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Question 2 The comparative statements of Skysong Company Limited are presented below. 2016 £419,000 SKYSONG COMPANY...
Question 2 The comparative statements of Shamrock Company Limited are presented below. 2016 £421,000 SHAMROCK COMPANY...
Question 2 The comparative statements of Shamrock Company Limited are presented below. 2016 £421,000 SHAMROCK COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses Cost of goods sold 316,000 Selling and administrative 120,000 Interest expense 8,900 Income tax expense 20,700 Total expenses 465,600 Net income £ 33,400E 254,000 115,000 5,300 14,000 388,300 32,700 2016 £382,000 SHAMROCK COMPANY LIMITED Statements of Financial Position December 31 2017 Plant assets (net) £423,000 Current assets...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are pre...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are presented below. Gong Limited Income Statement For the year ended 30 June 2018 $ 600,000 2017 Net sales (all on account) Expenses: Cost of sales 520,000 415,000 123,800 354,000 114,800 6,000 14,000 488,800 31,200 Selling and administrative Interest Expense Income tax expense Total expenses Profit 7,800 18,000 564,600 35,400 Gong Limited Statement of Financial Position As at 30 June Assets 2018 2017 Current...
Problem 18-2A le The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY...
Problem 18-2A le The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales $1,816,900 $1,754,300 Cost of goods sold 1,012,500 990,000 Gross profit 804,400 764,300 Selling and administrative expenses 478,800 517,400 Income from operations 285,500 287,000 Other expenses and losses Interest expense 13,000 17,500 Income before income taxes 269,500 272,500 81,400 77,800 Income tax expense Net income $188,100 $ 194,700 PAINTER TOOL COMPANY Balance Sheets...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales $1,899,640 $1,759,600 Cost of goods sold 1,067,640 1,015,100 Gross profit 832,000 744,500 Selling and administrative expenses 509,100 488,100 Income from operations 322,900 256,400 Other expenses and losses Interest expense 24,100 22,100 Income before income taxes 298,800 234,300 Income tax expense 94,100 75,100 Net income $ 204,700 $ 159,200 SHERIDAN COMPANY Balance Sheets December 31 Assets 2017 2016...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December 31, 2017 ———————————————————————————————————————— Assets 2017 2016 Property, plant and equipment (net).................................................. $260,000 $300,000 Inventory............................................................................................ 50,000 70,000 Accounts receivable (net).................................................................. 50,000 30,000 Short-term investments..................................................................... 15,000 60,000 Cash................................................................................................... 25,000 40,000 Total assets ................................................................................ $400,000 $500,000 Equity and liabilities Share capital – ordinary.................................................................... $150,000 $150,000 Retained earnings.............................................................................. 110,000 70,000 Bonds payable................................................................................... 80,000 160,000...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December 31, 2017 ———————————————————————————————————————— Assets 2017 2016 Property, plant and equipment (net).................................................. $260,000 $300,000 Inventory............................................................................................ 50,000 70,000 Accounts receivable (net).................................................................. 50,000 30,000 Short-term investments..................................................................... 15,000 60,000 Cash................................................................................................... 25,000 40,000 Total assets ................................................................................ $400,000 $500,000 Equity and liabilities Share capital – ordinary.................................................................... $150,000 $150,000 Retained earnings.............................................................................. 110,000 70,000 Bonds payable................................................................................... 80,000 160,000...
Presented below is the comparative balance sheet for Skysong Company. SKYSONG COMPANY COMPARATIVE BALANCE SHEET AS...
Presented below is the comparative balance sheet for Skysong Company. SKYSONG COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2018 AND 2017 December 31 2018 2017 Assets Cash Accounts receivable (net) Short-term investments Inventories Prepaid expenses Plant & equipment Accumulated depreciation $179,700 219,900 269,000 1,056,200 25,100 2,583,400 (993,200) $273,700 153,800 149,000 988,300 25,100 1,944,700 (756,300) $2,778,300 $3,340,100 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock $49,800 169,600 452,600 2,093, 100 575,000 $3,340,100 $75,000 198,600 191,400 1,760,400...
LARKER TOOL SA Statements of Financial Position December 31 Assets 2017 2016 Plant assets (net)...
LARKER TOOL SA Statements of Financial Position December 31 Assets 2017 2016 Plant assets (net) R$600,300 R$520,300 Current assets Inventory R$110,950 R$115,500 Accounts receivable (net) 105,750 102,800 Short-term investments 69,000 50,000 Cash 60,100 345,800 64,200 332,500 Total assets R$946,100 R$852,800 Equity and Liabilities 2017 2016 Equity Share capital—ordinary (R$5 par) R$300,000 R$300,000 Retained earnings 242,600 165,000 Total equity 542,600 465,400 Bonds payable 200,000 200,000 Current liabilities Accounts payable 160,000 145,400 Income taxes payable 43,500 42,000 Total current...
Question 2 The comparative statements of Shamrock Company Limited are presented below. 2016 £421,000 SHAMROCK COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses Cost of goods sold 316,000 Selling and administrative 120,000 Interest expense 8,900 Income tax expense 20,700 Total expenses 465,600 Net income £ 33,400E 254,000 115,000 5,300 14,000 388,300 32,700 2016 £382,000 SHAMROCK COMPANY LIMITED Statements of Financial Position December 31 2017 Plant assets (net) £423,000 Current assets...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are presented below. Gong Limited Income Statement For the year ended 30 June 2018 $ 600,000 2017 Net sales (all on account) Expenses: Cost of sales 520,000 415,000 123,800 354,000 114,800 6,000 14,000 488,800 31,200 Selling and administrative Interest Expense Income tax expense Total expenses Profit 7,800 18,000 564,600 35,400 Gong Limited Statement of Financial Position As at 30 June Assets 2018 2017 Current...
Problem 18-2A le The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales $1,816,900 $1,754,300 Cost of goods sold 1,012,500 990,000 Gross profit 804,400 764,300 Selling and administrative expenses 478,800 517,400 Income from operations 285,500 287,000 Other expenses and losses Interest expense 13,000 17,500 Income before income taxes 269,500 272,500 81,400 77,800 Income tax expense Net income $188,100 $ 194,700 PAINTER TOOL COMPANY Balance Sheets...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
Presented below is the comparative balance sheet for Skysong Company. SKYSONG COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2018 AND 2017 December 31 2018 2017 Assets Cash Accounts receivable (net) Short-term investments Inventories Prepaid expenses Plant & equipment Accumulated depreciation $179,700 219,900 269,000 1,056,200 25,100 2,583,400 (993,200) $273,700 153,800 149,000 988,300 25,100 1,944,700 (756,300) $2,778,300 $3,340,100 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock $49,800 169,600 452,600 2,093, 100 575,000 $3,340,100 $75,000 198,600 191,400 1,760,400...
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