Homework Answers
The correct answer is b) o.505
Calculation
Asset turnover ratio
= sales ÷ average total assets
= 1280869 ÷ ((2317518+2757488)/2)
= 0.505
Thus the correct answer is 0.505
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The following selected information relates to Klemmer Inc. for the year ended December 31, 20x3: Sales...
PROUD CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X3 Total expenses 0 Consolidated...
PROUD CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X3 Total expenses 0 Consolidated net income 0 Income to controlling interest $ 0 PROUD CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X3 Retained Earnings, January 1, 20X3 Income to Controlling Interest, 20X3 $ 0 Dividends Declared, 20X3 Retained Earnings, December 31, 20X3 c. Prepare a consolidated balance sheet, Income statement, and retained earnings statement for 20X3. (Amounts to be deducted should be indicated with...
a. Ivanhoe Corporation reported the following selected information for the two years ended December 31: 2017...
a. Ivanhoe Corporation reported the following selected
information for the two years ended December 31:
2017
2018
Total assets
$560,000
$630,000
Total liabilities
390,000
420,000
Calculate total shareholders’ equity on December 31, 2017, and
2018.
2017
2018
Total shareholders’ equity
$
$
Calculate the change in total shareholders’ equity for the year
ended December 31, 2018.
Change in shareholders’ equity
$
-what effect did this have? (increase, decrease, no
effect)
b. Ivanhoe’s shareholders’ equity consists only of common shares...
US Republic Corporation balance sheet, December 31, 20X3 ASSETS Cash Accounts receivable Inventory Fixed assets, net...
US Republic Corporation balance sheet, December 31, 20X3 ASSETS Cash Accounts receivable Inventory Fixed assets, net Total assets LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,000,000 5,000,000 7,000,000 17,000,000 $30,000,000 Notes payable, bank Accounts payable Accrued wages and taxes Long-term debt Preferred stock Common stock Retained earnings Total liabilities and shareholders’ equity $ 4,000,000 2,000,000 2,000,000 12,000,000 4,000,000 2,000,000 4,000,000 $30,000,000 $16,000,000 4,000,000 $20,000,000 $16,800,000 $ 3,200,000 1,200,000 $ 2,000,000 240,000 $ 1,760,000 2,600,000 $ 4,360,000 360,000 $ 4,000,000 INDUSTRY NORMS 225%...
CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488,000 Cost of goods sold...
CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488,000 Cost of goods sold 314,000 Gross profit 174,000 Operating expenses Depreciation expense $37,600 Other expenses 89,100 126,700 Income before taxes 47,300 Income taxes expense 17,300 Net income $ 30,000 CRUZ, INC. Comparative Balance Sheets December 31, 2017 | 2017 2016 _ Assets Cash $ 94,800 $ 24,000 Accounts receivable, net 41,000 51,000 Inventory 85,800 95,800 Prepaid expenses 5,400 4,200 Total current assets 227,000 175,000 Furniture 109,000 119,000 Accum....
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance...
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $54,900; total assets, $259,400; common stock, $81,000; and retained earnings, $34,712.) CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 454,600 Cost of goods sold 297,850 Gross profit 156, 750 Operating expenses 99,100 Interest expense 4,000 Income before taxes 53,650 Income tax expense 21,612 Net income 32,038 $ Assets Cash...
Suncor Energy Inc. reported the following information for the fiscal years ended December 31, 2017, and...
Suncor Energy Inc. reported the following information for the fiscal years ended December 31, 2017, and December 31, 2016 in millions 2017 2016 Net revenues $32,176 $26,968 Net earnings 4,458 445 Total assets, end of year 89,494 88,702 Total assets, beginning of year 88,702 77,527 Calculate Suncor's asset turnover and return on assets for the two years. (Round asset turnover to 2 decimal places, s. 52.76. and return on assets to 1 decimal place, eg. 52.7.) December 31, 2017 December...
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings...
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Maris Corporation Income Statement Year Ended December 31, 20XX Sales $4,700,000 Cost of goods sold 2,925,000 Gross profits 1,775,000 Selling and administrative expense 630,000 Amortization expense 290,000 Operating income 855,000 Interest expense 52,000 Earnings before taxes 803,000 Taxes 390,000 Earnings after taxes...
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet...
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $51,900; total assets, $199,400; common stock, $89,000; and retained earnings, $29,269.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 453,600 Cost of goods sold 297,250 Gross profit 156, 350 Operating expenses 99,100 Interest expense 4,700 Income before taxes 52,550 Income taxes 21,169 Net income $ 31,381 Assets Cash $ CABOT CORPORATION Balance Sheet...
For the year ended December 31, 2016, Settles, Inc., earned an ROI of 13.0%. Sales for...
For the year ended December 31, 2016, Settles, Inc., earned an ROI of 13.0%. Sales for the year were $15 million, and average asset turnover was 2.6. Average stockholders' equity was $3.4 million. Required: a. Calculate Settles, Inc.'s margin and net income. (Round "Margin" answer to 1 decimal place.) Margin ______________ Net Income _______________ b. Calculate Settles, Inc.'s return on equity. (Round your answer to 1 decimal place.) Return on equity _____
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance...
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $53,900; total assets, $209,400; common stock, $86,000; and retained earnings, $28,689.) CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 456,600 Cost of goods sold 297,450 Gross profit 159,150 Operating expenses 98,800 Interest expense 4,400 Income before taxes 55,950 Income tax expense 22,539 Net income $ 33,411 CABOT CORPORATION Balance...
PROUD CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X3 Total expenses 0 Consolidated net income 0 Income to controlling interest $ 0 PROUD CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X3 Retained Earnings, January 1, 20X3 Income to Controlling Interest, 20X3 $ 0 Dividends Declared, 20X3 Retained Earnings, December 31, 20X3 c. Prepare a consolidated balance sheet, Income statement, and retained earnings statement for 20X3. (Amounts to be deducted should be indicated with...
a. Ivanhoe Corporation reported the following selected
information for the two years ended December 31:
2017
2018
Total assets
$560,000
$630,000
Total liabilities
390,000
420,000
Calculate total shareholders’ equity on December 31, 2017, and
2018.
2017
2018
Total shareholders’ equity
$
$
Calculate the change in total shareholders’ equity for the year
ended December 31, 2018.
Change in shareholders’ equity
$
-what effect did this have? (increase, decrease, no
effect)
b. Ivanhoe’s shareholders’ equity consists only of common shares...
CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488,000 Cost of goods sold 314,000 Gross profit 174,000 Operating expenses Depreciation expense $37,600 Other expenses 89,100 126,700 Income before taxes 47,300 Income taxes expense 17,300 Net income $ 30,000 CRUZ, INC. Comparative Balance Sheets December 31, 2017 | 2017 2016 _ Assets Cash $ 94,800 $ 24,000 Accounts receivable, net 41,000 51,000 Inventory 85,800 95,800 Prepaid expenses 5,400 4,200 Total current assets 227,000 175,000 Furniture 109,000 119,000 Accum....
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $54,900; total assets, $259,400; common stock, $81,000; and retained earnings, $34,712.) CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 454,600 Cost of goods sold 297,850 Gross profit 156, 750 Operating expenses 99,100 Interest expense 4,000 Income before taxes 53,650 Income tax expense 21,612 Net income 32,038 $ Assets Cash...
Suncor Energy Inc. reported the following information for the fiscal years ended December 31, 2017, and December 31, 2016 in millions 2017 2016 Net revenues $32,176 $26,968 Net earnings 4,458 445 Total assets, end of year 89,494 88,702 Total assets, beginning of year 88,702 77,527 Calculate Suncor's asset turnover and return on assets for the two years. (Round asset turnover to 2 decimal places, s. 52.76. and return on assets to 1 decimal place, eg. 52.7.) December 31, 2017 December...
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $51,900; total assets, $199,400; common stock, $89,000; and retained earnings, $29,269.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 453,600 Cost of goods sold 297,250 Gross profit 156, 350 Operating expenses 99,100 Interest expense 4,700 Income before taxes 52,550 Income taxes 21,169 Net income $ 31,381 Assets Cash $ CABOT CORPORATION Balance Sheet...
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