Homework Answers
Answer is Option b.
Current year revenue is £180000 which is 20% increase than previous year.
So £180000*100/120 = £150000.
Revenue for previous year is £150000.
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Prorate Ltd revenue figure in the income statement for this year was £180,000. This was a 20% increase on the revenu...
Prepare the statement of cash flows for Emporium Ltd for the year ended 30 June 2020, using the direct method. (Show amounts that decrease cash flow using either a negative sign, e.g. -15,000 or paren...
Prepare the statement of cash
flows for Emporium Ltd for the year ended 30 June 2020, using the
direct method. (Show amounts that decrease cash flow using either a
negative sign, e.g. -15,000 or parentheses, e.g. (15,000).)
If it's convenient, can you leave the problem-solving process?
I'm not very familiar with how to calculate this problem. Thank
you.
The following data relate to Emporium Ltd: Emporium Ltd Income statement for year ended 30 June 2020 Income Sales revenue $1,250,000 Expenses...
The following income statement applies to Jordan Company for the current year: Income Statement Sales revenue...
The following income statement applies to Jordan Company for the current year: Income Statement Sales revenue (420 units X $33) Variable cost (420 units x $18) Contribution margin Fixed cost Net income $13,860 (7,560) 6,300 (4,300) $ 2,000 Required a. Use the contribution margin approach to calculate the magnitude of operating leverage. b. Use the operating leverage measure computed in Requirement a to determine the amount of net income that Jordan Company will earn if it experiences a 20 percent...
Income Statement Sales 750,000 (218,000) (180,000) 352,000 (150,000) 202,000 (50,500) 151,500 Costs Depreciation EBIT Interest expense...
Income Statement Sales 750,000 (218,000) (180,000) 352,000 (150,000) 202,000 (50,500) 151,500 Costs Depreciation EBIT Interest expense EBT Taxes Net Income Dividends 113,625 Additions to Retained Earnings 37,875 VanRee expects sales to rise by 10 percent next year. Costs are expected to increase spontaneously with sales. Depreciation and interest expense will remain constant. The tax rate will also remain constant. VanRee will continue to pay out 75 percent of their net income as dividends. Prepare next year's income statement What will...
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit. Variable expenses...
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit. Variable expenses are $8 per unit, and fixed expenses total $180,000 per year. Its operating results for last year were as follows: Sales $ 400,000 Variable expenses 160,000 Contribution margin 240,000 Fixed expenses 180,000 Net operating income $ 60,000 Required: Answer each question independently based on the original data: 1. What is the product's CM ratio? 2. Use the CM ratio to determine the break-even point...
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit Variable expenses...
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit Variable expenses are 58 per un fixed expenses total $180,000 per year. Its operating results for last year were as follows: Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 400,000 160,000 240,000 180,000 $ 60,00 ak Required: Answer each question independently based on the original data: 1. What is the product's CM ratio? 2. Use the CM ratio to determine the break even...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,624,000...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,624,000 3,510,000 2,114,000 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,400,000 Cost of goods sold 4,620,000 Gross margin 2,780,000 Selling and administrative expenses: Selling expenses 1,390,000 Administrative expenses 706,500 Total expenses 2,096,500 Net operating income 683,500 Interest expense 99,000 Net income before taxes $ 584,500 1,080,000 611,500 1,691,500 422,500 93,000 $ 329,500 Members of the company's board of directors are surprised to see...
The following data relate to Emporium Ltd: Emporium Ltd Income statement for year ended 30 June...
The following data relate to Emporium Ltd: Emporium Ltd Income statement for year ended 30 June 2020 Income Sales revenue $1,245,000 Expenses Cost of sales $720,000 Depreciation - machinery 30,000 Depreciation – buildings 18,000 Other expenses 335,500 1,103,500 Profit $141,500 Emporium Ltd Comparative statements of financial position as at 30 June 2019 2020 Assets Cash at bank $57,000 $56,000 Accounts receivable 145,000 134,000 Inventory 112,000 152,000 Investments 19,000 23,000 Machinery (net) 220,000 295,000 Buildings (net) 120,000 207,000 Land 63,500 147,500...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,578,400...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,578,400 3,508,000 2,070,400 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $ 7,340,000 Cost of goods sold 4,700,000 Gross margin 2,640,000 Selling and administrative expenses: Selling expenses 1,396,000 Administrative expenses 705,500 Total expenses 2,101,500 Net operating income 538,500 Interest expense 101,000 Net income before taxes $ 437,500 1,079,000 611,000 1,690,000 380,400 87,000 293,400 $ Members of the company's board of directors are surprised to...
The income statement for 2018 shows sale revenue of 400, depreciation of 50, net income of...
The income statement for 2018 shows sale revenue of 400, depreciation of 50, net income of 50. If the dividend payout ratio was 20%, how much did retained earnings increase on the year-end balance sheet?
Prepare the statement of cash
flows for Emporium Ltd for the year ended 30 June 2020, using the
direct method. (Show amounts that decrease cash flow using either a
negative sign, e.g. -15,000 or parentheses, e.g. (15,000).)
If it's convenient, can you leave the problem-solving process?
I'm not very familiar with how to calculate this problem. Thank
you.
The following data relate to Emporium Ltd: Emporium Ltd Income statement for year ended 30 June 2020 Income Sales revenue $1,250,000 Expenses...
The following income statement applies to Jordan Company for the current year: Income Statement Sales revenue (420 units X $33) Variable cost (420 units x $18) Contribution margin Fixed cost Net income $13,860 (7,560) 6,300 (4,300) $ 2,000 Required a. Use the contribution margin approach to calculate the magnitude of operating leverage. b. Use the operating leverage measure computed in Requirement a to determine the amount of net income that Jordan Company will earn if it experiences a 20 percent...
Income Statement Sales 750,000 (218,000) (180,000) 352,000 (150,000) 202,000 (50,500) 151,500 Costs Depreciation EBIT Interest expense EBT Taxes Net Income Dividends 113,625 Additions to Retained Earnings 37,875 VanRee expects sales to rise by 10 percent next year. Costs are expected to increase spontaneously with sales. Depreciation and interest expense will remain constant. The tax rate will also remain constant. VanRee will continue to pay out 75 percent of their net income as dividends. Prepare next year's income statement What will...
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit Variable expenses are 58 per un fixed expenses total $180,000 per year. Its operating results for last year were as follows: Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 400,000 160,000 240,000 180,000 $ 60,00 ak Required: Answer each question independently based on the original data: 1. What is the product's CM ratio? 2. Use the CM ratio to determine the break even...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,624,000 3,510,000 2,114,000 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,400,000 Cost of goods sold 4,620,000 Gross margin 2,780,000 Selling and administrative expenses: Selling expenses 1,390,000 Administrative expenses 706,500 Total expenses 2,096,500 Net operating income 683,500 Interest expense 99,000 Net income before taxes $ 584,500 1,080,000 611,500 1,691,500 422,500 93,000 $ 329,500 Members of the company's board of directors are surprised to see...
The following data relate to Emporium Ltd: Emporium Ltd Income statement for year ended 30 June 2020 Income Sales revenue $1,245,000 Expenses Cost of sales $720,000 Depreciation - machinery 30,000 Depreciation – buildings 18,000 Other expenses 335,500 1,103,500 Profit $141,500 Emporium Ltd Comparative statements of financial position as at 30 June 2019 2020 Assets Cash at bank $57,000 $56,000 Accounts receivable 145,000 134,000 Inventory 112,000 152,000 Investments 19,000 23,000 Machinery (net) 220,000 295,000 Buildings (net) 120,000 207,000 Land 63,500 147,500...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,578,400 3,508,000 2,070,400 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $ 7,340,000 Cost of goods sold 4,700,000 Gross margin 2,640,000 Selling and administrative expenses: Selling expenses 1,396,000 Administrative expenses 705,500 Total expenses 2,101,500 Net operating income 538,500 Interest expense 101,000 Net income before taxes $ 437,500 1,079,000 611,000 1,690,000 380,400 87,000 293,400 $ Members of the company's board of directors are surprised to...
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