Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
Reb Corporation | 2017 | |
Income Statement | Amount $ | Amount $ |
Sales | 433,000.00 | |
Less: Sales Returns & Allowances | 12,000.00 | |
Less: Sales Discounts | 5,000.00 | |
Net Sales | 416,000.00 | |
Cost of goods sold | 109,000.00 | |
Gross profit | 307,000.00 | |
Other Operating Items | ||
Wages Expense | (60,000.00) | |
Depreciation Expense | (11,000.00) | |
Misc. Operating Expenses | (50,000.00) | |
Gain on sale of equipment | 62,000.00 | |
Bad Debt expense | (2,000.00) | |
Interest Expense | (4,000.00) | |
Rent Expense | (11,000.00) | |
Interest Revenue | 3,000.00 | |
Other Operating Items | (73,000.00) | |
Income before tax | 234,000.00 | |
Less: Tax at 25% | 58,500.00 | |
Net Income | 175,500.00 | |
Number of shares outstanding | 13,000.00 | |
Earnings per share | 13.50 | |
Balance Sheet | ||
Current Assets | Amount $ | Amount $ |
Cash | 142,000.00 | |
Notes Receivable | 2,000.00 | |
Accounts Receivable | 20,000.00 | |
Less: Allowance for uncollectible debts | (15,000.00) | 5,000.00 |
Inventory | 40,000.00 | |
Marketable Securities | 62,000.00 | |
Total Current Assets | 251,000.00 | |
Long term Assets | ||
L/T Investments | 7,000.00 | |
Notes Receivable | 11,000.00 | |
Total Long term Assets | 18,000.00 | |
Fixed Assets | ||
Land | 50,000.00 | |
Buildings | 186,000.00 | |
Accumulated Depreciation | (48,000.00) | 138,000.00 |
Total Fixed Assets | 188,000.00 | |
Total Assets | 457,000.00 | |
Liabilities & Stockholder's Equity | ||
Current Liabilities | ||
Accrued Expense (Payables) | 20,000.00 | |
Mortgage Payable | 12,000.00 | |
Accounts Payable | 41,000.00 | |
Income Tax Payable | 58,500.00 | |
Unearned Revenue | 19,000.00 | |
Total Current Liabilities | 150,500.00 | |
Long term Liabilities | ||
Notes Payable | 12,000.00 | |
Mortgage Payable | 132,000.00 | |
Total Long term Liabilities | 144,000.00 | |
Total Liabilities | 294,500.00 | |
Equity | ||
Common Stock | 52,000.00 | |
Retained Earnings | 110,500.00 | This is the balancing figure. |
Total Equity | 162,500.00 | |
Total Liabilities & Equity | 457,000.00 | |
2017 | 2016 | |
Total Current Assets | 251,000.00 | |
Less: | ||
Inventory | 40,000.00 | |
Quick Assets | 211,000.00 | |
Inventory | 40,000.00 | 15,000.00 |
Average Inventory | 27,500.00 | |
Net Accounts Receivable | 5,000.00 | 2,000.00 |
Average Receivable | 3,500.00 | |
Dividend Per share | 1.25 | |
Market Price Per share | 94.50 |
Answer 1 | |
Acid Test Ratio | 1.40 |
Quick Assets/Current Liabilities | |
Answer 2 | |
Dividend Yield | 1.32% |
Dividend per share/ Market price of common share | |
Answer 3 | |
Gross profit percentage | 73.80% |
Gross profit/ Net sales | |
Answer 4 | |
Accounts Receivables Turnover | 118.86 |
Net Sales / Average Receivable | |
Answer 5 | |
Inventory Turnover | 3.96 |
Cost of goods sold/Average Inventory | |
Answer 6 | |
Price Earning Ratio | 7.00 |
Market price of common share/ Earnings per share |
The following accounts (in no particular order) are for Perfect Reb Corporation for the fiscal year...
Net Income.. Balance Sheet.. Ratio and Analysis.. The following accounts (in no particular order) are for Perfect Reb Corporation for the fiscal year ended December 31, 2017. (S/T = Short-Term; L/T = Long-Term) REQUIRED: A) Calculate Perfect Reb Corporation's net income or net loss for the 2017 fiscal year. It is HIGHLY RECOMMENDED that your work follow the format of a multiple step income statement. B) Using proper form, prepare Perfect Reb Corporation's balance sheet for 2017. C) Using the...
1. calculate net income or net loss 2. prepare a balance sheet 3. solve for ratios The following accounts in no particular order 31, 2017. (S/TShort-Term: LT = Long-Term) REQUIRED: $5,000 A) Calculate Perfect Reb Corporation's net income ornet loss for the 2017 fiscal year. It is HIGHLY RECOMMENDED that your work follow the format of a multiple step income statement B) Using proper form, prepare Perfect Reb Corporation's balance sheet for 2017 c) Using the information provided, solve for...
Exhibit 13-1 Xavier Company reported the following income statement and balance sheet amounts on December 31, 2017. 2017 2016 Net sales revenue (all credit) $1,800,000 Cost of goods sold 1,040,000 Gross margin 760,000 Selling and general expenses 420,000 Interest expense 60,000 Net income $ 280,000 Current assets $ 100,000 $ 90,000 Long-term assets 830,000 800,000 Total assets $930,000 $890,000 Current liabilities $ 72,000 $ 56,000 Long-term liabilities 204,000 390,000 Common stockholders’ equity 654,000 444,000 Total liabilities and stockholders' equity $930,000...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
P18-6 The comparative statements of Corbin Company are presented below and on page 828 Compute rowanie (LD2) 2016 $520.000 CORBIN COMPANY Income Statement For the Years Ended December 31 2017 Net sales(all on account) 5595.000 Expenses Cost of poods sold 415.000 Selling and administrative 120.800 Interest expense 7,800 Income tax expense 15,000 Total expenses 558,600 Net income $ 16,400 14.000 48 900 $ 31 200 CORBIN COMPANY Balance Sheets December 31 2017 Assets 2016 Current assets $ 21.000 15.000 91.000...
Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019. Long-term investments Notes payable, long-term Prepaid insurance Wages payable Common Stock Equipment Land Interest payable Interest expense Income tax payable Cost of goods sold Cash Accounts payable Buildings Accumulated depreciation Dividends General and administrative expenses Accounts receivable Inventory Notes payable, current portion Selling expenses Trademarks Sales revenue Income tax expense Supplies Retained earnings, Jan. 1, 2019 $26,250 208,500 5,250 13,500 225,000 183,750 26,250 10,500...
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...
QUESTION 3 From following financial statements, calculate following ratios and analyse the current year and previous year performance a) Current ratio. b) Days sales outstanding (DSO). (Sales 2017 RM500m & Sales 2018 RM600m) c) Inventory turnover ratio d) Total debt to assets e) Return on assets (ROA) (Net income 2017 RM42m &Net income 2018 RM58m) Moon Inc. Balance Sheet (RM millions) as at December 31, 2015 and 2016 2015 21 51 2016 20 84 Cash Accounts receivable Inventory Prepaid expenses...
Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019. Long-term investments Notes payable, long-term Prepaid insurance Wages payable Common Stock Equipment Land Interest payable Interest expense Income tax payable Cost of goods sold Cash Accounts payable Buildings Accumulated depreciation Dividends General and administrative expenses Accounts receivable Inventory Notes payable, current portion Selling expenses Trademarks Sales revenue Income tax expense Supplies Retained earnings, Jan. 1, 2019 $26,250 208,500 5,250 13,500 225,000 183,750 26,250 10,500...
Zandi's Technologies: December 31 Balance Sheets (Thousands of Dollars) Assets Cash and cash equivalents Short-term investments Accounts Receivable Inventories Total current assets Net fixed assets Total assets 2018 $21,000 3.759 52 500 84.000 $161,259 218.400 $379,659 2017 $20,000 3,240 48.000 56.000 $127,240 200.000 $327,240 2016 $21,053 $3,411 $50.526 $58,947 $133,937 200.000 $333,937 Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained Earnings Total common equity Total liabilities and equity $33,600 12,600...