Assume Meyer Corporation is 100% equity financed. Calculate the return on equity, given the following information: 1) Earnings before taxes=$1,500 2) Sales=$5,000 3) Dividend pay-out ratio=60% 4) Total assets turnover=2.0 5) Applicable tax rate=30% Determine the due date and the amount of interest due at maturity on the following notes: Date of note Face amount Interest Rate Term of Note a. January 6 40,000 9% 45 days b. March 23 9,000 10 60 days c. May 30 12,000 12 90 days d. August 30 18,000 10 120 days e. October 1 10,500 8 60 days Due Date Interest a. Feb. 20 b. May 22 c. Aug. 28 d. Dec. 28 e. Nov. 30 The following information is taken from the books of Nicki Incorporated: July Beginning inventory $20.161.17 Sales Gross profit Ending inventory August $15,333.36 $115,869.88 $94,299.18 42.02% $15,333.36 42.02% $? If the purchases for August are the same as July, what is the ending inventory on August 31? a. $117,033.51 b. $52,823.81

Assume Meyer Corporation is 100% equity financed. Calculate the return on equity, given the following information: 1) Earnings before taxes=$1,500 2) Sales=$5,000 3) Dividend pay-out ratio=60% 4) Total assets turnover=2.0 5) Applicable tax rate=30% Determine the due date and the amount of interest due at maturity on the following notes: Date of note Face amount Interest Rate Term of Note a. January 6 40,000 9% 45 days b. March 23 9,000 10 60 days c. May 30 12,000 12 90 days d. August 30 18,000 10 120 days e. October 1 10,500 8 60 days Due Date Interest a. Feb. 20 b. May 22 c. Aug. 28 d. Dec. 28 e. Nov. 30 The following information is taken from the books of Nicki Incorporated: July Beginning inventory $20.161.17 Sales Gross profit Ending inventory August $15,333.36 $115,869.88 $94,299.18 42.02% $15,333.36 42.02% $? If the purchases for August are the same as July, what is the ending inventory on August 31? a. $117,033.51 b. $52,823.81

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
The following data is extracted from ABC Bank financial statements for the financial year ended 31 December 2021, equity $600 million, interest expense $190 million, provision for loan loss (P) $28 million, noninterest income $25 million, noninterest expense $45 million and a tax rate is 33%. Calculate the minimum total interest income required to give a return on equity (ROE) of 14%.
The following information is provided by Domino Pty Ltd (tax rate 30%). Date Transaction Amount ($) 01.07.19 Credit franking account balance 1,000 28.07.19 PAYG instalment paid for June quarter 2018/19 8,000 31.08.19 Paid annual GST for 2018/19 11,000 30.09.19 Paid final dividend from 2018/19 – 60% franked 42,000 25.10.19 PAYG instalment paid for Sep quarter 2019/20 4,000 28.10.19 Paid income tax from 2018/19 income tax return 7,500 15.12.19 Received 70% franked dividend 16,000 15.02.20 Paid interim dividend – fully franked 42,000 28.02.20 PAYG instalment paid for Dec quarter 2019/20 4,000 28.05.20 PAYG instalment varied to $0 from Mar quarter 0 30.06.20 Final dividend declared for 2019/20 9,000 The company bench mark percentage is 60% Taxable income of the company for the 2019/20 tax year was $50,000 Required Prepare the franking account of Domino Pty Ltd for the 2019/20 franking…
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SLM, Inc., with sales of $1,000, has the following balance sheet:SLM, Incorporated Balance Sheet as of 12/31/X0assetsLiabilities and equityAccounts receivable$200Trade accounts payable$ 200Inventory400Long-term debt600Plant800Equity600$1, 4 0 0$1, 4 0 0It earns 10 percent on sales (after taxes) and pays no dividends.a.Determine the balance sheet entries for sales of $1,500 using the percent of sales method of forecasting
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1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?
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The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?