InterSteel gathered the following fair value data at year end, record any necessary journal entries: Fair Value JAK Inc. Stock 47,600 Kibby Co. Stock 85,400 Jackson Co. Stock 11,000 Santos 310,000
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- InterSteel gathered the following fair value data at year end, record any necessary
journal entries:
|
|
Fair Value |
|
JAK Inc. Stock |
47,600 |
|
Kibby Co. Stock |
85,400 |
|
Jackson Co. Stock |
11,000 |
|
Santos |
310,000 |
|
|
|
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- A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 daysRequired information [The following information applies to the questions displayed below] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in 18H common shares Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. $ 1,745,000 (185,000) $1,560,000 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,283,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.ancial statements of Calloway. Co nly please Requirea inrormauon (The following information applies to the questions displeyed below} The financiai statementsiof Calia and corresponding antounSI ASSets $850 Beginning Reteined Earian mpany prepated et the end of the cutrent year contained the foallowing elements $22 000 Liablities 2 Common Stock = $5,200, Revenue= $11.4O0 Dividends $3.850 Encing Retained Earmings $7200. Based on this informaion what kekinses repertea on Caloway's ircome statement tot the cuttent year? Mutple Cholce $14.400 $7.200 $3.350 s8.050 search
- Required Information (The following information applies to the questions displayed below] Selected comparative finencial statements of Korbin Company follow KORBIN COMPANY Comparative Incone tatanants Foe Year Ended Decanbar 31, 2019, 2018, and 2017 2019 8437,333 1335.033 2017 6232, S00 2018 Sales Cont of gooda sold Ge peofit Selling expanaea Adminiateatie enpenses Tetal anpensas Income hetoee tanaa 14, 00 3, 700 30,690 19,298 49,948 33,712 6.44 263,274 174,059 62, 101 210,401 174, 622 46,235 29,403 75.718 48,914 10,027 i 38,87 39,360 101,461 72, 538 523.503 S 59,095 Incoma taR xpansa. Net inoome 526,868 KORBIN COMPANY Comparativa Balanoa Sheata Decembes 31, 2019, 2018, and 2017 2019 2010 2017 Aasata Cursant a ata Long-tem invaatnanta Plant asseta, nat E37,777 6 30,499 700 4, E20 102, 224 34,157 54,768 6209. 887 Total as eta $195. 6EE E132, 634 Liabilities and Equity Cuerent 1iabilitiea Comman atook other paid-in capita Ratainad aaeninga 23,211 64,000 1,000 $ 19,762 64,000 8,000 5…Members of the board of directors of Security Check have received the following operating income data for the year ended May 31, 2024 2b. S441,000) SECURITY CHECK Income Statement For the Year Ended May 31, 2024 Froduct Line ndurtrial Hounehold Syrtema Syrtema Tetal Net Sales Revenue $ 200,000 Cont of Goods Solt Variable 27,000 47,000 Fied 200,000 2,000 222,000 Tetal Cont of Goods Sold 237,000 110,000 407,000 Gram Profit a,000 270,000 222,000 Seling and Admiristratie tpen Variable 64000 72,000 127,000 Fied 44,000 70,000 Tutal Seling and Administrative tpenn Operting nme m 1000 S 17L000 207,000 S124,000 Memben of the boand are wrprised tat the indatrial wysem prodact line is not profie- alle. They commisskon a ly o deermine wheher the company shoukd drop the line. Company accountams estimate that dropping indlnrial syotema will decrease fised cot of gah wl by SJK0 and decrease fised seling and administrative espenses by $12J0. Requirements 1. Prepare a differemial analysis to show…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.
- 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. 0.13Abcde Trading has reported the following from its business operation from period 2008 through 2019: a. Sales (32,067, 35,422, 70,881, 95,519, 122,128, 165,654, 188,793, 232,834, 263,159, 273,046, 269,693, 294,619) b. Expenses (28,320, 31,490, 69, 371, 84, 747, 105,310, 144,175, 164,799, 198,966, 224,105, 236,388, 240,171, 261,738) c. Other Income (534, 849, 1,039, 2,103, 660, 662, 816, 829, 899, (932), 1,937, 4,509) d. Interest (465, 913, 2,171, 2,465, 2,385, 2,982, 3,560, 4,749, 4,861, 4,889, 4,283, 4,682) e. Prevailing tax rate is 28.23% (round off amount) Prepare the following: 1. Individual P & L using multiple worksheets. 2. Consolidated P & L for the period 2008 - 2019.Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28 February 2021. INFORMATIONThe trial balance, adjustments and additional information given below were extracted from the accounting records ofRoyal Traders on 28 February 2021, the end of the financial year. Adjustments and additional information1. According to the physical stocktaking completed on 28 February 2021, the following inventories were on hand: 1.1 Trading inventory, R136 000 1.2 Stationery, R600. 2. An account received from Airtel Fitters on 28 February 2021 for the installation of an air conditioning unit in one of the vehicles was debited to the motor expenses account in error, R6 000. 3. No entry has been made for interest at 12% p.a. that was charged for two months on the overdue account of a debtor who owed R6 000. 4. An electronic funds transfer for R1 330 was made to Royal Traders on 28 February 2021 from a debtor, after a settlement discount of 5% was deducted. No entries have been…
- 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)? Inventory 12,500 Current Assets 50,000 Current Liabilities 40,000 Non-current Assets 90,000 Net Profit 11,900 Shareholders' Equity 65,000 Select one: O a. 0.238 O b. 0.17 O c. 0.85 O d. The correct answer not available O e. 0.085How to compute this problem? Problem:The 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…The 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…
