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8) Baskins Corporation's accounting records include the following items, listed in no particular order, for the year ending December 31, 2015: Other Revenues and (Expenses)Gain on Discontinued Operations$75,000 Gain on sale of Equipment$12,000Extraordinary Loss15,000 Loss on disposal of Equipment5,000Cost of Goods Sold285,000 Net Sales650,000Operating Expenses120,000 The income tax rate for the company is 45%. Prepare.

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19) Prepare a comparative common-size income statement for Nobell Inc. using the 2015 and 2014 data. Round off the percentages to one decimal place. Nobell Inc. Comparative Income Statement Years Ended December 31, 2015 and 2014 20152014 Net Sales$ 6,355$ 4,920 Cost of Goods Sold3,3702,200 Gross Profit2,9852,720      Operating Expenses: Selling Expenses675580 Administrative expenses410425 Total Expenses1,0851,005 Operating Income1,9001,715      Other Revenues and (Expenses): Interest.

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21) Atlantis Inc. provides the following historical data: 201620152014201320122011 Net sales$4,970$4,500$3,980$3,270$4,750$4,400 Prepare the trend analysis report Use 2011 as the base year, and round answers to the nearest percent. 22) Donald Corp. reported the following on its comparative income statement: (In millions)              2017     2016     2015 Revenue$728$675$500 Cost of goods sold312258220 Prepare a horizontal analysis of revenues and cost of goods sold,.

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17) Prepare the vertical analysis report of the balance sheet data given below: Round off the percentages to two decimal places   Balance Sheet December 31, 2015 2015        Assets Current Assets: Cash and Cash Equivalents$10,000 Accounts Receivable, Net15,600 Merchandise Inventory38,000 Total Current Assets$63,600 Long-term Investments$15,000 Property, Plant, and Equipment, Net195,000 Total Assets$273,600        Liabilities Current Liabilities: Accounts Payable$8,500 Notes Payable1,400 Total Current Liabilities$9,900 Long-term Liabilities$54,000 Total Liabilities$63,900        Stockholders' Equity Common.

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34) On December 31, 20X6, the statements of financial position of the Power Company and the Pro Company are as follows: (in 000s) PowerPro(FV) Cash$  500$  800 Accounts Receivable1,5001,700 Inventories2,0001,500 Capital assets (net)2,5004,000$4,300 Total Assets$6,500$8,000 Current liabilities$  700$  400 Long term liabilities800500$  550 Common shares  2,5001,000 Contributed surplus8001,500 Retained earnings1,7004,600 Total Equities$6,500$8,000 Power Company has 100,000 shares of common stock outstanding. Pro Company.

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11) The following is summary of information presented on the financial statements of a company on December 31, 2015. Account 2015 2014 Current Assets $82,000 $70,000 Accounts Receivable 60,000 68,000 Merchandise Inventory 62,000 53,000 Current Liabilities 52,000 46,000 Long-term Liabilities 39,000 45,000 Common Stock 70,000 50,000 Retained Earnings 65,000 40,000 What would a horizontal analysis report show with respect to long-term liabilities? A) long-term liabilities decreased by $30,000 B) long-term liabilities decreased by 40% C) long-term liabilities decreased.

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41) Partridge Inc. provides the following information for the year 2014: Net income $31,200 Market price per share of common stock $12.00/share Dividends paid $0.80/share Common stock outstanding at Jan 1, 2015 110,000 shares Common stock outstanding at Dec 31, 2016 150,000 shares The company has no preferred stock outstanding. Calculate the dividend yield for common stock. A) 6.67% B) 1.67% C) 3.67% D) 4.67% 42).

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  1) Which of the following Canadian accounting standards are not included in the CICA Handbook? A) Publicly accountable enterprises B) Private enterprises C) Not-for-profit organizations D) Government 2) Which of the following financial reporting objectives is a user objective? A) Income tax deferral B) Net income maximization C) Cash flow prediction D) Income smoothing 3) Which financial reporting objective is.

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38) France, Germany, Japan and Canada are four countries that have adopted International Financial Reporting Standards. As a result, auto companies from these nations will have similar statements, statement components, disclosures and measurement methods. Required: Discuss the "invisible differences" that may cause statements from the different countries to be less comparable and.

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41) Rasor Inc. uses the equity method of reporting its 40% investment in Ivan Co. The balance in the Investment in Ivan was $50,750 at January 1, 20X3. During the next three years, Ivan reported the following net earnings (losses) and dividends paid. Net earnings (loss) $ Dividends paid $ 20X3 135,600 120,000 20X4 15,700 120,000 20X5 (103,400) 0 Required: Calculate the balance of the.

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19) Data for Nobell Inc. is as follows: Nobell Inc. Comparative Balance Sheet December 31, 2015 and 2014 20152014 Assets Current Assets: Cash$121,000$100,000 Accounts Receivables, Net117,000125,000 Merchandise Inventory70,00085,000 Total Assets$308,000$310,000 Liabilities Total Current Liabilities63,50050,000 Long-term Liabilities100,000100,000 Total Liabilities163,500150,000 Stockholders' Equity Retained Earnings94,500110,000 Common Stockholders' Equity50,00050,000 Total Liabilities and Stockholders' Equity$308,000$310,000 Prepare a horizontal analysis of the comparative balance sheet of Nobell Inc. Round percentage changes to one decimal place. 20).

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17) Data for Atlantis Inc. follow: Atlantis Inc. Comparative Income Statement Years Ended Dec 31, 2015 and 2014 20152014 Net Sales Revenue$550,000$500,000 Expenses: Cost of Goods Sold245,000220,000 Selling and Administrative Expenses100,00096,000 Other Expenses(Interest Expense)12,0009,000 Income Tax Expense58,00047,000 Total Expenses$415,000$372,000 Net Income$135,000$128,000 Prepare a horizontal analysis of the comparative income statement of Atlantis Inc. Round percentage changes to one decimal place. Use a multiple.

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Learning Objective 17-5 1) A corporation's income statement includes some unique items that do not often apply to smaller businesses. 2) Income from continuing operations helps investors to make predictions about past performance of the company. 3) The disposal of a financial segment would be reported as discontinued operations. 4) Gains and losses on.

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34) On February 1, 20X5, Peter Co. purchased 20% of the outstanding shares of Mary Inc. at a cost of $275,000. During the next two fiscal years, Mary Inc. reported the following: Net income Dividends January 31, 20X6 $42,000 $20,000 January 31, 20X7 $35,000 $15,000 Required: a. If Peter uses the cost method for recording its investment in.

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31) Which of the following accurately describes working capital? A) Current assets minus merchandise inventory B) Current assets minus current liabilities C) Total debt minus stockholders' equity D) Cost of goods sold divided by average merchandise inventory 32) Nobell Inc. provides the following data: 2015 2014 Cash $21,000 $18,000 Accounts Receivable, Net 31,000 35,000 Merchandise Inventory 53,000 25,000 Property, Plant, and Equipment, Net 120,000 90,000 Total assets $225,000 $168,000 Net credit sales $240,000 Cost of.

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47) Extracts from the balance sheet of Atlantis Inc. are as follows: 2015 Assets Current Assets: Cash and Cash Equivalents$30,000 Accounts Receivable, Net65,000 Merchandise Inventory50,000 Total Current Assets$145,000 Long-term Investments150,000 Property, Plant, and Equipment, Net250,000 Total Assets$545,000 Total Current Liabilities$150,000 Compute the quick ratio. 48) From the following details provided by Trinidad Inc. Calculate the Merchandise Inventory turnover ratio for the year 2015. 20152014 Cost.

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50) The balance sheet of Atlantis Inc. is below: Atlantis Inc. Comparative Balance Sheet December 31, 2016 and 2015 20162015 Assets Total Current Assets$200,000$100,000 Property, Plant, and Equipment, Net550,000500,000 Other Assets50,00050,000 Total Assets$800,000$650,000 Liabilities Total Current Liabilities$150,000$100,000 Long-term Debt350,000250,000 Total Liabilities500,000350,000 Stockholders' Equity Total Stockholders' Equity300,000300,000 Total Liabilities and Stockholders' Equity$800,000$650,000 Calculate the current ratio for each year. 51) Partridge Inc. provides the following information for the year.

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36) On January 1, 20X2, Soho Co. purchased 4,000 shares, representing 12%, of Rico Inc. for $78,000. Soho is a publicly traded company. During the next two years, the following information was available for Rico. Net income (loss) Dividends declared Share price December 31 20X2 $65,000 $55,000 $22.20 20X3 $35,000 $10,000 $15.70 Required: a.Assuming Soho classifies this investment as FVTPL, prepare the journal entries.

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