Homework Answers
Gross Profit percentage = Gross Profit / Revenue * 100
= $2,000 / $4,000 * 100
= 50%
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Chapter 9, "Problem" 23 (Sew Cool ratios) 23. In Chapter 4, Heather Miler started her own...
Chapter 7, "Problem" 22 (Sew Cool ratios) 22. In Chapter 4, Heather Miler started her own...
Chapter 7, "Problem" 22 (Sew Cool ratios) 22. In Chapter 4, Heather Miler started her own business, Sen Cool. The financial statements for December are shown next. Sew Cool Income Statement as of December 31, 20X8 , $ 4.000 2.000 Revenue Cost of Goods Gross Profit Other Expenses Earnings before Tax Tax Expense Net Income 2.000 1.695 305 107 198 s Sew Cool Statement of Retained Earnings as of December 31, 20X8 Retained Earnings, December 1, 20x8 Net Income Dividends...
Problem 23-3 Sarasota Company has not yet prepared a formal statement of cash flows for the...
Problem 23-3 Sarasota Company has not yet prepared a formal statement of cash flows for the 2017 fiscal year. Com parative balance sheets as of December 31, 2016 and 2017, and a statement of income and retained earnings for the year ended December 31, 2017, are presented as follows. SARASOTA COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2017 ($000 OMITTED) Sales revenue $3,830 Expenses Cost of goods sold $1,190 Salaries and benefits 740 Heat,...
Problem 12-4B Calculate risk ratios (L012-3) The following income statement and balance sheets for The Athletic...
Problem 12-4B Calculate risk ratios (L012-3) The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $8,780,000 Cost of goods sold 5,390,000 Gross profit 3,390,000 Expenses: Operating expenses $1,540,000 Depreciation expense 198.000 Interest expense 38. Bee Income tax expense 348,000 Total expenses 2,124,000 Net income 31.266,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 Assets Current assets: $ $ 152,000 730,000 1,345,000...
Retained earnings: $43,134 Accounts payable: $74,679 Accounts receivable: $34,701 Common stock: $119,986 Cash: $8,273 Short-term debt....
Retained earnings: $43,134 Accounts payable: $74,679 Accounts receivable: $34,701 Common stock: $119,986 Cash: $8,273 Short-term debt. $299 Inventory: $23,441 Goodwill: $48,332 Long-term debt: $80,177 Other noncurrent liabilities: $42,438 Net plant, property, and equipment: $192,325 Other noncurrent assets: $16,822 Long-term investments: $22,219 Other current assets: $14,600 Barron Pizza, Inc. Balance Sheet as of December 31, 2015 (s in thousands) LIABILITIES Current liabilities ASSETS Current Assets $ $ $ $ Total current liabilities $ 69 $ $ Total current assets $ Total...
E BUSINESSCOLIS Return to course Profitability, Liquidity, and Solvency Ratios Shannon Corporation gathered the following information...
E BUSINESSCOLIS Return to course Profitability, Liquidity, and Solvency Ratios Shannon Corporation gathered the following information from its financial statements: Net sales Net Income Current assets Current liabilities Total assets Total liabilities $180,000 25,200 40,500 27,000 130,000 97,500 Using the above data, calculate the following: (1) profit margin, (2) current ratio, (3) debt-to-total assets ratio, and (4) return on assets ratio. Note: Round answers to one decimal place. Profit margin Current ratio Debt-to-total assets ratio Return on assets ratio 0%...
eBook ер Question 2 Not complete Marked out of 29.00 P Flag question Preparing a Classified...
eBook ер Question 2 Not complete Marked out of 29.00 P Flag question Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Blaford Wholesalers as of December 31. Accounts payable 352.000 Inventory 5142,000 Accounts receivable 54,000 Land 58,000 Building 91.000 Mortgage payable long term 100.000 Cash 40.000 Office supplies 2.000 Common stock 136,000 Retained earnings 2 Salaries payable 8.000 Note: Balance sheet accounts are disclosed in a certain order, Refer...
E4-01A.Stat eBook Print Question 1 Not complete Marked out of 29.00 P Flag question $117.000 Preparing...
E4-01A.Stat eBook Print Question 1 Not complete Marked out of 29.00 P Flag question $117.000 Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare classified balance sheet for Berkly Wholesalers as of December 31. Accounts payable 543.000 Inventory Accounts receivable 40,000 Land 45,000 Building 67,000 Mortgage payable long term 78,000 Cash 26,000 ke Supplies 2.000 Common stock 111,000 Retained earnings 2 Salaries payable 7.000 Note: Balance sheet accounts are disclosed in a certain order Refer...
Problem 4-27 EFN and Internal Growth [LO2, 3] The most recent financial statements for Crosby, Inc.,...
Problem 4-27 EFN and Internal Growth [LO2, 3] The most recent financial statements for Crosby, Inc., follow. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. CROSBY, INC. 2017 Income Statement Sales Costs Other expenses $755,000 611,000 25,000 Earnings before interest and taxes Interest paid $ 119,000 10,800 Taxable income Taxes (22%) $ 108,200 23,804 Net income $...
Problem 2 Page 2 Chapter 05 Group work - STU.xlsx Presented below is the adjusted trial...
Problem 2 Page 2 Chapter 05 Group work - STU.xlsx Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2020. Kelly Corporation Trial Balance December 31, 2020 Debit Credit $ $ $ 1.200 1.000 48,000 $ 4.000 $ 950 Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense...
ACC201: Financial Accounting Question 4 The Statements of Financial Position of EZ Pte Ltd as at...
ACC201: Financial Accounting
Question 4 The Statements of Financial Position of EZ Pte Ltd as at 31 December 20X7 and 31 December 20X8, and its Statement of Profit or Loss for the year ended 31 December 20X8 are as follows: 20X7 EZ Pte Ltd Statements of Financial Positions As at 31 December, 20X8 and 20X7 20X8 Assets Current Assets Cash 166,800 Accounts receivable 254,000 Inventory 186,800 Interest receivable 11,000 Total current assets 620,600 127,800 177,400 312,000 9,800 627,000 Non-Current Assets...
Chapter 7, "Problem" 22 (Sew Cool ratios) 22. In Chapter 4, Heather Miler started her own business, Sen Cool. The financial statements for December are shown next. Sew Cool Income Statement as of December 31, 20X8 , $ 4.000 2.000 Revenue Cost of Goods Gross Profit Other Expenses Earnings before Tax Tax Expense Net Income 2.000 1.695 305 107 198 s Sew Cool Statement of Retained Earnings as of December 31, 20X8 Retained Earnings, December 1, 20x8 Net Income Dividends...
Problem 23-3 Sarasota Company has not yet prepared a formal statement of cash flows for the 2017 fiscal year. Com parative balance sheets as of December 31, 2016 and 2017, and a statement of income and retained earnings for the year ended December 31, 2017, are presented as follows. SARASOTA COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2017 ($000 OMITTED) Sales revenue $3,830 Expenses Cost of goods sold $1,190 Salaries and benefits 740 Heat,...
Problem 12-4B Calculate risk ratios (L012-3) The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $8,780,000 Cost of goods sold 5,390,000 Gross profit 3,390,000 Expenses: Operating expenses $1,540,000 Depreciation expense 198.000 Interest expense 38. Bee Income tax expense 348,000 Total expenses 2,124,000 Net income 31.266,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 Assets Current assets: $ $ 152,000 730,000 1,345,000...
Retained earnings: $43,134 Accounts payable: $74,679 Accounts receivable: $34,701 Common stock: $119,986 Cash: $8,273 Short-term debt. $299 Inventory: $23,441 Goodwill: $48,332 Long-term debt: $80,177 Other noncurrent liabilities: $42,438 Net plant, property, and equipment: $192,325 Other noncurrent assets: $16,822 Long-term investments: $22,219 Other current assets: $14,600 Barron Pizza, Inc. Balance Sheet as of December 31, 2015 (s in thousands) LIABILITIES Current liabilities ASSETS Current Assets $ $ $ $ Total current liabilities $ 69 $ $ Total current assets $ Total...
E BUSINESSCOLIS Return to course Profitability, Liquidity, and Solvency Ratios Shannon Corporation gathered the following information from its financial statements: Net sales Net Income Current assets Current liabilities Total assets Total liabilities $180,000 25,200 40,500 27,000 130,000 97,500 Using the above data, calculate the following: (1) profit margin, (2) current ratio, (3) debt-to-total assets ratio, and (4) return on assets ratio. Note: Round answers to one decimal place. Profit margin Current ratio Debt-to-total assets ratio Return on assets ratio 0%...
eBook ер Question 2 Not complete Marked out of 29.00 P Flag question Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Blaford Wholesalers as of December 31. Accounts payable 352.000 Inventory 5142,000 Accounts receivable 54,000 Land 58,000 Building 91.000 Mortgage payable long term 100.000 Cash 40.000 Office supplies 2.000 Common stock 136,000 Retained earnings 2 Salaries payable 8.000 Note: Balance sheet accounts are disclosed in a certain order, Refer...
E4-01A.Stat eBook Print Question 1 Not complete Marked out of 29.00 P Flag question $117.000 Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare classified balance sheet for Berkly Wholesalers as of December 31. Accounts payable 543.000 Inventory Accounts receivable 40,000 Land 45,000 Building 67,000 Mortgage payable long term 78,000 Cash 26,000 ke Supplies 2.000 Common stock 111,000 Retained earnings 2 Salaries payable 7.000 Note: Balance sheet accounts are disclosed in a certain order Refer...
Problem 4-27 EFN and Internal Growth [LO2, 3] The most recent financial statements for Crosby, Inc., follow. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. CROSBY, INC. 2017 Income Statement Sales Costs Other expenses $755,000 611,000 25,000 Earnings before interest and taxes Interest paid $ 119,000 10,800 Taxable income Taxes (22%) $ 108,200 23,804 Net income $...
Problem 2 Page 2 Chapter 05 Group work - STU.xlsx Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2020. Kelly Corporation Trial Balance December 31, 2020 Debit Credit $ $ $ 1.200 1.000 48,000 $ 4.000 $ 950 Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense...
ACC201: Financial Accounting
Question 4 The Statements of Financial Position of EZ Pte Ltd as at 31 December 20X7 and 31 December 20X8, and its Statement of Profit or Loss for the year ended 31 December 20X8 are as follows: 20X7 EZ Pte Ltd Statements of Financial Positions As at 31 December, 20X8 and 20X7 20X8 Assets Current Assets Cash 166,800 Accounts receivable 254,000 Inventory 186,800 Interest receivable 11,000 Total current assets 620,600 127,800 177,400 312,000 9,800 627,000 Non-Current Assets...
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