Homework Answers
23) answer does not match with any option
rate f return on common stockholder's equity = net income - preferred dividend / average equity x 100
= 5,660,000 - 145,000 / 1,000,000 x 100
= 551.5%
24) answer is a) 1.3 times
inventory turnover = cost of goods sold / average inventory
= 11,750,000 / 9,250,000
= 1.3 times
25) answer is b) 3.6 times
time interest earned = earning before intrest and tax / inerest expense
= 586,000 / 162,000
= 3.6 times
26) answer is b) 3.2:1
current ratio = current assets / current liabilities
= 80,000 / 25,000
= 3.2
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West Tech. reports the following amounts for 2020: $ 5,660,000 1,000,000 145,000 350,000 23) Net income...
23) West Tech. reports the following amounts for 2020: Net income $ 5,660,000 Average stockholders' equity...
23) West Tech. reports the following amounts for 2020: Net income $ 5,660,000 Average stockholders' equity 1,000,000 Preferred dividends 145,000 Par value preferred stock 350,000 The 2020 rate of return on common stockholders' equity is: a 5.8%. b. 6.6%. c. 8.4%. d. 9.1%. 24) Pagal Corporation had beginning inventory $10,000,000, cost of goods sold $11,750,000, and ending inventory $8,500,000. What was Pagal's inventory turnover? a. 1.3 times. b. 1.4 times. c. 1.5 times. d. 2 times 25) In 2020 Freetown...
26) The following financial statement information is available for Dubai Corporation: 2020 2019 Inventory $ 44,000...
26) The following financial statement information is available for Dubai Corporation: 2020 2019 Inventory $ 44,000 $ 43,000 Current assets 80,000 106,000 Total assets 432,000 358,000 Current liabilities 25,000 36,000 Total liabilities 102,000 88,000 The current ratio for 2020 is a. .31:1. b. 3.2:1. c. 1.5:1. d. 4.24:1. 27) The following financial statement information is available for Rahim Corporation: 2020 2019 Net sales $1,780,000 $697,000 Cost of goods sold 406,000 377,000 Net income 520,000 80,000 Tax expense 48,000 29,000 Interest...
Wildhorse Corporation reports the following amounts in its 2020 financial statements: At December 31, 2020 For...
Wildhorse Corporation reports the following amounts in its 2020 financial statements: At December 31, 2020 For the Year 2020 $1,100,000 550,000 Total assets Total liabilities Total stockholders' equity Interest expense Income tax expense Net income $ 20,000 136,500 157,500 Compute the December 31, 2020, balance in stockholders' equity. Total stockholders' equitys Compute the debt to assets ratio at December 31, 2020. Debt to assets ratio Compute times interest earned for 2020. (Round answer to 2 decimal places, e.g. 15.25.) Times...
The condensed financial statements of Murawski Company for the years 2019 and 2020 are presented follows....
The condensed financial statements of Murawski Company for the years 2019 and 2020 are presented follows. (Amounts in thousands MURAWSKI COMPANY Balance Sheets December 31 2020 2019 $ 352 $ 354 360 1.268 Current assets Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Total current assets Investments Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Long-term liabilities Stockholders' equity-common Total liabilities and stockholders' equity $2.203 $ 804 $ 912 360 1.070 1.041 $2.205 $2364...
Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income...
Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Income Statement Data for Year $66,800 $413,000 46,000 308,000 14,400 77,000 680 1,800 (90) (380) 1,400 6,900 $4,230 $18,920 Current assets Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Balance Sheet Data (End of Year) $18,000 $47,000 27,500 121,000 $45,500 $168,000 $11,000 $54,000 16,800 45,000 17,700 69,000 $45,500 $168,000 Total assets Total...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $ 1 comma 520 comma 000$1,520,000 Cost of goods sold $ 1 comma 025 comma 000$1,025,000 Gross profit $495,000 Selling/general expenses $280,000 Interest expense $42,000 Net Income $173,000 Current assets $113,000 $82,000 Longminus−term assets $512,000 $440,000 Total assets $625,000 $522,000 Current liabilities $57,000 $52,000 Longminus−term...
The condensed financial statements of Blossom Company for the years 2019 and 2020 are presented as...
The condensed financial statements of Blossom Company for the years 2019 and 2020 are presented as follows. (Amounts in thousands.) BLOSSOM COMPANY Balance Sheets December 31 2020 2019 $330 $360 670 600 500 430 Current assets Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Total current assets Investments Property, plant, and equipment Intangibles and other assets 120 160 1,620 210 420 530 1,550 210 380 510 Total assets $2,780 $2,650 $990 Current liabilities Long-term liabilities Stockholders' equity-common $1,100...
Problem 13-05A a Suppose selected financial data of Target and Wal-Mart for 2020 are presented here...
Problem 13-05A a Suppose selected financial data of Target and Wal-Mart for 2020 are presented here (in millions). Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Wal-Mart Target Stores, Corporation Inc. Income Statement Data for Year $66,700 $409,000 46,000 306,000 14,700 76,000 650 1,800 (95) (420) 1,400 7,200 $3,855 $17,580 Net income Current assets Noncurrent assets Total assets Balance Sheet Data (End of Year) $19,000 $48,000 25,600 120,000 $44,600 $168,000...
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 $1,810,000 $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...
Suppose selected financial data of Target and Wal-Mart for 2020 are presented here (in millions). Net...
Suppose selected financial data of Target and Wal-Mart for 2020 are presented here (in millions). Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Target Wal-Mart Corporation Stores, Inc. Income Statement Data for Year $65,357 $408,214 45,583 304,657 15,101 79,607 707 2,065 (94) (411) 1,384 7,139 $ 2.488 $ 14,335 Net income Current assets Noncurrent assets Total assets Current liabilities Balance Sheet Data (End of Year) $18.424 $48.331 26.109 122.375 $44,533...
23) West Tech. reports the following amounts for 2020: Net income $ 5,660,000 Average stockholders' equity 1,000,000 Preferred dividends 145,000 Par value preferred stock 350,000 The 2020 rate of return on common stockholders' equity is: a 5.8%. b. 6.6%. c. 8.4%. d. 9.1%. 24) Pagal Corporation had beginning inventory $10,000,000, cost of goods sold $11,750,000, and ending inventory $8,500,000. What was Pagal's inventory turnover? a. 1.3 times. b. 1.4 times. c. 1.5 times. d. 2 times 25) In 2020 Freetown...
26) The following financial statement information is available for Dubai Corporation: 2020 2019 Inventory $ 44,000 $ 43,000 Current assets 80,000 106,000 Total assets 432,000 358,000 Current liabilities 25,000 36,000 Total liabilities 102,000 88,000 The current ratio for 2020 is a. .31:1. b. 3.2:1. c. 1.5:1. d. 4.24:1. 27) The following financial statement information is available for Rahim Corporation: 2020 2019 Net sales $1,780,000 $697,000 Cost of goods sold 406,000 377,000 Net income 520,000 80,000 Tax expense 48,000 29,000 Interest...
Wildhorse Corporation reports the following amounts in its 2020 financial statements: At December 31, 2020 For the Year 2020 $1,100,000 550,000 Total assets Total liabilities Total stockholders' equity Interest expense Income tax expense Net income $ 20,000 136,500 157,500 Compute the December 31, 2020, balance in stockholders' equity. Total stockholders' equitys Compute the debt to assets ratio at December 31, 2020. Debt to assets ratio Compute times interest earned for 2020. (Round answer to 2 decimal places, e.g. 15.25.) Times...
The condensed financial statements of Murawski Company for the years 2019 and 2020 are presented follows. (Amounts in thousands MURAWSKI COMPANY Balance Sheets December 31 2020 2019 $ 352 $ 354 360 1.268 Current assets Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Total current assets Investments Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Long-term liabilities Stockholders' equity-common Total liabilities and stockholders' equity $2.203 $ 804 $ 912 360 1.070 1.041 $2.205 $2364...
Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Income Statement Data for Year $66,800 $413,000 46,000 308,000 14,400 77,000 680 1,800 (90) (380) 1,400 6,900 $4,230 $18,920 Current assets Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Balance Sheet Data (End of Year) $18,000 $47,000 27,500 121,000 $45,500 $168,000 $11,000 $54,000 16,800 45,000 17,700 69,000 $45,500 $168,000 Total assets Total...
The condensed financial statements of Blossom Company for the years 2019 and 2020 are presented as follows. (Amounts in thousands.) BLOSSOM COMPANY Balance Sheets December 31 2020 2019 $330 $360 670 600 500 430 Current assets Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Total current assets Investments Property, plant, and equipment Intangibles and other assets 120 160 1,620 210 420 530 1,550 210 380 510 Total assets $2,780 $2,650 $990 Current liabilities Long-term liabilities Stockholders' equity-common $1,100...
Problem 13-05A a Suppose selected financial data of Target and Wal-Mart for 2020 are presented here (in millions). Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Wal-Mart Target Stores, Corporation Inc. Income Statement Data for Year $66,700 $409,000 46,000 306,000 14,700 76,000 650 1,800 (95) (420) 1,400 7,200 $3,855 $17,580 Net income Current assets Noncurrent assets Total assets Balance Sheet Data (End of Year) $19,000 $48,000 25,600 120,000 $44,600 $168,000...
Suppose selected financial data of Target and Wal-Mart for 2020 are presented here (in millions). Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Target Wal-Mart Corporation Stores, Inc. Income Statement Data for Year $65,357 $408,214 45,583 304,657 15,101 79,607 707 2,065 (94) (411) 1,384 7,139 $ 2.488 $ 14,335 Net income Current assets Noncurrent assets Total assets Current liabilities Balance Sheet Data (End of Year) $18.424 $48.331 26.109 122.375 $44,533...
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