Net income
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A: In financial statments, interest expense is always charged in books of accounts at closing value or…
Q: How much gross profit should be reported for 2021?
A: Percentage-of-Completion Method-: The Percentage of Completion Method comes under the revenue…
Q: 1. What is the total effect of the errors on the 2020 net income?
A: As per our protocol we provide solution to the one question only but you have asked three multiple…
Q: amount of compensation
A: Stock appreciation rights (SARs) are a device used by companies for compensating their employee.…
Q: How much is the franchise revenue for 2022?
A: Introduction: Revenue is earned by a corporation that lets a third party conduct a business…
Q: How much expense should recognized in 2021?
A: The transportation expenses are the expenses are occurred during the delivery of the goods. This…
Q: How much should be reported as other comprehensive income for 2020?
A: Other comprehensive income is a part of financial statements where unrealized gains and losses from…
Q: what amount of interest should be capitalized during 2021?
A: Borrowing cost means where the assets like building , take substantial time to build , then interest…
Q: How would I determine January's net income?
A: An income statement is a financial statement used for reporting the financial performance of the…
Q: correct ne
A: Deferred expense and revenue is recognise in the year as mention above although adjustment to be…
Q: 3. What is the compensation expense in 2021?
A: Compensation Expense= Compensation Expense are Expenses made in exchange for services rendered…
Q: REQUIRED: Prepare full (absorption) and variable income statements for the year 2019 and 2020.
A: 2019 2020 Sales 160,000 275,000 Less: Variable expenses Direct material 50,000 60,000…
Q: The unadjusted net income for the year 2019 is?
A: Net income before any adjustment is known as unadjusted income. Any expense or revenue which is not…
Q: stamp taxes age taxes I business taxes E e for 2020
A: Any interest/ surcharges on tax or any tax on assessment or income tax due shall not be allowed as…
Q: reported as gross pro 31, 2021?
A: The inventory is given as,
Q: 3. Ignoring income tax, by what amount should shareholders' equity be increased for 2021 and 2022 in…
A: The question is related to the Accounting for Property, Plant and Equipment Revaluation method.…
Q: What is the adjusted net income for 2019?
A: 2019 Reported Net Income $ 4,00,000.00 Adjustments: a. Failed to record Accrued Expense…
Q: 1. What is the correct net income for the year 2021? 2. What is the correct net income for the year…
A: 1. As it is mentioned in the question that Year End Inventory is understated by 25000 for the year…
Q: how much is the gross profit to be recognized in 2023?
A: Gross profit recognized in 2023= total Gross profit - gross profit in 2022.
Q: The Gloria Corporation's comparative statements of comprehensive income lor ale years 2021 and 2020…
A:
Q: How much should be reported as Administrative expense for 2020?
A:
Q: What is National Co.'s net operating profit after taxes (NOPAT) for 2022?
A: EBIT in 2022 = Php 450 million Tax rate (T) = 40%
Q: How much is the Gross Profit/Loss Realized in 2019?
A: Gross Profit realized in 2019 (end of the contract)= Revenue - Cost incurred till date
Q: The 2022 bonus is based on profit after bonus but before taxes. Compute the amount of the bonus for…
A: As per our protocol we provide solution to the one question only but you have asked two questions…
Q: Calculate Rezu's total salesperson deduction for 2021?
A: Solution:- Rezu is employed as a salesperson and earns both a salary and commission income. In 2021…
Q: What is Garrett's Income Tax Liability for 2020?
A: Garrett's Income Tax Liability for 2020: Total Income= $36,900 (27,000+2,000+7,900) Itemized…
Q: *see attached problem REQUIRED: What is the compensation expense for 2022?
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Q: net operating profit after taxes
A: Operating Profit: Operating profit is the amount of revenue realized from the operations of the…
Q: What is the 2021 pension expense?
A: Pension expense (PE) refers to those expenses which are charged by the company in relation to pay…
Q: What is the adjusted net income/loss in 2021? For net loss please put minus sign before the amount…
A: The net income for 2018, 2019 & 2020 has been provided. So the adjusted income/loss of the said…
Q: what is the post-tax loss from discontinued operation for 2020?
A: Statement of comprehensive income shows the net income/(loss) arising from continuing operations as…
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A: Current Service cost shall increase with the increase in the present value of defined benefit…
Q: What is the unadjust
A: After audit certain item related to income and expenditure left to be adjusted in the books of…
Q: Determine the amount of taxable income/(loss) for the year 2020.
A: Particulars Amount Dividend - NRFC 40,000 Royalty 80,000 Income from other sources 120,000…
Q: REQUIRED: What is the deferred tax balance by the end of 2020?
A: Deferred tax refers to the tax difference as per the book profits and taxable income. This tax…
Q: Why did you put 2019 and 2020, when all expenses incurred in 2021 or 2022?
A: Taxable income refers to the base upon which an income tax system imposes tax. In other words, the…
Q: Prepare the statement of comprehensive income for 2019.
A: Income Statement used to report a company's financial statement during the accounting period and…
Q: How much should be reclassified to Retained Earnings as a result of derecognizing the investment in…
A: Any increase or decrease in investment is an increase or decrease in revenue of the company and has…
Q: WHat is Barth Income Statement 2019?
A: The question is based on the concept of income statement.
Q: What is the Gross Profit Rate in 2019?
A: Gross profit rate = Gross profit/Revenue
Q: y stamp taxes ntage taxes cal business taxes paid in 2019 due for 2020
A: Any interest/ surcharges on tax or any tax on assessment or income tax due shall not be allowed as…
Q: Determine the adjusted net income in 2020, 2021, 2022
A: Adjusted net income is the income which has been earned by the company when all the adjustments have…
Q: How much is the income tax payable in 2023?
A: Some important points relating to the solution: (a) For a domestic corporation with a profit below…
Q: what amount should be reported as interest expense for 2021?
A: Borrowing cost means where the assets like building , take substantial time to build , then interest…
Q: t 2021 in context
A: Union Budget 2021 was presented in Parliament on Monday, February 1st, 2021. Presenting the primary…
Q: Compute the gross income for 2019 assuming a FIFO.
A:
Q: How much is the net income in 2021?
A: Net income refers to the income amount or value which is earned through the business or entity…
Q: How much is overstatement(understatement) of the retained earnings by the end of 2019? (if UNDER,…
A: Intangible Assets Intangible assets is considered to be one of the important part in the non current…
What is the the Net income RESTATED in 2020?
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- Mvula Limited Statement of Financial Position as at: 28 February 2021 ASSETS Non-current assets Fixed/tangible assets Financial assets Fixed deposit Current assets Inventory Trade and other receivables Cash and cash equivalents Fixed deposit TOTAL ASSETS 4 320 350 EQUITY AND LIABILITIES Bay Holdings Limited: 30 June 2021.Required:Statement of financial position as at: 30 June 2021InformationBALANCE SHEET ACCOUNTSOrdinary share capital 2 648 000Retained income (1 Jul 2020) 490 000Shareholders for dividends 280 000Fixed deposit 60 000Mortgage bond 336 000Fixed/tangible assets (Carrying value) 4 021 000Debtors control 45 000Creditors…CASE STUDY INFORMATION: The following information has been extracted from the accounting records of Lubners Limited on 31 December 2020. 2020 2019 Dr Cr Dr Cr Ordinary share capital 1728 000 1728 000 Non-current assets 3 462 964 2910206 inventories 665 856 584 640 Accounts payable Accounts receivable cash Retained earnings ( 1 Jan) Long term Loan 311 328 290 304 832 608 800 064 338 688 362 304 244 276 1 090 944 809 568 932 256 Other Current liabilities 1 057 824 Total Sales (80% credit sales) Cost of sales (80% credit purchases) 4 816 512 4 535 424 2 530 656 2 340 288 Interest income 7776 9 504 taxation 207 009 192 159 Selling and admin expenses 1 141 344 1 069 056 Interest expenses Other expenses 149 161 174 551 263 808 274 752 REQUIRED: QUESTION 1 (25) Compile the Statement of Comprehensive Income for the year ended 31 December 2020. (with 2019 comparative figures) QUESTION 2 (25) Compile the Statement of Financial Position as at 31 December 2020. (with 2019 comparative figures)Reference is made to the 2022 Balance Sheet of Tram-Ropes limited. Tram-Ropes Limited Balance Sheet 2022 Cash Acc. Receivable Marketable securities Inventories Fixed Assets Total Assets i. 1,000,000.00 ii. 12,000,000.00 3,000,000.00 7,500,000.00 26,500,000.00 50,000,000.00 Accounts Payable Notes Payable Long-term Debt Common stock Preferred Stock Total Liabilities and Equity 8,000,000.00 8,500,000.00 20,000,000.00 7,500,000.00 6,000,000.00 Additional Information: The Long-Term debt consists of 8% annual coupon bonds, with 15 years to maturity and are currently selling for 95% of par. The company's common shares which have a book value of $20 per share are currently selling at $25 per share. 50,000,000.00
- Reference is made to the 2022 Balance Sheet of Tran-Ropes limited. Tram-Ropes Limited Balance Sheet 2022 Cash Acc. Receivable Marketable securities Inventories Fixed Assets Total Assets 1,000,000.00 ii. 12,000,000.00 3,000,000.00 7,500,000.00 26,500,000.00 50,000,000,00 Accounts Payable Notes Payable Long-term Debt Common stock Preferred Stock Total Liabilities and Equity 8,000,000.00 8,500,000.00 20,000,000.00 7,500,000.00 6,000,000.00 50,000,000.00 Additional Information: 1. The Long-Term debt consists of 8% annual coupon bonds, with 15 years to maturity and are currently selling for 95% of par. The company's common shares which have a book value of $20 per share are currently selling at $25 per share. iii. iv. V. Preferred shares have a book value of $100 per share. These shares are currently selling at $120 per share and pays dividends of 6% per annum on book value. The dividend growth rate is expected to be 3%, and dividend for 2823 is projected to be $5.00 per share. The…The balance sheet account of Tata limited had the following balances on April 1, 2020, the beginning of a fiscal year Tata limited Balance SheetAccounts April 1,2020 Cash Accountsreceivatile Machandiseinventary Propaidrent Stareequipmet Acamulateddepreciation stare equipment Accountspayable Paid-in capital Retainedeamings Rs 1300 12600 38900 2000 10500 Rs2875 22500 15,000 24925The comparative statements of financial position of Amman Inc. at the beginning and the end of the year 2020 appear as follows: Total Equipment Less: Accumulated Depreciation-Equip. Accounts receivable Cash Assets Note: Share capital-ordinary Retained earnings Accounts payable Total STATEMENT Equity and Liabilities Instructions: AMMAN INC. OF FINANCIAL POSITION Jan.1, 2020 Dec. 31, 2020 $39.000 (17,000) 91,000 45,000 $158,000 $100,000 38,000 20,000 $158,000 $22,000 (11,000) 88,000 13,000 $112,000 Prepare a statement of cash flows for the year 2020. $80,000 17,000 15,000 $112,000 Increase / Decease $17,000 Inc. 6,000 Inc. 3,000 Inc. 32,000 Inc. Net income of $ 34,000 was reported, and dividends of $ 13,000 were paid in 2020. New equipment was purchased, and none was sold. 20,000 Inc. 21,000 Inc. 5,000 Inc.
- ABC Industry and Trade Inc. Balance Sheet as of 31.12.2020 (TL) transactions ASSETS(Assets) I-Current Assets Ready Values Securities Commercial debts Stocks Other Current Assets Current Assets Total I-Fixed Assets Financial Fixed Assets Tangible Fixed Assets Total Fixed Assets TOTAL ASSETS 31.12.2020 Amount Vertical Percent (%) 360.000 12 45.000 1.5 870.000 29 840.000 28 255.000 8.5 2.370.000 79 390.000 13 240.000 8. 630.000 21 3.000.000 100 LIABILITIES(RESOURCES) l-Short Term Liv. resources Financial Debts Trade payables Short Term Foreign Resource Total Il-Long-Term Liabilities Financial Debts Long Term Liv. Source Ball. III-Equity Paid-in capital Profit Reserves Net profit for the period Previous Year's profit Total Equity TOTAL LIABILITIES (RESOURCES) 39.000 1.3 120.000 4 159.000 5.3 81.000 2.7 81.000 2.7 120.000 4 420.000 14 1.950.000 65 270.000 9 2.760.000 92 3.000.000 100 Requested: Calculate the vertical percentages of the Balance Sheet items of ABC Sanayi ve Ticaret A.Ş. dated…The following information pertains to BT21 Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?QUESTION 5 REQUIRED 5.1 Use the information provided below to calculate the following ratios for 2019. Where applicable, round off answers to two decimal places. 5.1.1 Inventory turnover period 5.1.2 Trade receivables period 5.1.3 Trade payables period 5.1.4 Return on capital employed 5.1.5 Current ratia 5.1.6 Acid-test ratio 5.2 Explain how the company can improve on the following by providing twa suggestions each: 5.2.1 Inventory turnover period 5.2.2 Trade receivables period INFORMATION Excerpts of the financial data of Leo Limited for 2019 are as follows: Income statement for the year ended 31 December 2019 R Sales 3 250 000 2 200 000 332 000 Cost of sales Operating profit Interest expense 44 000 Profit before tax 288 000 Company tax 86 000
- l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…The following information pertains to BTS Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?Highland Company provided the following information c 3. What is the total shareholders' equity after Problem 22-14 (IFRS) bAA9DL on December 31, 2020: Cash Trade and other receivables Property, plant and équipment - net Trade and other payables Share capital Revaluation surplus -Retained earnings 2,000,000 2,600,000 4,600,000 1,800,000 4,000,000 400,800 3,000,000 The general price index numbers are 112 on January 1, 2017 which is the date of incorporation, 125 on December 31, 2019 and 280 on December 31, 2020. The property, plant and equipment were acquired on January 1, 2017 but were revalued on December 31, 2019. 1. What amount should be reported as total assets in a hyperinflationary statement of financial position? a 14,904,000 b. 13,800,000 c. 10,800,000 d. 16,100,000 2. What is the balance of retained earnings after restatement? a 3,104,000 b. 3,000,000 c. 3,504,000 d. 3,400,000 restatement? 13,104,000 10,000,000 c. 13,504,000 d. 7,000,000 698