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Crane Company has $1,140,000 in assets and $1,140,000 in
stockholders’ equity, with 36,600 shares outstanding the entire
year. It has a return on assets of 15%. During 2021, it had net
income of $171,000. On January 1, 2022, it issued $397,000 in debt
at 6% and immediately repurchased 18,300 shares for $397,000.
Management expected that, had it not issued the debt, it would have
had net income of $171,000 in 2022.
Determine the company's net income and earnings per share...
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Ivanhoe Company has $1,200,000 in assets and $1,200,000 in
stockholders’ equity, with 42,200 shares outstanding the entire
year. It has a return on assets of 10%. During 2021, it had net
income of $120,000. On January 1, 2022, it issued $386,000 in debt
at 6% and immediately repurchased 21,100 shares for $386,000.
Management expected that, had it not issued the debt, it would have
had net income of $120,000 in 2022. Assume the company pays
dividends on common stock equal...
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The following financial information is for Crane
Company.
CRANE COMPANY
Balance Sheets
December 31
Assets
2022
2021
Cash
$ 71,000
$ 69,000
Debt investments (short-term)
50,000
41,000
Accounts receivable
107,000
92,000
Inventory
234,000
162,000
Prepaid expenses
29,000
23,000
Land
135,000
135,000
Building and equipment (net)
261,000
187,000
Total assets
$887,000
$709,000
Liabilities and Stockholders’ Equity
Notes payable
$169,000
$106,000
Accounts payable
66,000
54,000
Accrued liabilities
42,000
42,000
Bonds payable, due 2025
250,000
171,000
Common stock, $10 par
203,000
203,000
Retained...
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Crane
Company
Income Statement
For the Year Ended December 31, 2022
Net sales
$2,192,500
Cost of goods sold
1,010,500
Selling and administrative expenses
900,500
Interest expense
78,000
Income tax expense
62,500
Net income
$ 141,000
Crane
Company
Balance Sheet
December 31, 2022
Assets
Current assets
Cash
$ 55,100
Debt investments
89,000
Accounts receivable (net)
168,400
Inventory
236,500
Total current assets
549,000
Plant assets (net)
572,500
Total assets
$ 1,121,500
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$ 152,000
Income...
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Cabo Company has $1,000,000 in assets and $1,000,000 in
stockholders’ equity, with 40,000 shares outstanding the entire
year. It has a return on assets of 10%. During 2016, it had net
income of $100,000. On January 1, 2017, it issued $400,000 in debt
at 4% and immediately repurchased 20,000 shares for $400,000.
Management expected that, had it not issued the debt, it would have
had net income of $100,000 in 2017.
Determine the company’s net income and earnings per share...
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Oriole Company has $1,110,000 in assets and $1,110,000 in stockholders' equity, with 43,600 shares outstanding the entire year. It has a return on assets of 10%. During 2016, it had net income of $111,000. On January 1, 2017, it issued $409,000 in debt at 4% and immediately repurchased 21,800 shares for $409,000. Management expected that, had it not issued the debt, it would have had net income of $111,000 in 2017. Determine the company's net income and earnings per share...
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The following information is available for Cheyenne
Corp..
2022
2021
Current assets
$ 56,880
$ 39,625
Total assets
242,000
207,000
Current liabilities
23,700
31,700
Total liabilities
70,180
84,870
Net income
81,700
51,615
Net cash provided by operating activities
91,700
57,700
Preferred dividends
9,705
9,705
Common dividends
4,700
3,200
Expenditures on property, plant, and equipment
28,700
13,700
Common shares outstanding at beginning of year
42,000
31,700
Common shares outstanding at end of year
77,000
44,500
(a) Compute earnings per share for...
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Current Attempt in Progress The following are financial statements of Crane Company. Crane Company Income Statement For the Year Ended December 31, 2022 Net sales $2,245,000 Cost of goods sold 1,010,000 Selling and administrative expenses 910,000 Interest expense 85,000 Income tax expense 72,000 Net income $ 168,000 146,350 Crane Company Balance Sheet December 31, 2022 Assets Current assets Cash $ 63,300 Debt investments 87,000 Accounts receivable (net) 169,100 Inventory Total current assets 465,750 Plant assets (net) 570,500 Total assets $...
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Crane Company has $1,020,000 in assets and $1,020,000 in
stockholders’ equity, with 39,000 shares outstanding the entire
year. It has a return on assets of 10%. During 2021, it had net
income of $102,000. On January 1, 2022, it issued $370,000 in debt
at 6% and immediately repurchased 19,500 shares for $370,000.
Management expected that, had it not issued the debt, it would have
had net income of $102,000 in 2022. Assume the company pays
dividends on common stock equal...
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The following are financial statements of Sheridan
Company.
Sheridan Company
Income Statement
For the Year Ended December 31, 2022
Net sales
$2,210,500
Cost of goods sold
1,010,000
Selling and administrative expenses
900,000
Interest expense
81,000
Income tax expense
72,500
Net income
$ 147,000
Sheridan Company
Balance Sheet
December 31, 2022
Assets
Current assets
Cash
$ 64,700
Debt investments
90,000
Accounts receivable (net)
168,600
Inventory
242,200
Total current assets
565,500
Plant assets (net)
573,500
Total assets
$ 1,139,000
Liabilities and Stockholders’...
Crane Company has $1,140,000 in assets and $1,140,000 in
stockholders’ equity, with 36,600 shares outstanding the entire
year. It has a return on assets of 15%. During 2021, it had net
income of $171,000. On January 1, 2022, it issued $397,000 in debt
at 6% and immediately repurchased 18,300 shares for $397,000.
Management expected that, had it not issued the debt, it would have
had net income of $171,000 in 2022.
Determine the company's net income and earnings per share...
Ivanhoe Company has $1,200,000 in assets and $1,200,000 in
stockholders’ equity, with 42,200 shares outstanding the entire
year. It has a return on assets of 10%. During 2021, it had net
income of $120,000. On January 1, 2022, it issued $386,000 in debt
at 6% and immediately repurchased 21,100 shares for $386,000.
Management expected that, had it not issued the debt, it would have
had net income of $120,000 in 2022. Assume the company pays
dividends on common stock equal...
Cabo Company has $1,000,000 in assets and $1,000,000 in
stockholders’ equity, with 40,000 shares outstanding the entire
year. It has a return on assets of 10%. During 2016, it had net
income of $100,000. On January 1, 2017, it issued $400,000 in debt
at 4% and immediately repurchased 20,000 shares for $400,000.
Management expected that, had it not issued the debt, it would have
had net income of $100,000 in 2017.
Determine the company’s net income and earnings per share...
Oriole Company has $1,110,000 in assets and $1,110,000 in stockholders' equity, with 43,600 shares outstanding the entire year. It has a return on assets of 10%. During 2016, it had net income of $111,000. On January 1, 2017, it issued $409,000 in debt at 4% and immediately repurchased 21,800 shares for $409,000. Management expected that, had it not issued the debt, it would have had net income of $111,000 in 2017. Determine the company's net income and earnings per share...
Current Attempt in Progress The following are financial statements of Crane Company. Crane Company Income Statement For the Year Ended December 31, 2022 Net sales $2,245,000 Cost of goods sold 1,010,000 Selling and administrative expenses 910,000 Interest expense 85,000 Income tax expense 72,000 Net income $ 168,000 146,350 Crane Company Balance Sheet December 31, 2022 Assets Current assets Cash $ 63,300 Debt investments 87,000 Accounts receivable (net) 169,100 Inventory Total current assets 465,750 Plant assets (net) 570,500 Total assets $...