IMG_4994
jpeg
keyboard_arrow_up
School
University of Notre Dame *
*We aren’t endorsed by this school
Course
5451679445
Subject
Accounting
Date
Nov 24, 2024
Type
jpeg
Pages
1
Uploaded by CorporalRose8679
Question
23
Oscar's
Incredible
Eatery
($
thousands)
Income
Statement
for
the
year
ending
Dec.
31,
2017
Net
sales
Cost
of
goods
sold
Depreciation
Earnings
before
interest
and
taxes
Interest
expense
Earnings
before
tax
Tax
Earnings
after
tax
Dividends
17,300
10,600
3,250
3,450
680
2,770
940
1,830
450
Oscar's
Incredible
Eatery
($
thousands)
Balance
Sheet
as
of
Dec.
31,
2017
Cash
Accounts
receivabl
C
Inventory
Total
current
assets
Net
fixed
assets
Total
assets
350
940
2,360
3,650
10,850
14,500
Accounts
1,920
payable
Long-
term
debt
3,500
Common
7,500
stock
Reta!ned
1,580
earnings
Total
liab.
14,500
&
equity
Discover more documents: Sign up today!
Unlock a world of knowledge! Explore tailored content for a richer learning experience. Here's what you'll get:
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Documents
Related Questions
Financial Accounting Question
arrow_forward
Excepts from dialing company's december solve this question general Accounting
arrow_forward
Accounting 21
arrow_forward
Assets
Cash
Debt investments (short-term)
Accounts receivable (net)
Inventory
Prepaid expenses
Land
Priscoll Company
Balance Sheets
December 31
Building and equipment (net)
Total assets
Liabilities and Stockholders' Equity
Notes payable (current)
Accounts payable
Accrued liabilities
Bonds payable, due 2025
Common stock, $10 par
Retained earnings
Total liabilities and stockholders' equity
2022
$ 70,000
55,000
104,000
230,000
25,000
130,000
260,000
$874,000
$170,000
65,000
40,000
250,000
200,000
149,000
$874,000
2021
$ 65,000
40,000
90,000
165,000
23,000
130,000
185,000
$698,000
$120,000
52,000
40,000
170,000
200,000
116,000
$698,000
arrow_forward
Provide answer general Accounting question
arrow_forward
Question
The income statement of Cheyenne Company is shown below.
CHEYENNE COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue
$6,890,000
Cost of goods sold
Beginning inventory
$1,910,000
Purchases
4,410,000
Goods available for sale
6,320,000
Ending inventory
1,620,000
Cost of goods sold
4,700,000
Gross profit
2,190,000
Operating expenses
Selling expenses
460,000
Administrative expenses
700,000
1,160,000
Net income
$1,030,000
Additional information:
1.
Accounts receivable decreased $350,000 during the year.
2.
Prepaid expenses increased $160,000 during the year.
3.
Accounts payable to suppliers of merchandise decreased $300,000 during the year.
4.
Accrued expenses payable decreased $90,000 during the year.
5.
Administrative expenses include depreciation expense of…
arrow_forward
I want to correct answer general accounting question
arrow_forward
Excerpts from Hulkster Company's December 31, 2024 and 2023, financial statements are presented below:
Accounts receivable
Merchandise inventory
Net sales.
Cost of goods sold
Total assets
Total shareholders' equity
. Net income
Hulkster's 2024 return on assets is closest to:
Multiple Choice
13.5%.
7.1%.
47.7%..
7,8%.
2024
2023
$ 40,000 $ 36,000
28,000
35,000
190,000
114,000
425,000
240,000
32,500
186,000
108,000
405,000
225,000
28,000
arrow_forward
Provide answer general accounting question
arrow_forward
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3
[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow:
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and 2015
2017
2016
2015
$ 396,891
238,928
157,963
56,359
$ 304,051
191,248
112,803
41,959
26,756
$ 211,000
135,040
75,960
27,852
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
35,720
92,079
65,884
12,254
17,513
45,365
30,595
Total expenses
68,715
44,088
9,038
Income before taxes
Income taxes
6,211
Net income
$ 53,630
$ 35,050
$
24,384
KORBIΝ COMPΑNY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
2017
2016
2015
Assets
$ 49,213
$
38,503
1,200
95,481
Current assets
$
51,470
Long-term investments
4,100
90,003
$ 139,216
56,430
$ 112,000
Plant assets, net
Total assets
$ 135,184
Liabilities and Equity
$ 20,326
67,000
8,375
43,515
20,142
67,000
8,375…
arrow_forward
Item
Beginning
Ending
Inventory
$ 12,435
$ 15,615
Accounts receivable
6,120
6,287
Accounts payable
7,930
9,140
Net sales
$ 143,187
Cost of goods sold
79,218
Calculate the operating and cash cycles.
arrow_forward
Total
Net Fixed Assets
Total Assets
O 14.97
siven,
O 16.05
O 9.63
Cash
Accounts Receivable
Inventory
Click to open:
O 12.59
Net Sales
Less: Cost of Goods Sold
Less: Depriciation
Earnings before Interest and Taxes
O 10.12
Less: Interest Paid
Taxable income
Less: Taxes
Net Income
Precision Tools
2012 Income Statement
($ in Millions)
What is the times interest earned ratio for 2012?
2011
2060
3411
18776
24247
14160
38407
LE
36408
28225
1760
6423
510
5913
2070
3843
Precision Tools
2011 and 2012 Balance Sheets
($ in Millions)
2012
1003 Accounts Payable
4218 Long Term Debt
21908 Common Stock
27129 Retained Earnings
14080
41209 Total Liabilities and Equity
2011
7250
9800
15000
6357
38407
2012
8384
11500
17500
3825
41209
97
arrow_forward
Help
arrow_forward
General accounting question
arrow_forward
Sales
MOSS COMPANY
Income Statement
For Year Ended December 31, 2021
Cost of goods sold
Gross profit
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxes expense
Net income
$ 549,000
357,600
191,400
128,500
49,000
13,900
8,100
$ 5,800
MOSS COMPANY
Selected Balance Sheet Information
At December 31
2021
2020
Current assets
Cash
$ 91,150
$ 33,300
Accounts receivable
31,500
45,000
66,500
55,400
Current liabilities
43,400
32,200
2,700
3,500
Inventory
Accounts payable
Income taxes payable
Use the information above to calculate cash flows from operating activities using the indirect method.
Note: Amounts to be deducted should be indicated by a minus sign.
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities
Income statement items not affecting cash
Changes in current operating assets and liabilities
$ 49,000
49,000
$
49,000
arrow_forward
HAROUN COMPANY
Comparative Income Statements
For Years Ended December 31, 2021-2015
($ thousands)
Sales
2021
$ 1,659
2020
$ 1,453
2019
$ 1,322
2018
$ 1,212
2017
2016
2015
$ 1,131
$ 1,052
$ 862
Cost of goods sold
Gross profit
Operating expenses
1,193
466
356
971
835
731
679
635
506
482
487
481
452
417
356
278
255
188
163
161
134
Net income
$ 110
$ 204
$ 232
$ 293
$ 289
$ 256
$ 222
HAROUN COMPANY
Comparative Year-End Balance Sheets
December 31, 2021-2015
($ thousands)
Assets
Cash
Accounts receivable, net
Merchandise inventory
Other current assets
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity
2021
2020
2019
2018
2017
2016
2015
$ 104
746
$ 137
2,700
784
1,966
$ 143
710
1,718
$ 146
544
1,447
$ 151
479
1,300
$ 149
454
1,104
$ 154
320
801
69
62
38
69
58
59
31
0
Ө
0
3,305
3,292
2,879
$ 6,924
$ 6,241
$ 5,488
213
1,624
$ 4,043
213
1,680
213
213
1,493
1,281
$ 3,881
$ 3,472
$ 2,800
Current liabilities
Long-term liabilities
1,742
1,862
$ 1,465
1,622
$ 961
1,578
Common…
arrow_forward
Solve this accounting qn
arrow_forward
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
2019
2018
2017
Sales
$
459,716
$
352,180
$
244,400
Cost of goods sold
276,749
223,282
156,416
Gross profit
182,967
128,898
87,984
Selling expenses
65,280
48,601
32,261
Administrative expenses
41,374
30,992
20,285
Total expenses
106,654
79,593
52,546
Income before taxes
76,313
49,305
35,438
Income tax expense
14,194
10,108
7,194
Net income
$
62,119
$
39,197
$
28,244
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
2019
2018
2017
Assets
Current assets
$
58,718
$
39,300
$
52,535
Long-term investments
0
500
4,280
Plant assets, net
109,047
99,561
58,646
Total assets
$
167,765
$
139,361
$
115,461
Liabilities and Equity
Current liabilities
$
24,494…
arrow_forward
Income statement and balance sheet information abstracted from a recent annual report of Wolverine World Wide, Incorporated, appears below: Balance Sheets ($ in millions) December 28, 2019 Current assets: Inventories Net sales Cost of goods sold Gross profit $ 348.2 December 29, 2018 $317.6 Income Statements ($ in millions) For the Year Ended December 28, 2019 $2,273.7 1,349.9 $923.8 December 29, 2018 $ 2,239.2 1,317.9 $921.3 The significant accounting policies note disclosure contained the following: Inventories The Company used the LIFO method to value inventories of $81.2 million and $61.1 million at December 28, 2019, and December 29, 2018, respectively. During fiscal years 2019 and 2018, a reduction in inventory quantities resulted in a liquidation of applicable LIFO inventory quantities carried at lower costs in prior years. This LIFO liquidation decreased cost of goods sold by $0.4 million and $4.6 million, respectively. If the FIFO method had been used, inventories would have…
arrow_forward
Financial accounting question
arrow_forward
Calculate cost of goods sold
arrow_forward
Determine the account receivable
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you

Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning

Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Related Questions
- Assets Cash Debt investments (short-term) Accounts receivable (net) Inventory Prepaid expenses Land Priscoll Company Balance Sheets December 31 Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable (current) Accounts payable Accrued liabilities Bonds payable, due 2025 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity 2022 $ 70,000 55,000 104,000 230,000 25,000 130,000 260,000 $874,000 $170,000 65,000 40,000 250,000 200,000 149,000 $874,000 2021 $ 65,000 40,000 90,000 165,000 23,000 130,000 185,000 $698,000 $120,000 52,000 40,000 170,000 200,000 116,000 $698,000arrow_forwardProvide answer general Accounting questionarrow_forwardQuestion The income statement of Cheyenne Company is shown below. CHEYENNE COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,890,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,410,000 Goods available for sale 6,320,000 Ending inventory 1,620,000 Cost of goods sold 4,700,000 Gross profit 2,190,000 Operating expenses Selling expenses 460,000 Administrative expenses 700,000 1,160,000 Net income $1,030,000 Additional information: 1. Accounts receivable decreased $350,000 during the year. 2. Prepaid expenses increased $160,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $300,000 during the year. 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of…arrow_forward
- I want to correct answer general accounting questionarrow_forwardExcerpts from Hulkster Company's December 31, 2024 and 2023, financial statements are presented below: Accounts receivable Merchandise inventory Net sales. Cost of goods sold Total assets Total shareholders' equity . Net income Hulkster's 2024 return on assets is closest to: Multiple Choice 13.5%. 7.1%. 47.7%.. 7,8%. 2024 2023 $ 40,000 $ 36,000 28,000 35,000 190,000 114,000 425,000 240,000 32,500 186,000 108,000 405,000 225,000 28,000arrow_forwardProvide answer general accounting questionarrow_forward
- Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 $ 396,891 238,928 157,963 56,359 $ 304,051 191,248 112,803 41,959 26,756 $ 211,000 135,040 75,960 27,852 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses 35,720 92,079 65,884 12,254 17,513 45,365 30,595 Total expenses 68,715 44,088 9,038 Income before taxes Income taxes 6,211 Net income $ 53,630 $ 35,050 $ 24,384 KORBIΝ COMPΑNY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets $ 49,213 $ 38,503 1,200 95,481 Current assets $ 51,470 Long-term investments 4,100 90,003 $ 139,216 56,430 $ 112,000 Plant assets, net Total assets $ 135,184 Liabilities and Equity $ 20,326 67,000 8,375 43,515 20,142 67,000 8,375…arrow_forwardItem Beginning Ending Inventory $ 12,435 $ 15,615 Accounts receivable 6,120 6,287 Accounts payable 7,930 9,140 Net sales $ 143,187 Cost of goods sold 79,218 Calculate the operating and cash cycles.arrow_forwardTotal Net Fixed Assets Total Assets O 14.97 siven, O 16.05 O 9.63 Cash Accounts Receivable Inventory Click to open: O 12.59 Net Sales Less: Cost of Goods Sold Less: Depriciation Earnings before Interest and Taxes O 10.12 Less: Interest Paid Taxable income Less: Taxes Net Income Precision Tools 2012 Income Statement ($ in Millions) What is the times interest earned ratio for 2012? 2011 2060 3411 18776 24247 14160 38407 LE 36408 28225 1760 6423 510 5913 2070 3843 Precision Tools 2011 and 2012 Balance Sheets ($ in Millions) 2012 1003 Accounts Payable 4218 Long Term Debt 21908 Common Stock 27129 Retained Earnings 14080 41209 Total Liabilities and Equity 2011 7250 9800 15000 6357 38407 2012 8384 11500 17500 3825 41209 97arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning

Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning

Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning