Income Statements for the Year Ended 31st Dec 2020                     KM Ltd   ROW Ltd     £'000     £'000 Sales revenue   8,320     11,250 Cost of sales   (6,020)     (9,030) Gross profit   2,300     2,220 Operating expenses   (1,048)     (1,535) Operating profit   1,252     685 Finance charges   (20)     (70) Profit before tax   1,232     615 Taxation   (62)     (30) Profit for the year   1,170     585   SOFP (Balance Sheet) as at 31st Dec 2020         KM Ltd   ROW Ltd   £'000 £'000   £'000 £'000 Non-current assets   502     198             Current assets            Inventory 1,290     2,437    Trade receivables     730     1,990       2,020     4,427 Total assets   2,522     4,625             Equity           Share capital   1,350          800   Reserves 580       1,145              1,930         1,945             Current liabilities            Trade payables 430          850    Taxation        62            30    Bank overdraft       35          350                527           1,230             Non-current liabilities           Loans              65     1,450 Total equity and liabilities    2,522           4,625 You are required to:   Use your Excel skills to calculate the following ratios for both companies.   Inventory days Trade receivable days Trade payable days

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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%

Computing Financial Statement Measures The following pretax amounts are taken from the adjusted trial balance of Mastery Inc. on December 31, 2020, its annual year-end. Assume that the income tax rate for all items is 25%. The average number of common shares outstanding during the year was 20,000.   Balance, retained earnings, December 31, 2019 $ 45,000 Sales revenue 300,000 Cost of goods sold 105,000 Selling expenses 36,000 Administrative expenses 34,000 Gain on sale of investments 10,000 Unrealized holding gain on debt investments, net of tax 4,250 Prior period adjustment, understatement of depreciation from prior period (2019) 20,000 Dividends declared and paid 16,000     Required Compute the following amounts for the year-end financial statements of 2020. Do not use negative signs with any of your answers. Round the per share amount to two decimal places. Item Amount a. Gross profit (2020).   b. Operating income (2020).   c. Net…

Debt to Equity Total Debt Ratio Times Interest Earned

Cairns owns 70 percent of the voting stock of Hamilton, Inc. The parent’s interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its internal records to account for its investment in Hamilton.   On January 1, 2014, Hamilton sold $2,300,000 in 10-year bonds to the public at 110. The bonds had a cash interest rate of 9 percent payable every December 31. Cairns acquired 35 percent of these bonds at 92 percent of face value on January 1, 2016. Both companies utilize the straight-line method of amortization. Prepare the consolidation worksheet entries to recognize the effects of the intra-entity bonds at each of the following dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) December 31, 2016 December 31, 2017 December 31, 2018

14 Victory ML Bus company has the following data for the first quarter of 2021:  Gross receipt from passengers  P 8,000,000  Gross revenue from cargo operations   5,000,000  Expenses – Passengers operation   4,750,000  Expenses – Cargo operations   2,500,000  Gross receipt from rental of facilities   2,000,000     Additional info: 25% of its gross revenue from cargo operations were still outstanding as of the end of the quarter  Required: determine the total business tax due for the first quarter

Provide Answer with calculation and explanation

Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, 2 units 30 Bal., 4,400 units, 80% completed Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost…

4. PG Merchandising, a general partnership earned a net profit of P98,000 for the calendar year 2020. The capital account of the partners for the year ended December 31, 2020 is shown below: Pinto Capital (Mar 1) P25,000 (Jan 1) P150,000 (Nov 1) P37,000 (Jul 1) 50,000 (Oct 1) 50,000