Following are the Statements of Financial Position and Statements of Comprehensive Income for the year ended 31 October 2021 and 2020 of Mendel Ltd. Statement of Comprehensive Income for the year ended 31 October 2021 2020 RM'000 RM'000 Revenue 590 810 Cost of sales (295) (350) Gross profit 295 460 Distribution and administrative expenses (310) (392) Operating (loss) / profit (15) 68 Interest (10) (10) (Loss) / Profit for the year (25) 58 Statement of financial position as at 31 October 2021 2020 RM'000 RM'000 Non current assets: Tangible assets 2,600 2,450 Current assets: Inventory 60 75 Receivables 820 1,200 Cash and cash equivalents - 8 880 1,283 Total assets 3,480 3,733 Capital and reserves: RM0.50 Ordinary shares 1,500 1,500 Retained earnings 195 253 1,695 1,753 Non current liabilities: Bank loan 700 650 Current liabilities: Payables 949 1,330 Bank overdraft 136 - Total equity and liabilities 3,480 3,733
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We'll round the answers to one decimal place with the correct unit. ### Gross Profit Margin This ratio measures the percentage of revenue that exceeds the cost of goods sold (COGS). It is calculated as: Gross Profit Margin = (Gross Profit / Revenue) x 100 #### Show more…
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Income Statement Yr 0 1st Pass Forecast Year 2nd Pass Forecast Year Sales CGS Depr EBIT Interest EBT Taxes (25%) Net Income S 7000 6000 400 1.25 S 600 200 S 400 100 S 300 8750 7500 500 750 200 34.2 550 100 450 8750 7500 500 750 234.2 584 100 684 Div Add to RE 200 $100 200 250 11 211 Balance Sheet Total Assets S3420 4275 4275 AP NP Accrued Wages Current Liab S 70 x 1.25 80 70 x 1.25 S 220 87.5 80 87.5 S 255 87.5 80 87.5 S 255 LTD 1000 1000 285 1285 Common Stock 1000 Retained Earnings 1200 + 250 Total Common Eq S 2200 1000 285 1450 S 2450 1285 T. Liab & Equity $ 3420 S 3705
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Lightspeed Industries Balance Sheet As of December 31, 2021 (amounts in thousands) Cash: 141,000 Accounts Payable: 19,000 Accounts Receivable: 32,000 Debt: 36,000 Inventory: 49,000 Other Liabilities: 20,000 Property Plant & Equipment, Gross: 231,000 Total Liabilities: 75,000 Accumulated Depreciation: 68,000 Paid-In Capital: 72,000 Property Plant & Equipment, Net: 163,000 Retained Earnings: 243,000 Other Assets: 5,000 Total Equity: 315,000 Total Assets: 390,000 Total Liabilities & Equity: 390,000 Lightspeed Industries Balance Sheet As of March 31, 2022 (amounts in thousands) Cash: 145,000 Accounts Payable: 26,000 Accounts Receivable: 37,000 Debt: 32,000 Inventory: 45,000 Other Liabilities: 18,619 Property Plant & Equipment, Gross: 231,000 Total Liabilities: 76,619 Accumulated Depreciation: 68,600 Paid-In Capital: 72,000 Property Plant & Equipment, Net: 162,400 Retained Earnings: 245,781 Other Assets: 5,000 Total Equity: 317,781 Total Assets: 394,400 Total Liabilities & Equity: 394,400 Revenue and expenses information from January 1 to March 31, 2022 were: Sales Revenue: $9,200,000 COGS: 25% of Sales Interest: $190,000 Other Expenses: $300,000 SG&A: $920,000 Tax Rate: 37% What is the net income in the first quarter of 2022? Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars. Round the income taxes amount to the nearest integer when you apply the tax rate. Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed income statement).
The Dec. 31, 2012 balance sheet of De Jesus Inc. is presented below. These are the only accounts in its balance sheet. Amounts indicated by question mark (?) can be calculated from the additional information given: Assets Cash P25,000 Accounts Receivable ? Inventory ? Property, Plant and Equipment 294,000 Total 432,000 Liabilities and Stockholders Equity Accounts Payable P ? Income Taxes Payable 25,000 Long-term debt ? Common Stock 300,000 Retained Earnings ? Total ? Additional Information: ====== Current ratio (at year end) 1.5:1 Debt/Equity ratio 0.8 Inventory turnover based on sales and ending inventory 15 times Inventory turnover based on cost of sales and Ending inventory 10.5 times Gross margin for 2012 P 315,000 1. The balance in trade accounts payable was: a. P67,000 b. P92,000 c. P182,000 d. P207,000 2. The balance in Retained Earnings was: a. P(60,000) b. P60,000 c. P132,000 d. (P132,000) 3. The balance in the Inventory account was: a. P138,000 b. P70,000 c. P43,000 d. P135,000 4. The balance of accounts receivable was: a. P138,000 b. P60,000 c. P43,000 d. P34,000 5. The balance of long-term debt was: a. P300,000 b. P192,000 c. P100,000 d. P230,000
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