The BCD Company had the following income statement on 31.12.2020 Deprecation 10000 Net income 190000 OMR The following accounts decreased during 2020: Accounts receivable 22000 inventory 15000 OMR, Rent payable 19000, Machinery 15000 OMR The following accounts increased during 2020:Notes receivable 14000 Accounts Payable 13000 long term Bonds payable 30000 OMR Calculate cash flows from operating activities Select one: O a. 245000 OMR O b. NONE OF THESE O c. 217000 OMR O d. 249000 OMR
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- hank ary tor The Statement of Financial Position for the Volks Company prepared in 2019 report the following balances: January 1 330,000.00 200,000.00 740,000.00 1,600,000.00 120,000.00. December 31 Cash 750,000.00 Notes Receivable 210,000.00 Accounts Receivable 950,000.00 Inventory Prepaid expenses Investment (at cost) Equipment 1,500,000.00 100,000.00 100,000.00 1,200,000.00 400,000.00 1,000,000.00 580,000.00 750,000.00 30,000.00 750,000.00 Notes payable Accounts payable Interest payable Accrued expenses Bonds payable Share capital, P100 par 600,000.00 40,000.00 500,000.00 50,000.00 1,300,000.00 1,500,000.00 600,000.00 1,000,000.00 1,000,000.00 500,000.00 Share Premium Retained Earnings An analysis of cash receipts and disbursements discloses the following: Receipts: Issue of share capital Trade debtors-notes and accounts Note receivable discounted: 800,000 2,950,000 190,000 Face value, P200,000, proceeds 12% one-year note issued to bank, 300,000 250,000 Issued and discounted on…counting-20202 adna Al Maskari Section 1 / Midterm 1 Resit Exam In the year 2020 LNG company had a net sale of RO19,800 million for the year of which RO17600 are credit sales. The company also had a beginning accounts receivable balance of RO 1213 million and an ending accounts receivable balance of RO 1177 million. What will be the average collection period in days: on Select one: О а. 14.72 days O b. 16.57 days O c. 22.03 days O d. 24.8 days Next pa page il lis iSACCT101 FALL 2020-2021 Collection of an R.O 1500 Accounts Receivable. The effect on the components of the basic accounting equation of the Company is: Select one: a. Decreases a liability R.O 1500; increases owner's equity R.O 1500. O b. Increases an asset R.O 1500; decreases an asset R.O 1500. c. Increases an asset R.O 1500; decreases a liability R.O 1500. O d. Decreases a liability R.O 1500; decreases a liability R.O 1500. e. Decreases an asset R.O 1500; decreases a liability R.O 1500. Nextage
- 38 es Maps On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Saved HelpSmile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
- CALCULATE THE EBITDA For the year ended December 31, Notes 2020 2019 Revenue ₱ 10,775,731.00 ₱ 11,334,976.00 Cost of Sales 7,175,540.00 7,552,700.00 Gross profit 3,600,191.00 3,782,276.00 General and Administrative expenses 3,278,202.00 3,417,740.00 Finance Cost Or Interest Expense 48,000.00 16,000.00 Net Income before Tax 273,989.00 348,536.00 Provision for Income Tax 82,197.00 104,561.00 NET INCOME AFTER TAX ₱ 191,792.00 ₱ 243,975.00 (See Notes to Financial Statement)Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net ProfitPROBLEM NO. 1 The December 31, 2019 statement of financial position of Help Company included the following information: Notes receivable P 598,000 Less: NR discounted (380,000) P 218,000 Accounts receivable P2,240,000 Less: Allow. for D.A. ( 141,000) 2,099,000 Total receivables P2,317,000 The following transactions occurred during 2020: 1. Sales on account P8,812,000 2. Collections on accounts 8,410,000 3. Accounts receivable written off as uncollectible 138,000 4. Notes receivable collected 290,000 5. Customer notes received in payment of accounts receivable 740,000 6. Notes receivable discounted paid at maturity 360,000 7. Notes receivable discounted defaulted, including interest of P200 and a P100 fee. This amount is expected to be collected in 2021 20,300 8. Proceeds from customer notes discounted (face value P450,000, accrued interest…
- Rowland company reported the following balances at December 31,2020 sales return abd allowance 5000 sales discount 4000 COGS 70000 operating expense 10000 gross profit 21000 Net sales is27 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000 Required: Compute ending capital on Dec 31 2020 and show solution steps. *Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 $ 100 Cost of goods sold $ 60 $ 55 Net income $ 20 $ 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's 2021 average collection period is (rounded)? Show your work. Question 44 options: