Exercise 1-11 The following selected accounts and amounts (in thousands) were taken from the January 30,...
Exercise 1-11
The following selected accounts and amounts (in thousands) were taken from the January 30, 2016, financial statements of Reitmans (Canada) Limited.
| Administrative expenses | $46,950 | ||
| Cost of goods sold | 410,035 | ||
| Dividends declared | 12,917 | ||
| Finance expenses | 16,443 | ||
| Finance income | 7,998 | ||
| Income tax expense (recovery) | (1,426) | ||
| Selling and distribution expenses | 497,854 | ||
| Sales | 937,155 |
Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Homework Answers
|
Income statement |
||
|
sales |
937155 |
|
|
cost of goods sold |
-410035 |
|
|
gross profit |
527120 |
|
|
less operating expense |
||
|
administrative expense |
-46950 |
|
|
selling expense |
-497854 |
|
|
operating profit |
-17684 |
|
|
finance income |
7998 |
|
|
finance expense |
-16443 |
|
|
profit before taxes |
-26129 |
|
|
income tax expense/recovery |
1426 |
|
|
net income/ loss |
-24703 |
Add Answer to:
Exercise 1-11
The following selected accounts and amounts (in thousands) were
taken from the January 30,...
Question 6 Selected financial data for a recent year for two clothing competitors, Le Château Inc....
Question 6 Selected financial data for a recent year for two clothing competitors, Le Château Inc. and Reitmans (Canada) Limited, are presented here (in thousands, except share price): Le Château Reitmans Current assets $116,724 $319,362 Total assets 168,490 542,083 Current liabilities 36,038 121,172 Total liabilities 108,136 160,915 Loss to common shareholders (35,745) (24,703) Share price $0.27 $3.96 Weighted average number of common shares 29,964 64,079 For each company, calculate the following values and ratios. Where available, industry averages are included...
Prepare a comprehensive income statement. (Enter negative amounts using either a negative sign preceding the number...
Prepare a comprehensive income statement. (Enter
negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the year ended December 31, 2020, Sheffield Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense $768,510 1,296,900 71,980 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive loss $28,430 16,140 2,407,700 9,000 Prepare a comprehensive income statement....
Prepare a single-step income statement. (Enter negative amounts using either a negative sign preceding the number...
Prepare a single-step income statement. (Enter
negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the year ended December 31, 2020, Sheffield Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense $768,510 1,296,900 71,980 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive loss $28,430 16,140 2,407,700 9,000 Prepare a single-step income statement....
Question 4 View Policies Current Attempt in Progress Suppose the following data were taken from the...
Question 4 View Policies Current Attempt in Progress Suppose the following data were taken from the 2017 and 2016 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) 2017 2016 Current assets $906,400 $1,009,800 1,970,000 1,890,000 Total assets Current liabilities 412,000 374,000 Total liabilities 559,480 536,760 Net income 186,930 316,500 Net cash provided by operating activities 465,500 318,000 294,000 Capital expenditures 263,700 Dividends paid on common stock 78,000 100,200 Weighted average shares outstanding 201,000 211,000...
Exercise 5-10 a-c (Video) In its income statement for the year ended December 31, 2020, Indigo...
Exercise 5-10 a-c (Video) In its income statement for the year ended December 31, 2020, Indigo Company reported the following condensed data. 501A Video Operating expenses Cost of goods sold Interest expense $743,300 1,323,900 72,410 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive loss $32,350 18,260 2,407,100 8,200 score Results by there before other ex internative amounts using either a negative in preceding the number Prepare a multiple step income statement 45 or parentheses (45)) INDIGO...
Suppose the following data were taken from the 2022 and 2021 financial statements of American Eagle...
Suppose the following data were taken from the 2022 and 2021 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) 2022 2021 Current assets $ 880,000 $965,900 Total assets 1,934,000 1,834,400 Current liabilities 400,000 371,500 Total liabilities 551,190 522,804 Net income 195,840 425,700 Net cash provided by operating activities 296,000 496,000 Capital expenditures 268,000 279,500 Dividends paid on common stock 79,000 108,600 Weighted-average common shares outstanding 204,000 215,000 Calculate the free cash flow for each...
Exercise 19-22 Blue Corporation has pretax financial income (or loss) from 2015 through 2021 as follows....
Exercise 19-22 Blue Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $70,080 25 % 2016 (219,000) ) 20 % 2017 131,400 20 % 2018 43,800 20 % 2019 153,300 20 % 2020 (87,600) ) 25 % 2021 87,600 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Blue has been in business. In recording the benefits of a loss carryforward, assume that...
Exercise 6-17 Siren Company builds custom fishing lures for sporting goods stores. In its first year...
Exercise 6-17 Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $9.90 $4.55 $7.66 $5.15 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $303,600 $277.332 Siren Company sells the fishing lures for $33.00. During 2020, the company sold 80,000 lures and produced 92,000 lures. Assuming the...
Exercise 2-12 a-d Suppose the following data were taken from the 2022 and 2021 financial statements...
Exercise 2-12 a-d Suppose the following data were taken from the 2022 and 2021 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) 2022 2021 $924,000 $875,000 Current assets 1,969,000 1,707,500 Total assets Current liabilities 440,000 350,000 Total liabilities 594,638 515,665 202,860 402,745 Net income 313,000 487,200 Net cash provided by operating activities Capital expenditures 279,000 274,800 77,000 107,800 Dividends paid on common stock 207,000 217,700 Weighted-average common shares outstanding (a) Calculate the current ratio...
Suppose the following data were taken from the 2022 and 2021 financial statements of American Eagle...
Suppose the following data were taken from the 2022 and 2021 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) 2022 2021 $ 917,700 $910,000 Current assets Total assets 1,976,700 1,782,000 437,000 350,000 Current liabilities Total liabilities 573,243 516,780 Net income 187,460 401,450 288,000 Net cash provided by operating activities 491,500 Capital expenditures 264,000 281,500 117,700 Dividends paid on common stock 84,000 Weighted-average common shares outstanding 206,000 217,000 (a) Calculate the current ratio for each...
Prepare a comprehensive income statement. (Enter
negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the year ended December 31, 2020, Sheffield Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense $768,510 1,296,900 71,980 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive loss $28,430 16,140 2,407,700 9,000 Prepare a comprehensive income statement....
Prepare a single-step income statement. (Enter
negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the year ended December 31, 2020, Sheffield Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense $768,510 1,296,900 71,980 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive loss $28,430 16,140 2,407,700 9,000 Prepare a single-step income statement....
Question 4 View Policies Current Attempt in Progress Suppose the following data were taken from the 2017 and 2016 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) 2017 2016 Current assets $906,400 $1,009,800 1,970,000 1,890,000 Total assets Current liabilities 412,000 374,000 Total liabilities 559,480 536,760 Net income 186,930 316,500 Net cash provided by operating activities 465,500 318,000 294,000 Capital expenditures 263,700 Dividends paid on common stock 78,000 100,200 Weighted average shares outstanding 201,000 211,000...
Exercise 5-10 a-c (Video) In its income statement for the year ended December 31, 2020, Indigo Company reported the following condensed data. 501A Video Operating expenses Cost of goods sold Interest expense $743,300 1,323,900 72,410 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive loss $32,350 18,260 2,407,100 8,200 score Results by there before other ex internative amounts using either a negative in preceding the number Prepare a multiple step income statement 45 or parentheses (45)) INDIGO...
Exercise 6-17 Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $9.90 $4.55 $7.66 $5.15 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $303,600 $277.332 Siren Company sells the fishing lures for $33.00. During 2020, the company sold 80,000 lures and produced 92,000 lures. Assuming the...
Exercise 2-12 a-d Suppose the following data were taken from the 2022 and 2021 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) 2022 2021 $924,000 $875,000 Current assets 1,969,000 1,707,500 Total assets Current liabilities 440,000 350,000 Total liabilities 594,638 515,665 202,860 402,745 Net income 313,000 487,200 Net cash provided by operating activities Capital expenditures 279,000 274,800 77,000 107,800 Dividends paid on common stock 207,000 217,700 Weighted-average common shares outstanding (a) Calculate the current ratio...
Suppose the following data were taken from the 2022 and 2021 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) 2022 2021 $ 917,700 $910,000 Current assets Total assets 1,976,700 1,782,000 437,000 350,000 Current liabilities Total liabilities 573,243 516,780 Net income 187,460 401,450 288,000 Net cash provided by operating activities 491,500 Capital expenditures 264,000 281,500 117,700 Dividends paid on common stock 84,000 Weighted-average common shares outstanding 206,000 217,000 (a) Calculate the current ratio for each...
Most questions answered within 3 hours.
-
MAN3240 Organizational Behavior
In one to two paragraphs
6.) How can understanding emotions make me more...
asked 3 minutes ago -
Identify one individual who, in your opinion, is an excellent
leader. List the qualities that this...
asked 26 seconds ago -
For the data set shown below, complete parts (a) through (d)
below. x 3 4 5...
asked 6 minutes ago -
A university administrator working in student housing wants to
determine if the percentage of students residing...
asked 20 minutes ago -
3). Describe human population growth that has occurred in the
past 400 years. Use terms learned...
asked 17 minutes ago -
A
projectile is blue at a target. The distance from the point of
impact to the...
asked 42 minutes ago -
Given a 32 bit processor, with 2 MB of physical RAM split into 512
frames. What...
asked 32 minutes ago -
What were the main rulings in the Supreme Court cases which are
Morgan v. Virginia (1946)...
asked 31 minutes ago -
write a five paragraph essay on how setting,
specifically culture, influences the actions of
the characters...
asked 23 minutes ago -
JAVA
Provide a simple code sample of Merge sort
asked 34 minutes ago -
Discounting cash flows involves:
A. taking the cash discount offered on a trade merchandise
B. estimating...
asked 41 minutes ago -
A solid wood door 1.00 m wide and 2.00 m high is hinged along
one side...
asked 41 minutes ago