Question

In: Accounting

Build the statement of comprehensive income and statement of financial position based on the information given...

Build the statement of comprehensive income and statement of financial position based on the information given below, as of December 31, 2016. Round numbers to the nearest integer.

Accounts payable

$172,000

Accounts receivable

$195,000

Cash and cash equivalents

$106,000

CoGS

$251,300

Common stock

$1,231,000

Depreciation

$42,000

Dividend payout ratio

40%

Interest paid

$66,600

Inventory

$121,000

Long-term debt

$1,332,000

Net fixed assets

$2,889,000

Sales

$468,000

Short-term debt

$377,000

Tax rate

31%

Number of shares

1,000,000

Price per share

$0.50

Solutions

Expert Solution

As per the given information the statement of comprehensive income and statement of financial position has been prepared as below -

ekkarill92 answered 3 months ago
Next > < Previous

Related Solutions

Permata Berhad’s Statement of Comprehensive Income and Statement of Financial Position are given below. Statement of...
Permata Berhad’s Statement of Comprehensive Income and Statement of Financial Position are given below. Statement of Comprehensive Income for the year ended 31 December 2019 $’000 Revenue (Sales) 1,440 Cost of goods sold (140) Staff cost (180) Depreciation (200) Loss on sale of plant (30) 890 Interest expense (40) Gain on sale of investment 25 Income from investment 50 Profit before taxation 925 Taxation (210) Profit after taxation 715 Other Comprehensive Income Surplus on revaluation of land 100 Total comprehensive...
Permata Berhad’s Statement of Comprehensive Income and Statement of Financial Position are given below. Statement of...
Permata Berhad’s Statement of Comprehensive Income and Statement of Financial Position are given below. Statement of Comprehensive Income for the year ended 31 December 2019 $’000 Revenue (Sales) 1,440 Cost of goods sold (140) Staff cost (180) Depreciation (200) Loss on sale of plant (30) 890 Interest expense (40) Gain on sale of investment 25 Income from investment 50 Profit before taxation 925 Taxation (210) Profit after taxation 715 Other Comprehensive Income Surplus on revaluation of land 100 Total comprehensive...
Information from the statement of financial position and statement of income are given below for Pina...
Information from the statement of financial position and statement of income are given below for Pina Road Inc., a company following IFRS, for the year ended December 31. Pina Road has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Comparative Statement of Financial Position, at December 31 2017 2016 Cash $81,700 $48,050 Accounts receivable 91,800 37,800 Inventory 128,400 108,650 Investments in land 91,900 115,000 Property, plant, and equipment 295,000 212,000 Accumulated depreciation...
Write an essay on why the four financial statements (statement of comprehensive income, financial position, changes...
Write an essay on why the four financial statements (statement of comprehensive income, financial position, changes in equity and cash flows) important to shareholders?
         Using the information below, fill in the Income Statement and Statement of Financial Position (template...
         Using the information below, fill in the Income Statement and Statement of Financial Position (template provided as Excel Spreadsheet).                                                                               On 1 July 2018, Biotechnology Products commenced business. On July 1, 2018 the financial position included: Assets of cash ($200,000) and laboratory equipment ($250,000). Liabilities of a loan for initial start up costs ($300,000) Owner’s equity in capital ($50,000) During the year ended June 30, 2018, the company entered into the following transactions: Billed clients for $500,000 biotechnology related...
a) the information in the statement of comprehensive income if used with information in the other...
a) the information in the statement of comprehensive income if used with information in the other financial statements help external users answer several questions. State and briefly explain the qusetions that can be answered by analysing the statement of comprehensive income. b) Analysis of earnings quality is often affected by an analyis of receivables and their collectability. The analyst must be alert to changes in the allowance computed relative to sales, receivables or indusry and market conditions. Two key questions...
prepare the financial statements of the Company: A) Statement of Comprehensive Income B) Statement of Financial...
prepare the financial statements of the Company: A) Statement of Comprehensive Income B) Statement of Financial Position C) Statement of Changes in Owner's Equity Accounts Payable               63,200.00 Accounts Receivable               74,100.00 Accrued Expenses               20,300.00 Accrued Income                 5,000.00 Accumulated Depreciation - Equipment               20,000.00 Accumulated Depreciation - Furniture               10,000.00 Bonds Payable         1,500,000.00 Capital             517,685.00 Cash in Bank             280,000.00 Cash on Hand               35,000.00 Depreciation Expense - Furniture                     500.00 Depreciation Expense - Equipment                ...
Prepare an income statement, a statement of changes in equity, and a statement of financial position...
Prepare an income statement, a statement of changes in equity, and a statement of financial position for Norman Rae Ltd., a service business, from the items listed below for the month of October, 2018: ...... Accounts payable.............................................................................       $10,000 ...... Accounts receivable.........................................................................         14,000 ...... Cash.................................................................................................         10,000 ...... Common shares...............................................................................         28,000 ...... Dividends paid..................................................................................           6,000 ...... Income tax expense.........................................................................           4,500 ...... Equipment........................................................................................         30,000 ...... Supplies............................................................................................       2,800er. ...... Supplies expense.............................................................................           3,500 ...... Rent expense......................................................................................
The following are income statement and comparative statement of financial position for Rabies Corporation for the...
The following are income statement and comparative statement of financial position for Rabies Corporation for the year ended 31/12/2019. Sales 1,915,000 C.G.S (965,000) gross income 950,000 Operating expenses (721,000) income from operating 229,000 Other gain or losses ( 2,000) Interest expenses (12,000) Tax (65,000) net income 150,000 Comparative statement of financial positions for the year ended 31/12/2019 ASSETS 2019 2018 L. S. Equity 2019 2018 Cash 104,000 57,000 Accounts payable 69,000 75,000 Accounts receivable 82,000 36,000 Accrued expenses 15,700 16000...
Suppose you are given the following financial statement information.  Prepare an income statement for 2014 and 2015,...
Suppose you are given the following financial statement information.  Prepare an income statement for 2014 and 2015, and a Balance Sheet for 2014 and 2015.  Next, calculate the value of operating income (EBIT) in 2015.  (Round to 2 decimal places) 2014 2015 Cost of goods sold $3,753 4,591 Cash 1,200 1,608 Depreciation 684 877 Interest 53 133 Accounts payable 2,154 2,663 Total Equity 1,334 1,858 Sales 5,505 6,780 Accounts receivable 357 415 Long-term debt 1,636 2,078 Inventory 1,858 2,332 Tax rate 30% 30%...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT