User Account

All Pages

Prepare a comparative income statement

Assignment Help Accounting Basics
Reference no: EM133030816

Questions -

Q1. The following data were taken from the balance sheet of Haydee Company:

Cash P92,000

Prepaid Expense P12,500

Marketable Securities 50,000

Accounts Receivable (net) 122,000

Merchandise Inventory 273,500

Accounts Payable 175,000

Accrued Liabilities 45,000

1. Determine the following. Show solutions.

a. Working Capital b. Current Ratio c. Acid Test Ratio

2. What conclusions can be drawn from these data as to the company's ability to meet its currently maturing debts?

Q2. The following data are given on the sole product of Angel Trading

 

2017

2016

Sales Volume (Units)

5,000

4,000

Unit Selling Price

P10

P16

Unit Cost

P9

P8

Operating Expenses

 

 

Selling

P600

P10,000

General / Administrative

8,000

7,000

1. Prepare a comparative income statement?

Reference no: EM133030816

Questions Cloud

Calculate smith return objective : Jane Smith has an investment portfolio of $5million. She is 68 years old, and has no children. After her death, she wishes to leave her portfolio to a local art
What would be the revised net operating income : Whirly Corporation's contribution format income statement for the most recent month is- Net operating income $69,100. What would revised net operating income
What types of businesses are most conducive : What is material requirements planning? What does it involve? What types of businesses are most conducive to this type of process? Why is it important?
What state government body regulates the real estate : What State Government body regulates the real estate industry and real estate licences in South Australia?
Prepare a comparative income statement : The following data are given on the sole product of Angel Trading - Prepare a comparative income statement
Implementing the change you identified : What are the possible risks of not implementing the change you identified? Is there an urgency to implement this change?
Difference between natural and synthetic chemicals : What is one chemical you use every day? Describe the chemical and how it impacts your life. A sufficient response will contain at least 30 words.
How has learning about LSS increased : How has learning about LSS increased your competency to perform as an operations consultant - What is the difference between operations consulting
Generate a list of non-verbal communication signs : Generate a list of non-verbal communication signs (as many as you can think of) and their meanings in two different cultures.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How many dogs must he groom each month

How many dogs must he groom each month in order to pay himself a salary of $3600 per month (her salary comes from profits)

  Compute the annual payments

Chancellor Ltd. sells an asset with a $1 million fair value to Sophie Inc. Sophie agrees to make 6 equal payments, one year apart, commencing on the date of sale. The payments include principal and 6% annual interest. Compute the annual payments.

  Analog computers needs to borrow 785000 from the midland

analog computers needs to borrow 785000 from the midland bank. the bank requires a 13 compensating balance. how much

  Explain the evidence you gathered and any issues

Explain the evidence you gathered and any issues you encountered regarding your audit of wages and salaries account

  What amount of sales revenue should be reported

Under the cash basis of accounting, what amount of sales revenue should be reported for the current year

  Determine the monthly payments on the original loan

Determine the monthly payments on the original loan; the monthly payments on the new loan; and the total amount saved on interest by refinancing.

  Transaction analysis-various accounts

Transaction analysis-various accounts. Enter the following column headings across the top of a sheet of paper:

  In order to meet demand throughout each month the company

pertunia company has budgeted sales for its only products as follows july august septembersales in units 110000 98000

  What will be the effect of this error on Net Income

In 2017 the accountant for Johnson corporation mistakenly overstates cost of goods sold by $52,000. What will be the effect of this error on Net Income for 2017

  Show how the amounts related to accounts receivable

Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2018

  Find the amount recorded on the balance sheet

The following normal balances appear on the adjusted trial balance - Equipment $75,000. Find the amount recorded on the balance sheet

  What is joey desired rate of return on this lease

Joey Co. leased equipment to Legoria Co. on April 1, 2017. What is Joey's desired rate of return on this lease

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd