IMG_4994

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

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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…

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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

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…

At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Current Year 1 Year Ago $ 28,952 85,608 105,504 9,512 266,097 $ 33,842 61,019 78,261 9,153 245,029 $ 427,304 $ 495,673 $ 123,423 $ 70,770 Long-term notes payable Common stock, $10 par value Retained earnings 92,255 162,500 117,495 Total liabilities and equity $ 495,673 $ 427,304 99,263 163,500 93,771 For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 35,979 49,426 52,128 4,038 225,529 $ 367,100 $ 49,426 81,940 162,500 73,234 $ 367,100 Exercise 17-7 (Algo) Analyzing liquidity LO P3 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your…

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

A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O O

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

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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…

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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…

Revenues CGS Cash & Equivalents Accounts Receivable Inventory Accounts Payable Accruals Notes Payable Last Year $5,700.00 $4,560.00 $714.80 $500.00 $300.00 $320.00 $40.00 $70.00 Current Year $5,050.00 $4,040.00 $120.00 $500.00 $340.00 $300.00 $50.00 $60.00 1. For both years, calculate the current ratio) quick ratio, NWC, and WCR. Interpret the values for the current year. Also, discuss the observed two-year trend in solvency. 2. For both years, calculate the CCC (and its components), the NLB, and DCH. Interpret the values for the current year. Also, discuss the observed two-year trend in liquidity.

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Atlantic Corporation reported the following financial statements: E (Click the icon to view the financial statements.) The company has 2,200 shares of common stock outstanding. What is Atlantic's earnings per share? (Round the earnings per share to two decimal places, X.XX. O A. $1.90 Financial Statements O B. $3.58 OC. $2.49 O D. 3.19 times Atlantic Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents 2,052 $ 1,655 Accounts Receivable 1,951 1,731 Merchandise Inventory 1,342 1,094 1,615 1,817 Prepaid Expenses Total Current Assets 6,960 6,297 18,240 16,174 Other Assets 2$ 25,200 $ 22,471 Total Assets Liabilities Current Liabilities 24 7.087 $ 8,158 4,698 3,844 Long-term Liabilities Total Liabilities 11,785 12,002 Stockholders' Equity Common Stock, no par 7,015 4,169 6,400 6,300 Retained Earnings Click to select your an Total Stockholders' Equity 13,415 10,469 24 25,200 $ 22,471 Clear Al All parts showing Total…

Jaran Enterprises Income Statement For the year ended December 31, 2021 Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Net Income Jaran Enterprises Comparative Balance Sheet As of December 31, 2021 2018 P 11,792,000 6,650,000 5,142,000 2,260,000 P 2,882,000 2017 P 33,000 Cash P 593,200 Accounts Receivables 428,000 ? Merchandise Inventory ? 413,000 14,000 51,000 Office Supplies Prepaid Insurance 46,000 48,000 Property, Plant and Equipment 3,540,800 3,540,000 Total Assets P 5,019,000 P ? Accounts Payable P 517,000 P 108,000 Salaries Payable 51,000 0 0 Mortgage Payable Share Capital 1,500,000 2,600,000 1,500,000 69,000 Retained Earnings 2,951,000 Total Liabilities and Equity P? P 4,277,000 Based on the above information, determine the debt ratio, acid test ratio, and return on assets for the year 2021. Round off to two decimal places.

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Mc Graw PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable. Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $96,000 46,600 69,000 2,400 39,000 4,400 $990,000 500,000 44,000 34,000 Cash Slows from operating activities Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes Depreciation expense 2023 $82,000 $2,000 52,000 3,000 34,000 7,000 PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Net cash flows from operating activities $1,650,000 1,568,000 $82,000 Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method (Amounts to be deducted should be indicated with a minus sign.) Increase (1) or…

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View Policies Current Attempt in Progress You have been provided with the following selected accounts for Flounder Ltd. for the year ended April 30, 2024: Inventory, May 1, 2023 Purchases Accounts receivable Sales Purchase discounts Freight in Land $578,000 5,932,000 (a) 809,000 9,264,000 Interest expense Interest income Accounts payable Administrative expenses 39,000 Selling expenses 122,000 Cash 869,000 Common shares $29,000 21,000 617,000 837,000 155,000 148,000 199,000 Flounder conducted a physical inventory count on April 30, 2024. Inventory on hand at that date was determined to be $988,280. Prepare a partial multiple-step statement of income for the year ended April 30, 2024, through to gross profit.