Selected information from the comparative financial statements of Francona Company for the years ended December 31,...
Selected information from the comparative financial statements of Francona Company for the years ended December 31, 2016 and December 31, 2017 appear below:
2017 2016
Cash $370,000 $135,000
Accounts receivable (net) 175,000 200,000
Inventory 130,000 170,000
Property, plant and equipment 425,000 295,000
Total assets 1,100,000 800,000
Current liabilities 140,000 110,000
Long-term debt 410,000 300,000
Owner’s equity 550,000 390,000
Total liabilities and owner’s equity 1,100,000 800,000
Net sales 900,000 700,000
Cost of goods sold 600,000 530,000
Interest expense 40,000 25,000
Income tax expense 60,000 29,000
Net income 120,000 85,000
Net cash provided by operating activities 220,000 135,000
Answer the following questions relating the Francona Company to the year ended December 31, 2017.
A. The inventory during 2017 was a ___ ________________ of cash. (Fill in source or use and amount.)
B. The number of
times interest earned ratio in 2017 is ___
Please Note: EBIT = Net Income + Income tax expense + Interest
expense.
C. The long-term debt for 2017 was a ______ ______________ of cash. (Fill in source or use and amount.)
D. The return on assets ratio for 2017 is ____________________.
E. Prepare a Sources and Uses of Cash Statement for 2017.
Homework Answers
| A. | Inventory during 2017 of cash | 35.14% |
| (130,000/370,000) | ||
| B. | Times interest earned in 2017 | 5.5 |
| (Net Income + Income tax expense + Interest expense) | ||
| [(120,000 + 60,000 + 40,000)/40,000] | ||
| C. | Long-term debt for 2017 of cash | 110.81% |
| (410,000/370,000) | ||
| D. | Return on assets ratio for 2017 | 12.63% |
| (Net Income/Average Assets) | ||
| [120,000/(1,100,000 + 800,000)/2] | ||
| Note: Consider the percentage and ratio upto two digits | ||
Add Answer to:
Selected information from the comparative
financial statements of Francona Company for the years ended
December 31,...
The following selected information from the comparative financial statements of Elly Company for the year ended...
The following selected information from the comparative financial statements of Elly Company for the year ended December 31: Year 2 Year 1 Accounts Receivable (net) P175,000 P200,000 Inventory 130,000 150,000 Total Assets 1,100,000 800,000 Current Liabilities 140,000 110,000 Long-term debt 410,000 300,000 Net credit sales 800,000 700,000 Cost of goods sold 600,000 530,000 Interest expense 40,000 25,000 Income tax expense 60,000 29,000 Net Income 150,000 85,000 Instructions: Answer the following questions relating to the year ended December 31, year 2....
Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company
follow:
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and
2015
2017
2016
2015
Sales
$
554,143
$
424,519
$
294,600
Cost of goods sold
333,594
269,145
188,544
Gross profit
220,549
155,374
106,056
Selling expenses
78,688
58,584
38,887
Administrative expenses
49,873
37,358
24,452
Total expenses
128,561
95,942
63,339
Income before taxes
91,988
59,432
42,717
Income taxes
17,110
12,184
8,672
Net income
$
74,878
$
47,248
$
34,045
KORBIN COMPANY...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales $57,534 $42,542 Cost of goods sold 16,870 13,669 Gross profit 40,664 28,873 Operating expenses 24,093 19,241 Operating income 16,571 9,632 Other expenses/revenues: Interest revenue 240 194 Interest expense (196 ) (172 ) Total other (expenses)/revenues (44 ) (22 ) Income before income taxes 16,615 9,610 Income taxes (34%) 5,649 3,267 Net income $10,966 $ 6,343 METRO TRACK COMPANY Comparative Balance Sheets December 31,...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales $430,561 $ 329,845 Cost of goods sold 259, 198 208,132 Gross profit 171,363 121, 713 selling expenses 61,140 45,519 Administrative expenses 38,750 29,026 Total expenses 99,890 74,545 Income before taxes 71,473 47,168 Income taxes 13, 294 9,669 Net income 58,179 $ 37,499 2015 $ 228,900 146,496 82,404 30,215 18,999 49,214 33,190 6,738 $ 26,452 2016...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales $57,534 $42,542 Cost of goods sold 16,870 13,669 Gross profit 40,664 28,873 Operating expenses 24,093 19,241 Operating income 16,571 9,632 Other expenses/revenues: Interest revenue 240 194 Interest expense (196 ) (172 ) Total other (expenses)/revenues (44 ) (22 ) Income before income taxes 16,615 9,610 Income taxes (34%) 5,649 3,267 Net income $10,966 $ 6,343 METRO TRACK COMPANY Comparative Balance Sheets December 31,...
Selected comparative financial statements of Apple-Space follow: Apple-Space Comparative Income Statements For Years Ended December 31,...
Selected comparative financial statements of Apple-Space
follow:
Apple-Space
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and
2015
2017
2016
2015
Sales
$
464,983
$
356,215
$
247,200
Cost of goods sold
279,920
225,840
158,208
Gross profit
185,063
130,375
88,992
Selling expenses
66,028
49,158
32,630
Administrative expenses
41,848
31,347
20,518
Total expenses
107,876
80,505
53,148
Income before taxes
77,187
49,870
35,844
Income taxes
14,357
10,223
7,276
Net income
$
62,830
$
39,647
$
28,568
Apple-Space
Comparative Balance Sheets...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 427,928 $ 327,828 $ 227,500 Cost of goods sold 257,613 207,515 145,600 Gross profit 170,315 120,313 81,900 Selling expenses 60,766 45, 240 30,030 Administrative expenses 38,514 28,849 18,883 Total expenses 99, 280 74,089 48,913 Income before taxes 71,035 46,224 32,987 Income tax expense 13,213 9,476 6,696 Net income $ 57,822 $ 36,748 $...
BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of...
BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,896,440 $1,756,400 1,011,900 744,500 484,900 259,600 1,064,440 832,000 505,900 326,100 Interest expense Income before income taxes Income tax expense Net income 24,100 302,000 94,100 $207,900 22,100 237,500 75,100 $162,400 BLOSSOM COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable Inventory 60,100 64,200...
Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 $555,000 $340,000 $278,000 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 50,800 22,800 73,600 50,500 15,670 $ 77,132 40,290 34,830 283,500 212,500 153,900 271,500 127,500 124,100 46,920 29,920 76,840 50,660 10,370 102,900 50,668 153,568 117,932 40,800 KORBIN COMPANY Comparative Balance Sheets December 31,...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income statements For Years Ended...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales $ 430,561 $ 329,845 cost of goods sold 259,198 208, 132 Gross profit 171,363 121, 713 selling expenses 61,140 45,519 Administrative expenses 38,750 29, 026 Total expenses 99,890 74,545 Income before taxes 71,473 47,168 Income taxes 13, 294 9,669 Net income 58,179 $ 37,499 2015 $ 228,900 146,496 82,404 30,215 18,999 49,214 33,190 6,738 $...
Selected comparative financial statements of Korbin Company
follow:
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and
2015
2017
2016
2015
Sales
$
554,143
$
424,519
$
294,600
Cost of goods sold
333,594
269,145
188,544
Gross profit
220,549
155,374
106,056
Selling expenses
78,688
58,584
38,887
Administrative expenses
49,873
37,358
24,452
Total expenses
128,561
95,942
63,339
Income before taxes
91,988
59,432
42,717
Income taxes
17,110
12,184
8,672
Net income
$
74,878
$
47,248
$
34,045
KORBIN COMPANY...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales $430,561 $ 329,845 Cost of goods sold 259, 198 208,132 Gross profit 171,363 121, 713 selling expenses 61,140 45,519 Administrative expenses 38,750 29,026 Total expenses 99,890 74,545 Income before taxes 71,473 47,168 Income taxes 13, 294 9,669 Net income 58,179 $ 37,499 2015 $ 228,900 146,496 82,404 30,215 18,999 49,214 33,190 6,738 $ 26,452 2016...
Selected comparative financial statements of Apple-Space
follow:
Apple-Space
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and
2015
2017
2016
2015
Sales
$
464,983
$
356,215
$
247,200
Cost of goods sold
279,920
225,840
158,208
Gross profit
185,063
130,375
88,992
Selling expenses
66,028
49,158
32,630
Administrative expenses
41,848
31,347
20,518
Total expenses
107,876
80,505
53,148
Income before taxes
77,187
49,870
35,844
Income taxes
14,357
10,223
7,276
Net income
$
62,830
$
39,647
$
28,568
Apple-Space
Comparative Balance Sheets...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 427,928 $ 327,828 $ 227,500 Cost of goods sold 257,613 207,515 145,600 Gross profit 170,315 120,313 81,900 Selling expenses 60,766 45, 240 30,030 Administrative expenses 38,514 28,849 18,883 Total expenses 99, 280 74,089 48,913 Income before taxes 71,035 46,224 32,987 Income tax expense 13,213 9,476 6,696 Net income $ 57,822 $ 36,748 $...
BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,896,440 $1,756,400 1,011,900 744,500 484,900 259,600 1,064,440 832,000 505,900 326,100 Interest expense Income before income taxes Income tax expense Net income 24,100 302,000 94,100 $207,900 22,100 237,500 75,100 $162,400 BLOSSOM COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable Inventory 60,100 64,200...
Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 $555,000 $340,000 $278,000 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 50,800 22,800 73,600 50,500 15,670 $ 77,132 40,290 34,830 283,500 212,500 153,900 271,500 127,500 124,100 46,920 29,920 76,840 50,660 10,370 102,900 50,668 153,568 117,932 40,800 KORBIN COMPANY Comparative Balance Sheets December 31,...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales $ 430,561 $ 329,845 cost of goods sold 259,198 208, 132 Gross profit 171,363 121, 713 selling expenses 61,140 45,519 Administrative expenses 38,750 29, 026 Total expenses 99,890 74,545 Income before taxes 71,473 47,168 Income taxes 13, 294 9,669 Net income 58,179 $ 37,499 2015 $ 228,900 146,496 82,404 30,215 18,999 49,214 33,190 6,738 $...
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