ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Integrative: Pro forma statements Morten Metal Limited has assembled past (2020) financial statements (income statement and balance sheet follows) and financial projections for use in preparing financial plans for the coming year (2021).
Information related to financial projections for the year 2021 follows. (1) Projected sales are $420,000.(2) Cost of goods sold in 2020 includes $72,000 in fixed costs.(3) Operating expense in 2020 includes $17,500 in fixed costs.(4) Interest expense will be $18,000 in 2021.(5) The firm will pay cash dividend amounting to 25% of net profit after taxes.(6) Cash and inventories are expected to double.(7) Marketable securities, long-term debt, and common stock will remain unchanged.(8) Accounts receivable, accounts payable, and other current liabilities will change in direct response to the change in sales.(9) During the year, the firm will purchase a delivery vehicle costing $25,000. The depreciation expense on the new vehicle for 2021 will be…
Given below is AU Chiefs Company’s financial statements. Compute for the financial rations and showthe solutions in a sheet of paper.1. Expenses to sale ratio2. Return on assets3. Return on Equity4. Asset Turnover ratio
2020
2019
Cash
122,500
104,700
Accounts Receivable
90,650
80,550
Inventory
66,200
53,000
Prepaid Expense
85,450
106,000
Total Current Assets
364,800
344,250
Property, Plant and Equipment
925,000
786,350
TOTAL ASSETS
1,654,600
1,475,350
Total Current Liability
381,500
423,350
Long-term Liabilities
359,900
230,600
Mabini, Capital
913,200
821,400
Total Liability and Equity
1,654,600
1,475,350
Sales
1,047,050
1,151,755
Cost of Sales
322,750
355,025
Gross Profit
724,300
796,730
Selling Expenses
353,250
388,575
Administrative Expenses
128,150
140,965
Operating Income
242,900
267,190
Interest Income…
View Policies Current Attempt in Progress Presented below is financial information related to the 2020 operations of
Ivanhoe Cruises SA. Maintenance and repairs expense, R$96,000 Utilities expense 10,800 Salaries and wages expense
144,000 Advertising expense 3,000 Ticket revenue 359,000 Other comprehensive income 3, 500 Prepare the 2020
income statement for Ivanhoe Cruises SA. Prepare the 2020 comprehensive income statement for Ivanhoe Cruises SA.
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