ABсDEFGH123456789($ thousanCash and cas $Following is selected year-end financial information for Tilly's, Inc.Dec. 3177,151Cash flow fro40,077Cost of good!475,851Total liabilitie425,413Total assets601,30410Cash flow fro(30,743)11Sales revenu681,23012Cash flow fro(7,160)13180,4951415161718192021222324252627282930313233Other expensPrepare a multiple-step income statement, balance sheet, and statement of cash flows forthe year-end in good form.NOTE: Only use a negative sign with your answers, if shown with a negative sign in the above table.TILLY'S, INC.Income Statementfear Ended December 3($ thousands)Sales revenu $ 681,230Cost of goods475,851Gross profit $ 205,379Other expens 180,495Net income S 24.884TILLY'S, INC.Balance SheetDecember 31, Year 1($ thousands)$3435Total assets $ 601,30436$37383940414243Total liabilitiesTILLY'S, INC.Statement of Cash FlowsYear Ended December 3($ thousands)44454647Change in ca4849S

1. Income Statement (Multiple-Step)An income statement shows the company's performance over a…

Answered: A B с D E F G H 123456789 ($ thousan…

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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E9-6 Current Position Analysis Obj. 3 .................. The following data were taken from the comparative balance sheet of Icon Living, Inc., for the years ended December 31, 20Y9 and December 31, 20Y8: Cash Temporary investments Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Accounts payable Accrued liabilities Total current liabilities ▸ Details Dec. 31, 20Y9 $ 75,000 125,000 250,000 425,000 25,000 $ 900,000 $ 350,000 25,000 $ 375,000 Dec. 31, 2018 $ 50,000 75,000 200,000 305,000 20,000 $ 650,000 $ 230,000 20,000 $ 250,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. b. What conclusions can be drawn from these data?
required using percentage of sales method, prepare 2019 proforma financial statement and determine external financing needed?
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
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.
Problem 17-5 (AICPA Adapted) Investment in Hall Company at equity statement of financial position: Accounts receivable, net of allowance Fearsome Company showed the following comparative 2021 2020 Cash and cash equivalents 2,350,000 600,000 1,000,000 2,200,000 2,000,000 5,000,000 1,050,000) ( 800,000) 400,000 350,000 700,000 850,000 2,000,000 1,500,000 4,000,000 Inventory Land Property, plant and equipment. Accumulated depreciation Goodwill 400,000 12,500,000 9,000,000 Accounts payable Note payable - long term Bonds payable Share capital, P100 par Share premium Retained earnings Treasury shares, at cost 600,000 500,000 1,600,000 5,250,000 2,700,000 1,850,000 550,000 2,100,000 4,000,000 1,750,000 1,300,000 700,000) 12,500,000 9,000,000 Additional information for 2021 1. The net income for the current year was P3,050,000. 2. Cash dividend paid amounted to P2,500,000. 3. The entity sold equipment costing P200,000, with carrying amount of P50,000, for P70,000 cash. 4. The entity issued…
For 2018, GLCE's ROA is Select one: a. 12.96% b. 5.99% c. 5.55% O d. 9.62% e. 13.25%
Chapter 5, page 344 and 349: EA12. 5.3 Using the following Balance Sheet summary information, calculate for the two years presented: A. working capital B. current ratio 12/31/2018 12/31/2019 $76,000 48,000 Current assets $295,000 Current liabilities 163,500 After computing liquidity ratios, comment on the performance of an entity using acceptable standards of liquidity performance
Requlred Informatlon RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9: 2 of 3 Item Amount Cash and cash equivalents $1,000,000 300,000 8,500,000 1,200,000 400,000 4,800,000 Receivables Capital assets Accumulated depreciation Accounts payable 01:56:09 Long-term liabilities Additlonal Information avalable is as follows: All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service. Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt? Multiple Cholce $3.300,000 $2.900,000 $2,825,000 $4.200,000
Problem 8-9A (Algo) Calculate and analyze ratios (LO8-6) Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Corporation Wayne Enterprises ($ in millions) Current assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Current debt Accounts payable Other current liabilities Total current liabilities Req 1A Req 1B $549 6 738 10,681 1,207 $13,181 Required: 1-a. Calculate the current ratio for ACME Corporation and Wayne Enterprises. 1-b. Which company has the more favorable ratio? 2-a. Calculate the acid-test (quick) ratio for ACME Corporation and Wayne Enterprises. 2-b. Which company has the more favorable ratio? Req 2A Current Ratio $9,121 1,857 1,165 $12,143 Complete this question by entering your answers in the tabs below. Req 2B $335 411 256 9,109 305 $10,416 $4,463 1,111 2,523 $8,097 Calculate the current ratio…

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