S18-4 Common-size income statement Data for Muller Pty Ltd and Rose Pty Ltd follow: Muller Rose $10 600 6 455 3 541 $18 600 Net sales Cost of sales Other expenses 13 522 4 185 Profit $ 604 $ 893 Requirements 1 Prepare common-size income statements. 2 Which company earns more profit?
Q: Sally and Charles Heck received the following Form 1099-DIV in 2019:
A: Qualified dividends refer to the type of dividends on which a lower rate of capital gain tax is levi...
Q: During May, Bergan Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours ...
A: Total Labor Cost for Job 200 = Labor Hours x Direct labor rate Total Labor Cost for Job 305 = Labor ...
Q: Requirement: Compute for the following variances 1. Fixed Spending Variance 2. Variable Spending Var...
A: Lets understand the basics. Fixed overhead spending variance indicates the variance between the actu...
Q: dSh to öwner for personal use, $1,000.00. C9. 28. Received cash from sales, $220.00. T28. Instructio...
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into debi...
Q: Jun Jon and Company, general co-partnership has the following data of income and expenses for 2018:...
A: Corporate Taxable Income: Corporate profit consists of business income and all normal business expen...
Q: PROBLEM 2 (Cost of Goods Sold). For each of the following, determine the missing amounts. Beginning ...
A: Cost of Goods Available for Sale = Beginning Inventory + Purchases Cost of Goods Sold = Cost of Goo...
Q: For the month of January 2022, AU Company reported the following production data for Finishing Depar...
A: The total cost to account for is the total costs incurred in the department including beginning work...
Q: Apple Company purchases 80 percent of Mango has revenue of P250,000 and exper pre-acquisition eaning...
A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has ...
Q: Condensed financial data of Novak Company for 2020 and 2019 are presented below. NOVAK COMPANY COMP...
A: The cash flow statement (CFS) is a financial statement that summarizes the flow of cash and cash equ...
Q: Daily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are ...
A:
Q: subject to measurement period adjustment. A. Both Statetements are Correct B. Both Statements are ...
A: First let us understand what is contingent consideration. It it the consideration to be paid by the ...
Q: anuary outstanding shares for P648,000. P30,000 of the and the balance to an equipment with an econo...
A: Shareholders also invest money in the company and in return they become the owners in proportion to ...
Q: n process, beg (1/3 to be completed) ...
A: Solution When there is work in process at the beginning or at the end , then the equivalent units ne...
Q: Relax Spa Company is engaged in providing facial and body treatment in a spa centre. Customers are ...
A: 9) No entry is required in this case because the equipment is purchased for personal use shall not b...
Q: F Corporation sold equipment to its 80% owned subsidiary, R Corp., on January 1, 2016. F sold the eq...
A: Solution Concept When the asset is sold at amount higher than the book value ,there shall be adjusti...
Q: Novak Corporation is preparing its 2020 statement of cash flows, using the indirect method. Presente...
A: In Operating Activities : Increase in Current assets is Deducted from net income in the operating se...
Q: QUESTION 4 Indicate whether each of the following costs incurred by a manufacturer would be consider...
A: The costs incurred in the production of a product are referred to as its product cost. These costs i...
Q: The total cost of work in process, end is?
A: Equivalent units concept is used when opening or ending work in progress is not 100% complete but pa...
Q: Condensed financial data of Novak Company for 2020 and 2019 are presented below. NOVAK COMPANY COMP...
A: Depreciation expense = 1,220 - 1,190 = 30 Cash proceeds from issue of common share = 1,890 - 1,710 -...
Q: What is the value of customer relations and customer service?
A: Customer relations is the relationship with customer and the focus of which is to build customer rel...
Q: Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The followin...
A: Debit and credit are two aspects of a business transaction. These are used in double entry system of...
Q: P1,500 of supplies on hand at the end of 2009. During 2010, P,2750 of supplies were purchased. A cou...
A: The purchase goods are done by supplier. so there will be stock which will be opening and supplie...
Q: P18-1 Trend analysis and return on common equity [20–30 min] Net sales revenue, profit and ordinary ...
A: Trend analysis shows changes in the financial statement values of a certain year relative to a base ...
Q: Calculate Irene's gross income.
A: answer Interest, U.S. Treasury bills =1950 Interest, bonds issued by Ford Motor Company = 1700
Q: n January 1, 2020, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issu...
A: Solution Working note Coupon amount =600000*7% / 2 ...
Q: QUESTION 7 Boris' Car Loft, Inc., began operations on January 1. It manufactures 10,000 automobiles ...
A: Costs that are directly associated with production process are known as product costs.
Q: A company rent a building for P50,000 per month for a period of 10 years. Find the accumulative amou...
A: FV of Ordinary Annuity=C×[(1+i)n−1/i] where: C=cash flow per period i=interest rate n=number of p...
Q: Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 202...
A:
Q: On January 1, 2016, B Company acquired 80% of A Company’s common stock for P280,000 cash. At that da...
A: It is more expanded view of income than the conventional net income. It includes all changes in equi...
Q: roblem 3: On January 1, 2012, Enrich Company purchased a machine under the following terms: a. ...
A: Cost of Machine: In this case, the cost of the machine would be a down payment and present Value of ...
Q: Sayers Company purchased a building for $250,000 on January 2, 2019. The building has an expected re...
A:
Q: Nico Manufacturing Company applies process costing in the manufacture of its best-seller product, “b...
A: Process costing is a method of cost accounting, which is used where there is continuous production a...
Q: 1. Mr. A is the owner of a grocery store. He was informed by the Fortune Cigarette supplier today th...
A: Increase in Price per pack = 1,000 - 900 = 100 Total Impact on weekly order = 100 * 300 = 30,000 Thu...
Q: 1. A loan of Php 35,000 with a simple interest rate of 12% will be paid within 9 months. interest wi...
A: As posted multiple independent questions we are answering only first question kindly repost the unan...
Q: Choose the correct answer: Equity security acquired for non-trading and the shares are not enough ...
A: Solution Concept When there is no significant influence then the investment is financial asset Debt ...
Q: A.B. Mahusay decided to put up an aircon cleaning & repair services on January 1, 2020. In order to ...
A: Accounting equation is the record prepared to analyze the effect of transactions on the basic accoun...
Q: Dove Company uses FIFO method of process costing. The company’s cost accountant has provided you wi...
A: Solution: Dove Company Finishing Department Computation of Equivalent unit (FIFO) Particula...
Q: QUESTION 1 In its first year of business, Miss Take, the bookkeeper, erroneously recorded $10,000 of...
A: The term inventory refers both to raw materials used in manufacturing and the finished goods that ar...
Q: Marigold Corp. will receive $720000 in a future year. If the future receipt is discounted at an inte...
A: The nominal future sum of money that a given sum of money is "worth" at a certain time in the future...
Q: Find 9-year zero rate if 9-year 3% coupon bond is selling for $85 and a 9-year 7% coupon bond is sel...
A: Bonds are financial instruments in which an investor loans cash to a corporation or government for a...
Q: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, what would the...
A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale ...
Q: A Corporation is engaged in the trading business. The reported income and expenses for taxable year ...
A: Solution Concept The deductible interest expense on loan payable is reduced by 33% of the interest i...
Q: Effective interest amortization method uses which of the following rates to determine interest expen...
A: Under the effective interest method, the interest is calculated as yield to maturity multiplied by t...
Q: mmediately prior to the process of liquidation, partners Micco, Niccum, and Orwell have capital bala...
A: Liquidation is the process of closing a business and distributing its assets to claimants in finance...
Q: I. THE ACCOUNTING EQUATION COMPUTE THE MISSING AMOUNT CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: What is the amount of pre-acquisition earnings on the acquisition date consolidated income statement...
A: Pre- acquisition profits are the profits made by the companies before the acquisition of shares of s...
Q: Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE ...
A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing activi...
Q: Max Coco's December 31, 2020 financial information is presented below: ASSETS PHP LIABILITIES PHP Ca...
A: Gross profit margin = Gross profitNet sales ×100
Q: Save, a private limited company has acquired 100% of Kaye, a private limited company, on January 1, ...
A: Calculation of Goodwill on date on acquisition 1 January, 2019: Particulars Amount Purchase Con...
Q: ohnson Company adds materials, 50% at the start of the process and 50% at the end of the process in ...
A:
Step by step
Solved in 2 steps
- Answer C& D I. Presented here are the components in Sanders Company's income statement. Determine the missing amounts. Sales Cost of Sales Gross Profit Net Income Operating Expenses (b) P75,000 (a) P40,000 P17,000 (d) (c) P56,000 P64,000 P48,000ILLUSTRATION 3. From the following Income Statement of X Ltd. prepare a Comparative Income Statement and interpret the results : (Amount in Lak $ For the year ended 31st March 2015 2016 Net Sales 1,442 926 1,370 Cost of Goods Sold 838 Gross Profit Operating Expenses : Administrative Expenses Selling Expenses 532 516 92 94 188 182 282 274 Operating Profit Add : Other Income-Dividend 250 242 44 50 294 292 44 Less : Other Deductions-Interest paid 44 Net Profit before Tax Less : Income-tax 250 248 124 124 Net Profit after Tax 126 124Answer ALL the questions in this section. QUESTION 1 Read the information below and answer the following questions INFORMATION The following statement of comprehensive income for the financial year ended 31 December 2021 and the statement of financial position as at 31 December 2021 have been provided by Midas Enterprises: Statement of comprehensive income for the year ended 31 December 2021 1 Sales Cost of sales Gross profit Variable selling and administrative expenses Fixed selling and administrative expenses Net profit R 10 000 000 (5 750 000) 4 250 000 (1 500 000) (500 000) 2 250 000 Statement of financial position as at 31 December 2021 ASSETS Non-current assets Property, plant and equipment Current assets Inventories Accounts receivable Cash EQUITY AND LIABILITIES Equity Current liabilities Accounts payable R 800 000 800 000 3 400 000 1 600 000 600 000 1 200 000 4 200 000 3 760 000 440 000 440 000 4 200 000 Additional information: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. The sales budget…
- Vertical Analysis of Income Statement Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Υ7 Sales $572,000 $503,000 Cost of goods sold 366,080 286,710 Selling expenses 80,080 85,510 Administrative expenses 91,520 100,600 Income tax expense 17,160 10,060 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent % % % % Gross profit % % % Total operating expenses % % % Net incomeThe following information relates to a company for two periods: year 1; profit- GHC131250, sales- GHC1375000; year 2; profit- 225000, sales- GHC1750000. What is the sales level to earn a profit of GHC262500? O A. GHC2000000 OB. GHC1500000 OC. GHC1900000 D. GHC1000000moodle1.du.edu.om/m Moodle English (en) - The following table shows some selected financial information of TRC Company. According to the given information, which of the following shows the Operating Profit Margin correctly? Gross Sales 98,000 Sales returns and discounts 3,000 Total Assets 125,000 Shareholders' Equity 85,000 Current Assets 46,000 COGS 52,000 Operating Expenses 17,000 Select one: O a. 0.33 O b. 0.27 to search DELL F4 F5 F6 F7 F8 F10 %23 % % 3 r 7 8 A E T Y
- Common size Net sales Cost of sales Gross profit Selling, general and administrative expenses Other (income) expense, net Operating profit Interest expense, net. Income before income taxes Provision for income taxes Net income including interests Less: Net income attributable to interests Net income attributable to Dawning Company 2011 100.00 100.00 40.86 42.69 57.31 59.14 34.41 34.79 (0.05) 22.95 2010 0.31 22.64 7.38 15.26 0.38 22.04 2009 2008 2007 2006 7.18 14.86 100.00 100.00 41.23 41.20 58.77 58.80 0.72 1.93 22.42 23.59 34.46 34.84 35.70 3.61 20.35 0.75 0.50 23.08 19.60 100.00 100.00 40.41 41.08 59.59 58.92 7.44 6.31 15.64 13.29 4.04 19.84 1.25 18.59 35.21 5.49 18.22 Required: analyse and interpret the Common-Size Income statement on the company performance for the period 2006 to 2011 1.39 16.83 5.50 5.30 13.08 11.53 0.74 0.71 0.69 0.52 0.49 0.47 14.53 14.15 14.95 12.77 12.60 11.06Problem 2: The Statement of Comprehensive Income of Alexis Company is reproduced below: Net sales Cost of goods sold Selling expenses Administrative expenses Interest expense Net income 12/31/20R4 P3,375,000.00 2,092,500.00 540,000.00 270,000.00 148,500.00 P324,000.00 12/31/20R3 P2,700,000.00 1,755,000.00 Required: 1. Perform horizontal analysis for 20R4 using 20R3 as base year. 2. Perform vertical analysis for 20R4 and 20R3 income statement. 324,000.00 243,000.00 108,000.00 P270,000.00a. Prepare a common-sized income statement comparing the results of operations for Dawg Electronics Company with the industry average. If required, round percentages to one decimal place. Dawg Electronics Company Common-Sized Income Statement Dawg Electronics Dawg Electronics Electronics Industry Company Amount Company Percent Average Sales $3,750,000 100.0 % 100.0% Cost of goods sold (2,062,500) 550.0 % (61.0)% Gross profit $1,687,500 45.0 % 39.0% Selling expenses $(1,125,000) 0.3 % (23.0)% Administrative expenses (262,500) 0.7 % (10.0)% Total operating expenses $(1,387,500) 37.0 % (33.0)% Operating income $300,000 8.0 % 6.0% Other revenue and expense: Other revenue 15,000 0.4 % 3.0% Other expense (3,750) 0.1 % (1.0)% Income before income tax $311,250 8.3 % 8.0% Income tax expense (93,750) 25 % (2.5)% Net income $217,500 5.8 % 5.5%
- 9 - The income statement of a Business for the period 2019 is as follows: 31.12.2019 % Gross sales 45.200 TL 102.72 Discounts From Sales 1.200 TL 2.72 Net Sales 44,000 TL 100.00 Cost of sales 12.500 TL 28.41 Gross Profit on Sales 31,500 TL 71.59 This table was prepared according to which of the following analysis methods? a) Technical analysis B) Analysis with Vertical Percentage Method NS) Ratio Analysis D) Comparative Tables Analysis TO) Trend Percentages AnalysisFor Crane Company, the following information is available: Cost of goods sold $386750 Dividend revenue Income tax expense Operating expenses Sales revenue 17300 35800 133500 595000 In Crane's single-step income statement, gross profit O should not be reported. O should be reported at $208250. O should be reported at $225550. O should be reported at $53100.8. Compute for the net sales that would be reported in LIVA company’s Income Statement.