Blendy Company provides the following balance sheet and income statement for the year of 2018.
HARVEY COMPANY
BALANCE SHEET
AS OF 31 DECEMBER, 2018
ASSETS “$”
Current Assets:
Cash in hand 100,000
Inventory 90,000
Debtors 145,000
Total current assets 3, 35,000
Non-Current Assets:
Total non-current assets 2,530,000
Total Assets 2,865,000
LIABILITIES
Current Liabilities:
Total Current liabilities 5,22,000
Non-Current Liabilities:
Long term loan 10,00,000
Total Liabilities 15,22,000
OWNER’S EQUITY:
Paid up capital 740,000
Retained Earning 543,000
Share premium 60,000
Total 1,343,000
Total Liabilities & Equity 2,865,000
|
Net Sales |
$ 900,000 |
|
Cost of goods sold |
(550,000) |
|
Gross profit |
350,000 |
|
Operating Expenses |
(90,000) |
|
Earning after tax |
130,000 |
Required:
a. Calculate the following ratios:
(i) Account receivables turnover ratio in days
(ii) Inventory turnover ratio in days.
(iii) Fixed assets turnover.
(iv) Total assets turnover ratio.
(v) Return on Equity
Note: Assume 360 days in a year
b. Assuming that the industrial average for collection 150 days and fixed asset turnover is 40%,
Evaluate the performance of the BLENDY COMPANY based on your answer in part (a) above.
In: Accounting
Write an article explaining the potential impacts of COVID19 on incomes, health and welfare of people of the Pacific. Justify how the policies and initiatives against the pandemic have functioned in meeting their targeted objectives. Use some empirical measures to show the impact of COVID19 on the broader Fijian economy. use Empirical summary with data , context analysis , and macro implications summary .
In: Economics
Justify how the policies and initiatives against the pandemic have functioned in meeting their targeted objectives. Use some empirical measures to show the impact of COVID19 on the broader Fijian economyJustify how the policies and initiatives against the pandemic have functioned in meeting their targeted objectives. Use some empirical measures to show the impact of COVID19 on the broader Fijian economy
In: Economics
Calculate the percent composition and determine the molecular formula and the empirical formula for the nitrogen-oxygen compound that results when 12.04 g of nitrogen is reacted with enough oxygen to produce 39.54 g of product. The molar mass of the product is 92.02 g. Proper significant figures when needed.
Percent Oxygen:
Percent Nitrogen:
Empirical Formula:
Molecular Formula:
In: Chemistry
1.
a. The compound X3Y is 35.0% X. What is the molar mass of Y if the molar mass of X is 62.4 g/mol?
b. What is the atomic mass of element X if 9.94 g XCl3 contains 3.26 g X?
c. A 2.953-g sample of an oxide of V contains 1.654 g V. What is the empirical formula of the oxide?
d. What is the empirical formula of a hydrocarbon if complete combustion or 6.900 mg of the hydrocarbon produced 22.738 mg of CO2 and 6.205 mg of H2O? Be sure to write C first in the formula.
empirical formula =
What is the molecular formula if the molar mass of the hydrocarbon is found to be about 120
molecular formula =
In: Chemistry
For homes in a certain state, electric consumption amounts last year approximately followed a mound-shaped (normal) distribution with a mean of 1034 kilowatt-hours and a standard deviation of 182 kilowatt-hours.
(a) According to the empirical rule, approximately 99.7% of
values in the distribution will be between these two bounds:
Lower-bound =___ kilowatt-hours and upper-bound = ___
kilowatt-hours.
(b) According to the empirical rule, approximately 68% of values
in the distribution will be between these two bounds:
Lower-bound = ___ kilowatt-hours and upper-bound = ___
kilowatt-hours.
(c) According to the empirical rule, approximately 95% of values
in the distribution will be between these two bounds:
Lower-bound = ___ kilowatt-hours and upper-bound =
___kilowatt-hours.
In: Math
Income statement and earnings per share
Shown below is information relating to operations of Laconia, Inc.,
for 2018:
| Operating information: | |
| Net sales | $7,620,000 |
| Cost and expenses | $3,170,000 |
| Income tax expense | $580,000 |
| Other data: | |
| Current-year profit generated by segment of the business discontinued in April (net of income taxes) | $420,000 |
| Gain on disposal of discontinued segment (net of income taxes) | $108,000 |
| Prior-period adjustment (decrease in prior years' income net of tax benefit) | $168,000 |
| Non-recurring loss | $107,000 |
| Income tax benefit on non-recurring loss | $11,000 |
| Cash dividends declared ($1.50 per share) | $150,000 |
In the space provided, complete the income statement for Laconia,
Inc., including earnings-per-share figures. Laconia has 100,000
shares of a single class of common stock outstanding throughout the
year.
|
LACONIA, INC. Condensed Income Statement For the Year Ended December 31, 2018 |
rev: 11_21_2018_QC_CS-143121
In: Accounting
Dribnor Ltd entered into the following transactions and events during 2018. Do these transactions and events meet the Framework 2014 definitions of assets, liabilities, equity, income or expenses? Give reasons. (a) Dribnor entered into a contract with Melbourne Metal Manufacturers Ltd to purchase capital equipment at a cost of $1 million. Dribnor paid a 10% deposit, which was non refundable. (b) Dribnor has a regular program of maintaining its plant and equipment. In order to provide for this program, it has established a 'provision for plant maintenance account that the company shows with liabilities in the statement of financial position. (c) Dribnor has non participating, cumulative, redeemable preference shares on These are shown as a component of equity. However, the accountant believes that the preference shares meet the definition of liabilities (d) As a result of its expansion program, the company applied for a government grant of $2 million as part of the government's employment enhancement program. During 2018 it was informed that it had been awarded the grant to be paid during the 2019 reporting period
In: Accounting
Second Time Around Clothing reported net income during five
successive years as follows: 2015, $75,000; 2016, $78,000; 2017,
$10,000; 2018, $9,000; 2019, $57,500. The share capital consisted
of 22,000, no-par common shares, and 28,500, $0.70 no-par preferred
shares. Prepare a schedule showing the amount each share class
would receive in dividends if the entire net income amount was
distributed each year. Please make sure your final answer(s) are
accurate to 2 decimal places.
| Case A | Preferred shares are cumulative and non-participating. | ||
| Case B | Preferred shares are cumulative and fully participating; the matching dividend for common shares is $1.80 per share. | ||
| Case C | Preferred shares are non-cumulative and fully participating; the matching dividend for common shares is $1.80 per share. |
| TOTAL DISTRIBUTED | PREFERRED COMMON A | PREFERRED COMMON B | PREFERRED COMMON C | |
| 2015 | ||||
| 2016 | ||||
| 2017 | ||||
| 2018 | ||||
| 2019 | ||||
| total |
In: Accounting
Question 4 Giant Ltd acquired 80 percent share capital of Expert Ltd. On 1 July 2018 for a cost of $1,600,000. As at the date of acquisition, all assets and liabilities of Expert Ltd were fairly valued except a land that has a carrying value $150,000 less than the fair value. The recorded balance of equity of Expert Ltd as at 1 July 2018 were as: Share capital $800,000 Retained earnings $200,000 General Reserve $400,000 Total $1,400,000 Additional information: The management of Giant Ltd values non-controlling interest at the proportionate share of Expert Ltd identifiable net assets. Expert Ltd has a profit after tax of $200,000 for the year ended 30 June 2019. During the financial year to 30 June 2019, Expert Ltd sold inventory to Giant Ltd for a price of $120,000. The inventory costs Expert Ltd $60,000 to produce. 25 percent of the inventory are still on the hand of Giant Ltd as at 30 June 2019. During the year Expert Ltd paid $60,000 in consultancy fees to Giant Ltd. On 1 July 2018, Expert Ltd sold an item of plant to Giant Ltd $80000. The equipment had a carrying value of $60,000 (Cost $100,000, accumulated depreciation $40,000). At the date of sale, it was expected that the equipment had a remaining life of 4 years and no residual value. The tax rate is 30 percent. Required: a) Based on the above information, calculate the non-controlling interest as at 30 June 2019. (6.5 marks) b) Prepare the necessary journal entries to recognise the non-controlling interest as at 30 June 2019.
Need word file
In: Accounting