Homework Answers
Answer of Part b:
Total Debt = Current Liabilities + Long term Debt
Total Debt = $64,000 + $128,000
Total Debt = $192,000
Total Asset = Current Assets + Noncurrent Assets
Total Asset = $257,000 + $514,000
Total Assets = $771,000
Total Debt to Asset Ratio = Total Debt / Total Assets
Total Debt to Asset Ratio = $192,000 / $771,000
Total Debt to Asset Ratio = 0.25
Answer of Part c:
Times interest Earned Ratio = Operating Income / Interest
Expense
Times Interest Earned Ratio = $135,886 / $4,947
Times Interest Earned Ratio = 27.47
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Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain,...
Husain, Inc.’s income statement and other financial information for the current year is presented below. Hussain,...
Husain, Inc.’s income statement and other financial information
for the current year is presented below.
Hussain, Inc.
Income Statement
For the year ended December 31
Sales
revenue
$
199,131
Cost of goods
sold
72,360
Gross
profit
126,771
Selling, general
and administrative expenses
13,385
Operating
income
113,386
Interest
expense
4,047
Income before
taxes
109,339
Income tax
expense
4,214
Net income
$
105,125
Balance sheet
information:
Current
assets
$
254,000
Noncurrent
assets
508,000
Current
liabilities
58,000
Long-term
debt
116,000
Required:
Perform vertical...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...
The financial statements of Ivanhoe Inc. are presented here: IVANHOE INC. Income Statement Year Ended December...
The financial statements of Ivanhoe Inc. are presented here: IVANHOE INC. Income Statement Year Ended December 31, 2018 Service revenue $2,177,500 Expenses Operating expenses $1,880,500 Interest expense 100,000 1,980,500 Income before income tax 197,000 Income tax expense 39,000 Net income $158,000 IVANHOE INC. Statement of Financial Position December 31, 2018 Assets Current assets Cash $ 63,100 Held for trading investments 54,000 Accounts receivable 265,800 Supplies 28,000 $ 410,900 Property, plant, and equipment 579,300 Total assets $990,200 Liabilities and Shareholders’ Equity...
Canadian Bacon Inc. financial statements are presented in the table below. Based on the information...
Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate operating cycle. Balance Sheet December 31, 2014 Cash and marketable securities $132,000 Accounts payable $399,000 Accounts receivable $311,000 Notes payable $98,500 Inventories $512,000 Accrued expenses $89,300 Prepaid expenses $11,300 Total current liabilities $586,800 Total current assets $966,300 Long-term debt $799,400 Gross fixed assets $2,104,000 Par value and paid-in-capital $298,000 Less: accumulated depreciation $398,000 Retained Earnings...
a) American Bacon Inc. financial statements are presented in the table below. Based on the information in...
a) American Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate Average Credit Sales per Day. Round the answers to two decimal places Balance Sheet December 31, 2010 Cash and marketable securities $102,000 Accounts payable $287,000 Accounts receivable $299,000 Notes payable $61,200 Inventories $628,000 Accrued expenses $51,900 Prepaid expenses $10,300 Total current liabilities $400,100 Total current assets $1,039,300 Long-term debt $415,000 Gross fixed assets $1,502,000 Par value...
a) American Bacon Inc. financial statements are presented in the table below. Based on the information in...
a) American Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate Average Day’s Cost of Goods Sold. Round the answers to two decimal places Balance Sheet December 31, 2010 Cash and marketable securities $102,000 Accounts payable $287,000 Accounts receivable $299,000 Notes payable $61,200 Inventories $628,000 Accrued expenses $51,900 Prepaid expenses $10,300 Total current liabilities $400,100 Total current assets $1,039,300 Long-term debt $415,000 Gross fixed assets $1,502,000 Par...
Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in...
Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate cash conversion cycle Round the answers to two decimal places Balance Sheet December 31, 2012 Cash and marketable securities $198,000 Accounts payable $288,000 Accounts receivable $469,000 Notes payable $65,000 Inventories $577,000 Accrued expenses $84,000 Prepaid expenses $15,700 Total current liabilities $437,000 Total current assets $1,259,700 Long-term debt $237,000 Gross fixed assets $1,954,000 Par value and paid-in-capital...
a) Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in...
a) Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate operating cycle. Round the answers to two decimal places Balance Sheet December 31, 2014 Cash and marketable securities $132,000 Accounts payable $399,000 Accounts receivable $311,000 Notes payable $98,500 Inventories $512,000 Accrued expenses $89,300 Prepaid expenses $11,300 Total current liabilities $586,800 Total current assets $966,300 Long-term debt $799,400 Gross fixed assets $2,104,000 Par value and paid-in-capital $298,000...
a) Canadian Bacon Inc. financial statements are presented in the table below. Based on the information...
a) Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using cost of goods sold and a 365-day year, calculate Days of Sales in Inventory (using cost of goods sold). Round the answers to two decimal places Balance Sheet December 31, 2012 Cash and marketable securities $198,000 Accounts payable $288,000 Accounts receivable $469,000 Notes payable $65,000 Inventories $577,000 Accrued expenses $84,000 Prepaid expenses $15,700 Total current liabilities $437,000 Total current...
Husain, Inc.’s income statement and other financial information
for the current year is presented below.
Hussain, Inc.
Income Statement
For the year ended December 31
Sales
revenue
$
199,131
Cost of goods
sold
72,360
Gross
profit
126,771
Selling, general
and administrative expenses
13,385
Operating
income
113,386
Interest
expense
4,047
Income before
taxes
109,339
Income tax
expense
4,214
Net income
$
105,125
Balance sheet
information:
Current
assets
$
254,000
Noncurrent
assets
508,000
Current
liabilities
58,000
Long-term
debt
116,000
Required:
Perform vertical...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...
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