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Days sales = 365/ Inventory Turnover

Industry: 365/2.69= 135.69, so days sales for industry is 135.69.

Company: 365/15.82= 23.07, so days sales for company is 23.07.

Taking into consideration that a company with a quick ratio greater 1, has a liquidity that allows for meeting short-term obligations. This company has a quick ratio of .91. The reasons for this could be a number of things, from delayed collections of accounts receivable to decreasing sales (Wohlner). The industry has a quick ratio of .72, so the company does have a higher quick ratio. I am not sure if that means that they are doing well, when the industry is not, or the opposite. I think that it means the former, but would definitely take any clarification offered.  

Headland Company reports pretax financial income of $76,500 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $15,700. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,400. 3. Fines for pollution appear as an expense of $10,500 on the income statement. Headland’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.

A)Compute taxable income and income taxes payable for 2020.

B)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.

c)Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”

D)Compute the effective income tax rate for 2020

On January 1, 2020, Sweet Company issued 10-year, $2,020,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Sweet common stock. Sweet’s net income in 2020 was $475,300, and its tax rate was 20%. The company had 97,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020.

(a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.)

(b) Compute diluted earnings per share for 2020, assuming the same facts as above, except that $970,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Sweet common stock. (Round answer to 2 decimal places, e.g. $2.55.)

Prior to 2019, the accounting income and taxable income for Bridgeport Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $576,000. For accounting purposes, the equipment was to be depreciated over 9 years using the straight-line method. For income tax purposes, the equipment was subject to a CCA rate of 20% (half-year rule applies for 2019). Bridgeport’s income before tax for accounting purposes for 2020 was $1,892,000. The company was subject to a 25% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Bridgeport Corporation follows IFRS.

a) Calculate taxable income and taxes payable for 2020.

b) Prepare the journal entries to record 2020 income taxes (current and deferred). (If no entry is required, select "No Entry" )

Splish Company reports pretax financial income of $66,300 for 2020. The following items cause taxable income to be different than pretax financial income.

Splish’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.

1. Compute taxable income and income taxes payable for 2020.

2. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.

3. Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”

4. Compute the effective income tax rate for 2020.

On January 1, 2020, Spalding Company sold 12% bonds having a maturity value of $1,000,000 for $1,075,815, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020 and they mature on January 1, 2025, with semiannual interest payable on July 1 and January 1 each year. The company uses the effective-interest method. Instructions:

a) Prepare a complete amortization schedule for these bonds in good form.

b) Prepare the journal entry needed to record the issuance of bonds on January 1, 2020.

c) Prepare the journal entry needed to record the payment accrual of interest on July 1, 2020. Show all calculations.

d) Determine how much interest expense will be on the income statement for the year ended December 31, 2020.

e) Show what will be on the balance sheet related to these transactions as of December 31, 2020. Indicate clearly if any assets or liabilities are current or noncurrent.

The following data applies to the two unrelated companies Aldi Ltd    Wooli Ltd:

All taxable and deductible temporary differences relate to the profit or loss. Assume a corporate tax rate of 30%.

1. For each company, prepare the journal entries to record the current and deferred tax for 30 June 2020. Show all calculations

2. For each company, prepare the income tax section of the statement of profit or loss and other comprehensive income for the year ended 30 June 2020, and show the note disclosure for the current and deferred components of income tax expense.

The following are several figures reported for Allister and Barone as of December 31, 2021:

Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $142,000 to Allister for $204,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.

Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:

Inventory

Sales

Cost of Goods Sold

Operating Expenses

Net Income Attributable to Noncontrolling Interest

Pl show all the calculations and proper formatting. No plagiarism, please.

What is a journal entry and how is it written for finance? Please help record a journal entry for each of the following transactions:

a. A U.S.-based MNC invests $800 million in a factory located in South Africa and finances the project by issuing bonds in Germany.

b. A Mexican company sells $5 million worth of goods to an Arizona company and deposits the check-in a bank in Scottsdale.

c. The Bank of Denmark purchases 1.3 billion dollars in the foreign exchange market to hold down the value of the krone and uses these dollars to buy U.S. Treasury bonds.

d. A U.S.-based MNC pays $9 million in dividends to foreign residents. Those residents decide to hold the dividends in bank deposits in New York.

e. A U.S. car manufacturer exports $110 million of cars to the Philippines and receives payment in the form of a check drawn on a U.S. bank.