Homework Answers
First 6 parts are being answered here.
(a) Earnings per share (EPS) = Net income / Average number of common shares outstanding
where, Average number of common shares outstanding = Beginning common shares + Ending common shares / 2
Beginning number of common shares = Common shares in 2019 / Par value per share
Beginning common shares = $298600 / $5 = 59720
Ending common shares = Common shares in 2020 / Par value per share
Ending number of common shares = $282800 / $5 = 56560
Average number of common shares outstanding = ($59720 + $56560) / 2 = 116280 / 2 = 58140
Net income in 2020 (given) = $186048
Putting these values in the earnings per share formula, we get,
Earnings per share (EPS) in 2020 = $186048 / 58140 = $3.2 per share
(b) Return on common stockholder's equity (ROE) = Net income / Average stockholder's equity * 100
where, Average stockholder's equity = Beginning stockholder's equity + Ending stockholder's equity / 2
For 2020:
So, Average stockholder's equity = ($468300 + $549300) / 2 = $1017600 / 2 = $508800
Net income = $186048
Now, putting these values in the above ROE formula, we get,
Return on common stockholder's equity (ROE) = $186048 / $508800 * 100 = 36.6%%
(c) Return on assets (ROA) = Net income / Average total assets * 100
where, Average total assets = Beginning assets + Ending assets / 2
For 2020:
Average assets = ($853500 + $972100) / 2 = $1825600 / 2 = $912800
Net income = $186048
Now, putting these values in the above ROA formula, we get,
Return on assets (ROA) = $186048 / $912800 * 100 = 20.4%
(d) Current ratio = Current assets / Current liabilities
For 2020:
Current assets = $371300, Current liabilities = $202800
Now, putting these values in the current ratio formula, we get,
Current ratio = $371300 / $202800 = 1.83
(e) Accounts receivable turnover ratio = Sales / Average accounts receivables
where, Average accounts receivables = Beginning accounts receivables + Ending receivables / 2
For 2020:
Beginning accounts receivables = $102200, Ending accounts receivables = $117200
Average accounts receivables = ($102200 + $117200) / 2 = $219400 / 2 = $109700
Sales = $1811500
Putting these values in the accounts receivable turnover ratio formula, we get,
Accounts receivables turnover ratio = $1811500 / $109700 = 16.5
(f) Average collection period = 365 / Accounts receivable turnover ratio
For 2020:
Accounts receivable turnover ratio = 16.5 times ( as computed in point (d) above)
Putting these values in the Days' sales in inventory ratio formula, we get,
Average collection period = 365 / 16.5 = 22.1 days
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Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 $1,811,500 $1,752,200 1,008.900 982.000...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,811,500 $1,752,200 Cost of goods sold 1,008,900 982,000 Gross profit 802.600 770,200 518,600 472,800 284.000 297,400 Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 17,800 13.800 266,200 283,600 80,152 $ 186,048 76,400 $207,200 Netin Wahlberg Company Balance Sheets December 31 Assets 2020 2019...
CALCULATOR The comparative statements of Wahlberg Company are presented here. 2019 Wahlberg Company Income Statement For...
CALCULATOR The comparative statements of Wahlberg Company are presented here. 2019 Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,813,600 Cost of goods sold 1,013,400 Gross profit 800,200 Selling and administrative expenses 514,800 Income from operations 285,400 Other expenses and losses Interest expense 17,400 Income before income taxes 268,000 Income tax expense 78,019 Net income $ 189,981 $1,746,200 990,000 756,200 474,000 282,200 14,400 267,800 77,600 $ 190,200 Wahlberg Company Balance Sheets December 31 2020 2019...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,815,100 $1,745,300 Cost of goods sold 1,011,300 995,000 Gross profit 803,800 750,300 Selling and administrative expenses 517,400 479,000 Income from operations 286,400 271,300 Other expenses and losses Interest expense 18,800 13,500 Income before income taxes 267,600 257,800 Income tax expense 80,016 77,100 Net income $ 187,584 $ 180,700 Wahlberg Company Balance Sheets December 31 Assets 2020 2019...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,810,000 $1,745,000 Cost of goods sold 1,005,000 970,000 Gross profit 805,000 775,000 Selling and administrative expenses 511,000 472,000 Income from operations 294,000 303,000 Other expenses and losses Interest expense 17,000 13,000 Income before income taxes 277,000 290,000 Income tax expense 77,500 76,000 Net income $ 199,500 $ 214,000 Wahlberg Company Balance Sheets December 31 Assets 2020 2019...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 $1,815,700 1,011,000 804,700 515,000 289,700 $1,749,500 981,000 768,500 477,600 290,900 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 19,000 270,700 80,521 $ 190,179 14,300 276,600 76,700 $ 199,900 2019 Wahlberg Company Balance Sheets December 31 Assets 2020...
Question 9 The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For...
Question 9 The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,813,600 Cost of goods sold 1,013,400 Gross profit 800,200 Selling and administrative expenses 514,800 Income from operations 285,400 Other expenses and losses Interest expense 17,400 Income before income taxes 268,000 Income tax expense 78,019 Net income $ 189,981 2019 $1,746,200 990,000 756,200 474,000 282,200 14,400 267,800 77,600 $ 190,200 Wahlberg Company Balance Sheets December 31 2020...
Thank you The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For...
Thank you
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense $1,813,600 1,007,100 806,500 519,800 286,700 $1,750,700 978,000 772,700 472,000 300,700 17,100 269,600 80,015 $ 189,585 14,200 286,500 77,500 $ 209,000 Net income 2019 $64,600 50,300 102,800 115,600 333,300 523,900...
Problem 18-02A (Video) The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement...
Problem 18-02A (Video) The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,810,000 $1,745,000 Cost of goods sold 1,005,000 970,000 Gross profit 805,000 775,000 Selling and administrative expenses 511,000 472,000 Income from operations 294,000 303,000 Other expenses and losses Interest expense 17,000 13,000 Income before income taxes 277,000 290,000 Income tax expense 77,500 76,000 Net income $ 199,500 $ 214,000 Wahlberg Company Balance Sheets December 31...
Problem 18-02A (Video) The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement...
Problem 18-02A (Video) The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,817,200 Cost of goods sold 1,012,800 Gross profit 804,400 Selling and administrative expenses 516,400 Income from operations 288,000 Other expenses and losses Interest expense 17,700 Income before income taxes 270,300 Income tax expense 80,022 Net income $ 190,278 2019 $1,749,800 970,000 779,800 475,600 304,200 15,000 289,200 77,900 $ 211,300 Wahlberg Company Balance Sheets December 31...
BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of...
BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,896,440 $1,756,400 1,011,900 744,500 484,900 259,600 1,064,440 832,000 505,900 326,100 Interest expense Income before income taxes Income tax expense Net income 24,100 302,000 94,100 $207,900 22,100 237,500 75,100 $162,400 BLOSSOM COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable Inventory 60,100 64,200...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,811,500 $1,752,200 Cost of goods sold 1,008,900 982,000 Gross profit 802.600 770,200 518,600 472,800 284.000 297,400 Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 17,800 13.800 266,200 283,600 80,152 $ 186,048 76,400 $207,200 Netin Wahlberg Company Balance Sheets December 31 Assets 2020 2019...
CALCULATOR The comparative statements of Wahlberg Company are presented here. 2019 Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,813,600 Cost of goods sold 1,013,400 Gross profit 800,200 Selling and administrative expenses 514,800 Income from operations 285,400 Other expenses and losses Interest expense 17,400 Income before income taxes 268,000 Income tax expense 78,019 Net income $ 189,981 $1,746,200 990,000 756,200 474,000 282,200 14,400 267,800 77,600 $ 190,200 Wahlberg Company Balance Sheets December 31 2020 2019...
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 $1,815,700 1,011,000 804,700 515,000 289,700 $1,749,500 981,000 768,500 477,600 290,900 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 19,000 270,700 80,521 $ 190,179 14,300 276,600 76,700 $ 199,900 2019 Wahlberg Company Balance Sheets December 31 Assets 2020...
Question 9 The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,813,600 Cost of goods sold 1,013,400 Gross profit 800,200 Selling and administrative expenses 514,800 Income from operations 285,400 Other expenses and losses Interest expense 17,400 Income before income taxes 268,000 Income tax expense 78,019 Net income $ 189,981 2019 $1,746,200 990,000 756,200 474,000 282,200 14,400 267,800 77,600 $ 190,200 Wahlberg Company Balance Sheets December 31 2020...
Thank you
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense $1,813,600 1,007,100 806,500 519,800 286,700 $1,750,700 978,000 772,700 472,000 300,700 17,100 269,600 80,015 $ 189,585 14,200 286,500 77,500 $ 209,000 Net income 2019 $64,600 50,300 102,800 115,600 333,300 523,900...
Problem 18-02A (Video) The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,817,200 Cost of goods sold 1,012,800 Gross profit 804,400 Selling and administrative expenses 516,400 Income from operations 288,000 Other expenses and losses Interest expense 17,700 Income before income taxes 270,300 Income tax expense 80,022 Net income $ 190,278 2019 $1,749,800 970,000 779,800 475,600 304,200 15,000 289,200 77,900 $ 211,300 Wahlberg Company Balance Sheets December 31...
BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,896,440 $1,756,400 1,011,900 744,500 484,900 259,600 1,064,440 832,000 505,900 326,100 Interest expense Income before income taxes Income tax expense Net income 24,100 302,000 94,100 $207,900 22,100 237,500 75,100 $162,400 BLOSSOM COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable Inventory 60,100 64,200...
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