Homework Answers
![44 = 4,40,000 1,50,ooo = 0,93 = 293:1 = 2.9:1] (d) Day Sales in Indentory = 365 Days Inventory Turover Ratio = 365 o = 125.86](http://img.homeworklib.com/questions/f961ede0-6f49-11ea-a1b2-c382ae80c610.png?x-oss-process=image/resize,w_560)
Part B
Current Ratio: It depicts the entity ability to pay its short term libilities. In the given answer it is 3:1, it means for every $1 of short term liability, entity has $3 of liquid asset available.
Times Interest Earned: It shows entity capacity to pay its interest liability . It also show how safe debt/loan holder are.
In the given case it is 9.6 Times which is considered as good. Entity has 9.6 Times earning of its interest expense.
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Part A Given below are comparative statement of financial positions and an income statement for the...
Please show all work. 1. Statement of Cash Flows and Standardized Financial Statements a) Net income...
Please show all work. 1. Statement of Cash Flows and Standardized Financial Statements a) Net income for your firm was $10,000 last year. The depreciation expense was $2,500; accounts receivable increased $1,250; accounts payable increased $800; and inventories increased by $2,000. Identify the sources and uses of cash • What was the total cash flow from operations for the period? Operating activities = Net Income + Depreciation + Source (inflow) - Use foutflow) b) i) Prepare the 2018 common-size Income...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are pre...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are presented below. Gong Limited Income Statement For the year ended 30 June 2018 $ 600,000 2017 Net sales (all on account) Expenses: Cost of sales 520,000 415,000 123,800 354,000 114,800 6,000 14,000 488,800 31,200 Selling and administrative Interest Expense Income tax expense Total expenses Profit 7,800 18,000 564,600 35,400 Gong Limited Statement of Financial Position As at 30 June Assets 2018 2017 Current...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December 31, 2017 ———————————————————————————————————————— Assets 2017 2016 Property, plant and equipment (net).................................................. $260,000 $300,000 Inventory............................................................................................ 50,000 70,000 Accounts receivable (net).................................................................. 50,000 30,000 Short-term investments..................................................................... 15,000 60,000 Cash................................................................................................... 25,000 40,000 Total assets ................................................................................ $400,000 $500,000 Equity and liabilities Share capital – ordinary.................................................................... $150,000 $150,000 Retained earnings.............................................................................. 110,000 70,000 Bonds payable................................................................................... 80,000 160,000...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December 31, 2017 ———————————————————————————————————————— Assets 2017 2016 Property, plant and equipment (net).................................................. $260,000 $300,000 Inventory............................................................................................ 50,000 70,000 Accounts receivable (net).................................................................. 50,000 30,000 Short-term investments..................................................................... 15,000 60,000 Cash................................................................................................... 25,000 40,000 Total assets ................................................................................ $400,000 $500,000 Equity and liabilities Share capital – ordinary.................................................................... $150,000 $150,000 Retained earnings.............................................................................. 110,000 70,000 Bonds payable................................................................................... 80,000 160,000...
CASE 4 Statement of profit or loss for the year ended June 2018 Sales Cost of...
CASE 4 Statement of profit or loss for the year ended June 2018 Sales Cost of sales Gross profit Selling and distribution expenses Administrative expenses Finance expenses RM'000 100,000 64,000 36,000 1,000 1,000 500 2,500 31,000 Taxes Net profit after tax Statement of profit and loss for the year ended December 2018 RM'000 32,000 Non-current assets Property, Plant and Equipment Current assets Cash Account receivables Inventory Total current assets Total assets 20,100 13,900 30,200 64,200 96,200 9,000 Non-current liabilities 8%...
Condensed statement of financial position and income statement data for Sipacore Ltd. are shown below: SIPACORE...
Condensed statement of financial position and income statement
data for Sipacore Ltd. are shown below:
SIPACORE
LTD.
Statement of Financial Position
December 31
(in thousands)
2018
2017
2016
Assets
Current assets
Cash
$29
$79
$199
Accounts receivable
898
706
502
Inventory
1,198
798
498
Total current assets
2,125
1,583
1,199
Property, plant, and equipment (net)
4,124
3,777
3,168
Total assets
$6,249
$5,360
$4,367
Liabilities and
Shareholders’ Equity
Liabilities
Current
liabilities
$600
$547
$502
Non-current
liabilities
3,044
2,307
1,505
Total liabilities...
Income statement and balance sheet data for The Athletic ttic are provided below. E ATHLETIC ATTIC...
Income statement and balance sheet data for The Athletic ttic are provided below. E ATHLETIC ATTIC Income Statements For the years ended December 31 2019 2018 Net sales Cost of goods sold $10,400,000 $8,900,000 6,800,000 5,450,000 Gross profit 3,600,0003,450,000 Expenses: Operating expenses Depreciation expense Interest expense Income tax expense 1,600,000 200,000 40,000 400,000 1,600,000 210,000 50,000 360,000 Total expenses 2.240,000 2,220,000 Net Income $1,360,000$1230,000 THE ATHLETIC ATTIC Balance Sheets December 31 2019 2018 2017 Assets Current assets: Cash Accounts receivable...
Problem 14-5A Condensed statement of financial position and income statement data for Speedway Corporation follow: 2016...
Problem 14-5A Condensed statement of financial position and income statement data for Speedway Corporation follow: 2016 $17,900 48,100 63,700 129,700 SPEEDWAY CORPORATION Statement of Financial Position December 31 2018 2017 Assets Current assets Cash $25,200 $20,100 Accounts receivable (net) 55,300 45,300 Inventory 100,000 85,100 Total current assets 180,500 150,500 Long-term investments 57,500 69,700 Property, plant, and equipment (net) 498,900 371,800 Total assets $736,900 $592,000 Liabilities and Shareholders' Equity Liabilities Current liabilities $85,700 $79,600 Non-current liabilities 155,700 85,400 Total liabilities 241,400...
(Calculating financial ratios) The balance sheet and income statement for the J·P. Robard Mig. Company are...
(Calculating financial ratios) The balance sheet and income statement for the J·P. Robard Mig. Company are as follows:囲. Calculate the following ratios: Current ratio Times interest earned Inventory turnover Total asset turnover Operating profit margin Operating return on assets Debt ratio Average collection period Fixed asset turnover Return on equity P. Robard Mfg., Inc. J. Balance Sheet ($000) $500 2,000 1,000 $3,500 4,500 $8,000 Cash Accounts receivable Inventories Current assets Net fixed assets Total assets Accounts payable Accrued expenses Short-term...
Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation:...
Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation: Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Current assets: Cash $ 140,000 $ 90,000 Short-term investments 90,000 80,000 Accounts receivable, net 350,000 220,000 Inventory 500,000 430,000 Prepaid expenses 30,000 30,000 Total current assets $1,110,000 $ 850,000 Property, plant, and equipment, net 750,000 500,000 Other assets 280,000 300,000 Total assets $2,140,000 $1,650,000 Current liabilities:...
Please show all work. 1. Statement of Cash Flows and Standardized Financial Statements a) Net income for your firm was $10,000 last year. The depreciation expense was $2,500; accounts receivable increased $1,250; accounts payable increased $800; and inventories increased by $2,000. Identify the sources and uses of cash • What was the total cash flow from operations for the period? Operating activities = Net Income + Depreciation + Source (inflow) - Use foutflow) b) i) Prepare the 2018 common-size Income...
Total: 23 Marks Question 4 Suggested time allocation: 414 Minutes The comparative statements of Gong Limited are presented below. Gong Limited Income Statement For the year ended 30 June 2018 $ 600,000 2017 Net sales (all on account) Expenses: Cost of sales 520,000 415,000 123,800 354,000 114,800 6,000 14,000 488,800 31,200 Selling and administrative Interest Expense Income tax expense Total expenses Profit 7,800 18,000 564,600 35,400 Gong Limited Statement of Financial Position As at 30 June Assets 2018 2017 Current...
CASE 4 Statement of profit or loss for the year ended June 2018 Sales Cost of sales Gross profit Selling and distribution expenses Administrative expenses Finance expenses RM'000 100,000 64,000 36,000 1,000 1,000 500 2,500 31,000 Taxes Net profit after tax Statement of profit and loss for the year ended December 2018 RM'000 32,000 Non-current assets Property, Plant and Equipment Current assets Cash Account receivables Inventory Total current assets Total assets 20,100 13,900 30,200 64,200 96,200 9,000 Non-current liabilities 8%...
Condensed statement of financial position and income statement
data for Sipacore Ltd. are shown below:
SIPACORE
LTD.
Statement of Financial Position
December 31
(in thousands)
2018
2017
2016
Assets
Current assets
Cash
$29
$79
$199
Accounts receivable
898
706
502
Inventory
1,198
798
498
Total current assets
2,125
1,583
1,199
Property, plant, and equipment (net)
4,124
3,777
3,168
Total assets
$6,249
$5,360
$4,367
Liabilities and
Shareholders’ Equity
Liabilities
Current
liabilities
$600
$547
$502
Non-current
liabilities
3,044
2,307
1,505
Total liabilities...
Income statement and balance sheet data for The Athletic ttic are provided below. E ATHLETIC ATTIC Income Statements For the years ended December 31 2019 2018 Net sales Cost of goods sold $10,400,000 $8,900,000 6,800,000 5,450,000 Gross profit 3,600,0003,450,000 Expenses: Operating expenses Depreciation expense Interest expense Income tax expense 1,600,000 200,000 40,000 400,000 1,600,000 210,000 50,000 360,000 Total expenses 2.240,000 2,220,000 Net Income $1,360,000$1230,000 THE ATHLETIC ATTIC Balance Sheets December 31 2019 2018 2017 Assets Current assets: Cash Accounts receivable...
Problem 14-5A Condensed statement of financial position and income statement data for Speedway Corporation follow: 2016 $17,900 48,100 63,700 129,700 SPEEDWAY CORPORATION Statement of Financial Position December 31 2018 2017 Assets Current assets Cash $25,200 $20,100 Accounts receivable (net) 55,300 45,300 Inventory 100,000 85,100 Total current assets 180,500 150,500 Long-term investments 57,500 69,700 Property, plant, and equipment (net) 498,900 371,800 Total assets $736,900 $592,000 Liabilities and Shareholders' Equity Liabilities Current liabilities $85,700 $79,600 Non-current liabilities 155,700 85,400 Total liabilities 241,400...
(Calculating financial ratios) The balance sheet and income statement for the J·P. Robard Mig. Company are as follows:囲. Calculate the following ratios: Current ratio Times interest earned Inventory turnover Total asset turnover Operating profit margin Operating return on assets Debt ratio Average collection period Fixed asset turnover Return on equity P. Robard Mfg., Inc. J. Balance Sheet ($000) $500 2,000 1,000 $3,500 4,500 $8,000 Cash Accounts receivable Inventories Current assets Net fixed assets Total assets Accounts payable Accrued expenses Short-term...
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