Selected comparative financial statements of Korbin Company follow.KORBIN COMPANYComparative Income StatementsFor Years Ended December 312021Sales$ 562,7952019$ 299,200338,803Cost of goods soldGross profit191,488223,992107,712Selling expenses79,91739,494Administrative expenses50,65224,834Total expenses130,56964,328Income before taxes93,42343,384Income tax expense17,3778,807Net income$ 76,046$ 34,577KORBIN COMPANYComparative Balance SheetsDecember 3120212020AssetsCurrent assets$ 38,127$ 56,9650Long-term investments70097,740Plant assets, netTotal assets107,436$164,401$ 136,567Liabilities and EquityCurrent liabilities$ 20,348Common stock68,000$ 24,00368,0008,50063,898Other paid-in capital8,500Retained earnings39,719Total liabilities and equity$164,401 $ 136,5672020$431,147273,778157,36959,49837,94197,43959,93012,286$ 47,6442019$ 50,9674,55057,629$ 113,146$ 19,80150,0005,55637,789$113,1464 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentageanswers to 2 decimal places.)KORBIN COMPANYBalance Sheet Data in Trend PercentsDecember 31, 2021, 2020 and 2019)20212019AssetsCurrent assets%100.00 %Long-term investments100.00Plant assets, net100.00Total assets100.00 %Liabilities and EquityCurrent liabilities100.00 %Common stock100.00Other paid-in capital100.00Retained earnings100.00Total liabilities and equity100.00 %%2020%%%28%4

Lets understand the basics. Trend analysis is a analysis which shows how the variable are changed…

3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2019 Assets Current assets 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets 100.00 % Liabilities and Equity Current liabilities 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity 100.00 % 2020 je % % D

3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2019 Assets Current assets 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets 100.00 % Liabilities and Equity Current liabilities 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity 100.00 % 2020 je % % D

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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Condensed financial data of Swifty Company for 2020 and 2019 are presented below. SWIFTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130 Receivables 1,750 1,320 Inventory 1,630 1,890 Plant assets 1,910 1,720 Accumulated depreciation (1,190 ) (1,170 ) Long-terminvestments (held-to-maturity) 1,280 1,410 $7,180 $6,300 Accounts payable $1,230 $910 Accrued liabilities 190 240 Bonds payable 1,400 1,540 Common stock 1,930 1,680 Retained earnings 2,430 1,930 $7.180 $6,300 SWIFTY COMPANY INCOMESTATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,890 Cost of goods sold 4,730 Gross margin Selling and administrative expenses 2,160 940 Income from operations 1,220 Other revenues and gains Gain on sale of investments 90 Income before tax 1,310 Income tax expense 550 Net income 760 Cash dividends 260 Income retained in business $500 Additional information: During the year. $60 of common stock was issued in exchange for plant assets. No plant…
Condensed financial data of Sweet Company for 2020 and 2019 are presented below. SWEET COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130 Receivables 1,770 1,320 Inventory 1,560 1,890 Plant assets 1,900 1,700 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,300 1,430 $7,110 $6,290 Accounts payable $1,220 $890 Accrued liabilities 190 250 Bonds payable 1,410 1,520 Common stock 1,870 1,730 Retained earnings 2,420 1,900 $7,110 $6,290 SWEET COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,860 Cost of goods sold 4,710 Gross margin 2,150 Selling and administrative expenses 920 Income from operations…
Current Attempt in Progress Suppose the comparative balance sheats of Nike, Inc are presented here. Nike, Inc. Comparative Balance Sheets May 31 ($ in millions) 2020 2019 Assets Current assets $9,602 $9,400 Property, plant, and equipment (net) 2,125 1,700 Other assets 1,568 1,600 Tatal assets $13,375 $12,700 Liabilities and Stockholders' Equity Current liabilities $3,038 $3,100 Long-term liabilities 1.246 1,300 Stockholders' squity 9,089 8,300 Tatal liabilities and stockholders' equity $13,375 $12,700 (a) Prapare a horizontal analysis of the balance shest data for Niks, using 2019 as a base (Show the amount of increase or decreasas wall. (Enter amounts in millions. Enter negative amounts and percentages using either a negative sign preceding the number eg. 45, -45% or parentheses eg. (45), (45%). Round percentages to 1 decimal place, eg. 12.3%) NIKE, INC. Condensed Balance Sheet ($ in millions) Increase Percentage Change from 2019 2020 2019 (Decrease) Assets Current assets $9,682…
Condensed financial data of Waterway Company for 2020 and 2019 are presented below. WATERWAY COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,150 Receivables 1,780 1,330 Inventory 1,620 1,890 Plant assets 1,930 1,700 Accumulated depreciation (1,200 ) (1,180 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,230 $6,310 Accounts payable $1,210 $920 Accrued liabilities 210 240 Bonds payable 1,370 1,530 Common stock 1,860 1,670 Retained earnings 2,580 1,950 $7,230 $6,310 WATERWAY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,970 Cost of goods sold 4,680 Gross margin 2,290 Selling and administrative expenses 940 Income from…
Using the fiscal year end 2020 annual report for General Mills, Inc. and the figures from the 2020 annual report as noted below, calculate the financial ratios for 2020 and 2019 indicated using the EXCEL template provided:1. The average collection period 2.Days sales in inventory 3. debt to equity ratio 4. Times interest earned 5. Operating cash flow to Capital expenditures ratio 6. Earnings per share 7. Price earnings ratio 8. Dividend yield 9. Dividend payout ratio 10. Total assets 2020 = $30,806.7Total stockholders’ equity 2020 = $8,349.5Total current liabilities 2020 = $7,491.5Accounts receivable 2020 = $1,615.1Inventory 2020 = $1,426.3Year-end closing stock price May 2020 = $58.80Year-end closing stock price May 2019 = $53.56
Presented below is the balance sheet of Pina Corporation for the current year, 2020. PINA CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets $ 486,360 Current liabilities $ 381,360 Investments 641,360 Long-term liabilities 1,001,360 Property, plant, and equipment 1,721,360 Stockholders’ equity 1,771,360 Intangible assets 305,000 $3,154,080 $3,154,080 The following information is presented. 1. The current assets section includes cash $151,360, accounts receivable $171,360 less $11,360 for allowance for doubtful accounts, inventories $181,360, and unearned rent revenue $6,360. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $41,360; investments in common stock, short-term $81,360 and long-term $271,360; and bond sinking fund $247,280. The cost and fair value of investments in common stock are the same.…
Prepare the 2021 and 2022 common-size balance sheets for Bethesda Mining. Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets Current liabilities Liabilities and Owners' Equity Accounts payable Notes payable Total Long-term debt Owners' equity BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2021 % Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ $ $ LA $ $ EA $ GA $ EA 40,010 60,281 128,441 228,732 GA 657,747 886,479 191,922 87,020 278,942 241,000 $ 214,000 152,537 $ 366,537 886,479 Saved * % $ % % % ote ote % $ % ote ote ote o % $ $ % GA % % GA SA % $ 199,611 % 138,588 % 338, 199 % 177,750 $ $ $ 2022 $ 51,181 80,639 194,689 326,509 SA SA 589,478 915,987 214,000 186,038 400,038 $ 915,987 % % % % % % % % % 1% % dº 60 dº 60 %…
Review the incomplete horizontal analysis shown in the image. Assuming that for 2021, the debt-to-equity ratio of the firm is 1:2, and 40% of the liabilities is current, what is the current ratio?
FROM THE FOLLOWING, CALCULATE PROFITABILITY RATIOS.TRADING AND PROFIT AND LOSS ACCOUNT OF MMR & CO.FOR THE YEAR ENDING 31.12. 2019(HORIZONTAL FORMAT)PARTICULARS $ PARTICULARS $Opening stock 199,000 Sales 1,700,000Purchases 1,119,000 Closing stock 298,000Gross profit 680,0001,998,000 1,998,000Administrationexpenses300,000 Gross profit 680, 000Selling expenses 60,000 Interest 18,000Financeexpenses30,000Loss on sale ofplant8,000Net profit 300,000698,000 698,000
Here is financial information for Windsor, Inc. December 31, 2022 December 31, 2021 Current assets $104,753 $ 89,000 Plant assets (net) 367,169 319,000 Current liabilities 108,936 72,000 Long-term liabilities 109,986 83,000 Common stock, $1 par 120,946 106,000 Retained earnings 132,054 147,000 Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) WINDSOR, INC. Assets Current Assets Condensed Balance Sheet December 31 2022 2021 $104,753 $89,000 Plant assets (net) 367,169 319,000 Total assets Liabilities Current Liabilities $471,922 $408,000 $108,936 $72,000 Long-term liabilities 109,986 83,000 +A +A Increase or (Decrease) Amount Percentage % de % % do % % de Total liabilities $218,922 $155,000 do % Stockholders' Equity Common stock, $1 par 120,946 106,000 % Retained earnings 132,054 147,000 %…
What does this mean for a company?
You have been supplied with the following data for Jazz Limited and its industry averages. Balance Sheet March 31, 2020 Assets: Cash Liabilities and Equity: Accounts Payable Accrued expenses Other current liabilities 12.300 31,500 Accounts Receivable Merchandise Inventory Plant and Equipment 36,000 60,800 1,200 26,000 Long-term debt 10% Preference share capital Ordinary share capital Retained Earnings 151,000 34,000 40,000 100,000 27,400 Total Assets P260,100 Total Liabilities and Equity P260,100 Income Statement March 31, 2020 Sales 225,000 Less: Cost of goods sold Selling expenses Administrative expenses Research and development exp. Interest expense Earnings before taxes Less: Income tax (35%) Net income 152,500 29,500 14,800 6,500 2.900 206,200 18,800 6.580 12.220 5,000 Dividends paid to equity holders Financial Ratios of Company Current ratio Stock turnover Collection period Debt to Equity Interest coverage ratio Asset turnover Financial Ratios of industry 2.2 2.8 times 56 days…