Financial statements are given below David Quinn Clanachan ASSETS Current Assets: Cash Accounts Receivable Allowance for Doubtful
Fantastic news! We've Found the answer you've been seeking!
Question:
Financial statements are given below
Transcribed Image Text:
David Quinn Clanachan ASSETS Current Assets: Cash Accounts Receivable Allowance for Doubtful Accounts Net Accounts Receivable Inventory Cash Equivalents Total Current Assets Long-Lived (Fixed) Assets: Buildings Less Accumulated Depreciation Buildings Net Book Value Buildings Property and Equipment Less Accumulated Depreciaton P&E Net Book Value P&E Total Long-Lived (Fixed) Assets TOTAL ASSETS LIABILITES Current Liabilities: Accounts Payable Unearned Revenue Accrued Interest Payable Notes Payable Total Current Liabilities Long-Term Liabilities Loan Payable Bonds Payable Total Long-Term Liabilities TOTAL LIABILITIES IN INC EQUITY Common Shares Retained Earnings TOTAL EQUITY TOTAL LIABILITIES AND EQUITY Company Ltd. Balance Sheet At December 31, 2021 $ 25,000.00 $ 750.00 $ 200,000.00 $ 136,718.75 S 316,000.00 $ 142,595.00 $ 8,214.00 $ $ S 16,505.00 1,637.81 70,000.00 $ 3,000.00 $ 60,000.00 $ 200,000.00 $ 50,576.75 $ $ $ $ $ $ $ $ $ 80,010.56 24,250.00 63,000.00 5,986.75 173,247.31 63,281.25 173,405.00 236,686.25 409,933.56 96,356.81 63,000.00 159,356.81 250,576.75 409,933.56 David Quinn Clanachan Company Ltd. Income Statement For the Quarter Ending December 31, 2021 REVENUE Sales Revenue Sales Returns Sales Discounts Net Sales Inventory Used Gross Profit EXPENSES Sales and Admin Expenses: Advertising Rent Office Supplies Wages Total S & A Expenses Operating Income $ $ $ Depreciation Expense Income Tax Expense $ $ $ Other Revenue & Expenses Rental Revenue Interest Expense NET INCOME (PROFIT/LOSS) 800,000.00 3,458.00 925.00 25,000.00 90,000.00 8,000.00 156,000.00 $ $ $ $ $ $ $ $ $ 795,617.00 125,000.00 670,617.00 279,000.00 391,617.00 3,000.00 612.50 15,000.00 39,161.70 339,842.80 David Quinn Clanachan ASSETS Current Assets: Cash Accounts Receivable Allowance for Doubtful Accounts Net Accounts Receivable Inventory Cash Equivalents Total Current Assets Long-Lived (Fixed) Assets: Buildings Less Accumulated Depreciation Buildings Net Book Value Buildings Property and Equipment Less Accumulated Depreciaton P&E Net Book Value P&E Total Long-Lived (Fixed) Assets TOTAL ASSETS LIABILITES Current Liabilities: Accounts Payable Unearned Revenue Accrued Interest Payable Notes Payable Total Current Liabilities Long-Term Liabilities Loan Payable Bonds Payable Total Long-Term Liabilities TOTAL LIABILITIES IN INC EQUITY Common Shares Retained Earnings TOTAL EQUITY TOTAL LIABILITIES AND EQUITY Company Ltd. Balance Sheet At December 31, 2021 $ 25,000.00 $ 750.00 $ 200,000.00 $ 136,718.75 S 316,000.00 $ 142,595.00 $ 8,214.00 $ $ S 16,505.00 1,637.81 70,000.00 $ 3,000.00 $ 60,000.00 $ 200,000.00 $ 50,576.75 $ $ $ $ $ $ $ $ $ 80,010.56 24,250.00 63,000.00 5,986.75 173,247.31 63,281.25 173,405.00 236,686.25 409,933.56 96,356.81 63,000.00 159,356.81 250,576.75 409,933.56 David Quinn Clanachan Company Ltd. Income Statement For the Quarter Ending December 31, 2021 REVENUE Sales Revenue Sales Returns Sales Discounts Net Sales Inventory Used Gross Profit EXPENSES Sales and Admin Expenses: Advertising Rent Office Supplies Wages Total S & A Expenses Operating Income $ $ $ Depreciation Expense Income Tax Expense $ $ $ Other Revenue & Expenses Rental Revenue Interest Expense NET INCOME (PROFIT/LOSS) 800,000.00 3,458.00 925.00 25,000.00 90,000.00 8,000.00 156,000.00 $ $ $ $ $ $ $ $ $ 795,617.00 125,000.00 670,617.00 279,000.00 391,617.00 3,000.00 612.50 15,000.00 39,161.70 339,842.80
Expert Answer:
Answer rating: 100% (QA)
4A Receivables Turnover Ratio Net Sales Average Accounts Receivable 795617 25000 02 3281 4B Days to Collect 365 Receivables Turnover Ratio 365 3281 11 4C Fixed Asset Turnover Ratio Net Sales Net Prope... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
Melodic Musical Sales, Inc. is located at 5500 Fourth Avenue, City, ST 98765. The corporation uses the calendar year and accrual basis for both book and tax purposes. It is engaged in the sale of...
-
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: The...
-
Evan inc. announces a cash purchase of 67% of the common stock in Tanner corporation. Prior to the purchase, Evan inc. held no share in Tanner Corporation. Tanner corporation is unlevered. Right...
-
For the manipulator shown, find the twist coordinates f; at zero con- figuration and 9st (0) using the product of exponentials approach. Use the base and tool frames shown. (b) (10 points) Find efi0i...
-
Identifying Effects of Transactions on the Statement of Cash Flows Refer to AP2-3. Required: Using the events (a) through (h) in AP2-3, indicate whether each transaction is an investing (I) or...
-
The car A has a forward speed of 18 km/h and is accelerating at 3 m/s 2 . Determine the velocity and acceleration of the car relative to observer B, who rides in a nonrotating chair on the Ferris...
-
What are the risks of offshoring work/jobs to other countries, for example, to China or India?
-
Ialani Corp. uses a job order costing system for the yachts it constructs. On September 1, 2010, the company had the following account balances: Raw Material Inventory ........ $332,400 Work in...
-
The aqueous dissolution of table salt is written as the following reaction: NaCl(s) Na*(aq) + Cl(aq) Using data a) calculate AG at 50C. b) calculate AG at 50C and [Na] = [CI] = 2.0 mol L-.
-
INCOME Everyday Flowers and Workshops Sales of Product Income Special Occasions Total Income COST OF GOODS SOLD Flower Purchases and Supplies Supplies and materials - COS Total Cost of Goods Sold...
-
Sina Fabrics statement of financial position at December 31, 2021, included the following (000 omitted). Note receivable Interest receivable Accounts receivable Less: Allowance for doubtful accounts...
-
Q4 Given the function y = 4z+9. a. Find the difference quotient as a function of r and Ar b. Find the derivative d Q5 Given the function y = 5x - 4x. a. Find the difference quotient as a function of...
-
Find a photograph of yourself that also shows examples of goods, services, and factors of production. Then respond to the questions. Identify three to five goods or services in the photograph, and...
-
A large amount of salt is added to the bottom of a beaker containing freshwater. The salt covers the bottom of the beaker uniformly and the depth of water above the salt is 10 cm. If the solubility...
-
6. The work function of tin is = 4.42 eV (where 1 eV = 1.602 10- J). (a) Calculate the speed of the fastest electrons ejected from the surface of tin when light with a photon energy of 6.2 eV shines...
-
First Way to Approach the Theory, Q = Q(K,N) Choose K and V to maximize profit: = P(Q(K, N)) Q(K, N) rK w(N)N Revenue: p*Q Costs Take derivative using product and chain rule. Set to zero. Labour...
-
The Income Statement with selective notes of ABC Ltd. For the year ended on 30th June, 2014 is as under: ABC Ltd. Income Statement For the year ended on June 30, 2015 Particulars Net Sales Cost of...
-
Interview managers at three companies in your area about their use of ERP. How have their experiences been similar? What accounts for the similarities and differences?
-
Jonathan Baird, the founder of Water boots Inc., needs to raise $500,000 to expand his company's operations. He has been told that raising the money through debt by obtaining a bank loan will...
-
The reconciled cash balance from Hudson Corporation's August 31 bank reconciliation was $34,780. Hudson recorded the following events in the general ledger Cash account during the month of September:...
-
A company manufacturing hockey bags registered trademarks for $1,000 cash for its revolutionary RackDri hockey bags on June 1, 2018. On December 1, 2018, it paid $10,000 cash for legal costs to...
-
Make a sketch showing the directions of the magnetic forces exerted on each other by (a) an electron moving in the same direction as the current through a wire, (b) a moving charged particle and a...
-
What is the direction of the magnetic field at a point vertically (a) above (b) below segment 1 in Figure 28.5? Figure 28.5 Mapping the magnetic field of a current loop. The magnetic field...
-
As the current loop in Figure 28.10 rotates over the first \(90^{\circ}\), do the magnitudes of (a) the magnetic force exerted on the horizontal sides and (b) the torque caused by these forces...
Study smarter with the SolutionInn App