At the beginning of the year, Lexor Ltd. had liabilities of $75,000. During the year, assets increased by $90,000, and year-end assets were $250,000. Liabilities decreased by $12,000 during the year. What are the beginning and ending amounts of equity?
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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.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.What must have been the net income for the year?
- At the beginning of the year, Norwood Pass Industries had $240,000 in total assets and a debt-to-assets ratio of 0.5 or 50%. During the year, Norwood's assets increased by $80,000, and its liabilities increased by $72,000. What is the debt-to-assets ratio at the end of the year? Multiple Choice 0.4 or 40% 0.6 or 60% 1.7 or 170% 0.9 or 90%What do the following data, taken from a comparative balance sheet, indicate about the company’s ability to borrow additional long-term debt in thecurrent year as compared to the preceding year? Current Year Preceding YearFixed assets (net) $1,260,000 $1,360,000Total long-term liabilities 300,000 400,000Problem of Financial Accounting: In recent year Mey Corporation had net income of $750,000, interest expense of $150,000, and a times interest earned ratio of 9. What was Mey Corporation's income before taxes for the year?
- At the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilities of $288,000. During the year, labilmes decreased by $16,200, assets increased by $58,500, and paid-in capital increased from $27,000 to $172,800 Dividends declared and paid during the year were $22,500. At the end of the year, stockholders' equity totaled $386,100 Required: a. Calculate net income (or loss) for the year. Indicate the financial statement effect Complete this question by entering your answers in the tabs below. Required A1 Required A2 Calculate net income (or loss) for the year. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Beginning $599,000 Changes 58.500 Changes Ending S657,900 Stockholders' Equity Liabilities $ 280,000+ (16,200) RE 284,400 48.600 Not loss 22.500 [Dividends $271,800+ $ 172.800 $ 213,300 ($386,100 total SE) PIC $ 27,000+$ 145.800+What does the company report for the following accounts for the most current fiscal year: Enter your answer in millions. Total Assets: 70,581 Total Liabilities: 67,282 Long-Term debt: 35,822 Other long-term liabilities: 8,294 Operating Income: 18,278 Interest expense: 1,347 2. The company projects the following for the next fiscal year: • Total assets will increase by 5%.• Total liabilities will increase by 6%.• Long-term debt and interest expense will increase by 7%.• Operating income will increase by $750 million. a. Total assets: 74,100 b Total liabilities: 71,319 c. Long-term debt: 38,330 d. operating income: 19,028 e. Interest expense: Provide the next year’s forecasted balances for the above accounts. Round your answer to the nearest million. 1. Compute the forecasted debt to equity ratio for the next fiscal year. Round your answer to two decimal places. 2. Compute the forecasted long-term debt to equity ratio for the next fiscal year. Round your answer to two decimal…Suppose that for 2010 Aquarius company's current assets totaled $60,000; total assets totaled 470,000; current liabilities totaled 72,000; and total liabilities totaled $430,000. Calculate the debt-to-equity ratio for Aquarius for 2010. Calculate the debt-to-equity ratio for Aquarius for 2010. (round your answer to three decimal places.)