tatements:
Q: Define total assets turnover ratio
A: Financial ratio analysis is one of the tools of financial analysis of a firm. It represents the…
Q: Which method use net income and which use cashflow.
A: Statement of cash flows: It is one of the financial statement that shows the cash and cash…
Q: listing the assets in order of liquidity ( balance sheet)?
A: Balance sheet is the financial statement which shows financial position of the business by showing…
Q: calculate Net Income and total assets
A: Net Income of the business means income generated after deducting all the expenses and costs from…
Q: Explain the following measurement bases of the elements of financial statements and indicate how…
A: Financial statements are prepared by businesses to estimate the true and fair view of the financial…
Q: Explain rate of return on total assets.
A: Accounting Ratio: It refers to a number expressed in terms of another to establish relationship…
Q: measurement of the value of an item appearing in the Financial Statements
A: Option 1 is wrong because the value of property, plant and equipment may appear at fair value, not…
Q: Preparation of; Balance sheet. Income Statement. Statement of Retained Earning.
A: Financial statement: It refers to the formal or official record maintained by the company related to…
Q: Explain the following measurement bases of the elements of financial statements and indicate how…
A: Basis of accounting, is the way through which the various financial transactions are recorded in the…
Q: Define the concept of Financial Assets
A: Definition:- Generally Financial assets are not in physical nature assets. Which are liquid assets…
Q: How to Prepare a horizontal analysis for the Statement of Financial Position and the Statement of…
A: Horizontal analysis - Horizontal Analysis is part of the analysis in which individuals get the idea…
Q: balance sheet, cash flow, and income statement interrelationships
A: This question deals with the Interrelationships between the balance sheet, cash flow statement, and…
Q: What are the Return on Total Assets?
A: Return on total assets: Return on total assets (ROTA) is a ratio that calculates a corporation's…
Q: Describe the format used to report the components of net income.
A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…
Q: Financial system is important in balances the total financial assets to total liabilities. Explain.
A: A financial system is a collection of entities that allow the exchange of funds, such as banks,…
Q: Define return on total assets.
A: Financial Ratios: Financial ratios are the metrics used to evaluate the liquidity, capabilities,…
Q: Distinguish between cash-basis net income and accrual-basis net income.
A:
Q: Convert from cash-basis net income to accrual-basis net income
A: Cash basis : Under cash basis of accounting, revenues and expenses are recorded only when cash is…
Q: Outline the recognition criteria for the following elements of financial statements:
A: Assets are measured by accumulation of equity and liabilities. Some eg are, land, property, cash…
Q: How to calculate or compute the operating income and the net income
A: Operating Income: Income generated from the business operation is called operating income. In simple…
Q: Explain the accounting equation while considering the relationship between asset, liabilities and…
A: Accounting equation of accounting says that after every business transaction total of assets should…
Q: Define net income and explain its computation.
A: Net income is the amount of income which is left over revenue after all the expenses have been…
Q: What differentiates things reported on the income statement from those reported on the balance sheet…
A: The Answer
Q: How to compute the amount of net income or net loss
A: Net Income or net loss is computed by preparing the income statement.The first step in computing the…
Q: How to calculate income statem
A: Income Statement The income statement is one in all the main financial statement for a business that…
Q: Where is the capitalized income recorded? Debit aide of Income and expenditure A/C Deducted from…
A: Capitalised income is income related or gained from the capital assets or long term assets in the…
Q: Total Current assets value to be reported in Balance sheet?
A: Introduction: Current Assets: Current Assets are the most liquid Assets like cash and cash…
Q: Which concept is applied to net income and other comprehensive income? A. Borrowed Capital B.…
A:
Q: Identify the correct components of the income statement.A. revenues, losses, expenses, and gainsB.…
A: The income statement seems to be a statement that displays the net profit of the company as well as…
Q: Return on Total Assets
A: Return on Investment: Return on Investment is a measure of how well the company is performing using…
Q: O Assets and Liabilities Income and Capital Revenue and Expenses O Assets and Liabilities and…
A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first…
Q: Distinguish between operating income and net income?
A: The main purpose of carrying on business operation is earning profits or income. It is the incentive…
Q: What is the return on total assets given the figures attached?
A: Return on total assets is the comparison of operational income with that of the total assets. It…
Q: what is the accounting equation for assets?
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: Define income statement.
A: Income statement generally known as profit and loss statement or statement of income and expenses…
Q: Define financial assets and explain their valuation in the balance sheet.
A: Definition:
Q: The monetary value of the net assets is reported at its historical cost on the balance sheet? a.…
A: Physical capital is represented by the capital utilized for acquiring tangible fixed assets or…
Q: Define and explain the relationship between Assets, Liabilities, Equity, Revenues and Expens
A: Corporation - An organization that has been registered as a corporation under a corporation act has…
Q: Revenues, gains, and investments by owners are allincreases in net assets. What are the distinctions…
A: All revenues, gains, and investments by owners increases the net assets of the business.
Q: Definitions of Common Income and Expense Items
A: Common Income can have following definitions: Common income is the excess of revenue over costs for…
Q: Prepare the current assets section. (List Current Assets in order of liquidity.)
A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…
Q: lationship between Income Measurement and Asset Valuation
A: Profit or loss calculation is a simplified form of income measurement. Income is defined by an…
Q: Total current Assets in the balance sheet
A: Introduction:- Current assets:- Current assets are all the assets of a company that are expected to…
Q: Define the term Return on Total Assets? What does it measure?
A:
Q: Explain the nature of net income, revenue, andexpenses.
A: Revenues means all operating and non operating revenues of the business for a particular period of…
Q: Which of the following items is required to be disclosed by geographic area?a. Total assets.b.…
A: Information for the segment needs to be disclosed by geographic area. Identify the correct option:…
Q: Where is net profit shown in balance sheet?
A: The profit of a corporation is referred to as net profits.
Q: Make a Statement of Comprehensive Income.
A: Income statement means the statement which show the cost of goods sold and selling price and give…
Q: What effect does the recognition of depreciation expense have on total assets? On total equity
A: Depreciation expense is recorded by debiting the depreciaton expense account and crediting…
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- The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…How much uncollectible accounts expense should be presented on the statement of comprehensive income for the year ended December 31, 2018? 160,600 194,000 240,600 254,600E9-6 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?
- Current 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.…FINANCIAL RATIO: Requirement: Compute for the following financial ratios for the year 2021 (round-off answers to two decimal places) f. Accounts receivable turnover (assume all sales are on credit) g. Days of receivable (use 365 days) h. Debt ratio i. Equity ratio j. Debt-to-equity ratio k. Gross profit ratio 1. Net profit ratio m. Return on assets n. Return on equityCategory 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))
- Accounting Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00 6,798.00 Accruals 1,036.00 1,622.00 Cash ??? ??? Common Stock 10,961.00 12,712.00 COGS 12,797.00 18,122.00 Current portion long-term debt 4,914.00 5,086.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,175.00 4,807.00 Long-term debt 13,319.00 14,034.00 Net fixed assets 51,854.00 54,984.00 Notes payable 4,372.00 9,863.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,779.00 29,650.00 Sales 35,119 47,875.00 Taxes 2,084 2,775 What is the firm's cash flow from operations,financing and investing?Vertical Analysis of Balance Sheet Balance sheet data for a company for the years ended December 31, 20Y2 and 20Y1, are shown below. 20Y2 20Υ1 Current assets $ 752,000 $ 602,000 Property, plant, and equipment 6,248,000 5,397,000 Intangible assets 1,000,000 1,001,000 Current liabilities 504,000 427,000 Long-term liabilities 1,504,000 1,197,000 Common stock 1,248,000 1,253,000 Retained earnings 4,744,000 4,123,000 | Prepare a comparative balance sheet for 20Y2 and 20Y1, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. Round your answers to one decimal place. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent Assets Current assets $752,000 % $602,000 % Property, plant, and equipment 6,248,000 5,397,000 Intangible assets 1,000,000 1,001,000Accounting Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00 6,798.00 Accruals 1,036.00 1,622.00 Cash ??? ??? Common Stock 10,961.00 12,712.00 COGS 12,797.00 18,122.00 Current portion long-term debt 4,914.00 5,086.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,175.00 4,807.00 Long-term debt 13,319.00 14,034.00 Net fixed assets 51,854.00 54,984.00 Notes payable 4,372.00 9,863.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,779.00 29,650.00 Sales 35,119 47,875.00 Taxes 2,084 2,775 What is the firm's net income in the current year? (5547.00?) What is the firm's dividend payment in the current year?
- Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…Carla Vista Corporation began operations on January 1, 2027. The following information is available for Carla Vista on December 31, 2027. Accounts receivable$1, 060Accounts payable$1, 420Equipment12, 880Cash2, 400Dividends2, 180Notes payable5, 750Supplies 2,050Common stock7, 940 Retained earningsNet income5, 460 Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List items that increase retained earnings first.) Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List Items that increase retained earnings first.) CARLA VISTA CORPORATION Retained Earnings StatementSelected information is taken from the financial statements of Little Company for two successive years follows. Compute the percentage change from 2020 to 2019 whenever possible. 2020 2019 Accounts receivable............................... P126, 00 P150,000 Marketable securities............................. -0- 250,000 Retained earnings................................... 80,000 (80,000) Notes receivable..................................... 120,000 -0- Notes payables........................................ 860,000 800,000 Cash......................................................... 82,400 80,000 Sales.................................................. 990,000 900,000
