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The following amounts were taken from the financial statements of Skysong, Inc.: Current liabilities 2017 2016...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
Selected data from Kamal Company's financial statements is as follows: In $000's 2017 2016 Current liabilities...
Selected data from Kamal Company's financial statements is as follows: In $000's 2017 2016 Current liabilities $ 5,130 $ 5,202 Long-term debt 1,419 1,322 Stockholders' equity 12,632 11,166 Interest and principal payments 300 400 Net income 2,430 2,280 Interest expense 196 172 Income taxes 1,837 1,524 Dividends paid 750 750 Kamal Company's times interest earned ratio for 2017 Select one: A. shows an increase in the company's ability to make its interest payments. B. increased, which indicates the company's creditors...
The following amounts were taken from the financial statements of Swifty Corporation: 2017 2016 Total assets...
The following amounts were taken from the financial statements of Swifty Corporation: 2017 2016 Total assets $819000 $1027000 Net sales 748000 674000 Gross profit 358000 324000 Net income 110000 143000 Weighted average number of 97900 97900 common shares outstanding Market price of common stock $44 $41 The profit margin ratio for 2017 is 14%. 16%. 15%. 18%.
The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented as...
The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) IVANHOE COMPANY Balance Sheets December 31 2017 2016 Current assets Cash and cash equivalents $330 $360 Accounts receivable (net) 550 Inventory 530 460 Prepaid expenses 160 120 1,530 Total current assets 1,460 Investments Property, plant, and equipment (net) Intangibles and other assets Total assets 420 380 530 510 $2,570 $2,440 $980 $870 480 450 1,110 1,120 Current liabilities Long-term liabilities...
The condensed financial statements of Crane Company for the years 2016 and 2017 are presented as...
The condensed financial statements of Crane Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) CRANE COMPANY Balance Sheets December 31 2017 2016 Current assets Cash and cash equivalents $330 $360 Accounts receivable (net) 570 500 Inventory 580 510 Prepaid expenses 120 160 Total current assets 1,600 1,530 Investments 110 110 Property, plant, and equipment (net) 380 420 530 510 Intangibles and other assets $2,660 $2,530 Total assets $890 $1,000 Current liabilities 500 530 Long-term...
Question 2 The comparative statements of Skysong Company Limited are presented below. 2016 £419,000 SKYSONG COMPANY...
Question 2 The comparative statements of Skysong Company Limited are presented below. 2016 £419,000 SKYSONG COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses Cost of goods sold 315,000 Selling and administrative 119,000 Interest expense 8,800 Income tax expense 20,800 Total expenses 463,600 Net Income £ 35,400 255,000 115,000 5,900 14,800 390,700 E 28,300 2016 £384,000 60,300 75,000 14,300 17,100 166,700 £550,700 SKYSONG COMPANY LIMITED Statements of Financial Position December 31...
The following data were taken from the financial records of Glum Corporation for 2017: Sales Bond...
The following data were taken from the financial records of Glum Corporation for 2017: Sales Bond interest expense Income taxes Net income $3,600,000 120,000 600,000 800,000 Required: How many times was bond interest earned in 2017? (Round your answer to 2 decimal places.) Interest coverage times times
Selected data from Kamal Company's financial statements is as follows: In $000's 2017 2016 Current liabilities...
Selected data from Kamal Company's financial statements is as follows: In $000's 2017 2016 Current liabilities $ 5,130 $ 5,202 Long-term debt 1,419 1,322 Stockholders' equity 12,632 11,166 Interest and principal payments 300 400 Net income 2,430 2,280 Interest expense 196 172 Income taxes 1,837 1,524 Dividends paid 750 750 Kamal Company's debt-to-equity ratio for 2017 is Select one: A. an indicator that Kamal Company's ability to meet current interest payments to creditors is increasing. B. increasing slightly from 2016...
The condensed financial statements of Crane Company for the years 2016 and 2017 are presented as...
The condensed financial statements of Crane Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) CRANE COMPANY Balance Sheets December 31 2017 2016 Current assets Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Total current assets Investments $330 $360 570 500 580 510 120 160 1,600 1,530 110 110 420 380 530 510 $2,660 $2,530 $1,000 $890 530 500 Property, plant, and equipment (net) Intangibles and other assets Total assets Current liabilities Long-term...
The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented below....
The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented below. IVANHOE COMPANY Balance Sheets December 31 (in thousands) 2017 2016 Current assets Cash and cash equivalents $330 $360 Accounts receivable (net) 630 560 Inventory 600 530 Prepaid expenses 130 160 Total current assets 1,690 1,610 Property, plant, and equipment (net) 410 380 Investments 170 170 Intangibles and other assets 530 510 Total assets $2,800 $2,670 Current liabilities $980 $950 Long-term liabilities 620 520 Stockholders’...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) IVANHOE COMPANY Balance Sheets December 31 2017 2016 Current assets Cash and cash equivalents $330 $360 Accounts receivable (net) 550 Inventory 530 460 Prepaid expenses 160 120 1,530 Total current assets 1,460 Investments Property, plant, and equipment (net) Intangibles and other assets Total assets 420 380 530 510 $2,570 $2,440 $980 $870 480 450 1,110 1,120 Current liabilities Long-term liabilities...
The condensed financial statements of Crane Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) CRANE COMPANY Balance Sheets December 31 2017 2016 Current assets Cash and cash equivalents $330 $360 Accounts receivable (net) 570 500 Inventory 580 510 Prepaid expenses 120 160 Total current assets 1,600 1,530 Investments 110 110 Property, plant, and equipment (net) 380 420 530 510 Intangibles and other assets $2,660 $2,530 Total assets $890 $1,000 Current liabilities 500 530 Long-term...
Question 2 The comparative statements of Skysong Company Limited are presented below. 2016 £419,000 SKYSONG COMPANY LIMITED Income Statement For the Years Ended December 31 2017 Net sales (all on account) £499,000 Expenses Cost of goods sold 315,000 Selling and administrative 119,000 Interest expense 8,800 Income tax expense 20,800 Total expenses 463,600 Net Income £ 35,400 255,000 115,000 5,900 14,800 390,700 E 28,300 2016 £384,000 60,300 75,000 14,300 17,100 166,700 £550,700 SKYSONG COMPANY LIMITED Statements of Financial Position December 31...
The following data were taken from the financial records of Glum Corporation for 2017: Sales Bond interest expense Income taxes Net income $3,600,000 120,000 600,000 800,000 Required: How many times was bond interest earned in 2017? (Round your answer to 2 decimal places.) Interest coverage times times
The condensed financial statements of Crane Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) CRANE COMPANY Balance Sheets December 31 2017 2016 Current assets Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Total current assets Investments $330 $360 570 500 580 510 120 160 1,600 1,530 110 110 420 380 530 510 $2,660 $2,530 $1,000 $890 530 500 Property, plant, and equipment (net) Intangibles and other assets Total assets Current liabilities Long-term...
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