The green box are the directions. please help with #1 and #2 .
thanks!
Homework Answers
Answer:
Amazing Company Income Statement for the year ended 31.12.2019
| Particulars | Rs | Rs | Vertical Analysis |
| Sales | 240000 | 100% | |
| Cost of goods sold | (142600) | 59% | |
| Gross Profit | 97400 | 41% | |
| Operating Expenses: | |||
| Selling Expenses: | |||
| Advertising Expense | 0 | ||
| Commission Expense | 0 | ||
| Administrative Expenses: | |||
| Rent Expense | (20000) | 8% | |
| Salaries Expense | (48000) | 20% | |
| Insurance Expense | (11800) | 5% | |
| Legal Fee | (9200) | 4% | |
| Depreciation Expense | (8000) | 3% | |
| (97000) | 40% | ||
| Operating Income | 400 | 0.17% | |
| Non-operating/Others | |||
| Interest Expense | (1800) | .75% | |
| Income Tax Expense | (3000) | 1.25% | |
| Total Non Operating | (4800) | 2% | |
| Net Loss | (4400) | 1.83% |
Amazing Company Balance Sheet as on 31.12.2019
| Particulars | Rs | Rs | Vertical Analysis |
| Non Current Assets | |||
| Office Equipment | 53000 | 20% | |
| Machinery & Tools | 59000 | 22% | |
| Less: accumulated depreciation | (24000) | 9% | |
| 88000 | 33% | ||
| Current Assets | |||
| Inventory | 36000 | 14% | |
| Accounts Receivables | 55000 | 21% | |
| Cash | 120000 | 45% | |
| Prepaid Insurance | 5000 | 2% | |
| 216000 | 82% | ||
| Current Liabilities | |||
| Accounts Payable | 12200 | 5% | |
| Salaries payable | 2600 | 10% | |
| Sales Tax payable | 2000 | 0.75% | |
| Note Payable- Long term | 23000 | 9% | |
| (39800) | 15% | ||
| 176200 | 67% | ||
| Non Current Liabilities | |||
| Loan | nil | ||
| Grand Total | 264200 | 100% | |
| Equity | |||
| Capital | |||
| Common Stock | 240000 | 91% | |
| Retained earnings 38600 | |||
| Less: Net Loss (4400) | |||
| Less: Dividend (10000) | 24200 | 9% | |
| Grand Total | 264200 | 100% |
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The green box are the directions. please help with #1 and #2 .
thanks!
7 Requirements:...
Prepare the Amazing Company multi-step income statement for the year ended December 31, 2019. Include the...
Prepare the Amazing Company
multi-step income statement for the year ended
December 31, 2019. Include the EPS at the bottom. Also include a
vertical analysis column at the right and perform a vertical
analysis of the income statement. (Use percentage format with 2
decimal places.)
ACCT 2023 PROJECT 1 Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The...
Amazing Company began operations on January 1, 2015, and is now in its fourth year of...
Amazing Company began operations on January 1, 2015, and is now
in its fourth year of operations. It is a retail sales company with
a large number of online sales. The adjusted trial balance as of
December 31, 2019 appears below, along with prior year balance
sheet data and some additional transaction data for 2018.
Transaction Data for 2018 (Note, these transactions were
included in the trial balance numbers above.)
Cash paid for purchase of office equipment
$
6,000
Cash...
jv9CX12W44HCc_YvRR-UN/edit stedit was seconds ago • BI U A IEE - E - EE X Amazing...
jv9CX12W44HCc_YvRR-UN/edit stedit was seconds ago • BI U A IEE - E - EE X Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018. AMAZING COMPANY Adjusted Trial Balance 12/31/2019 Account The 5 $...
AutoSave Off HD Unit 1 Project Fall 2020 (2) - Protected View - Excel guada gucci...
AutoSave Off HD Unit 1 Project Fall 2020 (2) - Protected View - Excel guada gucci GG File Home Insert Draw Page Layout Formulas Data Review View Help O Search Share Comments i PROTECTED VIEW Be careful—files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X H16 fox 1 J к L N O P P Q R S т U A B с D E F G...
Amazing Company began operations on January 1, 2015, and is now in its fourth year of...
Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018. AMAZING COMPANY Adjusted Trial Balance 12/31/2019 Account Title $ Cash Accounts Receivable Prepaid Insurance Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries...
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 740 Beginning retained earnings (6,400) Cash flow from financing act. 2,500 Rent expense 80,000 Dividends 43,000 Cash 280 Accounts receivable 1,200 Prepaid rent 800 Unearned revenue 7,600 Land 5,600 Accounts payable $ 19,000 (5,300)...
2018: Issued $10,000 of common stock for cash. Provided $90,000 of services on account. Provided $33,000...
2018:
Issued $10,000 of common stock for cash.
Provided $90,000 of services on account.
Provided $33,000 of services and received cash.
Collected $57,000 cash from accounts receivable.
Paid $16,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 7 percent of
the ending accounts receivable balance will be uncollectible.
2019:
Wrote off an uncollectible account for $750.
Provided $110,000 of services on account.
Provided $20,000 of services and...
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
multi step problem, i appreciate the help! Yard Professionals Inc. experienced the following events in 2018,...
multi step problem, i appreciate the help!
Yard Professionals Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $34.000 cash. 2. Purchased $8,200 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,560 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the...
Help Sa The following transactions apply to Jova Company for 2018, the first year of operation:...
Help Sa The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $12.500 of common stock for cash. 2. Recognized $67,500 of service revenue earned on account. 3. Collected $60,000 from accounts receivable. 4. Paid operating expenses of $35,400. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions...
Prepare the Amazing Company
multi-step income statement for the year ended
December 31, 2019. Include the EPS at the bottom. Also include a
vertical analysis column at the right and perform a vertical
analysis of the income statement. (Use percentage format with 2
decimal places.)
ACCT 2023 PROJECT 1 Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The...
Amazing Company began operations on January 1, 2015, and is now
in its fourth year of operations. It is a retail sales company with
a large number of online sales. The adjusted trial balance as of
December 31, 2019 appears below, along with prior year balance
sheet data and some additional transaction data for 2018.
Transaction Data for 2018 (Note, these transactions were
included in the trial balance numbers above.)
Cash paid for purchase of office equipment
$
6,000
Cash...
jv9CX12W44HCc_YvRR-UN/edit stedit was seconds ago • BI U A IEE - E - EE X Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018. AMAZING COMPANY Adjusted Trial Balance 12/31/2019 Account The 5 $...
AutoSave Off HD Unit 1 Project Fall 2020 (2) - Protected View - Excel guada gucci GG File Home Insert Draw Page Layout Formulas Data Review View Help O Search Share Comments i PROTECTED VIEW Be careful—files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X H16 fox 1 J к L N O P P Q R S т U A B с D E F G...
Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018. AMAZING COMPANY Adjusted Trial Balance 12/31/2019 Account Title $ Cash Accounts Receivable Prepaid Insurance Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 740 Beginning retained earnings (6,400) Cash flow from financing act. 2,500 Rent expense 80,000 Dividends 43,000 Cash 280 Accounts receivable 1,200 Prepaid rent 800 Unearned revenue 7,600 Land 5,600 Accounts payable $ 19,000 (5,300)...
2018:
Issued $10,000 of common stock for cash.
Provided $90,000 of services on account.
Provided $33,000 of services and received cash.
Collected $57,000 cash from accounts receivable.
Paid $16,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 7 percent of
the ending accounts receivable balance will be uncollectible.
2019:
Wrote off an uncollectible account for $750.
Provided $110,000 of services on account.
Provided $20,000 of services and...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
multi step problem, i appreciate the help!
Yard Professionals Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $34.000 cash. 2. Purchased $8,200 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,560 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the...
Help Sa The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $12.500 of common stock for cash. 2. Recognized $67,500 of service revenue earned on account. 3. Collected $60,000 from accounts receivable. 4. Paid operating expenses of $35,400. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions...
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