QUESTION 2 A. State 20 items that goes into the preparation of income statement and balance...

QUESTION 2

A. State 20 items that goes into the preparation of income statement and balance sheet

B. Differentiate between fixed and valuable cost, support your answer with examples.

C. Distinguish between the following and support your answer with examples:

i. Current and long-term assets

ii. Current and long-term liabilities

Expert Solution

ekkarill92 answered 1 year ago

Question 2: Preparation and Presentation of the Income Statement SHOW YOUR WORKING FOR EACH OF THE...

Question 2: Preparation and Presentation of the Income Statement SHOW YOUR WORKING FOR EACH OF THE NUMBERED QUESTIONS In your new position as chief financial officer for Gulf Barges Limited, the first task you have been assigned to complete is to prepare the income statement for the 12-month period ended June 30, 2022. On your desk on your first day, the previous chief financial officer has left you valuable information to complete the task. SHOW YOUR WORKING FOR EACH OF...

The trail balance will be used in preparation of the income statement, statement of owner's equity,...

The trail balance will be used in preparation of the income statement, statement of owner's equity, balance sheet, and statement of cash flow. Specifically how?

Question 2: Preparation and Presentation of the Income Statement Flexible and Confused Limited has just employed...

Question 2: Preparation and Presentation of the Income Statement Flexible and Confused Limited has just employed you as the new finance director. The first task you have been assigned to complete is to prepare the income statement for the 12-month period ended March 31, 2018. On your desk on your first day, the previous finance director left valuable information to complete the task. 1. During the year Flexible and Confused Limited – a company that sells dishwashers – sold a...

Problem 1. Balance sheet and statement of cash flows preparation A. Prepare an income statement (multiple...

Problem 1. Balance sheet and statement of cash flows preparation A. Prepare an income statement (multiple step), balance sheet and cash flow statement using the selected financial statement information and additional data for Stanislaus Co. presented below. Balance sheet: December 31 2015 Cash.......................................................... $52,000 Accounts receivable (net)........................... 64,000 Inventory.................................................. 178,000 Land.......................................................... 78,800 Equipment................................................. 504,000 TOTAL............................................ $876,800 Accumulated depreciation.......................... $94,000 Accounts payable....................................... 50,400 Notes payable - short-term........................ 67,200 Notes payable -...

QUESTION 1 Given the following income statement and balance sheet data, select which items would be...

QUESTION 1 Given the following income statement and balance sheet data, select which items would be included in presenting the cash flow from operating activities section of the statement of cash flows using the indirect method: Income Statement ($ millions) 2019 Sales $40,000 Less: Cost of goods sold 21,600 Gross profits 18,400 Less: Cash operating expenses 12,400 Less: Depreciation expense 1,100 Less: Amortization expense 120 Operating profits (EBIT) 4,780 Less: Interest expense 300 Equity in earnings (loss) of affiliate 40...

The following Income Statement and account balance changes apply to this question: Income Statement for the...

The following Income Statement and account balance changes apply to this question: Income Statement for the year: Sales $1,400,000 Cost of Goods Sold 810,000 Gross Profit $590,000 Operating Expenses 360,000 Net Income before Taxes $230,000 Taxes 34,000 Net Income $196,000 Account Balance Changes during the year: Accounts Payable increase $6,000 Prepaid expenses decrease $4,500 Taxes Payable increase $8,200 Accounts Receivable decrease $24,000 Additions to Accumulated Depreciation $76,000 Inventory increase $12,000 Accrued liabilities (e.g., Wages Payable) decrease $5,000 What...

Question #2 (20 marks) Statement of financial position items for Markham Inc. follow at Dec 31,...

Question #2 Statement of financial position items for Markham Inc. follow at Dec 31, 2018: Goodwill 86,200 Accumulated depreciation—furniture 107,700 Accounts receivable 59,000 Accumulated other comprehensive income 29,000 Payroll taxes payable 6,000 Inventory 126,222 Bonds payable due 2022 526,000 Bank indebtedness 32,000 Patents 50,000 Accrued liabilities 32,000 Cash 22,500 Building 1,001,000 Leasehold improvements 40,000 Accumulated depreciation - leaseholds 10,000 Land 99,000 Common shares (20,000 shares issued) 200,000 Notes receivable (due in 2019) 50,000 Preferred shares (15,000 shares issued) 170,000 Allowance...

The following income statement items appeared on the adjusted trial balance of CoronaCorporation for the year...

The following income statement items appeared on the adjusted trial balance of CoronaCorporation for the year ended December 31, 2019($ in 000s): sales revenue, $22,600; cost of goods sold, $14,650; selling expense, $2,330; general and administrative expense, $1,230; dividend revenue from investments, $230; interest expense, $330. Income taxes have not yet been accrued. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year....

The following income statement items appeared on the adjusted trial balance of XYZ Corporation for the...

The following income statement items appeared on the adjusted trial balance of XYZ Corporation for the year ended December 31, 2021 ($ in 000s): sales revenue, $22,300; dividend revenue from investments, $200; interest revenue $150; cost of goods sold, $14,500; selling expense, $2,300; general and administrative expense, $1,200; interest expense, $300. Income taxes have not yet been accrued. The company's income tax rate is 20% on all items of income or loss. These revenue and expense items appear in the...

The following income statement items appeared on the adjusted trial balance of ABC Corporation for the...

The following income statement items appeared on the adjusted trial balance of ABC Corporation for the year ended December 31, 2021 ($ in 000s): sales revenue, $22,300; dividend revenue from investments, $200; interest revenue $150; cost of goods sold, $14,500; selling expense, $2,300; general and administrative expense, $1,200; interest expense, $300. Income taxes have not yet been accrued. The company's income tax rate is 20% on all items of income or loss. These revenue and expense items appear in the...

Question