The following information is provided for Oceanic Ventures and Pinnacle Holdings: Oceanic Ventures Pinnacle Holdings (in $ millions) Net income 2021 $280 $640 Net sales 2021 3,500 7,200 Total assets 12/31/19 2,400 4,600 Total assets 12/31/202,700 5,000 Total assets 12/31/21 3,000 5,500 Capital expenditures $150 $300 What is Pinnacle Holdings' return on assets (rounded) for 2021?
Q: generate answers in steps with an explanation in each step and each step by step and make some good…
A: This table provides a clear and organized summary of the journal entries and the current liabilities…
Q: Question: Suppose the EPS of Wal-Mart stock was $2 and the current price per earnings ratio is 10.…
A: Part 1: Calculating the Current Price of Wal-Mart StockGiven the following information:Earnings per…
Q: 2
A: The company's inventory should be reported on the balance sheet at the lower of cost or market…
Q: Give true answer
A: Step 1: Calculation of direct labor efficiency variance.Direct labor efficiency variance = Standard…
Q: None
A: Solution:We know WACC, Re, Rd, and T. We need to find D/E, which is the debt-equity ratio.Let's…
Q: Activity-Based Supplier Costing Noguchi Company manufactures cooling systems. Noguchi produces all…
A: 1. Calculate the Cost Per Component for Each SupplierActivity Data:1. Inspecting components:…
Q: 3
A: To determine the value of the inventory using the Lower of Cost or Market (LCM) method, you need to…
Q: Hever Rainbow Company provides the following information regarding its most recent balance sheet.…
A: Step 1: Calculate the Total Cost of Shares AcquiredHever Rainbow Company acquired 22,000 shares of…
Q: Do not use chatgpt
A: The income statement is the statement that reflects the financial performance of the business in the…
Q: per a taxpayer 2017 divorce decrees a taxpayer played $3,000 per month to their EX in December 2022…
A: The correct answer is A. The taxpayer cannot deduct any of the payment.Explanation:This question is…
Q: Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company…
A: 3. Rewrite the text using the same language and word count: Cash Flow Report for the Month of MayTHE…
Q: not use ai please
A: 1. Yummy Snack Foods received cash from the issuance of common stock to stockholders.This…
Q: fter making adjusting entries for the current year, Chris prepares the adjusted trial balance and…
A: Unearned revenue is money received by an individual or company for a service or product that has yet…
Q: You have been provided with financial statements for TKC limited for the year ending 31December…
A: Liquidity ratios measure a company's ability to pay off its short-term debts as they are due. The…
Q: Read the Case Study below and answer ALL of the questions that follow. Zenith Global Enterprises, a…
A: Question 1: Comprehensive Briefing for the Board of Directors1. Explanation of Auditing:Auditing is…
Q: A firm has current assets that could be sold for their book value of $24 million. The book value of…
A: To find the ratio of the market value of equity to its book value.Given:- Current assets book value…
Q: not use ai please
A: 1. At the price of $15, if we draw a horizontal line, we get the:1. Quantity Demanded (the…
Q: Dakota Company experienced the following events during Year 2. 1. Acquired $15,000 cash from the…
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: Firm Z, a corporation with a 21 percent tax rate, has $100,000 to invest in year 0 and two…
A: To solve this problem, let's compute the Net Present Value (NPV) of each investment for a…
Q: None
A: I understand you'd like help analyzing some financial information for Quigg Inc. and calculating…
Q: Solve this issue please
A: Let's go through this problem in more detail for clear understanding: Problem:Given that Francisco…
Q: Provide answer the question
A: Depreciation is a method of allocating the cost of a tangible asset over its useful life. For…
Q: During 2018, Towson Company had credit sales of $60,000 and cash sales of $11,000. In 2018 Towson…
A: Towson Company 2018 Accrual Basis Net IncomeRevenue:Credit Sales: $60,000Cash Sales: $11,000Total…
Q: Which of the following best describes the difference between the accounting cycle of a merchandising…
A: The accounting cycle is a series of steps that companies take to track and report their financial…
Q: A B с D E F G H 123456789 ($ thousan Cash and cas $ Following is selected year-end financial…
A: 1. Income Statement (Multiple-Step)An income statement shows the company's performance over a…
Q: need answer about this question please solve this one
A: Step 1: Define Lower Of Cost Or Market:The lower cost or market technique is used to value inventory…
Q: 9
A: Step 1Accounts for its investment in Round using the equity method by recognizing its share of…
Q: Want answer
A: Step 1: Calculation of return on assets for 2018.Average total assets = (Total assets 2018 + Total…
Q: Solve the problem
A: Question: 1Explanation of Discounted Payback Period (DPBP): The DPBP is the time it takes for the…
Q: Need help
A: ANS : 1 Material Quantity Variance: Standard Quantity for Actual Production = (Standard quantity…
Q: Let p be the proportion of customers who disapprove of the actions taken in the conflict of interest…
A: In this problem, we are given the z-score (2.67) and we are asked to find the p-value. The p-value…
Q: 12
A:
Q: Fama's Llamas has a weighted average cost of capital of 11 percent. The company's cost of equity is…
A:
Q: control accounts. 9: IAS 2 IAS 8 IAS 10 IAS 12 The following transactions took place decemer 23…
A: Part 1: AnswerTrade Receivables Control Account:DateDetailsDebit (DR)Credit (CR)1 Nov 23Balance…
Q: Question:1157 Samano Industries has adopted the following production budget for the four quarters of…
A: Question no. 1 - Solutions:…
Q: A taxpayer filing as single has $25,600 of taxable income. Included in gross income is a 1099-int…
A: The tax rate for qualified dividends and capital gains depends on the taxpayer's taxable income. For…
Q: Need answer
A: To calculate the Earnings Per Share (EPS) for Plan 1, we can follow these steps: Plan 1 - Incur…
Q: The following information is provided for Fremont Inc. and Morgan Group: Fremont Inc. Morgan Group…
A: Return on Assets (Morgan Group) 2018 = (Net Income / Average Assets 2018) x 100Return on Assets…
Q: What is total equity ?
A: Step 1: Introduction to the Balance SheetA balance sheet records the company's total assets and…
Q: Constructing Balance Sheets and Applying the Current and Quick Ratios The following balance sheet…
A: Step-by-step solutions:a. Brownlee Catering's Balance Sheet at September 30, 2015 First, let's…
Q: 12
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: Don't use ai i will report you answer solve it as soon as possible with proper explanation
A: Costing strategies include activity-based (ABC) and time-driven activity-based (TDABC).ABC sets…
Q: Jones Enterprises was started when it acquired $7,500 cash from creditors and $17,500 from owners.…
A: a. First Payments from Owners and Creditors: $7,500 from creditors plus $17,500 from owners equals…
Q: not use ai please
A: Step 1: Calculate the Weighted Average ExpendituresTo determine the amount of interest to be…
Q: Need answer the question
A: Step 1: Understand the ComponentsWork in Process (WIP) at Beginning: 920 units (60% complete)Units…
Q: kau.3 answer must be in table format or i will give down vote
A: To prepare the liability and stockholders' equity section of a classified balance sheet for…
Q: Need answer the question
A: Pre-tax earnings of a business owner is $100,000Corporate tax rate is 42% & personal income tax…
Q: What is the firm's expected ROE?
A: To calculate the firm's expected Return on Equity (ROE), we can follow these steps:Calculate the…
Q: 12
A: a)Peanut Company's Journal EntriesAcquisition of Snoopy CompanyDate…
Q: Provide answer
A: To calculate the price-sales ratio for Riggins Trucking, Inc., we need to use the following…
Don't give me wrong answer
Step by step
Solved in 2 steps
- Some selected financial statement items belonging to PXR Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Receivables 18,500 Total Assets in 2021 130,000 Current Liabilities 42,000 Total Assets in 2020 110,000 Profit before Tax 18,000 Tax 3,000 Select one: a. 0.125 b. 0.150 c. 0.205 d. 0.137Meera Ltd.'s comparative statements of financial position are presented below. Meera Ltd.Comparative Statements of Financial PositionDecember 31 2020 2019 Land $ 20,000 $ 26,000 Buildings 70,000 70,000 Accumulated depreciation—buildings (15,000) (10,000) Accounts receivable 20,800 23,400 Cash 17,660 10,700 Total $113,460 $120,100 Share capital—ordinary $ 75,000 $ 72,000 Retained earnings 26,090 20,000 Accounts payable 12,370 28,100 Total $113,460 $120,100 Additional information: 1. Net income was $22,590. Dividends declared and paid were $16,500. 2. All other changes in non‐current account balances had a direct effect on cash flows, except the change in accumulated depreciation. 3. The land was sold for $5,000. Instructions: Prepare a statement of cash flows for 2020 using the indirect method.Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATIONBalance SheetDecember 31 Assets 2021 2020 Cash $12,010 $8,980 Accounts receivable 17,810 19,660 Land 16,800 21,840 Buildings 58,800 58,800 Accumulated depreciation—buildings (12,600 ) (8,400 ) Total $92,820 $100,880 Liabilities and Shareholders’ Equity Accounts payable $10,390 $26,120 Common shares 63,000 57,960 Retained earnings 19,430 16,800 Total $92,820 $100,880 Additional information: 1. Profit was $19,010. Dividends declared and paid were $16,380. 2. No noncash investing and financing activities occurred during 2021. 3. The land was sold for cash of $4,120 resulting in a loss of $920 on the sale of the land. Prepare a cash flow statement for 2021 using the indirect method. Lu…
- The Gloria Corporation's comparative statements of comprehensive income lor de years 2021 and 2020 are presented below: 2020 720,000 450,000 270,000 30,000 300,000 190,000 110,000 20,000 90,000 2021 1,000,000 P 600,000 400,000 P 80,000 Sales Cost of Sales Gross Profit Other Operating Income Total Income P 480,000 280,000 200,000 P 80,000 120,000 P P P Less: Selling and Administrative Expenses Profit from Operations before Interest and Income Tax Interest Expense Profit The following errors were discovered : The following had been overlooked by the company at the end of 2021 and 2020: Unearned commission income Prepaid rent Accrued interest receivable Accrued wages expense 2021 6,400 21,000 12,000 22,000 2020 8,000 16,000 8,000 25,000 Advances of P90,000 received from customers in 2021 were credited to Sales, although deliveries were made only in 2022. Purchase of merchandise, P15,000, shipped FOB destination in December 2020 and received by the company in 2021 were recorded as…Josie Corporation reported the following information for 2022. Sales revenue $1000,000 Cost of goods sold 700,000 Operating expenses 110,000 Unrealized holding gain on available-for-sale securities 40,000 Cash dividends received on the securities 4,000 For 2022, Josie would report comprehensive income of O $194,000. O $230,000. O $234,000. O $40,000.Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s…
- Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on which Sub made…Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on…Some selected financial statement items belonging to PXR Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Receivables 18,500 Total Assets 120,000 Current Liabilities 42,000 total liabilities 75,000 Profit after Tax 15,000 Select one: a. The correct answer not available b. 0.205 c. 0.137 d. 0.150 e. 0.125
- 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. 0.13The following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2021: Revenues Cost of goods sold Depreciation expense Investment income Dividends declared Retained earnings, 1/1/21 Current assets Copyrights Royalty agreements Investment in Stanza Liabilities Common stock Additional paid-in capital Penske $ (742,000) 264,700 187,000 Not given 80,000 (788,000) 498,000 990,000 772,000 Note: Parentheses indicate a credit balance. Consolidated copyrights Consolidated net income C. Consolidated retained earnings d. Consolidated goodwill Not given (600,000) (600,000) ($20 par) (150,000) a. b. Stanza $ (652,000) 163,000 224,000 0 60,000 (330,000) 598,000 384,000 1,190,000 Amounts 0 On January 1, 2021, Penske acquired all of Stanza's outstanding stock for $829,000 fair value in cash and common stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights (with a six-year remaining life) have a $456,000 book value but a…Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Corporation Wayne EnterprisesCurrent assets:Cash and cash equivalents $ 2,494 $ 541Current investments 125Net receivables 1,395 217Inventory 10,710 8,600Other current assets 773 301Total current assets $15,372 $9,784Current liabilitiesCurrent debt $ 1,321 $ 47Accounts payable 8,871 5,327Other current liabilities 1,270 2,334Total current…