15. Refer to the information regarding Tessco Technologies. Assume that, immediately before the close of business on 3/29/18, Tessco purchased an additional $10,000 of inventory on account. Tessco's income statement for the year ended March 29, 2018 would have shown (consider only the information in this question; each question is independent of other questions):
question: Cost of goods sold equal to: $__________________________.
Tessco Technologies – Statement of Income |
|
For the Fiscal Year Ended |
March 29, 2018 |
Revenues |
$131,658 |
Cost of goods sold |
95,859 |
Gross profit |
35,799 |
Selling, general and administrative expenses |
29,662 |
Income from operations |
6,137 |
Interest income (expense), net |
(713) |
Income before provision for income taxes |
5,424 |
Provision for income taxes |
2,049 |
Net income |
$3,375 |
Tessco Technologies – Balance Sheet |
|
As of |
March 29, 2018 |
ASSETS: |
|
CURRENT ASSETS: |
|
Cash and marketable securities |
$4,459 |
Trade accounts receivable |
15,757 |
Product inventory |
18,872 |
Deferred tax asset |
524 |
Prepaid expenses and other current assets |
1,609 |
Total current assets |
41,221 |
PROPERTY AND EQUIPMENT: |
|
Land |
2,186 |
Building and improvements |
8,577 |
Information technology equipment and software |
3,714 |
Equipment and furniture |
4,821 |
Tooling |
340 |
Less-accumulated depreciation and amortization |
4,883 |
Property and equipment, net |
14,755 |
GOODWIILL |
3,950 |
TOTAL ASSETS: |
$59,926 |
LIABILITIES: |
|
CURRENT LIABILITIES: |
|
Trade accounts payable |
$16,394 |
Accrued expenses and other current liabilities |
2,363 |
Current portion of long-term debt |
294 |
Total current liabilities |
19,051 |
DEFERRED TAX LIABILITY |
42 |
LONG-TERM DEBT, net of current portion |
7,441 |
TOTAL LIABILITIES |
26,534 |
SHAREHOLDERS’ EQUITY: |
|
Common stock, $0.01 par value, |
|
4,343,608 shares outstanding as of March 28, 1997 |
47 |
Additional paid-in capital |
20,242 |
Treasury stock, at cost, 261,572 shares |
(2,844) |
Retained earnings |
15,947 |
TOTAL SHAREHOLDERS' EQUITY |
33,392 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$59,926 |
15. Refer to the information regarding Tessco Technologies. Assume that, immediately before the close of business...
10.Refer to the information regarding Tessco Technologies. As of 3/29/18, what percent of Tessco Technologies’ total financing was from creditors? Tessco Technologies – Statement of Income For the Fiscal Year Ended March 29, 2018 Revenues $131,658 Cost of goods sold 95,859 Gross profit 35,799 Selling, general and administrative expenses 29,662 Income from operations 6,137 Interest income (expense), net (713) Income before provision for income taxes 5,424 Provision for income taxes 2,049 Net income $3,375 Tessco Technologies...
11. Refer to the information regarding Tessco Technologies. What is the total cost of all the property and equipment Tessco has in service at 3/29/18? Tessco Technologies – Balance Sheet As of March 29, 2018 ASSETS: CURRENT ASSETS: Cash and marketable securities $4,459 Trade accounts receivable 15,757 Product inventory 18,872 Deferred tax asset 524 Prepaid expenses and other current assets 1,609 Total current assets 41,221 PROPERTY AND EQUIPMENT: Land 2,186 Building and...
11.Refer to the information regarding Tessco Technologies. What is the total cost of all the property and equipment Tessco has in service at 3/29/18? Tessco Technologies – Statement of Income For the Fiscal Year Ended March 29, 2018 Revenues $131,658 Cost of goods sold 95,859 Gross profit 35,799 Selling, general and administrative expenses 29,662 Income from operations 6,137 Interest income (expense), net (713) Income before provision for income taxes 5,424 Provision for income taxes 2,049 Net...
12.Refer to the information regarding Tessco Technologies. Assume Tessco management wishes to know the financial statement impact of certain transactions. On 3/30/18, Tessco borrows $10,000 cash from a bank and immediately uses the cash to purchase plant and equipment costing $10,000. The interest rate on the loan is 10 percent with interest payable annually on March 30 beginning March 30, 2019. If a new balance sheet is prepared immediately after these transactions, it will show: Total liabilities equal to: $______________________________....
14. Refer to the information regarding Tessco Technologies. On 3/30/18, Tessco issues 500 additional shares of common stock for $10,000 cash and immediately uses the cash to purchase plant and equipment costing $10,000. If a new balance sheet is prepared immediately after these transactions, it will show (consider only the information in this question; each question is independent of other questions): Total liabilities equal to: $___________________. Total shareholders’ equity equal to: $_________________________. Property and equipment, net...
13. Refer to the information regarding Tessco Technologies. On 3/30/18, Tessco borrows $10,000 cash from a bank and immediately uses the cash to purchase plant and equipment costing $10,000. The interest rate on the loan is 10 percent with interest payable annually on March 30 beginning March 30, 2019. If a new balance sheet is prepared immediately after these transactions, it will show (consider only the information in this question; each question is independent of other questions): Property and...
Refer to the financial statement information from Vandelay, Corp. Compute the two components of return on equity and show how they combine to determine the return on equity. Tessco Technologies – Statement of Income For the Fiscal Year Ended March 29, 2018 Revenues $131,658 Cost of goods sold 95,859 Gross profit 35,799 Selling, general and administrative expenses 29,662 Income from operations 6,137 Interest income (expense), net (713) Income before provision for income taxes 5,424 Provision for income taxes 2,049 Net...
16. Refer to the financial statement information from Vandelay, Corp. Compute the two components of return on equity and show how they combine to determine return on equity. Tessco Technologies – Statement of Income For the Fiscal Year Ended March 29, 2018 Revenues $131,658 Cost of goods sold 95,859 Gross profit 35,799 Selling, general and administrative expenses 29,662 Income from operations 6,137 Interest income (expense), net (713) Income before provision for income taxes 5,424 Provision for income...
6. Refer to the financial information for International Technologies. If International Tech had used the FIFO inventory accounting method, International Tech would have reported what dollar amount for inventories on its 2014 balance sheet? a. $320,393 b. $242,325 c. $195,399 d. $281,359 e. None of the above. Consolidated Statements of Ops (USD $) In Thousands Dec. 27, 2014 Dec. 28, 2013 Dec. 29, 2012 NET SALES $1,097,788 $929,810 $719,204 Cost of sales $839,946 $698,771 $542,700 GROSS PROFIT $257,842 $231,039 $176,504...
Refer to the January 29, 2016, income statement and balance sheet of Lowe's Companies Inc. below. LOWE'S COMPANIES INC. Income Statement (In millions) For Fiscal Year Ended January 29, 2016 Net sales.............................................. Cost of sales.................................. ... Gross margin ....................................... Selling, general and administrative Depreciation.. tion......................................... Interest-net........................................ Total expenses... Pretax earnings Income tax provision ... Net earnings $59,074 38,504 20,570 14,115 1,484 552 16.151 4,419 1,873 $ 2,546 Required: Compute the following liquidity, solvency, and coverage ratios for Lowe's Companies. Interpret...