Question
In: Accounting
Jet Company's summarized financial statement information for the beginning of the year is as follows: Marketable...
Jet Company's summarized financial statement information for the beginning of the year is as follows:
Marketable Securities $50,000
All Other Assets $150,000
Total Liabilities $80,000
Total Stockholders' Equity $120,000
During the year, Jet had Revenue of $74,000, Expenses of $50,000 and paid cash dividends of $9,000. Marketable Securities increased in value by 7% , liabilities remained unchanged for the year and Jet had 15,000 shares outstanding all year. Calculate the information that Jet would report on its financial statements at the end of the year.
net income
total assets
total libilites
total equity
eps
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Jet Company's summarized financial statement information for the beginning of the year is as follows: Marketable...
Jet Company's summarized financial statement information for the
beginning of the year is as follows:
Marketable Securities $50,000
All Other Assets $150,000
Total Liabilities $80,000
Total Stockholders' Equity $120,000
During the year, Jet had Revenue of $77,000, Expenses of $46,000
and paid cash dividends of $7,000. Marketable Securities increased
in value by 16% , liabilities remained unchanged for the year and
Jet had 15,000 shares outstanding all year. Calculate the
information that Jet would report on its financial statements at...
Jet Company's summarized financial statement information for the beginning of the year is as follows: Marketable...
Jet Company's summarized financial statement information for the
beginning of the year is as follows:
Marketable Securities $50,000
All Other Assets $150,000
Total Liabilities $80,000
Total Stockholders' Equity $120,000
During the year, Jet had Revenue of $77,000, Expenses of $46,000
and paid cash dividends of $7,000. Marketable Securities increased
in value by 16% , liabilities remained unchanged for the year and
Jet had 15,000 shares outstanding all year. Calculate the
information that Jet would report on its financial statements at...
The summarized Statement of Financial Position of Dedak Berhad at 30 June 2017 was as follows....
The summarized Statement of Financial Position of Dedak Berhad
at 30 June 2017 was as follows.
RM’000
RM’000
Fixed assets
15,350
Current assets
5,900
Creditors falling due within one year
(2,600)
Net current assets
3,300
9% debentures
(8,000)
10,650
Ordinary share capital (RM0.25 shares)
2,000
7% preference shares (RM1 shares)
1,000
Share premium account
1,100
Retained Earnings
6,550
10,650
The current price of the ordinary shares is RM1.35 ex dividend.
The dividend of RM0.10 is payable during the next few...
The following is the summarized financial information of Number Holding Limited for the year ended 31...
The following is the summarized financial information of Number
Holding Limited for the year ended 31 December, 2017 (with
comparative figures):
Statement of profit or loss for the year ended 31
December
2017
2016
$
$
Sales revenue
29,026
29,887
Cost of goods sold
(22,176)
(25,116)
Gross margin
6,850
4,771
Operating expenses
(1,176)
(1,395)
Operating profits
5,674
3,376
Finance cost
(830)
(1,278)
Profits before tax
4,844
2,098
Profits tax
(748)
(494)
Profits after tax
4,096
1,604
Statement of financial position...
Freeport Company's income statement for last year is as follows: Income Statement Sales $300,000 Less: Cost...
Freeport Company's income statement for last year is as
follows:
Income Statement
Sales
$300,000
Less: Cost of goods sold
200,000
Gross margin
100,000
Less: Operating expenses
60,000
Income before taxes
40,000
Less: Income taxes
16,000
Net income
$24,000
The beginning and ending balances for last year are available
for the following accounts:
Ending
balance
Beginning
balance
Accounts receivable
$32,000
$40,000
Inventory
60,000
50,000
Prepaid expenses
12,000
8,000
Accumulated depreciation
(40,000)
(30,000)
Accounts payable
30,000
45,000
Accrued liabilities
16,000
10,000
Income...
Question 2 The income statement for Tiger Co. for 2015 is summarized as follows: Sales...
Question 2
The income statement for Tiger Co. for 2015 is summarized as
follows:
Sales (200,000 units)
$3,000,000
Variable
costs
1,000,000
Contribution
margin
2,000,000
Fixed costs (80% manufacturing related) 500,000
Operating income
$1,500,000
Variable costs include:
Direct
materials
$1.50/unit
$300,000
Direct labour
$2.00/unit
$400,000
Variable MOH
$1.25/unit
$250,000
Variable selling & admin $0.25/unit $50,000
There were 0 units in beginning inventory, and 50,000 units in
ending inventory.
Required -...
The Sterling Tire Company's income statement for 20XX is as follows: STERLING TIRE COMPANY Income Statement Year en...
The Sterling Tire Company's income statement for 20XX is as follows: STERLING TIRE COMPANY Income Statement Year ended December 31, 20XX Sales (50,000 tires at $65 each) $3,250,000Less: Variable costs (50,000 tires at $40)2,000,000 Contribution margin1,250,000 Less: Fixed costs1,050,000 Earnings before interest and taxes (EBIT)200,000Interest expense75,000Earnings before taxes (EBT) 125,000Income tax expense (35%)43,750Earnings after taxes (EAT)$81,250Given this income statement, compute the following a. Degree of operating leverage. b. Degree of financial leverage. c-1. Degree of combined leverage. c-2. Using your answers to a. and b. calculate the percentage increase in...
Inventory balances at the beginning and end of the year were as follows: Beginning of Year...
Inventory balances at the beginning and end of the year were as
follows: Beginning of Year End of Year Raw materials $ 54,000 $
34,000 Work in process ? $ 31,000 Finished goods $ 37,000 ? The
total manufacturing costs for the year were $680,000; the cost of
goods available for sale totaled $730,000; the unadjusted cost of
goods sold totaled $662,000; and the net operating income was
$30,000. The company’s underapplied or overapplied overhead is
closed to Cost of...
Transactions for the year 2019 are summarized as follows: Sold merchandise on credit in the amount...
Transactions for the year 2019 are summarized
as follows:
Sold merchandise on credit in the amount of $325,000, terms
2/10, N30. The cost of the merchandise sold was $195,500.
Collected accounts receivable in the amount of $ 278,950, minus
discounts of $ 3,000.
Wrote off an uncollectible account in the amount of
$2,600.00.
Accepted a 60-day, 8 % note receivable in the amount $12,500.00
from a credit customer, in exchange for an extension on a
customer’s overdue account receivable. The...
The summarized statement of financial positions of A Ltd and B Ltd as at 31 December...
The summarized statement of financial positions of A Ltd and B
Ltd as at 31 December 2018 are as follows:
A Ltd
B Ltd
Non-Current Assets at book value
60,000
46,000
Investment in B Ltd
75,000
Current assets
Inventory
32,000
13,000
Receivables
27,000
17,000
Bank
1,000
2,000
195,000
78,000
Financed by:
Share capital (Sh 1ordinary shares)
100,000
50,000
Retained profits
70,000
12,000
170,000
62,000
Liabilities
25,000
16,000
195,000
78,000
A Ltd purchased the entire share capital of B Ltd on...
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