Homework Answers
Soluton for Question-1
Four of these items are found on the income Statment .
Explanation: Sales, Net Income ( Earning After Tax), Inventories ,Depreciation are shown in income statment and rest of the item shown in balance sheet.
Soluton for Question-2
Four of these items
Explanation: Account Payable, Inventory, Accrued Wages Payable, Accou nt Receivable Sales, are classifies as current assset /Current Liability.
Soluton for Question-3
Plant , Property and equipment is not classified as Current Asset.
Soluton for Question-4
All of the option influence Firm P/E Ratio
Soluton for Question-5
Earning Per Share is
Net Income minus preferred divided by number of share outstandig
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How many of the following items are found on the income statement, rather than the balance...
How many of the following items are found on the balance sheet, rather than the income...
How many of the following items are found on the balance sheet, rather than the income statement? Accounts receivable . Retained earnings . Income tax expense . Accrued payable . Cash . Selling and administrative expenses . Plant and equipment Operating expense . Marketable securities . Interest expense O Three of these items are found on the balance sheet O Four of these items are found on the balance sheet. O Five of these items are found on the balance...
Choices of Classification are Balance Sheet or Income STatement The following items are found in the...
Choices of Classification are
Balance Sheet or Income STatement
The following items are found in the financial statements. Indicate how each of these items should be classified in the financial statements. Classification (a) Discount on bonds payable. Interest expense (credit balance). (b) (c) Unamortized bond issue costs. (d) (e) (f) Gain on repurchase of debt. Mortgage payable (payable in equal amounts over next 3 years). Debenture bonds payable (maturing in 5 years). Notes payable (due in 4 years). Premium on...
The following items, listed in alphabetical order, are taken from the records of Grizzly Inc., a...
The following items, listed in alphabetical order, are taken from the records of Grizzly Inc., a chain of outdoor recreational stores in the Northwest. Use the items to prepare two statements. First, prepare an income statement for the year ended December 31, 2016. The income statement should be in multiple-step form. Second, prepare a classified balance sheet at December 31, 2016. All amounts are in thousands of dollars. Accounts payable $ 6,500 Income tax expense $ 9,000 Accounts receivable 8,200 Insurance expense...
Direction: Prepare an Income statement, retained earnings statements, and balance sheet. Income Tax Expense and Income...
Direction: Prepare an Income statement, retained earnings
statements, and balance sheet.
Income Tax Expense and Income Tax Payable have not yet been
calculated . Assume the company is in a 21% tax bracket and that
the 21% rate applies to all items of income or loss, including any
"weird items ." Merchandise inventory at the beginning of the year
was $ (you will need to analyze the Income Summary account ). For
earnings per share calculations , assume that 600...
1. Arrange the following items into an income statement and balance sheet in the normal order....
1. Arrange the following items into an income statement and balance sheet in the normal order. Retained Earnings Interest Expense- Long Term Debt Accounts Payable Depreciation Accumulated Depreciation Current Assets Taxable Income Accounts Receivable Cash Gross Fixed Assets Inventory Cost of Goods Sold - Labor Expense - Common Stock Taxes Sales - Overhead Total Assets After Tax Income Net Fixed Assets Short Term Debt Current Liabilities Total Liabilities and Net Worth EBIT Gross Profit
Complex Income Statement The following items were derived from Woodbine Circle Corporation's adjusted trial balance on...
Complex Income Statement The following items were derived from Woodbine Circle Corporation's adjusted trial balance on December 31, 2019: Debit Credit $500,000 1,500,000 2,500,000 15,100,000 Cash Accounts receivable, net Inventory Property, plant, and equipment Accumulated depreciation Accounts payable Income taxes payable Notes payable Common stock ($1 par value) Additional paid-in capital Retained earnings, January 1, 2019 Sales-regular Sales-AL Division Cost of sales-regular Cost of sales-AL Division Administrative expenses-regular Administrative expenses-AL Division Interest expense-regular Interest expense-AL Division Loss on sale of...
Analyzing. Forecasting, and Interpreting Income Statement and Balance Sheet Following are the income statement and balance...
Analyzing. Forecasting, and Interpreting Income Statement and Balance Sheet Following are the income statement and balance sheet of General Mills, Inc. Income Statement, Fiscal Years Ended (in s millions) May 26, 2013 May 27, 2012 May 29, 2011 Net Sales $16.657.9 $14.380 2 Cost of Sales 11.350.2 10.613.2 892 Selling general and administrative expenses 3.5523 3.380.7 2. 1920 Divestitures (gain) Restructuring impairment, and other exit costs 101.6 Operating profit 2851.8 2562.4 27745 net 351.9 Earnings before income taxes and after...
The balance sheet and income statement shown below are for Koski Inc. Note that the firm...
The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets 2018 Cash and securities $3,000 Accounts receivable 15,000 Inventories 18,000 Total current assets $36,000 Net plant and equipment $24,000 Total assets $60,000 Liabilities and Equity Accounts payable $18,630...
From the Adjusted Trial Balance, find the entry for the: Income Statement, Statement of Retained Earnings,...
From the Adjusted Trial Balance, find the entry for the: Income Statement, Statement of Retained Earnings, and the Balance Sheet. (I have done the income statement, but couldn't get the answer for statement of retained earnings and balance sheet). Please let me know if you need more information and thank you so much for the help. Sharpe Incorporated Adjusted Trial Balance December 31, 2020 Account Name Debit Credit Cash 947,725 Accounts Receivable 1,475,000 Prepaid Insurance 22,875 Land 352,000 Equipment 195,000...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a c...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
How many of the following items are found on the balance sheet, rather than the income statement? Accounts receivable . Retained earnings . Income tax expense . Accrued payable . Cash . Selling and administrative expenses . Plant and equipment Operating expense . Marketable securities . Interest expense O Three of these items are found on the balance sheet O Four of these items are found on the balance sheet. O Five of these items are found on the balance...
Choices of Classification are
Balance Sheet or Income STatement
The following items are found in the financial statements. Indicate how each of these items should be classified in the financial statements. Classification (a) Discount on bonds payable. Interest expense (credit balance). (b) (c) Unamortized bond issue costs. (d) (e) (f) Gain on repurchase of debt. Mortgage payable (payable in equal amounts over next 3 years). Debenture bonds payable (maturing in 5 years). Notes payable (due in 4 years). Premium on...
Direction: Prepare an Income statement, retained earnings
statements, and balance sheet.
Income Tax Expense and Income Tax Payable have not yet been
calculated . Assume the company is in a 21% tax bracket and that
the 21% rate applies to all items of income or loss, including any
"weird items ." Merchandise inventory at the beginning of the year
was $ (you will need to analyze the Income Summary account ). For
earnings per share calculations , assume that 600...
1. Arrange the following items into an income statement and balance sheet in the normal order. Retained Earnings Interest Expense- Long Term Debt Accounts Payable Depreciation Accumulated Depreciation Current Assets Taxable Income Accounts Receivable Cash Gross Fixed Assets Inventory Cost of Goods Sold - Labor Expense - Common Stock Taxes Sales - Overhead Total Assets After Tax Income Net Fixed Assets Short Term Debt Current Liabilities Total Liabilities and Net Worth EBIT Gross Profit
Complex Income Statement The following items were derived from Woodbine Circle Corporation's adjusted trial balance on December 31, 2019: Debit Credit $500,000 1,500,000 2,500,000 15,100,000 Cash Accounts receivable, net Inventory Property, plant, and equipment Accumulated depreciation Accounts payable Income taxes payable Notes payable Common stock ($1 par value) Additional paid-in capital Retained earnings, January 1, 2019 Sales-regular Sales-AL Division Cost of sales-regular Cost of sales-AL Division Administrative expenses-regular Administrative expenses-AL Division Interest expense-regular Interest expense-AL Division Loss on sale of...
Analyzing. Forecasting, and Interpreting Income Statement and Balance Sheet Following are the income statement and balance sheet of General Mills, Inc. Income Statement, Fiscal Years Ended (in s millions) May 26, 2013 May 27, 2012 May 29, 2011 Net Sales $16.657.9 $14.380 2 Cost of Sales 11.350.2 10.613.2 892 Selling general and administrative expenses 3.5523 3.380.7 2. 1920 Divestitures (gain) Restructuring impairment, and other exit costs 101.6 Operating profit 2851.8 2562.4 27745 net 351.9 Earnings before income taxes and after...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
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