Homework Answers
| Income Statement | |
| For the Year Ended December 31, 2019 | |
| Net sales | 600000 |
| Cost of goods sold | 356000 |
| Gross profit | 244000 |
| Operating expenses | 151000 |
| Income from operations | 93000 |
| Interest expense | 5000 |
| Income before income taxes | 88000 |
| Income tax expense | 27280 |
| Net income | 60720 |
| 2 | |
| Net income | 60720 |
| Less: Preferred Dividends | 10500 |
| Earnings for common stockholders | 50220 |
| Divide by Average common stockholders' equity | 201000 |
| Return on common stockholders' equity | 25.0% |
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Exercise 11-22 In 2019, Tamarisk, Inc. had net sales of $600,000 and cost of goods sold...
Exercise 11-22 - In 2020, Sheffield Corp. had net sales of $593,000 and cost of goods...
Exercise 11-22 - In 2020, Sheffield Corp. had net sales of $593,000 and cost of goods sold of $358,000. Operating expenses were $152,000, and interest expense was $8,000. The corporation's tax rate is 32%. The corporation declared preferred dividends of $14,500 in 2020, and its average common stockholders' equity during the year was $150,000. Prepare an income statement for Sheffield Corp.. Sheffield Corp. Income Statement Compute Sheffield Corp.'s return on common stockholders' equity for 2020. (Round answer to 1 decimal...
In 2017, Pennington Corporation had net sales of $594,000 and cost of goods sold of $350,000....
In 2017, Pennington Corporation had net sales of $594,000 and cost of goods sold of $350,000. Operating expenses were $152,000, and interest expense was $7,500. The is 31%. The corporation declared preferred dividends of $12,000 in 2017, and its average common stockholders' equity during the year was si 66,000. Prepare an income statement for Pennington Corporation. PENNINGTON CORPORATION Cost ef Geods Sold Gross Profit/ (Loss) Operating Expenses 350000 44000 152000 2000 compute Pennington Corporation's return on common stockholders' equity for...
Selected financial statement data for Homer Company are presented below. Net sales Cost of goods sold...
Selected financial statement data for Homer Company are presented below. Net sales Cost of goods sold Interest expense Net income Total assets (ending) Total common stockholders' equity (ending) $1,500,000 700,000 10,000 205,000 900,000 600,000 Total assets at the beginning of the year were $800,000; total common stockholders' equity was $500,000 at the beginning of the period. Calculate asset turnover. (Round answer to 2 decimal placea, e-8. 15.21%.) Asset turnover --/0.75 Question Part Score Compute the profit margin.(Round answer to 1...
Exercise 14-13 a-b In 2020, Crane Corporation had net sales of $606,000 and cost of goods...
Exercise 14-13 a-b
In 2020, Crane Corporation had net sales of $606,000 and cost of
goods sold of $356,000. Operating expenses were $148,000, and
interest expense was $8,000. The corporation’s tax rate is 31%. The
corporation declared preferred dividends of $14,000 in 2020, and
its average common stockholders’ equity during the year was
$195,000.
Your answer is partially correct. Try again.
Prepare an income statement for Crane Corporation.
CRANE CORPORATION
Income Statement
For the Year Ended December 31,
2020December 31,...
Tamarisk, Inc. reported net sales $880,000; cost of goods sold $572,000; operating expenses $231.000; and net...
Tamarisk, Inc. reported net sales $880,000; cost of goods sold $572,000; operating expenses $231.000; and net income $74,800. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, eg. 10.2%.) Profit margin Gross profit rate
2017 Mariner, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 2019 2018 Dollars...
2017 Mariner, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 2019 2018 Dollars in thousands Net Sales Revenue $ 183,000 $ 151,000 Cost of Goods Sold 94,000 85,000 Selling and Administrative Expenses 45,500 40,000 Interest Expense 7,500 10,500 Income Tax Expense 13,000 11,500 $ 23,000 $ 4,000 Net Income Additional data: Total Assets Common Stockholders' Equity Preferred Dividends Common Shares outstanding During the Year $ 206,000 $ 189,000 $ 174,000 93,000 85,500 81,000 3,000 3,000 0 25,000...
Tamarisk Company reported the following amounts in the stockholders’ equity section of its December 31, 2019,...
Tamarisk Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,900 shares issued) $190,000 Common stock, $5 par (108,500 shares authorized, 21,700 shares issued) 108,500 Additional paid-in capital 116,000 Retained earnings 424,000 Total $838,500 During 2020, Tamarisk took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend...
The following financial information is available for Crane Corporation. (in millions) 2020 2019 Average common stockholders’...
The following financial information is available for Crane Corporation. (in millions) 2020 2019 Average common stockholders’ equity $2,566 $2,607 Dividends declared for common stockholders 292 623 Dividends declared for preferred stockholders 55 55 Net income 502 564 Calculate the payout ratio and return on common stockholders’ equity for 2020 and 2019.
- X Х Data Table Net Sales Revenue Net Income Ending Common Stockholders' Equity 2019 2018...
- X Х Data Table Net Sales Revenue Net Income Ending Common Stockholders' Equity 2019 2018 2017 2016 $ 759,000 $ 701,000 $ 646,000 $ 661,000 59,000 45,000 37,000 49,000 364,000 350,000 334,000 290,000 Print Done Requirement 1. Compute trend analyses for each item for 2017-2019. Use 2016 as the base year, and round to the nearest whole percent. Begin by computing The Right Mission Corporation's trend analysis for net sales revenue, then compute The Right Mission Corporation's trend analysis...
Problem 12-7A The following are the financial statements of Tamarisk, Inc.. Tamarisk, Inc. Comparative Balance Sheets...
Problem 12-7A The following are the financial statements of Tamarisk, Inc.. Tamarisk, Inc. Comparative Balance Sheets December 31 Assets 2019 Cash $36,300 Accounts receivable 32,900 Inventory 30,800 Equipment 59,900 Accumulated depreciation equipment (29,300) Total $130,600 2018 $19,000 19,900 20,300 77,400 (23,300) $113,300 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,000 27,800 17,800 49,600 $130,600 $16,600 8,100 32,000 14,300 42,300 $113,300 Tamarisk, Inc. Income Statement For the Year Ended December 31,...
Exercise 11-22 - In 2020, Sheffield Corp. had net sales of $593,000 and cost of goods sold of $358,000. Operating expenses were $152,000, and interest expense was $8,000. The corporation's tax rate is 32%. The corporation declared preferred dividends of $14,500 in 2020, and its average common stockholders' equity during the year was $150,000. Prepare an income statement for Sheffield Corp.. Sheffield Corp. Income Statement Compute Sheffield Corp.'s return on common stockholders' equity for 2020. (Round answer to 1 decimal...
In 2017, Pennington Corporation had net sales of $594,000 and cost of goods sold of $350,000. Operating expenses were $152,000, and interest expense was $7,500. The is 31%. The corporation declared preferred dividends of $12,000 in 2017, and its average common stockholders' equity during the year was si 66,000. Prepare an income statement for Pennington Corporation. PENNINGTON CORPORATION Cost ef Geods Sold Gross Profit/ (Loss) Operating Expenses 350000 44000 152000 2000 compute Pennington Corporation's return on common stockholders' equity for...
Selected financial statement data for Homer Company are presented below. Net sales Cost of goods sold Interest expense Net income Total assets (ending) Total common stockholders' equity (ending) $1,500,000 700,000 10,000 205,000 900,000 600,000 Total assets at the beginning of the year were $800,000; total common stockholders' equity was $500,000 at the beginning of the period. Calculate asset turnover. (Round answer to 2 decimal placea, e-8. 15.21%.) Asset turnover --/0.75 Question Part Score Compute the profit margin.(Round answer to 1...
Exercise 14-13 a-b
In 2020, Crane Corporation had net sales of $606,000 and cost of
goods sold of $356,000. Operating expenses were $148,000, and
interest expense was $8,000. The corporation’s tax rate is 31%. The
corporation declared preferred dividends of $14,000 in 2020, and
its average common stockholders’ equity during the year was
$195,000.
Your answer is partially correct. Try again.
Prepare an income statement for Crane Corporation.
CRANE CORPORATION
Income Statement
For the Year Ended December 31,
2020December 31,...
Tamarisk, Inc. reported net sales $880,000; cost of goods sold $572,000; operating expenses $231.000; and net income $74,800. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, eg. 10.2%.) Profit margin Gross profit rate
2017 Mariner, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 2019 2018 Dollars in thousands Net Sales Revenue $ 183,000 $ 151,000 Cost of Goods Sold 94,000 85,000 Selling and Administrative Expenses 45,500 40,000 Interest Expense 7,500 10,500 Income Tax Expense 13,000 11,500 $ 23,000 $ 4,000 Net Income Additional data: Total Assets Common Stockholders' Equity Preferred Dividends Common Shares outstanding During the Year $ 206,000 $ 189,000 $ 174,000 93,000 85,500 81,000 3,000 3,000 0 25,000...
- X Х Data Table Net Sales Revenue Net Income Ending Common Stockholders' Equity 2019 2018 2017 2016 $ 759,000 $ 701,000 $ 646,000 $ 661,000 59,000 45,000 37,000 49,000 364,000 350,000 334,000 290,000 Print Done Requirement 1. Compute trend analyses for each item for 2017-2019. Use 2016 as the base year, and round to the nearest whole percent. Begin by computing The Right Mission Corporation's trend analysis for net sales revenue, then compute The Right Mission Corporation's trend analysis...
Problem 12-7A The following are the financial statements of Tamarisk, Inc.. Tamarisk, Inc. Comparative Balance Sheets December 31 Assets 2019 Cash $36,300 Accounts receivable 32,900 Inventory 30,800 Equipment 59,900 Accumulated depreciation equipment (29,300) Total $130,600 2018 $19,000 19,900 20,300 77,400 (23,300) $113,300 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,000 27,800 17,800 49,600 $130,600 $16,600 8,100 32,000 14,300 42,300 $113,300 Tamarisk, Inc. Income Statement For the Year Ended December 31,...
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