements are based on PAS 34 – "Interim Financial Reporting": Interim financial…
A: The question is related to the PAS 34 Interim Financial Reporting. As per PAS 34 1. The minimum…
Q: Why are publicly traded companies in the United States required to prepare interim reports on a…
A: Definition: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…
Q: US generally accepted accounting principles are currently developed by which entity? C . Th e Public…
A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…
Q: Title Use the information for Sorpon Corporation in E18-6, and assume that the company reports…
A: Taxable income includes the income earned to be taxed as obligation to be given to the government…
Q: Which of the following is included within the financial statements? A. Board of Directors' Report…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: Required: Prepare the Consolidated Statement of Financial Position of Perahu Bhd as at 30 June 2017.
A: "Since multiple questions have been asked by you, we will solve the first question. If any specific…
Q: Discuss the disclosure requirements for related-party transactions, post-balance-sheet events, major…
A: Segment reporting: Segment reporting refers to the process of preparing accounting report by segment…
Q: What are the three basic financial statements contained in a company's annual report?
A: The company's annual report is one of the most important resource of reliable and audited financial…
Q: Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 shows the following:
A: Liquidation of Company Liquidation of the company is the winding process of the company whether by…
Q: A corporation commences operations on January 1, 2019. It has the following account balances at…
A: Introduction: Net Assets: Any Asset having economic resource called as Assets. Assets are of two…
Q: What is the adjusted amount of shareholders’ equity that should be reported by REBOND in its…
A: The question is related Shareholder's equity as on December 31st, 2021. Inventory will be Valued at…
Q: What are the steps that a company must follow in preparing its initial set of IFRS financial…
A: International Financial Reporting Standards (IFRS) They are commonly known as IFRS. It is a set of…
Q: For each period that an income statement is presented, what must a company disclose about its EPS?
A: Income statement is a financial statement which is prepared by company to evaluate results from…
Q: An entity shall clearly identify each financial statement and display all of the following, except…
A: The entity needs to prepare and present their financial statement for users decisions making.…
Q: Separate statement of financial positions of Paul Company and Saul Company on July 1, 2020, together…
A: The accounts receivables are the current assets of the company. The accounts receivables are…
Q: Which among the following reports bears correct date/period?
A: Statement of financial position is the summary of assets and liabilities as at a particular date.…
Q: discuss the identification and accounting treatments of adjusting and non-adjusting events
A: International Accounting Standard (IAS) 10 has prescribed the adjustments for those events that…
Q: Summary statements of financial position at 31 December 2019 Bank Assets Cash and cash equivalents…
A: Total Assets - Total Assets is the total of current assets and non current assets. Current assets…
Q: # 4) Using the following Company X information, prepare a Retained Earnings Statemen Retained…
A: Retained Earnings - It refers to the profit which is not distributed as a dividend but, retained in…
Q: Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each…
A: Financial Accounting Standards Board (FASB): FASB is an independent 7 member board, of accounting…
Q: What approach are companies required to follow in preparing interim financial statements?
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: Central Avenue Company reported net income of P700,000 for the year 2021. The entity declared and…
A: Lets understand the basics. Retained earning is a net income that is retained every year after…
How much revenues from major customers will MILKTEA disclose as part of its entity-wide disclosures on its notes to financial statements for the year ended December 31, 2021 in accordance with IFRS 8, Operating Segments?
Step by step
Solved in 2 steps
- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)salamagundi, inc. has the following income statement: For the year ended December 31, 2021 net sales: $160 Cost of goods sold: $100 gross profit: $60 Operating expenses: $40 Net income: $20 Using vertical analysis, what percentage is assigned to operating expenses? a. 25% b. 40% c. 66.7% d. 200%
- The following income statement appears in the financial report of MERCADO Company for the year ending December 31, 2020: MERCADO Company Income Statement For the year ending December 31. 2020 Sales 72,485,000.00 Cost of goods sold Gross profit 39.866,750.00 32.618.250.00 Less: Operating expenses: Variable selling expenses: Salesmen's commissions 3,624,250.00 Communication expenses 1,812.125.00 Advertising and promotion 635.350.00 Representation expenses 215.385.00 Gas and oil - salesmen 1,285.000.00 Repairs and maintenance 1,150.000.00 3.722.110.00 Fixed selling expenses Salaries and wages 4,225,000.00 Franchises and royalties 524,150.00 Office supplies and materials 555.000.00 Depreciation 963 300.00 6.267,450.00 14.989,560.00 Fixed administrative expenses Salaries and wages 6.324,650.00 Employee benefits 316,490.00 Communications expenses 335,125.00 Office supplies and materials 275,150.00 Depreciation 325,500.00 104 250.00 7.681,165.00 9.947.525.00 Miscellaneous expenses Operating…Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %Assume the following sales data for a company: Line Item Description Amount Current year $883,993 Preceding year 542,076 What is the percentage increase in sales from the preceding year to the current year? a. 63.08% b. 61.32% c. 163.08% d. 38.68%
- A financial analyst for Simon Manufacturing prepared the following report: Customers Customer-Level Operating Income Customer Revenue A $5041.00 $26,250 B $4202.00 $30,000 C $3368.00 $15,000 D $1069.50 $7,300 E $984.80 $5,100 F $844.80 $4,400 G $336.60 $1,800 H $252.00 $4,500 I ($168.00) $2,400 J ($676.00) $2,600 What is the cumulative customer-level operating income as a percentage of customer level operating income for the top 4 most profitable (operating income) customers? 1) 17.4% 2) 89.7% 3) 85.0% 4) 79.1%The comparative statements of Osborne Company are presented here: [{HtmlTableOSBORNE COMPANYIncome StatementsFor the Years Ended December 312014 2013Net sales $1,895,999 $1,755,959Cost of goods sold 1,063,999 1,011,459Gross profit 832,000 744,500Selling and administrative expenses 505,459 484,459Income from operations 326,541 260,041Other expenses and losses Interest expense 23,583 21,583Income before income taxes 302,958 238,458Income tax expense 93,583 74,583Net income $209,375 $163,875\\OSBORNE COMPANYBalance SheetsDecember 31Assets 2014 2013Current assets Cash $60,100 $64,200Debt investments (short-term) 74,000 50,000Accounts receivable 123,259 108,259Inventory 127,583 117,083Total current assets 384,942 339,542Plant assets (net) 663,905 535,205Total assets $1,048,847 $874,747Liabilities and Stockholders' Equity Current liabilities Accounts payable $165,459 $150,859Income taxes payable 45,083 43,583Total current liabilities 210,542 194,442Bonds payable 234,905 214,905Total…Assume the following sales data for a company: Line Item Description Amount Current year $891,303 Preceding year 515,759 What is the percentage increase in sales from the preceding year to the current year?
- The following information relates to Wal-Mart Corporation for the past accounting period: Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 __________1. What amount will be allocated by S1 to S2 under direct method? __________2. What amount will be allocated by S2 to P2 under direct method? __________3. How much is the total overhead costs in P3 after the allocation under direct method? __________4. Under the step method which department will allocate its direct cost first? __________5. Under the step method which department will allocate its direct cost last? __________6. Using the algebraic method, how much is the total costs to be allocated by S1 to all departments? __________7. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________8. What is the total cost to be allocated by the…Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns cost of goods sold Sales discounts Selling expenses Use the above information to prepare the gross profit section of a multiple-step income statement. VITAMIX $ 88,000 118,000 31,000 13,800 87,000 4,800 52,000 Income Statement For Year Ended December 31 $ 0 0 0The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…
