Homework Answers
Correct answer-----------(b) 3.91
Working
| Times Interest Earned Ratio | ||||||
| Company | Choose Numerator: | / | Choose Denominator: | = | Times Interest Earned Ratio | |
| Income before interest and taxes | / | Interest expense | = | Times Interest Earned Ratio | ||
| $ 199,765 | / | $ 51,130 | = | 3.91 | times | |
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The income statement for Triangle Co. for the year 20x3 is given below: Sales 20x3 $498749...
11) Milton, Inc. provides the following income statement for 2019: Net Sales Cost of Goods Sold...
11) Milton, Inc. provides the following income statement for 2019: Net Sales Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Loss on Sale of Capital Assets Interest Expense Total Other Income and (Expenses) Income Before Income Taxes Income Tax Expense Net Income $240,000 110,000 $130,000 operason 45,000 12,000 57,000 $73,000 (25,000) (1000 (26,000) $47,000 5000 $42,000 Calculate the times-interest-earned ratio. (Round your answer to two decimal places.)...
Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain,...
Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain, Inc. Income Statement For the year ended December 31 Sales revenue Cost of goods sold Gross profit Selling, general and administrative expenses Operating income Interest expense Income before taxes Income tax expense Net income $229,131 78,360 150,771 14,885 135,886 4,947 130,939 4,814 $126,125 Balance sheet information: Current assets Noncurrent assets Current liabilities Long-term debt $257,000 514,000 64,000 128,000 Required: a. Perform vertical analysis of...
Use Excel Fill in the missing values for the income statement below given the following information:...
Use Excel
Fill in the missing values for the income statement below given the following information: Gross margin is 33% Net Margin is 10% Manufacturing Overhead is 10% of Direct Materials Cost Tax rate is 20% 6a) $ 110,000 43,795 Tesla, Inc Income Statement (10-2) Six Months Ended June 30, 2019 (in millions) Sales revenue Less: Cost of goods sold Direct materials Direct labor Manufacturing overhead Total cost of goods sold Gross profit Less: Operating expenses Research and Development General...
CRANE COMPANY Income Statement For the Year Ended December 31, 2017 Sales Sales Revenue 2,290,000 Less...
CRANE COMPANY Income Statement For the Year Ended December 31, 2017 Sales Sales Revenue 2,290,000 Less +: Sales Discounts 170,000 Net Sales 2,120,000 Cost of Goods Sold 1,038,800 Gross Profit 1,081,200 Operating Expenses 460,000 i Salaries and Wages Expense 320,000 i Depreciation Expense 120,000 i Utilities Expense Total Operating Expenses 900,000 Income From Operations 181,200 Other Revenues and Gains Interest Revenue 57,900 Other Expenses and Losses Interest Expense 67,000 83,500 i Loss on Disposal of Plant Assets 150,500 88,600 Income...
Husain, Inc.’s income statement and other financial information for the current year is presented below. Hussain,...
Husain, Inc.’s income statement and other financial information
for the current year is presented below.
Hussain, Inc.
Income Statement
For the year ended December 31
Sales
revenue
$
199,131
Cost of goods
sold
72,360
Gross
profit
126,771
Selling, general
and administrative expenses
13,385
Operating
income
113,386
Interest
expense
4,047
Income before
taxes
109,339
Income tax
expense
4,214
Net income
$
105,125
Balance sheet
information:
Current
assets
$
254,000
Noncurrent
assets
508,000
Current
liabilities
58,000
Long-term
debt
116,000
Required:
Perform vertical...
Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($...
Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($ in Thousands) 12 Months Ended Aug. 27, 2016 Net sales $10,635,676 Cost of sales, including warehouse and delivery expenses 5,026,940 Gross profit 5,608,736 Operating, selling, general and administrative expenses 3,548,341 Operating profit 2,060,395 Interest expense, net 147,681 Income before income taxes 1,912,714 Income tax expense 671,707 Net income $1,241,007 Forecast AutoZone's 2017 income statement assuming the following income statement relations ($ in thousands). All...
The Simmons Corporation's income statement is given below SIMMONS CORPORATION Sales $233,000 137,000 Cost of goods...
The Simmons Corporation's income statement is given below SIMMONS CORPORATION Sales $233,000 137,000 Cost of goods sold Gross profit Fixed charges (other than interest) 96,000 31,800 64,200 19,800 Income before interest and taxes Interest 44,400 15,540 Income before taxes Taxes $28,860 Income after taxes a. What is the times interest earned ratio? (Round the final answer to 2 decimal places.) Times interest earned b. What would be the fixed charge coverage ratio? (Round the final answer to 2 decimal places.)...
Using the income statement for Times Mirror and Glass Co., compute the following ratios TIMES MIRROR...
Using the income statement for Times Mirror and Glass Co., compute the following ratios TIMES MIRROR AND GLASS COMPANY Sales Cost of goods sold Gross profit Selling and administrative expense Lease expense Operating profit* Interest expense Earnings before taxes Taxes (30%) Earnings after taxes *Equals income before interest and taxes. $ 235,000 121,000 $114,000 47,500 15,000 $51,500e 6,900 $44,600 17,840 $26,760 a. Compute the interest coverage ratio. (Round your answer to 2 decimal places.) Interest coverage times b. Compute the...
(Working with the income statement) At the end of its third year of operations, the Sandifer...
(Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,510,000 in revenues, $3,373,000 in cost of goods sold, $459,000 in operating expenses which included depreciation expense of $147,000, and a tax liability equal to 34 percent of the firm's taxable income. Sandifer Manufacturing Co. plans to reinvest $44,000 of its earnings back into the firm. What does this plan leave for the payment of a cash dividend to Sandifer's stockholders?...
Problem # 1 (50 points) Given the Income Statement and Balance Sheet Compute: Current Ratio Acid-Test...
Problem # 1 (50 points) Given the Income Statement and Balance Sheet Compute: Current Ratio Acid-Test Ratio Days in Receivable Days in Inventory Operating Profit Margin Total Asset Tumover Fixed-asset turnover Debt Ratio Times Interest Earned Return on Equity Income Statement Balance Sheet Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Gross Plant and Equipment Accumulated Depreciation Net Fixed Assets Total Assets $200,000 $60,000 $100,000 $20,000 $380,000 $802,000 -$132,000 $670,000 $1,050,000 Sales (all credit) Cost of Goods Sold...
11) Milton, Inc. provides the following income statement for 2019: Net Sales Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Loss on Sale of Capital Assets Interest Expense Total Other Income and (Expenses) Income Before Income Taxes Income Tax Expense Net Income $240,000 110,000 $130,000 operason 45,000 12,000 57,000 $73,000 (25,000) (1000 (26,000) $47,000 5000 $42,000 Calculate the times-interest-earned ratio. (Round your answer to two decimal places.)...
Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain, Inc. Income Statement For the year ended December 31 Sales revenue Cost of goods sold Gross profit Selling, general and administrative expenses Operating income Interest expense Income before taxes Income tax expense Net income $229,131 78,360 150,771 14,885 135,886 4,947 130,939 4,814 $126,125 Balance sheet information: Current assets Noncurrent assets Current liabilities Long-term debt $257,000 514,000 64,000 128,000 Required: a. Perform vertical analysis of...
Use Excel
Fill in the missing values for the income statement below given the following information: Gross margin is 33% Net Margin is 10% Manufacturing Overhead is 10% of Direct Materials Cost Tax rate is 20% 6a) $ 110,000 43,795 Tesla, Inc Income Statement (10-2) Six Months Ended June 30, 2019 (in millions) Sales revenue Less: Cost of goods sold Direct materials Direct labor Manufacturing overhead Total cost of goods sold Gross profit Less: Operating expenses Research and Development General...
CRANE COMPANY Income Statement For the Year Ended December 31, 2017 Sales Sales Revenue 2,290,000 Less +: Sales Discounts 170,000 Net Sales 2,120,000 Cost of Goods Sold 1,038,800 Gross Profit 1,081,200 Operating Expenses 460,000 i Salaries and Wages Expense 320,000 i Depreciation Expense 120,000 i Utilities Expense Total Operating Expenses 900,000 Income From Operations 181,200 Other Revenues and Gains Interest Revenue 57,900 Other Expenses and Losses Interest Expense 67,000 83,500 i Loss on Disposal of Plant Assets 150,500 88,600 Income...
Husain, Inc.’s income statement and other financial information
for the current year is presented below.
Hussain, Inc.
Income Statement
For the year ended December 31
Sales
revenue
$
199,131
Cost of goods
sold
72,360
Gross
profit
126,771
Selling, general
and administrative expenses
13,385
Operating
income
113,386
Interest
expense
4,047
Income before
taxes
109,339
Income tax
expense
4,214
Net income
$
105,125
Balance sheet
information:
Current
assets
$
254,000
Noncurrent
assets
508,000
Current
liabilities
58,000
Long-term
debt
116,000
Required:
Perform vertical...
The Simmons Corporation's income statement is given below SIMMONS CORPORATION Sales $233,000 137,000 Cost of goods sold Gross profit Fixed charges (other than interest) 96,000 31,800 64,200 19,800 Income before interest and taxes Interest 44,400 15,540 Income before taxes Taxes $28,860 Income after taxes a. What is the times interest earned ratio? (Round the final answer to 2 decimal places.) Times interest earned b. What would be the fixed charge coverage ratio? (Round the final answer to 2 decimal places.)...
Using the income statement for Times Mirror and Glass Co., compute the following ratios TIMES MIRROR AND GLASS COMPANY Sales Cost of goods sold Gross profit Selling and administrative expense Lease expense Operating profit* Interest expense Earnings before taxes Taxes (30%) Earnings after taxes *Equals income before interest and taxes. $ 235,000 121,000 $114,000 47,500 15,000 $51,500e 6,900 $44,600 17,840 $26,760 a. Compute the interest coverage ratio. (Round your answer to 2 decimal places.) Interest coverage times b. Compute the...
(Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,510,000 in revenues, $3,373,000 in cost of goods sold, $459,000 in operating expenses which included depreciation expense of $147,000, and a tax liability equal to 34 percent of the firm's taxable income. Sandifer Manufacturing Co. plans to reinvest $44,000 of its earnings back into the firm. What does this plan leave for the payment of a cash dividend to Sandifer's stockholders?...
Problem # 1 (50 points) Given the Income Statement and Balance Sheet Compute: Current Ratio Acid-Test Ratio Days in Receivable Days in Inventory Operating Profit Margin Total Asset Tumover Fixed-asset turnover Debt Ratio Times Interest Earned Return on Equity Income Statement Balance Sheet Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Gross Plant and Equipment Accumulated Depreciation Net Fixed Assets Total Assets $200,000 $60,000 $100,000 $20,000 $380,000 $802,000 -$132,000 $670,000 $1,050,000 Sales (all credit) Cost of Goods Sold...
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