2. Following information is available for the year 2020 of ABC SAOoG. You are required to prepare Statement of comprehensive income and Statement of financial position.
Q: Required: i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year…
A: Financial statements are the one that shows all the information related to the companies financials,…
Q: REQUIRED: i) ii) Prepare the Statement of Comprehensive Income for the year ending 31 December 2021…
A: Statement of Comprehensive Income The Purpose of Preparing the Statement of Comprehensive income…
Q: a. Prepare an income statement for the year using the "functional" method with supporting notes. b.…
A: Introduction: Expenses in an income statement are categorized in keeping with their nature or…
Q: Please indicate whether each entry is accounted for in profit or loss (P/L), other comprehensive…
A: Lets understand the basics. Profit or loss account is statement which shows revenue and expense…
Q: Which basic financial statements are prepared as a minimum for interim financial reporting? a.…
A: Interim Report:- It is a report which gets a period for the shorter period as compared with a fiscal…
Q: for IFRS, there is required financial statements to be presented at the end of the accounting…
A: The question is related to Financial statements amd ita components to be disclosed by IFRS.
Q: Analyze the financial statements of the company to you in terms of: 1) Liquidity 2) Solvency 3)…
A: Ratio Analysis The purpose of preparing the ratio analysis is to know the strength and weakness of…
Q: 2. Use the following balance sheet and income statement to calculat CF to creditors, CF to…
A: CASH FLOW FROM ASSET FOR 2019 = OPERATING CASH FLOW - CHANGE IN NET WORKING CAPITAL - NET…
Q: Prepare a single step income statement for 2019
A: Income is said to be excess of sales revenue over all the expenses during the current year.
Q: List and describe the various formats available for the preparation of an Income Statement.
A: Income statement: It is a financial statement that calculates the net income generated by a…
Q: Required: Prepare a statement of profit or loss for the year ending 31 May 2016 and a statement of…
A: The financial statements may be defined as the written recording tool for the business activities in…
Q: Hello, I need some assistance with the financial statements, specifically the basic income…
A: Financial statements of the business means statements that are prepared at the end of the period in…
Q: prepare an income statement for the current year using the functional presentation with supporting…
A: Income Statement (Functional View) Note Amount Amount Net Sales 1 7700000 Less: Cost of…
Q: Do the formal income statement and formal balance sheet. Bebang Inc is the company name and year…
A: Financial statements are mandatory to be prepared by the companies in a structured manner to depict…
Q: Prepare a Horizontal and Vertical Analysis for the Statement of Financial Position and Statement of…
A: Under horizontal analysis, last year figures are compared with current year figures in order to see…
Q: Determine the list of the initial financial statements in accordance with IFRS.
A: IFRS means International Financial Reporting Standards Thers is list of the Initial Financial…
Q: Steps and illustration on how to come up with a income statement account and statement of financial…
A: Income statement is the statement in which net income for the firm is ascertained by deducting the…
Q: Briefly define the financial accounting elements: (1) assets, (2) liabilities, (3) equity, (4)…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Accounting questions! how to prepare SOFP and income statement? thank you!
A: Financial statements are the records of the economic activities performed by the business to earn…
Q: An interim financial report shall include as a minimum all of the following components, except: a.…
A: Minimum content of an interim financial report The minimum components specified for an interim…
Q: of financial position
A: Given: To prepare the financial position of adjusted statement is given as,
Q: izontal an
A: Vertical Analysis of Statement of Changes in Debt and Financial Asset Year ended March 31, 2020…
Q: Accounting equation is the basis for the preparation of statement of financial position in…
A: A company's total assets are equal to the sum of its liabilities plus its shareholders' equity,…
Q: A) Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.…
A: Introduction: Income statement: All revenues and expenses are recorded in Income statement. It tells…
Q: Please help prepare Financial position and comprehensive income statement
A: Statement of comprehensive income shows all incomes and all expenses in the business and at the end…
Q: Identify the correct components of the income statement.A. revenues, losses, expenses, and gainsB.…
A: The income statement seems to be a statement that displays the net profit of the company as well as…
Q: Please complete income statement provided, as well as an expanded income statement for part b.
A: Income statement is one of the financial statement that is being prepared by the business which…
Q: I have obtained Target Corporation’s annual report for its 2018 fiscal year (year ended February 2,…
A: A basic Accounting equation is given as under: Assets = Equity + Liabilities
Q: Required Calculate the net income for March 31, 2020 under accrual basis of accounting and cash…
A: Cash basis:- Under this system, revenues and expenses are recorded when they are actually received…
Q: Requirement: Prepare a Horizontal and Vertical Analysis for the Statement of Financial Position and…
A: Horizontal analysis shows comparison between numbers of two periods and their differences. Vertical…
Q: Required » a. Prepare an income statement for the current year using each reporting format…
A: Income Statement The purpose of preparing the income statement to know the net income which was…
Q: e information, in its current state, be included in the current financial statements
A: The items are disclosed in the financial statements to increase the awareness of the users.
Q: 1. What net amount should be reported as OCI for the current year? 2. What amount should be…
A: The comprehensive income can be reposted along with the income statement which includes the…
Q: Analyze the interrelationships among the four financial statements and enter the missing…
A: Income statement shows revenue earned less the expenses incurred by a business over a period of…
Q: Required: Prepare the Statement of Comprehensive Income and the Statement of Financial Position for…
A: Income is a statement that shows the financial performance of the business entity during an…
Q: prepare Income Statement, Equity and Financial Position
A: Income statement: The income statement determines the net income of the business by subtracting the…
Q: REQUIRED: Prepare the Statement of Comprehensive Income and the Statement of Financial Position as…
A: As per the format and sequence, ratio analysis is done when financial statements are prepared. The…
Q: statement of financial positio
A: Answered
Q: Which statement is true regarding interim financial statements? interim financial statements must…
A: Answer - As per IAS 34 Interim Financial Reporting, An interim financial report should include,…
Q: The statements of comprehensive income, statement of financial position and additional information…
A: The cash flow statement shows the cash inflow and cash outflow of the company by the operating,…
Q: For each of the items listed in the table below, place an X in the column indicating the correct…
A: Cash : The liquid asset in the statement of financial position which includes the direct cash means…
Q: 20. The following details were extracted from the records of Mari Jose Cor. As of December 31, 2020.…
A: This statement shows income earned and expenses incurred during a particular time period. Net result…
Step by step
Solved in 3 steps with 4 images
- Required:a. Calculate the following ratios for Sweets plc for 2021 and 2020, showing the formulas and workings:4- Net profit margin5- Asset turnover6- Stock holding days7- Debtors collection period8- Current ratio9- Gearing ratio10- Interest coverRequired:a. Calculate the following ratios for Sweets plc for 2021 and 2020, showing the formulas and workings:1- ROCE2- ROE3- Earnings per shareUsing the Balance Sheet and Income Statement please calculate the following: Balance Sheet Assets Liabilities and Owner’s Equity 2018 2019 2018 2019 Current Assets Current Liabilities Cash 300 325 Acts Pay 480 400 Accs Rec 275 270 Notes Pay 560 500 Inventory 600 675 Total 1,040 900 Total 1,175 1,270 Long Term Debt 950 1,200 Fixed Assets Net Fixed 2,350 2,875 Owners Equity Preferred Stock 750 845 Retained Earn 785 1,200 Total 1,535 2,045 Total Assets 3,525 4,145 Total Liabilities & OE 3,525 4,145 2019 Income Statement Net Sales 3,456 COGS 1,895 Depreciation 235 EBIT 1,326 Interest 320 Taxable Income 1,006 Taxes 211.26 Net Income 794.74 Dividends 147 Additions to Retained Earnings 647.74…
- Find earnings per share 2019. i atteched income statement and balance sheetProblem 17-2A (Algo) Ratios, common-size statements, and trend percer [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 $546,242 328,838 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 418,466 263,634 2021 % 154,832 57,748 36,825 94,573 60, 259 12,353 $ 47,906 % $61,141 0 113,547…Comparative balance sheet accounts of Flounder Inc. are presented below. FLOUNDER INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019December 31Debit Accounts 2020 2019Cash $42,300 $34,000Accounts Receivable 70,600 59,600Inventory 30,000 23,900Equity investments 22,500 38,700Machinery 29,700 18,600Buildings 67,900 56,600Land 7,500 7,500 $270,500 $238,900Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500Accumulated Depreciation—Machinery 5,700 2,300Accumulated Depreciation—Buildings 13,600 8,900Accounts Payable 34,800 24,500Accrued Payables 3,300 2,700Long-Term Notes Payable 21,200 31,200Common Stock, no-par 150,000 125,000Retained Earnings 39,700 42,800 $270,500 $238,900 Additional data (ignoring taxes): 1. Net income for the year was $43,100.2. Cash dividends declared and paid during the year were $21,200.3. A 20% stock dividend was declared during the…
- Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…The following are the balance sheet of ABC ltd. for the years 2020 and 2021. Prepare a comparative Balance sheet and comment on the financial position of the company Liabilities 2020 Equity share 600000 2021 800000 Assets Land Buildings & 2020 370000 2021 270000Assuming that you are analysing the following company’s assets and obligations: year 2020 2019 current assets 6,857 6,877 current liabiities 4,732 4,374 Calculate its working capital and current ratio. Which would be a better year?
- Chapter 5, page 344 and 349: EA12. 5.3 Using the following Balance Sheet summary information, calculate for the two years presented: A. working capital B. current ratio 12/31/2018 12/31/2019 $76,000 48,000 Current assets $295,000 Current liabilities 163,500 After computing liquidity ratios, comment on the performance of an entity using acceptable standards of liquidity performanceThe summarized balance sheet of WIPRO Itd forthe year ended 31/03/2020 and 31/03/2021 are given below. Prepare funds flow statement. Liabilities Equity share capital General Reserve Pro fit&loss a/c Sundry Creditor Provision for Tax 2020 5,00,000 2,00,000 40,000 1,58,000 45,000 2021 Assets 2020 2021 Land & Building 6,00,000 2,20,000 1,32,000 1,72,000 30,000 1,80,000 Plant and Machinery 2,10,000 80,000 2,00,000 1,70,000 1,03,000 9,43,000 3,00,000 2,76,000 95,000 1,90,000 1,95,000 98,000 11,54,000 Other fixed Assets Stock Debtors Cash at bank Total 9,43,000 The following adjustment the company faces during the year. 11,54,000 Total Dividend Rs. 30,000 was paid during the year. An old machinery costing 1,20.000 was sold for 1,00,000 and the depreciation Rs 50,000.CASE STUDY INFORMATION: The following information has been extracted from the accounting records of Lubners Limited on 31 December 2020. 2020 2019 Dr Cr Dr Cr Ordinary share capital 1728 000 1728 000 Non-current assets 3 462 964 2910206 inventories 665 856 584 640 Accounts payable Accounts receivable cash Retained earnings ( 1 Jan) Long term Loan 311 328 290 304 832 608 800 064 338 688 362 304 244 276 1 090 944 809 568 932 256 Other Current liabilities 1 057 824 Total Sales (80% credit sales) Cost of sales (80% credit purchases) 4 816 512 4 535 424 2 530 656 2 340 288 Interest income 7776 9 504 taxation 207 009 192 159 Selling and admin expenses 1 141 344 1 069 056 Interest expenses Other expenses 149 161 174 551 263 808 274 752 REQUIRED: QUESTION 1 (25) Compile the Statement of Comprehensive Income for the year ended 31 December 2020. (with 2019 comparative figures) QUESTION 2 (25) Compile the Statement of Financial Position as at 31 December 2020. (with 2019 comparative figures)