Homework Answers
Solution :
Net Income and EPS :
| Novak Corp. | Martinez Corp. | |
| (a) Net Sales | $ 2,304,000 | $ 793,600 |
| (b) Cost of Goods Sold | $ 1,504,000 | $ 435,200 |
| (c) Gross Profit (a - b) | $ 800,000 | $ 358,400 |
| (d) Operating Expenses | $ 362,240 | $ 125,440 |
| (e) Interest Expenses | $ 10,960 | $ 4,880 |
| (d) Income before Taxes (c - d - e) | $ 426,800 | $ 228,080 |
| (e) Income Taxes | $ 108,400 | $ 46,080 |
| (f) Net Income (d - e) | $ 318,400 | $ 182,000 |
| (g) Weighted Average Common Share | 80,000 | 50,000 |
| (i) EPS (f / g) | $ 3.98 | $ 3.64 |
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Comparative financial statement data for Novak Corp. and Martinez Corp., two competitors, appear below. All balance...
Comparative financial statement data for Novak Corp. and Martinez Corp., two competitors, appear below. are as...
Comparative financial statement data for Novak Corp. and Martinez Corp., two competitors, appear below. are as of December 31, 2022. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Net cash common by operating activities Capital expenditures Dividends paid on common stock Weighted average common shares outstanding Novak Corp. 2022 $2,304,000 1,504,000 362,240 10,960 108,400 466,950 680,050 84,900 138,765 176,640 115,200 46,080 80,000 Martinez Corp. 2022 $793,600...
Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant...
Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Net cash common by operating activities Capital expenditures Dividends paid on common stock Weighted-average common shares outstanding Novak Corp. 2022 $2,304,000 1,504.000 362.240 10,960 108,400 466,950 680,050 84.900 138,765 176,640 115,200 46,080 80,000 Martinez Corp. 2022 $793,600 435,200 125,440 4,880 46,080 198,720 178,720 43,200 51,160 46,080 25,600 19,200 50,000 Compute working capital and the current ratio for each...
Comparative financial statement data for Flint Corporation and Culver Corporation, two competitors, appear below. All balance...
Comparative financial statement data for Flint Corporation and Culver Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Net cash provided by operating activities Capital expenditures Dividends paid on common stock Weighted average number of shares outstanding Flint Corporation 2017 $2,376,000 1,551,000 373,560 11,880 112,200 441,100 702,240 87,549 143,220 182,160 118,800 47,520...
Comparative financial statement data for Cullumber Company and Crane Company, two competitors, appear below. All balance...
Comparative financial statement data for Cullumber Company and
Crane Company, two competitors, appear below. All balance sheet
data are as of December 31, 2017.
Cullumber
Company
Crane
Company
2017
2017
Net sales
$2,700,000
$930,000
Cost of goods sold
1,762,500
510,000
Operating expenses
424,500
147,000
Interest expense
13,500
5,700
Income tax expense
127,500
54,000
Current assets
411,100
194,636
Plant assets (net)
798,000
209,592
Current liabilities
99,488
50,574
Long-term liabilities
162,750
61,026
Net cash provided by operating activities
207,000
54,000
Capital expenditures...
Condensed balance sheet and income statement data for Novak Corporation are presented here. NOVAK CORPORATION Balance...
Condensed balance sheet and income statement data for Novak Corporation are presented here. NOVAK CORPORATION Balance Sheets December 31 2022 2021 Cash $ 32,000 $ 22,000 Accounts receivable (net) 52,000 47,000 Other current assets 93,000 98,000 Investments 58,000 73,000 Plant and equipment (net) 500,000 370,000 $735,000 $610,000 2020 $ 20,000 50,000 67,000 48,000 358,000 $543,000 Current liabilities Long-term debt Common stock, $10 par Retained earnings $ 87,000 148,000 323,000 177,000 $735,000 $ 82,000 88,000 313,000 127,000 $610,000 $ 72,000 53,000...
Question 9 Comparative financial statement data for Ivanhoe Company and Sheridan Company, two competitors, appear below....
Question 9 Comparative financial statement data for Ivanhoe Company and Sheridan Company, two competitors, appear below. All balance sheet data are as of December 31, 2017 Ivanhoe Company 2017 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Net cash provided by operating activities Capital expenditures Dividends paid on common stock Weighted average number of shares outstanding $2,664,000 1,739,000 418,840 13,320 125,800 473,900 787,360 98,161 160,580 204,240...
Problem 12-07A Presented below are the financial statements of Novak Company Novak Company Comparative Balance Sheets...
Problem 12-07A Presented below are the financial statements of Novak Company Novak Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 112,000 Accounts receivable 64,000 Inventory 89,600 Property, plant, and equipment 192,000 Accumulated depreciation (102,400) Total $355,200 2021 $ 64,000 44,800 64,000 249,600 (76,800 ) $345,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 60,800 22,400 54,400 57,600 160,000 $355,200 $ 48,000 25,600 105,600 44,800 121,600 $345,600 $774,400 560,000 214,400...
Problem 12-07A Presented below are the financial statements of Novak Company Novak Company Comparative Balance Sheets...
Problem 12-07A Presented below are the financial statements of Novak Company Novak Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 112,000 Accounts receivable 64,000 Inventory 89,600 Property, plant, and equipment 192,000 Accumulated depreciation (102,400 ) Total $355,200 2021 $ 64,000 44,800 64,000 249,600 (76,800 ) $345,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 60,800 22,400 54,400 57,600 160,000 $355,200 $ 48,000 25,600 105,600 44,800 121,600 $345,600 $774,400 560,000...
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet...
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2022, and December 31, 2021 Duke Company Lord Company 2021 2022 2021 2022 $1,849,000 $546,000 Net sales Cost of goods sold 1,063,200 289,000 Operating expenses 240,000 82,000 Interest expense 6,800 3,600 Income tax expense 62,000 28,000 325,980 $312.410 Current assets 83,336 $79,467 Plant assets (net) 526,800 500,000 139,729 125,812 Current liabilities 66,325 75,815 35,348 30,281 25,000 Long-term liabilities...
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet...
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2022, and December 31, 2021. Duke Company Lord Company 2022 2021 2022 2021 Net sales $1,849,000 $546,000 Cost of goods sold 1,063,200 289,000 Operating expenses 240,000 82,000 Interest expense 6,800 3,600 Income tax expense 62,000 28,000 Current assets 325,980 $312,410 83,336 $ 79,467 Plant assets (net) 526,800 500,000 139,729 125,812 Current liabilities 66,325 75,815 35,348 30,281 Long-term liabilities...
Comparative financial statement data for Novak Corp. and Martinez Corp., two competitors, appear below. are as of December 31, 2022. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Net cash common by operating activities Capital expenditures Dividends paid on common stock Weighted average common shares outstanding Novak Corp. 2022 $2,304,000 1,504,000 362,240 10,960 108,400 466,950 680,050 84,900 138,765 176,640 115,200 46,080 80,000 Martinez Corp. 2022 $793,600...
Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Net cash common by operating activities Capital expenditures Dividends paid on common stock Weighted-average common shares outstanding Novak Corp. 2022 $2,304,000 1,504.000 362.240 10,960 108,400 466,950 680,050 84.900 138,765 176,640 115,200 46,080 80,000 Martinez Corp. 2022 $793,600 435,200 125,440 4,880 46,080 198,720 178,720 43,200 51,160 46,080 25,600 19,200 50,000 Compute working capital and the current ratio for each...
Comparative financial statement data for Flint Corporation and Culver Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Net cash provided by operating activities Capital expenditures Dividends paid on common stock Weighted average number of shares outstanding Flint Corporation 2017 $2,376,000 1,551,000 373,560 11,880 112,200 441,100 702,240 87,549 143,220 182,160 118,800 47,520...
Comparative financial statement data for Cullumber Company and
Crane Company, two competitors, appear below. All balance sheet
data are as of December 31, 2017.
Cullumber
Company
Crane
Company
2017
2017
Net sales
$2,700,000
$930,000
Cost of goods sold
1,762,500
510,000
Operating expenses
424,500
147,000
Interest expense
13,500
5,700
Income tax expense
127,500
54,000
Current assets
411,100
194,636
Plant assets (net)
798,000
209,592
Current liabilities
99,488
50,574
Long-term liabilities
162,750
61,026
Net cash provided by operating activities
207,000
54,000
Capital expenditures...
Condensed balance sheet and income statement data for Novak Corporation are presented here. NOVAK CORPORATION Balance Sheets December 31 2022 2021 Cash $ 32,000 $ 22,000 Accounts receivable (net) 52,000 47,000 Other current assets 93,000 98,000 Investments 58,000 73,000 Plant and equipment (net) 500,000 370,000 $735,000 $610,000 2020 $ 20,000 50,000 67,000 48,000 358,000 $543,000 Current liabilities Long-term debt Common stock, $10 par Retained earnings $ 87,000 148,000 323,000 177,000 $735,000 $ 82,000 88,000 313,000 127,000 $610,000 $ 72,000 53,000...
Question 9 Comparative financial statement data for Ivanhoe Company and Sheridan Company, two competitors, appear below. All balance sheet data are as of December 31, 2017 Ivanhoe Company 2017 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Net cash provided by operating activities Capital expenditures Dividends paid on common stock Weighted average number of shares outstanding $2,664,000 1,739,000 418,840 13,320 125,800 473,900 787,360 98,161 160,580 204,240...
Problem 12-07A Presented below are the financial statements of Novak Company Novak Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 112,000 Accounts receivable 64,000 Inventory 89,600 Property, plant, and equipment 192,000 Accumulated depreciation (102,400) Total $355,200 2021 $ 64,000 44,800 64,000 249,600 (76,800 ) $345,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 60,800 22,400 54,400 57,600 160,000 $355,200 $ 48,000 25,600 105,600 44,800 121,600 $345,600 $774,400 560,000 214,400...
Problem 12-07A Presented below are the financial statements of Novak Company Novak Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 112,000 Accounts receivable 64,000 Inventory 89,600 Property, plant, and equipment 192,000 Accumulated depreciation (102,400 ) Total $355,200 2021 $ 64,000 44,800 64,000 249,600 (76,800 ) $345,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 60,800 22,400 54,400 57,600 160,000 $355,200 $ 48,000 25,600 105,600 44,800 121,600 $345,600 $774,400 560,000...
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2022, and December 31, 2021 Duke Company Lord Company 2021 2022 2021 2022 $1,849,000 $546,000 Net sales Cost of goods sold 1,063,200 289,000 Operating expenses 240,000 82,000 Interest expense 6,800 3,600 Income tax expense 62,000 28,000 325,980 $312.410 Current assets 83,336 $79,467 Plant assets (net) 526,800 500,000 139,729 125,812 Current liabilities 66,325 75,815 35,348 30,281 25,000 Long-term liabilities...
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