CS4_Coomer

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Please ONLY provide answers for  5.1.6 5.1.7

Trying to calculate, Times Interest Earned. tax rate is 22%   3M Company Consolidated Statements Of Earnings $ millions Dec. 31, 2018 Dec. 31, 2017 Net sales  $                      32,765  $                         31,657 Cost of sales  $                      16,682  $                         16,055 Research, development and engineering expenses  $                        1,821  $                           1,870 Selling, general and administrative expenses  $                        7,602  $                           6,626 Gain on sale of business -$                           547 -$                              586 Total operating expenses  $                      25,558  $                         23,965 Operating income  $                        7,207  $                           7,692 Nonoperating expense, net  $                           207  $                              144 Earnings before income taxes  $                        7,000  $…

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Problem: Remesh Corporation prepared the following income statement and statement of retained earnings for the year ended December 31, 2021. Remesh Corporation December 31, 2021 Expense and Profit Statement Dollars in thousands   Sales (net)   $206,000 Less: Selling Expenses   (20,600) Net Sales   $185,400 Add: Interest Revenue   2,400 Add: Gain on sale of equipment   3,600 Gross Sales Revenue   $191,400 Less: Cost of operations:     Cost of Goods Sold $126,100   Correction of overstatement in last years income because of error $5,500 (net of tax credit) $3850   Dividend cost ($0.50 per share for 8k common shares) $4000   Unusual loss due to a hurricane, $6,400 (net of tax credit) $1,920 ($135,870) Taxable Revenues   $55,530 Less: Income tax on income from continuing operations   $16,659 Net income   $38871 Miscellaneous Deductions     Loss from operations of…

Consolidated Statements of Operations FINANCIAL STATEMENTS Table of Contents Index to Financial Statements (millions, except per share data) 2020 2019 2018 Sales Other revenue $ 92,400 $ 77,130 $ 74,433 1,161 982 923 Total revenue 93,561 78,112 75,356 Cost of sales 66,177 54,864 53,299 Selling, general and administrative expenses 18,615 16,233 15,723 Depreciation and amortization (exclusive of depreciation included in cost of sales) 2,230 2,357 2,224 Operating income 6,539 4,658 4,110 Net interest expense 977 477 461 Net other (income) / expense 16 (9) (27) Earnings from continuing operations before income taxes 5,546 4,190 3,676 Provision for income taxes 1,178 921 746 Net earnings from continuing operations 4,368 3,269 2,930 Discontinued operations, net of tax 12 7 Net earnings $ 4,368 $ 3,281 $ 2,937 Basic earnings per share Continuing operations Discontinued operations Net earnings per share Diluted earnings per share Continuing operations Discontinued operations $ 8.72 $ 6.39 $…

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ROLEX LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2021 R Sales 4 140 000 Cost of sales (2 020 000) Gross profit 2 120 000 Selling and administrative expenses (840 000) Operating profit 1 280 000 Interest expense (80 000) Profit before tax 1 200 000 Company tax (320 000) Profit after tax 880 000 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER: ASSETS 2021 (R) 2020 (R) Non-current assets 3740 000 2 940 000 Property, plant and equipment 3 440 000 2940 000 Investments 300 000 Current assets 1 080 000 900 000 Inventories 480 000 500 000 Accounts receivable 510 000 320 000 Cash and cash equivalents 90 000 80 000 Total assets 4 820 000 3 840 000 EQUITY AND LIABILITIES Equity 3 120 000 2 600 000 Ordinary share capital 2 000 000 2 000 000 Retained eamings 1 120 000 600 000 Non-current liabilities 800 000 400 000 Long-term loan 800 000 400 000 Current liabities 900 000 840 000 Accounts payable 480 000 560 000 Company tax payable 160 000 80 000 Dividends payable 260…

Kindly help me with general accounting question

Steele Inc. Consolidated Statements of Income (in thousands except per share amounts)   2023   2022   2021 Net sales $7,245,088   $6,944,296   $6,149,218 Cost of goods sold (5,286,253)   (4,953,556)   (4,355,675) Gross margin $1,958,835   $1,990,740   $1,793,543 General and administrative expenses (1,259,896)   (1,202,042)   (1,080,843) Special and nonrecurring items 2,617   0   0 Operating income $701,556   $788,698   $712,700 Interest expense (63,685)   (62,398)   (63,927) Other income 7,308   10,080   11,529 Gain on sale of investments 0   9,117   0 Income before income taxes $645,179   $745,497   $660,302 Provision for income taxes 254,000   290,000   257,000 Net income $391,179   $455,497   $403,302   Steele Inc. Consolidated Balance Sheets (in thousands) ASSETS     Dec. 31, 2023     Dec. 31, 2022 Current assets: Cash and equivalents     $320,558     $41,235 Accounts receivable     1,056,911     837,377 Inventories     733,700…

Calculate the common size percentages and answer the questions below.

Provide correct answer general accounting question

Global Corp. initially projected the 2019 income statement shown in the table E. Suppose that in 2019, Global launched an aggressive marketing campaign that boosted 2019 sales further by 14.1%. However, their operating margin fell from 5.56% to 4.49% Suppose that they had no other income, interest expenses were unchanged, and taxes were the same percentage of pretax income (26%) as in 2018. a. What was Global's EBIT in 2019? b. What was Global's income in 2019? c. If Global's P/E ratio (18.0) and number of shares outstanding (3.6 million) remained unchanged, what was Global's share price in 2019? a. What was Global's EBIT in 2019? Global's EBIT was $ million. (Round to two decimal places.) b. What was Global's income in 2019? Net income was $ million. (Round to two decimal places.) c. If Global's P/E ratio (18.0) and number of shares outstanding (3.6 million) remained unchanged, what was Global's share price in 2019? Global's share price in 2019 was $. (Round to the nearest cent.)

View Policies Current Attempt in Progress Assume Sunland Company has the following reported amounts: Sales revenue $1,000,000, Sales returns and allowances $29,000, Cost of goods sold $649.599, and Operating expenses $215,600. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit S (c) Compute income from operations.

Subject. General accounting

Vishal

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Income statement                   net sales  $51,407.00       cost of products sold $25,076.00       gross profit $26,331.00       marketing, research, administrative exp $15,746.00       Depreciation $758.00       operating income(loss) $9,827.00       Interest expense $477.00       Earnings (loss)before income taxes $9,350.00       Income taxes  $2,869.00       Net earnings(loss) $6,481.00                           Balance Sheet                   Assets:     Liablilites and Equity:   cash and marketable securities $5,469.00   accounts payable $3,617.00 investment securities $423.00   accrued  and other liablilties $7,689.00 accounts receivable $4,062.00   taxes payable $2,554.00 inventory $4,400.00   debt due within one year $8,287.00 deffered income taxes $958.00   total current liabilite $22,147.00 prepaid expense and other receivables $1,803.00   long term debt $12,554.00 total current assets  $17,115.00   deferrred income taxes…

Income statement                   net sales  $51,407.00       cost of products sold $25,076.00       gross profit $26,331.00       marketing, research, administrative exp $15,746.00       Depreciation $758.00       operating income(loss) $9,827.00       Interest expense $477.00       Earnings (loss)before income taxes $9,350.00       Income taxes  $2,869.00       Net earnings(loss) $6,481.00                           Balance Sheet                   Assets:     Liablilites and Equity:   cash and marketable securities $5,469.00   accounts payable $3,617.00 investment securities $423.00   accrued  and other liablilties $7,689.00 accounts receivable $4,062.00   taxes payable $2,554.00 inventory $4,400.00   debt due within one year $8,287.00 deffered income taxes $958.00   total current liabilite $22,147.00 prepaid expense and other receivables $1,803.00   long term debt $12,554.00 total current assets  $17,115.00   deferrred income taxes…

assets turnover

Forecast an Income Statement Following is the income statement for Medtronic PLC. Consolidated Statement of Income ($ millions) For Fiscal Year Ended April 26, 2019 Net sales $27,807 Costs and expenses   Cost of products sold 8,331 Research and development expense 2,330 Selling, general, and administrative expense 9,480 Amortization of intangible assets 1,605 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 5,439 Other nonoperating income, net (373) Interest expense 1,314 Income before income taxes 4,498 Income tax provision 547 Net income 3,951 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $3,932   Use the following assumptions to prepare a forecast of the company’s income statement for FY2020.   Note: Complete the entire question in Excel using the following template: Excel Template. Format each answer to two decimal…

Net Income Interest (Loss) $ 185, 000 179, 600 157, 250 188, 100 Expense $ 59, 200 Income Taxes $ 46, 250 64,656 66, 045 90, 288 a. b. 80, 820 44,030 11, 286 c. d. Compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due? Complete this question by entering your answers In the tabs below. Times Interest Interest Earned Ratio Coverage Which company indicates the strongest ability to pay interest expense as it comes due? Which company indicates the strongest ability to pay interest expense as it comes due? < Times Interest Earned Ratio

he Individual financial statements for Abbey Company and Bellstar Company for the year ending December 31, 2024, follow. Abbey cquired a 60 percent interest in Bellstar on January 1, 2023, In exchange for various considerations totaling $960,000. At the cquisition date, the fair value of the noncontrolling interest was $640,000 and Bellstar's book value was $1,280,000. Bellstar had eveloped internally a trademark that was not recorded on its books but had an acquisition-date fair value of $320,000. This tangible asset is being amortized over 20 years. Abbey uses the partial equity method to account for its Investment in Bellstar. abbey sold Bellstar land with a book value of $65,000 on January 2, 2023, for $150,000. Bellstar still holds this land at the end of the urrent year. ellstar regularly transfers Inventory to Abbey. In 2023, it shipped Inventory costing $259,000 to Abbey at a price of $370,000. During 1024, Intra-entity shipments totaled $420,000, although the original cost to…

View Policies Current Attempt in Progress For its fiscal year ending October 31, 2025, Cullumber Corporation reports the following partial data. Income before income taxes Income tax expense (20% × $390,600) Income from continuing operations Loss on discontinued operations Net income $502,200 78,120 424,080 111,600 $312,480 The loss on discontinued operations was comprised of a $46,500 loss from operations and a $65,100 loss from disposal. The income tax rate is 20% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. CULLUMBER CORPORATION Income Statement (Partial)