Answered: 2021 2020 Service revenue $523,000…

2021 2020 Service revenue $523,000 $476,000 385,500 Operating expenses Income tax expense 319,800 34,375 Net income _$ 103,125 $117,150 39,050

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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Income statement and balance sheet data for The Athletic Attic are provided below.Required: 1. Calculate the following risk ratios for 2021 and 2022: a. Receivables turnover ratio. c. Current ratio. b. Inventory turnover ratio. d. Debt to equity ratio. 2. Calculate the following profitability ratios for 2021 and 2022: a. Gross profit ratio. c. Profit margin. b. Return on assets. d. Asset turnover. 3. Based on the ratios calculated, determine whether overall risk and profitability improved from 2021 to 2022.
The accountant wishes you to provide an analysis of the company’s annual operating expenses. Add an extra worksheet called “Expense analysis”, and add your 20Y3 data next to the given 20Y2 data. You must link this new Expense Analysis table/worksheet (relevant cells in column “E”) with the respective data from your 20Y3 income statement. Do not hard code the 20Y3 data. Use appropriate formula to calculate the total expenses in cell E10, E12 and percentages in column F and G.
When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances: Accounts Payable, $22,000; Customers Refund Payable, $3,000, Wages Payable, $2,000; Mortgage Notes Payable (due in 10 years), $123,000 (current portion of the note, $3,000). What would be the Total Current Liabilities for this Balance Sheet? $150,000 $30,000 $27,000 $25,000
6A. During the current year, Sokowski Manufacturing earned income of $489,887 from total sales of $5,104,801 and average capital assets of $10,251,147. What is the sales margin? Round to the nearest hundredth, two decimal places and submit the answer in a percentage.
Instructions: I. Resolve the ratios listed on table a for each year (2020 & 2021): a. For each ratio includes the formula with math computes (2020 & 2021) b. . Fill M&G Industries Ratio Analysis Table A. (2020 & 2021) II. Perform the following Analysis: a. Explain each ratio results for 2021 only. b. Compare each ratio performance with the previous year results (compare 2021 results with 2020 results) c. Compare each Ratio results for 2021 with their respective Industry average.
Calculate the financial indicators of the firm Merck for the year 2018 and fill in the spaces marked in the table. Company Name: Year 2018 Chemicals and Allied Products Industry Ratios ………….. Solvency or Debt Ratios Merck J&J 2018 Debt ratio …. …. 0.47 Debt-to-equity ratio …. …. 0.38 Interest coverage ratio …. …. -9.43 Liquidity Ratios Current ratio …. …. 3.47 Quick ratio …. …. 2.12 Cash ratio …. …. 2.24 Profitability Ratios Profit margin …. …. -93.4% ROE (Return on equity), after tax …. …. -248.5 ROA (Return on assets) …. …. -146.5 Gross margin …. …. 55.3% Operating margin (Return on sales) …. …. -42.9% Activity or Efficiency Ratios Asset turnover …. …. 1.08 Receivables turnover (days) …. …. 16 Inventory turnover (days)…
During the current year, Sokowski Manufacturing earned income of $319,026 from total sales of $6,163,900 and average capital assets of $10,644,990. What is the ROI? Round to the nearest to the hundredth, two decimal places and submit the answer in a percentage.
Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question by entering your answers in the tabs below. Analysis Bal Analysis Inc Sheet Stmt Prepare a horizontal analysis of the income statement. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) ALLENDALE COMPANY Horizontal Analysis of Income Statements Year 4 Year 3 % Change Revenues Sales (net) $ 230,000 $ 210,000 % Other revenues 8,000 5,000 Total revenues 238,000 215,000 Expenses Cost of goods sold 120,000 103,000 Selling, general, and administrative expenses 55,000 50,000 Interest expense 8,000 7,200 Income tax expense 23,000 22,000 Total expenses 206,000 182,200 Net income (loss) $ 32,000 $ 32,800 %
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The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for September 30, for BYDON Inc..: COS 65,625 Depreciation Expense 10,828 Insurance Expense 6,344 Miscellaneous Expense 2,625 Rent Expense 52,500 Service Revenue 202,344 Supplies Expense 6,891 Utilities Expense 10,938 Wages Expense 73,828 Required: Prepare a multi-step income statement. Calculated and define the gross margin %. BYDON Inc. Income Statement For the Period Ended September 30
The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31, 2019. Use the data provided to compute net sales for 2019. Compute the gross margin for 2019. Compute the gross profit margin ratio (rounded to nearest hundredth). Prepare a simple income statement for the year ended December 31, 2019. Prepare a multi-step income statement for the year ended December 31, 2019.