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The 2021 Income statement of Adrian Express reports sales of $20,310.000, cost of goods sold of...
The 2021 Income statement of Adrian Express reports sales of $13,500,000, cost of goods sold of...
The 2021 Income statement of Adrian Express reports sales of $13,500,000, cost of goods sold of $7.696.000, and net Income of $1,520,000. Balance sheet Information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2820 2e21 2e2e Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 529.988 1.248. 1,648,808 4,728,889 $8,120,000 $ 688.888 9 20,00...
The 2018 income statement of Adrian Express reports sales of $18,612,000, cost of goods sold of...
The 2018 income statement of Adrian Express reports sales of $18,612,000, cost of goods sold of $11,696,000, and net income of $1,680,000. Balance sheet information is provided in the following table ADRIAN EXPRESS Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts receivable Inventory $ 680,000 840,000 1,560,000 1,080,000 1,480,000 4,880,000 4,320,000 1,960,000 assets Total assets $9.080,000 $7,720,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings $1,940,000 $1,740,000 2,380,000 2,480,000 1,920,000...
The 2018 income statement of Adrian Express reports sales of $14,400,000, cost of goods sold of...
The 2018 income statement of Adrian Express reports sales of $14,400,000, cost of goods sold of $8,387,500, and ret income of $1,550,000. Balance shoet infomation is provided in the following table ADRIAN EXPRESS Balance Sheets December 31 2018 and 2017 2018 2017 Assets Current assets Cash Accounts receivable Inventory Long-torm assets $ 550,000 1,300,000 1,700,000 4,750,000 S 710,000 950,000 1350,000 4.190.000 Total assets $8300,000 $7200,000 Labilicies and Stockholders Cument liabil0es Long-ens abiises Equity $1,970,000 2.250.000 1900.000 2.180,000 $1,610,000 2350.000 1900000...
2018 2017 Income Statement Information Sales revenue Cost of goods sold Net income $ $ 10,440,000...
2018 2017 Income Statement Information Sales revenue Cost of goods sold Net income $ $ 10,440,000 6,827,760 360,000 8,400,000 5,900,000 248,000 Balance Sheet Information Current assets Long-term assets $ 1,600,000 2,200,000 $ 1,500,000 1,900,000 Total assets $ 3,800,000 $ 3,400,000 $ Current liabilities Long-term liabilities Common stock Retained earnings 1.200,000 1,500,000 800,000 300,000 900.000 1,500,000 800,000 200,000 Total liabilities and stockholders' equity 3,800,000 $ 3,400,000 Required: 1. Calculate the following profitability ratios for 2018 (Round your answers to 1 decimal...
Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of...
Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of $9 million and income tax expense of $26 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2021 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. Debt to equity ratio Current ratio...
Cadux Candy Company’s income statement for the year ended December 31, 2021, reported interest expense of...
Cadux Candy Company’s income statement for the year ended December 31, 2021, reported interest expense of $12 million and income tax expense of $122 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company’s only noncurrent asset. Financial ratios for 2021 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. Debt to equity ratio 0.7 Current...
Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of...
Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of $3 million and income tax expense of $20 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2021 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. Debt to equity ratio Current ratio...
Total assets Total shareholders' equity Net sales Cost of goods sold Net income 2018 $357,000 136,000...
Total assets Total shareholders' equity Net sales Cost of goods sold Net income 2018 $357,000 136,000 503,000 379,000 32,700 2017 $285,000 97,500 394,000 277,000 29,800 2016 $267,000 48,500 297,000 181,000 20,400 Macaron had no preferred shares. Your answer is partially correct. Try again. Calculate the gross profit margin, profit margin, asset turnover, return on assets, and return an common shareholders' equity ratios for 2018 and 2017. (Round gross profit margin, profit margin, return on assets and return on equity to...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $3,061,000 1,955,000 1,106,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense $863,000 27,000 8,500 17,500 53,000 Loss on sale of land Interest expense Income tax expense Total expenses 969, 000 $ 137,000 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: $191,000 86, 000 110,000...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,900 Cost of goods sold (6,525) Gross profit 3,375 Operating expenses (2,325) Interest expense (290) Income tax expense (384) Net income $ 456 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 690 690 890 2,900 $5,170 $ 590 490 690 3,000 $4,770 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock...
The 2021 Income statement of Adrian Express reports sales of $13,500,000, cost of goods sold of $7.696.000, and net Income of $1,520,000. Balance sheet Information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2820 2e21 2e2e Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 529.988 1.248. 1,648,808 4,728,889 $8,120,000 $ 688.888 9 20,00...
The 2018 income statement of Adrian Express reports sales of $18,612,000, cost of goods sold of $11,696,000, and net income of $1,680,000. Balance sheet information is provided in the following table ADRIAN EXPRESS Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts receivable Inventory $ 680,000 840,000 1,560,000 1,080,000 1,480,000 4,880,000 4,320,000 1,960,000 assets Total assets $9.080,000 $7,720,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings $1,940,000 $1,740,000 2,380,000 2,480,000 1,920,000...
The 2018 income statement of Adrian Express reports sales of $14,400,000, cost of goods sold of $8,387,500, and ret income of $1,550,000. Balance shoet infomation is provided in the following table ADRIAN EXPRESS Balance Sheets December 31 2018 and 2017 2018 2017 Assets Current assets Cash Accounts receivable Inventory Long-torm assets $ 550,000 1,300,000 1,700,000 4,750,000 S 710,000 950,000 1350,000 4.190.000 Total assets $8300,000 $7200,000 Labilicies and Stockholders Cument liabil0es Long-ens abiises Equity $1,970,000 2.250.000 1900.000 2.180,000 $1,610,000 2350.000 1900000...
2018 2017 Income Statement Information Sales revenue Cost of goods sold Net income $ $ 10,440,000 6,827,760 360,000 8,400,000 5,900,000 248,000 Balance Sheet Information Current assets Long-term assets $ 1,600,000 2,200,000 $ 1,500,000 1,900,000 Total assets $ 3,800,000 $ 3,400,000 $ Current liabilities Long-term liabilities Common stock Retained earnings 1.200,000 1,500,000 800,000 300,000 900.000 1,500,000 800,000 200,000 Total liabilities and stockholders' equity 3,800,000 $ 3,400,000 Required: 1. Calculate the following profitability ratios for 2018 (Round your answers to 1 decimal...
Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of $9 million and income tax expense of $26 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2021 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. Debt to equity ratio Current ratio...
Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of $3 million and income tax expense of $20 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2021 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. Debt to equity ratio Current ratio...
Total assets Total shareholders' equity Net sales Cost of goods sold Net income 2018 $357,000 136,000 503,000 379,000 32,700 2017 $285,000 97,500 394,000 277,000 29,800 2016 $267,000 48,500 297,000 181,000 20,400 Macaron had no preferred shares. Your answer is partially correct. Try again. Calculate the gross profit margin, profit margin, asset turnover, return on assets, and return an common shareholders' equity ratios for 2018 and 2017. (Round gross profit margin, profit margin, return on assets and return on equity to...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $3,061,000 1,955,000 1,106,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense $863,000 27,000 8,500 17,500 53,000 Loss on sale of land Interest expense Income tax expense Total expenses 969, 000 $ 137,000 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: $191,000 86, 000 110,000...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,900 Cost of goods sold (6,525) Gross profit 3,375 Operating expenses (2,325) Interest expense (290) Income tax expense (384) Net income $ 456 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 690 690 890 2,900 $5,170 $ 590 490 690 3,000 $4,770 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock...
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