Homework Answers
FIXED ASSETS TURNOVER RATIO = SALES / AVERAGE NET FIXED ASSETS
AVERAGE NET FIXED ASSETS = (VALUE AT BEGINNING + VALUE AT END ) / 2
PREVIOUS YEAR AVERAGE NET FIXED ASSETS = (113000 + 108000) /2 = $ 110500
CURRENT YEAR AVERAGE NET FIXED ASSETS = ( 108000 + 98000 ) /2 = $ 103000
5-A. THEREFORE
CURRENT YEAR FIXED ASSETS TURNOVER RATIO = 125000 / 103000 = 1.2135
PREVIOUS YEAR FIXED ASSETS TURNOVER RATIO = 111000 / 110500 = 1.0045
5-B. CURRENT YEAR FIXED ASSET TURNOVER RATIO HAS BEEN INCREASED WHICH INDICATES EFFICIENT UTILISATION OF ASSETS .THEREFORE IT IS BETTER .
Add Answer to:
5-a. Net property and equipment totaled $113,000 at the beginning of the previous year. Compute the...
6-a. Compute the debt-to-assets ratios for the current and previous years. (Round your answers to 2...
6-a. Compute the debt-to-assets ratios for the current and previous years. (Round your answers to 2 decimal places.) 6-b. Is debt providing financing for a larger or smaller proportion of the company's asset growth? Debt-to-Assets Current Year Previous Year 6-B. Current year debt-to-assets ratio? Larger Proportion Smaller Proportion Required 5 Required 7 > G E VUS years. Are the current year results better, or worse, than those for the previous year? 6. Compute the debt-to-assets ratios for the current and...
The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data:...
The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data: Current Year Previous Year Income Statement Sales Revenue Cost of Goods Sold $125,000 58,000 $111,000 54,000 Gross Profit Operating Expenses Interest Expense 67,000 39,000 4,300 57,000 35,400 4.300 Income before Income Tax Expense Income Tax Expense (30%) 23,700 7,110 17,300 5,190 Net Income $ 16,590 $ 12,110 Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net $ 73,415 20,000 28,000 98,000 $...
Required: 1. Compute the gross profit percentage in the current and previous years. Are the current...
Required: 1. Compute the gross profit percentage in the current and previous years. Are the current year results better, or worse, than those for the previous year? 2. Compute the net profit margin for the current and previous years. Are the current year results better, or worse, than those for the previous year? 3. Compute the earnings per share for the current and previous years. Are the current year results better, or worse, than those for the previous year? 4....
Pinnacle Plus declared and paid a cash dividend of $8,100 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information:
Pinnacle Plus declared and paid a cash dividend of $8,100 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current YearPrevious YearIncome StatementSales Revenue$185,000$159,000Cost of Goods Sold82,00078,000Gross Profit103,00081,000Operating Expenses51,00045,000Interest Expense5,5005,500Income before Income Tax Expense46,50030,500Income Tax Expense (30%)13,9509,150Net Income$32,550$21,350Balance SheetCash$89,075$23,000Accounts Receivable, Net32,00027,000Inventory40,00053,000Property and Equipment, Net110,000120,000Total Assets$271,075$223,000Accounts Payable$57,000$33,500Income Tax Payable1,3751,250Note Payable (long-term)55,00055,000Total Liabilities113,37589,750Common Stock (par $10)99,00099,000Retained Earnings58,70034,250Total Liabilities and Stockholders’ Equity$271,075$223,000 Required:1. Compute the gross profit percentage in the current and previous years. Are the current year...
Pinnacle Plus declared and paid a cash dividend of $9,100 in the current year. Its comparative...
Pinnacle Plus declared and paid a cash dividend of $9,100 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Year Previous Year Income Statement Sales Revenue $ 235,000 $ 199,000 Cost of Goods Sold 102,000 98,000 Gross Profit 133,000 101,000 Operating Expenses 61,000 53,000 Interest Expense 6,500 6,500 Income before Income Tax Expense 65,500 41,500 Income Tax Expense (30%) 19,650 12,450 Net Income $ 45,850 $ 29,050 Balance Sheet Cash $...
Pinnacle Plus declared and paid a cash dividend of $7,800 in the current year. Its comparative...
Pinnacle Plus declared and paid a cash dividend of $7,800 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Year Previous Year $170,000 76,000 94,000 48,000 5,200 40,800 12,240 $ 28,560 $147,000 72,000 75,000 42,600 5, 200 27,200 8,160 $ 19,040 Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable,...
The comparative financial statements prepared at December 31 for Golden Corporation showed the following summarized data:...
The comparative financial statements prepared at December 31 for Golden Corporation showed the following summarized data: Current Previous Income Statement Sales revenue Cost of goods sold $280,000 150,000 $245,000 140,000 Gross profit Operating expenses Interest expense 130,000 73,300 4,700 105,000 66,400 4,600 Income before income taxes Income tax expense 52,000 15,600 34.000 5,000 Net income $ 36,400 $ 29,000 $ Balance Sheet Cash Accounts receivable (net) Inventory Property and equipment (net) 8,100 39,000 60,000 65,000 $ 10,000 33,000 55,000 58,000...
Please complete entire PA13-2 with ratios correctly. Use the data given in PA13-1 for pinnacle plus....
Please complete entire PA13-2 with ratios correctly. Use the
data given in PA13-1 for pinnacle plus.
est percentage? LO 13-4, 1 PA13-2 Analyzing Comparative Financial Statements Using Selected Ratios Use the data given in PA13-1 for Pinnacle Plus. Required: 1. Compute the gross profit percentage in the current and previous years. Round the percent- ages to one decimal place. Are the current year results better, or worse, than those for the previous year? 2. Compute the net profit margin for...
Help Save & Ex Eignment i Che Tiger Audio declared and paid a cash dividend of $7,325 in the current...
Help Save & Ex Eignment i Che Tiger Audio declared and paid a cash dividend of $7,325 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Previous $312,000 163,650 148,350 57,600 5,800 84,950 25,485 $ 59,465 $257,000 147,000 110,000 48,130 5,070 56,800 17,040 $ 39,760 Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (308) Net Income Balance...
Martinez Industries had the following operating results for 2021: Sales = $35,126; Cost of goods sold = $24,604; Depreciation expense = $6,077; Interest expense = $2,750; Dividends paid = $2,068. At the beginning of the year, net fixed assets were $20,020
Martinez Industries had the following operating results for 2021: Sales = $35,126; Cost of goods sold = $24,604; Depreciation expense = $6,077; Interest expense = $2,750; Dividends paid = $2,068. At the beginning of the year, net fixed assets were $20,020, current assets were $7,110, and current liabilities were $4,040. At the end of the year, net fixed assets were $24,574, current assets were $8,732, and current liabilities were $4,745. The tax rate for 2021 was 25 percent.
6-a. Compute the debt-to-assets ratios for the current and previous years. (Round your answers to 2 decimal places.) 6-b. Is debt providing financing for a larger or smaller proportion of the company's asset growth? Debt-to-Assets Current Year Previous Year 6-B. Current year debt-to-assets ratio? Larger Proportion Smaller Proportion Required 5 Required 7 > G E VUS years. Are the current year results better, or worse, than those for the previous year? 6. Compute the debt-to-assets ratios for the current and...
The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data: Current Year Previous Year Income Statement Sales Revenue Cost of Goods Sold $125,000 58,000 $111,000 54,000 Gross Profit Operating Expenses Interest Expense 67,000 39,000 4,300 57,000 35,400 4.300 Income before Income Tax Expense Income Tax Expense (30%) 23,700 7,110 17,300 5,190 Net Income $ 16,590 $ 12,110 Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net $ 73,415 20,000 28,000 98,000 $...
Required: 1. Compute the gross profit percentage in the current and previous years. Are the current year results better, or worse, than those for the previous year? 2. Compute the net profit margin for the current and previous years. Are the current year results better, or worse, than those for the previous year? 3. Compute the earnings per share for the current and previous years. Are the current year results better, or worse, than those for the previous year? 4....
Pinnacle Plus declared and paid a cash dividend of $7,800 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Year Previous Year $170,000 76,000 94,000 48,000 5,200 40,800 12,240 $ 28,560 $147,000 72,000 75,000 42,600 5, 200 27,200 8,160 $ 19,040 Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable,...
The comparative financial statements prepared at December 31 for Golden Corporation showed the following summarized data: Current Previous Income Statement Sales revenue Cost of goods sold $280,000 150,000 $245,000 140,000 Gross profit Operating expenses Interest expense 130,000 73,300 4,700 105,000 66,400 4,600 Income before income taxes Income tax expense 52,000 15,600 34.000 5,000 Net income $ 36,400 $ 29,000 $ Balance Sheet Cash Accounts receivable (net) Inventory Property and equipment (net) 8,100 39,000 60,000 65,000 $ 10,000 33,000 55,000 58,000...
Please complete entire PA13-2 with ratios correctly. Use the
data given in PA13-1 for pinnacle plus.
est percentage? LO 13-4, 1 PA13-2 Analyzing Comparative Financial Statements Using Selected Ratios Use the data given in PA13-1 for Pinnacle Plus. Required: 1. Compute the gross profit percentage in the current and previous years. Round the percent- ages to one decimal place. Are the current year results better, or worse, than those for the previous year? 2. Compute the net profit margin for...
Help Save & Ex Eignment i Che Tiger Audio declared and paid a cash dividend of $7,325 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Previous $312,000 163,650 148,350 57,600 5,800 84,950 25,485 $ 59,465 $257,000 147,000 110,000 48,130 5,070 56,800 17,040 $ 39,760 Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (308) Net Income Balance...
Most questions answered within 3 hours.
-
what is the formula, molecular weight , melting point and
one-word hazard for p-dichlorobenzene?
asked 57 seconds from now -
10. Which of the following is NOT a physical
barrier method of birth control?
vastecomy
female...
asked 31 seconds from now -
A gene mutation that is hypermorphic in nature likely has a
mutation in its....
Promoter
Coding...
asked 4 minutes ago -
1)A flask containing oxygen has a volume of 3.5 dm at a pressure
of 3.5 bar....
asked 4 minutes ago -
Recall the Application about the price of vanity license
plates in Virginia to answer the following...
asked 5 minutes ago -
Why does H2O act like an acid and give up one of its hygrogen
atoms when...
asked 7 minutes ago -
which atom is most electronegative
- P
-Cs
-Cl
-Li
Which of the following anions same...
asked 7 minutes ago -
Find the t-value that has an area in the lower tail of
.10 when n=18.
Group...
asked 10 minutes ago -
Montecino Corporation uses two different types of labor to
manufacture its product. The types of labor,...
asked 28 minutes ago -
4. What are the two possible products of the
intramolecular hemiacetal formation of linear glucose?
5. ...
asked 49 minutes ago -
The opportunity cost of attending university is likely to
include all except which of the following?...
asked 52 minutes ago -
Consider the following regular
expression: (a*bc+d*e)*
Transform this regular expression to an NFA, from
there to...
asked 48 minutes ago