12. Using Percentage of Sales. Eagle Sports Supply has the following financial statements. Assume that Eagle's assets are proportional to its sales. (LO18-2) INCOME STATEMENT, 2019 Sales $950 Costs 250 Interest 50 Тахes 150 $500 Net income BALANCE SHEET, YEAR-END 2018 2019 2018 2019 Assets $2,700 $3,000 Debt $ 900 $1,000 1,800 $2,700 Equity 2,000 $3,000 Total $2,700 $3,000 Total

12. Using Percentage of Sales. Eagle Sports Supply has the following financial statements. Assume that Eagle's assets are proportional to its sales. (LO18-2) INCOME STATEMENT, 2019 Sales $950 Costs 250 Interest 50 Тахes 150 $500 Net income BALANCE SHEET, YEAR-END 2018 2019 2018 2019 Assets $2,700 $3,000 Debt $ 900 $1,000 1,800 $2,700 Equity 2,000 $3,000 Total $2,700 $3,000 Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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12. Using Percentage of Sales. Eagle Sports Supply has the following financial statements. Assume that Eagle's assets are proportional to its sales. (LO18-2) INCOME STATEMENT, 2019 Sales $950 Costs 250 Interest 50 Taxes 150 Net income $500 BALANCE SHEET, YEAR-END 2018 2019 2018 2019 Assets $2,700 $3,000 Debt $ 900 $1,000 Equity 1,800 2,000 $3,000 Total $2,700 $3,000 Total $2,700
Memphis Co. reported the following information for 2021: Sales revenue: $780,000 Interest revenue on note receivable: $4,500 Cost of goods sold: $525,000 Operating expenses: $82,500 Gain on sale of equipment: $105,000 On a multiple-step income statement, Memphis would report other income of: Question 14 options: $109,500 $277,500 $4,500 $105,000 Super Ltd. reported the following select account balances in its trial balance as at December 31, 2020: Accounts receivable $ 150,000 Accounts payable 65,000 Accumulated depreciation 125,000 Cash 30,000 Equipment 250,000 Income tax payable 5,000 Inventory 95,000 Mortgage payable (in 5 years) 175,000 Common shares 200,000 What is Super Ltd.'s current ratio on December 31? Question 15 options: 3.93 1.63 4.23 1.46
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What are the firm's days' sales outstanding for 2018 and 2019? Income Statements ($ in millions) Balance Sheets ($ in millions) 2018 2019 Assets 2018 2019 $1,265 | Cash $780 Short-Term investments $92 | Accounts rec. Sales Revenue $1,180 $35 $20 $660 $20 $5 Less: Cost of goods sold Less: Operating Expenses Less: Depreciation Earnings before interest and taxes Less: Interest paid $75 190 235 $50 Inventory $343 Total Current Assets $40 250 300 $405 $495 $560 $170 $150 | Net fixed assets 990 1,105 Taxable Income $235 $193 Less: Taxes (40%) $94 $77 Total assets $1,485 1,665 Net income $141 $116 Liabilities and Owner's Equity Dividends (45%) Additions to Retained Earnings $63 $52 2018 2019 $78 $64 Accounts payable $125 $100 Accruals $10 $10 Notes payable 35 40 Total Current Liabilities $170 $150 Long-term debt 598 790 Total Liabilities $768 $940 Common stock 554 498 Retained earnings Total Equity Total liab.& equity 163 $227 717 $725 $1,485 $1,665
- What are the firm’s current ratios for 2018 and 2019?
What is Naboo Manufacturing's 2019 Current Ratio?
64.) Using Financial Statements for 2018-2019. Net book value for 2019 is $8,394,200. TRUE OR FALSE?
Return on total assets ratio: net income/ avg. total assets 21,331/(321,195+225,248)/2= 0.07807= 7.8% (Amazon 2020 year) 6.0% (Amazon 2019 year) 6.37% (Walmart 2020 year) Write financial analysis report.
Provide Answer with calculation and explanation
Consider the following financial statement information for Hi-Tech Instruments: 2020 (Thousands of Dollars, except Earnings per Share) Sales revenue $210,000 Cost of goods sold 125,000 Net income 8,300 Dividends 2,600 Earnings per share 4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2020 Dec. 31, 2019 Assets Cash $18,300 $18,000 Accounts receivable (net) 46,000 41,000 Inventory 39,500 43,700 Total Current Assets 103,800 102,700 Plant assets (net) 52,600 50,500 Other assets 15,600 13,800 Total Assets $172,000 $167,000 Liabilities and Stockholders’ Equity Notes payable—banks $6,000 $6,000 Accounts payable 22,500 18,700 Accrued liabilities 16,500 21,000 Total Current Liabilities 45,000 45,700 9% Bonds payable 40,000 40,000 Total Liabilities 85,000 85,700 Common stock* 50,000 50,000 Retained earnings 37,000 31,300 Total Stockholders’ Equity 87,000 81,300 Total Liabilities and…
Forecast an Income Statement Following is the income statement for Medtronic PLC. Consolidated Statement of Income ($ 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…
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