Homework Answers
a]
gross profit = net sales - cost of goods sold.
gross profit = 1,500,000 - 937,500 = 562,500.
b]
common equity = common stock + retained earnings = 800,000 + 25,000 = 825,000.
c]
Earnings before tax = gross profit - interests expense - operating expenses.
Earnings before tax = 562,500 - 5,000 - 525,000 = 32,500.
d]
net profit = earnings before tax - income taxes
net profit = 32,500 - 5,750 = 26,750.
Add Answer to:
HUIS Will not be allowed. u Yusuuns will be entertained during the Midterm Choose any 3...
ILI UI JUU ULSR. 2. Read All the Questions carefully before attempting the answers. 3. Solve...
ILI UI JUU ULSR. 2. Read All the Questions carefully before attempting the answers. 3. Solve the answers on the sheets provided. 4. Use your own calculator, sharing of calculators will not be allowed. 5. No questions will be entertained during the Midterm. Choose any 3 Questions Financial Data for Swatch Co. shoes December 31, 2018 Inventory $206.250 Long-term debt 300,000 Interest expense 5.000 Accumulated depreciation 442.500 Cash 180.000 Net sales (all credit) 1.500.000 Common stock 800,000 Accounts receivable 225.000...
Total Time: 75 mins les for the Midterm: 1. Switch off your cell phones and keep...
Total Time: 75 mins les for the Midterm: 1. Switch off your cell phones and keep it on the corner of your desk 2. Read All the Questions carefully before attempting the answers 3 Solve the answers on the sheets provided. 4. Use your own calculator, sharing of calculators will not be allowed. 5. No questions will be entertained during the Midterm. Choose any 3 Questions Financial Data for Swatch Co. shoes December 31, 2018 $206.250 300,000 5,000 442.500 Inventory...
calculate current ratio, average collection period, debt ratio, net profit margin and inventory turnover ratio. Rachel...
calculate
current ratio, average collection period, debt ratio, net profit
margin and inventory turnover ratio.
Rachel Company Balance Sheet and selected Income Statement data $300,000 2,215,000 1,837,500 24,000 $3,286,500 2,700,000 1,087,500 $1,612,500 $4.899,000 Assets: Cash and marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Fixed assets Less: accumulated depreciation Net fixed assets Total assets Liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long-term debt Owner's equity Total liabilities and owner's equity Net sales (all credit) Less:...
Required: a. Using the financial statements, compute the following ratios for Flowers Co. for 2019. Show...
Required:
a. Using the financial statements, compute the following ratios
for Flowers Co. for 2019. Show all computations.
(4
marks)
1. Current
ratio.
2. Acid-test ratio.
3. Accounts receivable
turnover.
4. Inventory turnover.
5. Profit
margin.
6. Return on assets.
7. Assets
turnover.
8. Times interest earned.
9. Working capital.
10. Debt to assets ratio.
The financial statements of Flowers Co. appear below: Flowers Co. Comparative Balance Sheets December 31, 2018 - 2019 Assets Caela Short-term investments Accounts receivable...
full answer Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the...
full answer
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales $ 4.500.000 Less: Cost of Goods Sold 3,200.000 Gross Profit 1.300.000 Less: Selling. General & Administrative Expenses 260.000 Operating profit 1.040.000 Less: Depreciation Expense 150.000 Earnings Before Interest and Taxes 890,000 Less: Interest Expense 90,000 Earnings Before Taxes 800,000 Less: Taxes (50%) 400,000 Net Income $ 400.000...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2018 $45,000 175,000 240,000 230,000 70,000 $760,000 1,300,000 450,000 2019 $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 $850,000 1,610,000 $950,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110,000 Notes payable 65,000 Accrued Expenses...
1 2 2 3 3 4 4 5 5 Line torowing intormabon apones to the questions...
1
2
2
3
3
4
4
5
5
Line torowing intormabon apones to the questions displayed below Lansing Company's current year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $112,200 Expenses Cost of goods sold 47. Depreciation expense 14.See Salaries expense 23. Rent expense 9. See Insurance expense Interest expense 4,20 utilities expense Net income $ 6, See...
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total...
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 840,000 shares of common stock were outstanding. The interest rate on the bond payable was 12%, the income tax rate was 40%, and the dividend per share of common stock was $0.75 last year and $0.40 this year. The market value of the company’s common stock at the...
i need help on my retained earnings and income statement. i have a income tax rate...
i need help on my retained earnings and income statement. i
have a income tax rate of 20% and my RE ending has to be 361,000.
not sure what i am missing on my income statement
here are some updated pictures
We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this image17000 75000 25000 117000 50000 150000 400000 Liabilities and Shareholders' Equity Current Liabilities: Accounts Payable Income Tax Payable t Payable Current...
Problem 13-02A (Video) The comparative statements of Carla Vista Co. are presented here: Carla Vista Co....
Problem 13-02A (Video) The comparative statements of Carla Vista Co. are presented here: Carla Vista Co. Income Statements For the Years Ended December 31 2020 Net sales $1,897,540 Cost of goods sold 1,065,540 Gross profit 832,000 Selling and administrative expenses 507,000 Income from operations 325,000 Other expenses and losses Interest expense 24,000 Income before income taxes 301,000 Income tax expense 94,000 Net income $207,000 2019 $1,757,500 1,013,000 744,500 486,000 258,500 22,000 236,500 75,000 $161,500 2020 2019 Carla Vista Co. Balance...
ILI UI JUU ULSR. 2. Read All the Questions carefully before attempting the answers. 3. Solve the answers on the sheets provided. 4. Use your own calculator, sharing of calculators will not be allowed. 5. No questions will be entertained during the Midterm. Choose any 3 Questions Financial Data for Swatch Co. shoes December 31, 2018 Inventory $206.250 Long-term debt 300,000 Interest expense 5.000 Accumulated depreciation 442.500 Cash 180.000 Net sales (all credit) 1.500.000 Common stock 800,000 Accounts receivable 225.000...
Total Time: 75 mins les for the Midterm: 1. Switch off your cell phones and keep it on the corner of your desk 2. Read All the Questions carefully before attempting the answers 3 Solve the answers on the sheets provided. 4. Use your own calculator, sharing of calculators will not be allowed. 5. No questions will be entertained during the Midterm. Choose any 3 Questions Financial Data for Swatch Co. shoes December 31, 2018 $206.250 300,000 5,000 442.500 Inventory...
calculate
current ratio, average collection period, debt ratio, net profit
margin and inventory turnover ratio.
Rachel Company Balance Sheet and selected Income Statement data $300,000 2,215,000 1,837,500 24,000 $3,286,500 2,700,000 1,087,500 $1,612,500 $4.899,000 Assets: Cash and marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Fixed assets Less: accumulated depreciation Net fixed assets Total assets Liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long-term debt Owner's equity Total liabilities and owner's equity Net sales (all credit) Less:...
Required:
a. Using the financial statements, compute the following ratios
for Flowers Co. for 2019. Show all computations.
(4
marks)
1. Current
ratio.
2. Acid-test ratio.
3. Accounts receivable
turnover.
4. Inventory turnover.
5. Profit
margin.
6. Return on assets.
7. Assets
turnover.
8. Times interest earned.
9. Working capital.
10. Debt to assets ratio.
The financial statements of Flowers Co. appear below: Flowers Co. Comparative Balance Sheets December 31, 2018 - 2019 Assets Caela Short-term investments Accounts receivable...
full answer
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales $ 4.500.000 Less: Cost of Goods Sold 3,200.000 Gross Profit 1.300.000 Less: Selling. General & Administrative Expenses 260.000 Operating profit 1.040.000 Less: Depreciation Expense 150.000 Earnings Before Interest and Taxes 890,000 Less: Interest Expense 90,000 Earnings Before Taxes 800,000 Less: Taxes (50%) 400,000 Net Income $ 400.000...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2018 $45,000 175,000 240,000 230,000 70,000 $760,000 1,300,000 450,000 2019 $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 $850,000 1,610,000 $950,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110,000 Notes payable 65,000 Accrued Expenses...
1
2
2
3
3
4
4
5
5
Line torowing intormabon apones to the questions displayed below Lansing Company's current year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $112,200 Expenses Cost of goods sold 47. Depreciation expense 14.See Salaries expense 23. Rent expense 9. See Insurance expense Interest expense 4,20 utilities expense Net income $ 6, See...
i need help on my retained earnings and income statement. i
have a income tax rate of 20% and my RE ending has to be 361,000.
not sure what i am missing on my income statement
here are some updated pictures
We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this image17000 75000 25000 117000 50000 150000 400000 Liabilities and Shareholders' Equity Current Liabilities: Accounts Payable Income Tax Payable t Payable Current...
Problem 13-02A (Video) The comparative statements of Carla Vista Co. are presented here: Carla Vista Co. Income Statements For the Years Ended December 31 2020 Net sales $1,897,540 Cost of goods sold 1,065,540 Gross profit 832,000 Selling and administrative expenses 507,000 Income from operations 325,000 Other expenses and losses Interest expense 24,000 Income before income taxes 301,000 Income tax expense 94,000 Net income $207,000 2019 $1,757,500 1,013,000 744,500 486,000 258,500 22,000 236,500 75,000 $161,500 2020 2019 Carla Vista Co. Balance...
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