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Question. Sales $500,000 irning Hub Operating Expenses (200,000) Interest Income $25,000 Gray Corporation has the following activity for year ending December 31, 2021: Interest Expense (150,000) Depreciation (35,000) Gray's avergae annual receipts is $27 Million What is Gray's taxable income? $192,500 $175,000 $115,000 $140,000 ssignmentSe... @ REA AP-Study Cen... Welcome to the Al... S

WESTON ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2019 2020 2019 2020 Current assets $ 1,248 $ 1,305 Current liabilities $ 568 $ 600 Net fixed assets 5,777 6,023 Long-term debt 3,228 3,489 WESTON ENTERPRISES 2020 Income Statement Sales $ 17,529 Costs 5,203 Depreciation 1,532 Interest paid 708 a. What was owners' equity for 2019 and 2020? (Do not round intermediate calculations.) b. What was the change in net working capital for 2020? (Do not round intermediate calculations.) c-1. In 2020, the company purchased $3,110 in new fixed assets. How much in fixed assets did the company sell? (Do not round intermediate calculations.) c-2. In 2020, the company purchased $3,110 in new fixed assets. What was the cash flow from assets for the year? The tax rate is 25 percent. (Do not round intermediate calculations.) d-1. During 2020, the company raised $772 in new…

I NEED HELP WITH D AND F OF THIS PROBLEM Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars)   2020   2019 Sales $ 12,000   $ 10,000 Operating costs excluding depreciation   10,634     8,702 Depreciation and amortization   410     390     Earnings before interest and taxes $ 956   $ 908 Less interest   260     200     Pre-tax income $ 696   $ 708 Taxes (25%)   174     177 Net income available to common stockholders $ 522   $ 531 Common dividends $ 203   $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)   2020   2019 Assets Cash $ 550   $ 500 Short-term investments   220     200 Accounts receivable   2,750     2,500 Inventories   1,550     1,300     Total current assets $ 5,070   $ 4,500 Net plant and equipment   3,650     3,500 Total assets $ 8,720   $ 8,000   Liabilities and Equity Accounts payable $ 1,100   $…

Mesflo Enterprise, Income Statement For the Year Ended 31st December, 2020 Sales $442 500 Cost of goods sold Operating expenses Interest expense Income tax expense Depreciation expense $225 000 162 000 5 250 11 250 18 000 (421 500) (4 500) Loss on sale of a plant asset Gain on retirement of debt Net Income 12 000 28 500 Additional Information 1. All sales were on credit 2. All purchases were on credit 3. Plant assets that cost $52 500 were purchased for $7 500 and issuing $45 000 of bonds payable to the seller 4. Plant assets with an original cost of $22 500 and accumulated depreciation of $9 000 were sold for $9 000 cash. The result was a loss of $4 500. 5. The proceeds from issuing 2 250 ordinary shares were $11 250. 6. The $12 000 gain on retirement of bonds resulted from paying $13 500 to retire bonds that had a book value of $25 500. 7. Cash dividends of $10 500 were declared and paid. Required: 1. Prepare a statement of cash flows that reports the cash inflows and outflows from…

4. Net income for Jimin Company for 2020 includes the effect of the following transactions involving the sale of fixed assets: Sales Price P20,000 25,000 Purchases of fixed assets during 2020 amounted to P340,000. The Accumulated Depreciation account increased P40,000 during 2020. How much is the depreciation expense for 2020? Cost P 80,000 150,000 Gain (Loss) P 10,000 (18,000) Asset Y

Income S.atement For the Year Ended June 30, 2020 Net sales P2,430,500 Cost of goods sold (including depreciation of P191,500) P1,073,000 Operating expenses (including depreciation of P100,000) 500,000 7,500 (26,000) (15,000) (44,000) 356,000 P1,851,500 P 579,000 Interest expense Gain on sale of equipment Gain on sale of trading securities Unrealized holding gain on trading securities Income tax Total Net income Texas Company Balance Sheets June 30 2020 2019 Assets P442,000 325,000 P532,000 275,000 141,500 168,500 450,000 43,000 1,095,000 352,000 P3,057,000 Cash Trading Securities(market) Accounts receivable 80,500 Inventories 86,000 Investment in Associates (cost) 43,000 321,500 Land Buildings (net) Equipment (net) Total assets 242,500 P1,540,500 Liabilities & Equity P 93,500 P107,500 50,000 41,500 156,500 Accounts payable Short-term bank loans payable Accrued operating expenses Income tax payable Bonds payable (net) Common stock, P10 par value Additional paid in capital Retained…

Net income for Inkaleb Inc. for 2020 includes the effect of the following transactions involving the sale of fixed assets. Asset       Sales          Price Cost           Gain (Loss)X            P20,000        P 80,000              P 10,000Y              25,000          150,000                (18,000)Purchases of fixed assets during 2020 amounted to P340,000. The Accumulated Depreciation account increased P40,000 during 2020. How much is the depreciation expense for 2020?

Partial Income Statement of ABC Corp. In 2021 Sales revenue $350,200 Cost of goods sold $142,000 Fixed costs $43,000 Selling, general, and administrative expenses $27,800 Depreciation $45,800 Interest expense $0 Tax rate 40% The Net Income for ABC Corp. in 2021 is $___________ (round to the nearest dollar amount)

Storme Imports Company (SIC)   Tax Rate COMPARITIVE INCOME STATEMENT   30% for years ended 31 December             2018 2019                             $       *Sales revenue           1,420,000       *Interest revenue              511,500       *Investment Income             52,500       *Other revenue               89,500       Discuss with CEO and Consulting Team         2,073,500                       Expenses and losses           **Cost of goods sold            460,000       **Selling and admin administrative            195,000       ***Computer (operating)           **Depreciation               55,000       **Interest expense               25,200       Total expenses and losses            735,200       Income before taxes           1,338,300       Income tax expense (30%)            401,490       Net Income              936,810       1. Complete the formulas in cells provided for revenues* for 2019. 2019 revenues have increased by ¾ %…

Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars)   2020   2019 Sales $ 12,000   $ 11,000 Operating costs excluding depreciation   10,522     9,674 Depreciation and amortization   410     370     Earnings before interest and taxes $ 1,068   $ 956 Less interest   180     100     Pre-tax income $ 888   $ 856 Taxes (25%)   222     214 Net income available to common stockholders $ 666   $ 642 Common dividends $ 203   $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)   2020   2019 Assets Cash $ 650   $ 600 Short-term investments   210     200 Accounts receivable   2,750     2,500 Inventories   1,950     1,800     Total current assets $ 5,560   $ 5,100 Net plant and equipment   3,850     3,500 Total assets $ 9,410   $ 8,600   Liabilities and Equity Accounts payable $ 1,300   $ 1,200 Accruals   650     600 Notes…

Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars)   2020   2019 Sales $ 12,000   $ 11,000 Operating costs excluding depreciation   10,522     9,674 Depreciation and amortization   410     370     Earnings before interest and taxes $ 1,068   $ 956 Less interest   180     100     Pre-tax income $ 888   $ 856 Taxes (25%)   222     214 Net income available to common stockholders $ 666   $ 642 Common dividends $ 203   $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)   2020   2019 Assets Cash $ 650   $ 600 Short-term investments   210     200 Accounts receivable   2,750     2,500 Inventories   1,950     1,800     Total current assets $ 5,560   $ 5,100 Net plant and equipment   3,850     3,500 Total assets $ 9,410   $ 8,600   Liabilities and Equity Accounts payable $ 1,300   $ 1,200 Accruals   650     600 Notes…

PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets  $ 1,278  $ 1,403 Current liabilities  $ 566  $ 613 Net fixed assets 5,057 6,120 Long-term debt 2,760 2,939     PARROTHEAD ENTERPRISE 2021 Income Statement Sales $ 15,874 Costs 7,243 Depreciation 1,435 Interest paid 436     a. What is owners' equity for 2020 and 2021?  b. What is the change in net working capital for 2021?  c-1. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. How much in fixed assets did the company sell?  c-2. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent.  d-1. During 2021, Parrothead Enterprises raised $564 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year?  d-2. During 2021, Parrothead Enterprises raised $564 in new…

Prepare an Income Statement of Company Alfex as at 31 Dec. 2020.a) Write off (in minus) of short-term financial assets 9 000b) Other costs by nature 4 000c) Change in inventories of traded goods + 2 000d) Revenue from sale of building 50 000e) Income tax 10%f) Revenue from sale of traded goods 12 000g) Retained profits from previous years 10 000h) Accumulated depreciation of building 49 000i) Historical cost of building 102 000

Current Attempt in Progress Sheridan Inc. reported the following for 2023: Sales Revenue Cost of Goods Sold Selling and Administrative Expenses Loss on Disposal of Equipment Unrealized Gain-OCI $1,512,000 874,000 216,000 (12,300) 14,400 Prepare a statement of comprehensive income. Ignore income tax and EPS. Assume Sheridan follows IFRS.

Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars)   2021 2020 Sales $ 2,500.0 $ 2,000.0 Operating costs excluding depreciation and amortization   1,938.0   1,700.0 EBITDA $ 562.0 $ 300.0 Depreciation and amortization   62.0   54.0 Earnings before interest and taxes (EBIT) $ 500.0 $ 246.0   Interest   55.0   44.0 Earnings before taxes (EBT) $ 445.0 $ 202.0   Taxes (25%)   178.0   80.8 Net income $ 267.0 $ 121.2 Common dividends $ 240.3 $ 97.0 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars)   2021 2020 Assets Cash and equivalents $ 36.0 $ 30.0 Accounts receivable   375.0   300.0 Inventories   468.0   360.0   Total current assets $ 879.0 $ 690.0 Net plant and equipment   621.0   540.0 Total assets $ 1,500.0 $ 1,230.0 Liabilities and Equity Accounts payable $ 250.0 $ 200.0 Accruals   75.0…

Solve for fy22 sales and depreciation a on the 2022 income statement. remember to reference the growth rate provided by Paul.of 0.141   FY21 FY22 Sales $24884886 Blank Cost of Goods Sold $19659044   Other Expenses $2735335   Depreciation $995395 Blank Taxable Income $1493092   Taxes (21%) $313549   Net Income $1179543   Dividends $500,000   Add. to Retained Earnings $679543

Statement of Profit and Loss and Other Comprehensive Income for the years ended 31 December 2024 2023 R'000 R'000 Turnover 1287052 934052 Operating Profit 137342 81768 Net Finance Cost 39264 20862 Operating Profit before taxation 98078 60906 Income tax expense 7027 3048 Profit for the Year 91051 57858 3502 2237 Operating profit includes Depreciation and loss on sale of fixed asset 5/12 Required: a) Prepare the cash flows from operating activities for the company for 2024 using the available information (10 Marks) b) Perform a financial review of the company based on calculating the following financial ratios and explain how it may be interpreted. Debt equity ratio Times interest earned Current ratio Debtors average collection period Inventory turnover Your answer should include an overall assessment of the company (25 Marks) c) List the audit steps to verify the existence of inventory (10 Marks)

Q. No. 1. From the following information of Albert Company as on 31t December 2018: Noncurrent asset $25,00,000 Working capital Current ratio Non-current assets tumover ratio Gross profit Trade receivable turnover ratio Loss on sale of plant assets Trade payable turnover ratio Interest expenses Income tax Inventory turnover ratio 10,00,000 2:1 8 times 20% on sales 10 times $10,000 15 times S50,000 20% 10 times 10% of turn over 15% of the net income 1:1 S10,000 Net income General Reserve Capital gearing ratio Depreciation expenses Amortization on patent Doubtful expenses Derecognizing expenses $8,000 $5,000 $15,000 Required: A. Prepare a statement of Financial Performance for the year ended 31t December 2018 B. Prepare a Statement of Financial Position as of 31* December 2018.

What amount should Dysabel report as Cost of Sales in its 2020 consolidated income statement? a) 1,012,5000 b.) 918,000 c.) 675,000 d.) 580,500

Refer to the following financial information of Scholz Company: NOPAT 8.250.000.00 EBITDA 17,725.000.00 Net Income 5,050,000.00 Capital Expenditures 6,820,000.00 After tax capital costs 6,280.000.00 Tax rate 40% 1. Calculate the Company's depreciation and amortization expense 2. calculate its interest expense. Use 2 decimal places for your final answer. 3. calculate its EVA. Use 2 decimal places for your final answer.

KM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 24,000 5,800,000 783,000 353,000 P430,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets 2X20 2X19 Cash Accounts receivable Inventory Accounts payable P672,000 775,000 834,000 521,000 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020…

Use the following selected 2016 balance sheet and income statement information for Home Garden Supply Co. (in millions) to compute asset turnover (AT) to the nearest hundredth of a percent. Net income Gross profit on sales Average total assets Sales Tax rate on operating profit $69,960 $700,400 $360,600 $1,356,504 35%     Question 24 options:   A)  3.76   B)  5.17   C)  0.27   D)  17.30

KM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 5,800,000 783,000 353,000 P430,000 24,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets Cash Accounts receivable Inventory | Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020…

Profit and loss data for Lota & Romy, Inc. for 2019 and 2020 follow: 2019 2020 Increase P2,688,000 (Decrease) P762,000 Sales P3,450,000 Cost of Sales 1,920,000 2,760,000 840,000 Gross Profit P768,000 P690,000 P(78,000) REQUIRED: 1. Prepare a statement/summary analyzing the variation in gross profit giving as much information as can be determined concerning factors responsible for the change, under each of the following independent assumptions: a. Total units sold in 2020 are 25% above units sold in 2019. b. Selling prices in 2020 are 20% above the selling prices in 2019. c. Cost prices in 2020 are 10% lower than the cost prices in 2019. d. No data are available relative to prices and volume changes.

Income Statement: The income statement of Fairoz store Inc. is given for the years 2020 & 2019. 2020 2019 General and administrative expenses 21.600 24,000 Interest expense 1,500 1.500 Net sales $136.400 $138,000 Selling Expense 11.660 12,720 $1,023.0 5,230 Income taxes 99.000 95.000 COGS 770 450 Gain on Sale of land

KGOTSO CO INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 P'000 P'000 Sales 720 Raw materials consumed Staff costs 70 94 Depreciation Loss on disposal of non-current asset 118 18 300 420 Operating profit Interest payable 28 392 Profit before tax Тахation 124 268 Profit for the year KGOTSO CO STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020 2021 P'000 P'000 Non-current assets Cost 1,596 (318) 1.278 1,560 (224) 1.336 Depreciation Current assets Inventory Trade receivables 24 76 20 58 Bank 48 148 1.426 56 134 1.470 Total assets Equity and liabilities Equity Share capital Share premium Retained carnings 360 340 36 24 716 1,112 514 878 Non-current liabilities Long-term loans Current liabilities 200 500 Trade payables Тахation 12 6. 102 114 1426 Total equity and liabilities 1470 Additional information: i. Dividends paid were P66,000. ii. During the year, the company paid P90,000 for a new piece of machinery. Required: Prepare the statement of cash flows for Kgotso Co for the year…

Accounting-20201 1301 Fall 2020/2021 (Sections 1, 2, and 81) Presented below is financial information related to Ibra Company lincome from operations 90,000 Income taxes 30% Loss on disposal of the component in the 7,000 sompany 10,000 if this information was used to prepare an income statement Net Income should be: Select one Oa 83 000 Ob.90000 73.000 Oia.49.000 Oe20 000

Total Assets for Wendy's Pumpkins on 1 January 2020 was $650,000 and on 31 December 2020 was $850,000. Profit (before tax) for 2020 was $70,000, and the interest expense of the period was $20,000. What was the 2020 Rate of Return on Total Assets for Wendy's Pumpkins? formula: Rate of Return on Total Assets = Profit before Interest and Tax / Average Total Assets Select one: а. 4% O b. 9% О с. 16% O d. 12%

Sa Min Gi Company reported the following data for the 2020: Net sales P9,500,000 Cost of goods sold 4,000,000 Distribution costs 1,000,000 Administrative expenses Interest expense 1,200,000 700,000 Gain from sale of land 500,000 800,000 Income tax expense Income from discontinued operations- net of tax Unrealized gain on equity investment at FV through OCI- net of tax Actuarial loss during the year fully recognized- net of tax Foreign translation adjustment- debit net of tax Revaluation surplus during the year-net of tax 600,000 1,300,000 300,000 100,000 2,500,000 How much is the total comprehensive income for the 2020? C. P6,300,000 A. P2,900,000 B. P3,800,000 D. P6,500,000

Problem: Remesh Corporation prepared the following income statement and statement of retained earnings for the year ended December 31, 2021. Remesh Corporation December 31, 2021 Expense and Profit Statement Dollars in thousands   Sales (net)   $206,000 Less: Selling Expenses   (20,600) Net Sales   $185,400 Add: Interest Revenue   2,400 Add: Gain on sale of equipment   3,600 Gross Sales Revenue   $191,400 Less: Cost of operations:     Cost of Goods Sold $126,100   Correction of overstatement in last years income because of error $5,500 (net of tax credit) $3850   Dividend cost ($0.50 per share for 8k common shares) $4000   Unusual loss due to a hurricane, $6,400 (net of tax credit) $1,920 ($135,870) Taxable Revenues   $55,530 Less: Income tax on income from continuing operations   $16,659 Net income   $38871 Miscellaneous Deductions     Loss from operations of…

The following financial information was provided by Anya Company: Net Income      8,255,000.00 NOPAT    75,785,000.00 EBITDA  143,000,000.00 Net Profit Margin 6.00% Operating capital  425,070,000.00 After tax cost of capital 12.00% Tax rate 35.00%   16. Assuming the Company has no amortization expense, how much is its depreciation expense? Use 2 decimal places in your final answer   17. Refer to Anya Company, calculate its Interest Expense. Use 2 decimal places in your final answer   18. Refer to Anya Company, calculate its sales. Use 2 decimal places in your final answer

BHP Group Ltd.- 2019 and 2020 Partial Balance Sheet Assets Liabilities & Owner’s Equity 2019 2020 2019 2020 Current assets $4665 $7279 Current liabilities $2076 $4256 Net Fixed assets $7033 $11378 Long-term debt $3712 $1980 Total Equity (Total assets – total liabilities) (Total assets – total liabilities) BHP Group Ltd.- 2020 Income Statement Sales $10073 Cost of goods sold $5815 Depreciation $2227 Interest paid $1284 Taxes $1202 Calculate the Profit margin ratio of BHP Group Ltd. for the financial year 2020

Computron's Income Statement                                   2019 2020 INCOME STATEMENT             Net sales          $           2,059,200  $               3,500,640 Cost of Goods Sold (Except depr. and amort.)        $           1,718,400  $               2,988,000 Other Expenses          $              204,000  $                   432,000 Depreciation and amortization        $                 11,340  $                     70,176 Total Operating Costs        $           1,933,740  $               3,490,176 Earnings before interest and taxes (EBIT)        $              125,460  $                     10,464 Less interest           $                 37,500  $                   105,600 Pre-tax earnings          $                 87,960  $                  (95,136) Taxes (40%)          $                 35,184  $                  (38,054) Net Income           $                 52,776  $                  (57,082)…

ACE Limited has the following results for the 15 months to 31 December 2021: £ Adjusted trading profit, before deduction of capital allowances 1,500,000 Capital allowances claimed: Year to 30 September 2021 312,650 3 months to 31 Dec 2021 40,210 Capital gains/loss Disposal 12 May 2021 (Gain) 15,586 Disposal 6 October 2021 (loss) (12,692) Building society interest: Received 31 December 2020 3,500 Received 31 December 2021 4,000 UK dividend received on 25 November 2021 10,000 Accrued building society interest was £2,000 on 30 September 2020, £4,000 on 30 September 2021 and £2,000 on 31 December 2021. Required: Compute the company’s total corporation tax liability for the 15-month period.

18 eppertree Company’s financial statements on December 31, 2021, showed the following:  Net Sales $ 550,000 Fixed Assets, January 1 $ 146,000 Fixed Assets, December 31 $ 134,000 Total Assets, January 1 $ 194,000 Total Assets, December 31 $ 200,000 What is the fixed asset turnover for 2021?   Multiple Choice   3.93   2.60   4.10   2.79

Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…

1. Refer to the following financial information of Scholz Company:   NOPAT                    8,250,000.00 EBITDA                  17,725,000.00 Net Income                    5,050,000.00 Capital Expenditures                    6,820,000.00 After tax capital costs                    6,280,000.00 Tax rate 40% Calculate the Company’s depreciation and amortization expense 2. Refer to Scholz Company, calculate its interest expense. Use 2 decimal places for your final answer. 3. Refer to Scholz Company, calculate its EVA. Use 2 decimal places for your final answer.