At the beginning of the year, Lexington Corporation had total assets of $920,000 and total liabilities of $580,000. During the year, total liabilities increased by $120,000, and stockholders' equity decreased by $80,000. What is the amount of total assets at the end of the year?
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At the beginning of the year, Lexington Corporation had total assets of $920,000 and total liabilities of $580,000. During the year, total liabilities increased by $120,000, and
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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. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.The Harbinger Corporation reported net income of $6 million and total assets of $7 million in its current financial statements. During the year, their average number of common shares outstanding was 3 million. The current price of a share of its common stock is $5. What is The Harbinger Corporation’s earnings per share for the current year?Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $12,000 and the year-end balance was $16,000. The additional paid-in capital account balance increased $3,700 during the year. The retained earnings balance at the beginning of the year was $70,000 and the year-end balance was $91,000. Net income was $38,000. How much were Superior's dividend declarations during its recent year of operation? Multiple Choice $59,000. $17,000. The dividend declarations cannot be determined given the above information. $38,000.
- At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $436,000. During the year, liabilities decreased by $76,000; assets increased by $158,000; and paid-in capital increased by $17,000 to $377,000. Dividends declared and paid during the year were $121,000. At the end of the year, stockholders' equity totaled $757,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) Beginning Changes Ending Stockholders' Equity PIC RE Assets Liabilities + $436,000 (76,000) + 17,000 158,000 = + $ 377,000 + $757,000 SEGoldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $17,000 and the year-end balance was $18,500. The additional paid-in capital account balance increased $4,200 during the year. The retained earnings balance at the beginning of the year was $95,000 and the year-end balance was $96,000. Net income was $43,000. How much did Superior sell its common stock for during the year?
- The Harbinger Corporation reported net income of $6 million and total assets of $7 million in its current financial statements. During the year, their average number of common shares outstanding was 3 million. The current price of a share of its common stock is $5. The Harbinger Corporation’s earnings per share for the current year is approximately:the income statement for Stretch-Tape Corporation reports net sales of $439,900 and net income of $54,780. Average total assets for the year are $830,000. Stockholders’ equity at the beginning of the year was $530,000, and $23,000 was paid to stockholders as dividends during the year. There were no other stockholders’ equity transactions that occurred during the year.Required:Calculate the return on assets, profit margin, asset turnover, and return on equity ratios. (Round your answers to 1 decimal place.) Profitability Ratios Return on assets 6.6 % Profit margin 12.5 % Asset turnover times Return on equity %At the beginning of its current fiscal year, Willie Corporation' s balance sheet showed assets of $11, 100 and liabilities of $ 5,200. During the year, liabilities decreased by $800. Net income for the year was $2, 600, and net assets at the end of the year were $6,400. There were no changes in paid - in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect.
- At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $12,400 and liabilities of $6,400. During the year, liabilities decreased by $1,400. Net income for the year was $3,050, and net assets at the end of the year were $6,650. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities + PIC RE Beginning: Changes: $ 12,400 = $ (750) = 6,400 + (1,400) + $ 0+ $ 6,000 0+ Changes: Ending: $ 11,650 = $ 5,000 + 0+ EA $ 3,050 +Net income (2,400) Dividends 6,650WD Corporation reports the following year-end balance sheet data. The company's debt-to-equity ratio equals: Cash $ 42,000 Current liabilities $ 77,000 Accounts receivable 57,000 Long-term liabilities 28,000 Inventory 62,000 Common stock 102,000 Equipment 147,000 Retained earnings 101,000 Total assets $ 308,000 Total liabilities and equity $ 308,000The income statement for Stretch-Tape Corporation reports net sales of $540,000 and net income of $65,700. Average total assets for the year are $900,000. Stockholders’ equity at the beginning of the year was $600,000, and $30,000 was paid to stockholders as dividends during the year. There were no other stockholders’ equity transactions that occurred during the year. Required: Calculate the return on assets, profit margin, asset turnover, and return on equity ratios.
