At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of $349,000. During the year Unique collected new contributions by owners of $21,000, paid dividends of $14,000 and had total expenses of $362,000. At the end of the year Unique has total assets of $672,000 and total equity of $377,000. What was the company's beginning total equity? What was the change in liabilities during the year? What was the company's ending total liabilities? What was the company's profit for the year? What is the total revenues earned during the year?

At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of $349,000. During the year Unique collected new contributions by owners of $21,000, paid dividends of $14,000 and had total expenses of $362,000. At the end of the year Unique has total assets of $672,000 and total equity of $377,000. What was the company's beginning total equity? What was the change in liabilities during the year? What was the company's ending total liabilities? What was the company's profit for the year? What is the total revenues earned during the year?

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 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Related questions

Q: The Harbinger Corporation reported net income of $6 million and total assets of $7 million in its…

A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…

Q: TSW Inc. had the following data for last year: Net income = $800; Net operating profit after taxes…

A: Free cash flow = NOPAT - Net Investment in Total Operating Capital Net Investment in Total…

Q: For the current year,Vidalia Company reported revenues of $250,000 and expenses of $225,000. At the…

A: As per accounting equation, total assets must be equal to total liabilities and total equity. After…

Q: The year-end financial statements of Calloway Company contained the following elements and…

Q: Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $…

A: Balance sheet:A balance sheet is a statement of assets, liability, and equity. It is prepared after…

Q: At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $11,900…

A: Step 1: Complete the beginning balancesassets - given at $11,900liabilities - given at $5,600PIC -…

Q: How much free cash flow did the firm generate during the current year? Round your answer to the…

A: Information Provided: Tax rate = 35% Previous operating capital = $2100 Current operating capital =…

Q: Midyear on July 31st the digby corporation's balance sheet reported: TOtal liabilities of $128.513…

A: Accounting equation is the equation that shows the relationship between assets, liabilities and…

Q: Malibu Inc. reported the following (in millions) on its year-end balance sheet: Total liabilities…

A: Non-owner finance is money provided to a firm in exchange for anything like a guaranteed payback,…

Q: The following information relates to the operations of Branded Ltd. The net profit after tax was…

A: Price earning ratio is calculated by using earning per share and market price per share. This ratio…

Q: Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales…

A: Spontaneous liabilities are liabilities which changes with sales and are recorded as direct result…

Q: The following transactions occurred last year at Jost Company: Issuance of shares of the company’s…

A: financing acitivies: Activities which direclt effect companies capital structure is know as…

Question

100%

What was the change in liabilities during the year?

What was the company's ending total liabilities?

What was the company's profit for the year?

What is the total revenues earned during the year?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce to accounting equation

VIEW

Step 2: Working for beginning total equity, company's profit and revenue earned

VIEW

Step 3: Working for ending total liabilities and change in liabilities

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of 36.5 days (based on a 365-day year), total current assets of $810,000, and cash and marketable securities of $120,000. What were Kretovich’s annual sales?
The total assets of Blue Co. is funded by both debt and equity with a debt to equity ratio of 100%. If Blue Co. has a retained earnings breakpoint of P1,225,000, the additions to the retained earnings during the year amounts to ?
The following information is available for Wildhorse Corporation for the year ended December 31, 2020: sales revenue $780,000, other revenues and gains $95,500, operating expenses $113,000, cost of goods sold $461,000, other expenses and losses $35,000, and preferred stock dividends $27,050. The company’s tax rate was 30%, and it had 55,000 shares outstanding during the entire year. 1. Prepare a corporate income statement. (List other revenues before other expenses.) 2 Calculate earnings per share.
Sandhill Electronics reported the following information at its annual meetings: The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,158,300, accounts receivables of $3,469,000, short-term notes payable worth $1,128,000, and other current assets of $121,455. What is the company's net working capital?Excel Template(Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have different values. When using this template, copy the problem statement from this screen for easy reference to the values you’ve been given here, and be sure to update any values that may have been pre-entered in the template based on the textbook version of the problem.) Net working capital $enter the Net working capital in dollars
For the most recent year, Camargo, Incorporated, had sales of $574,000, cost of goods sold of $250,780, depreciation expense of $65,400, and additions to retained earnings of $77,800. The firm currently has 25,000 shares of common stock outstanding and the previous year's dividends per share were $1.54. Assuming a 25 percent Income tax rate, what was the times Interest earned ratlo? Note: Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Times interest earned times
Schaeffer Corporation reports $50 million accumulated other comprehensive income in its balance sheet as a component of shareholders’ equity. In a related statement reporting comprehensive income for the year, the company reveals net income of $400 million and other comprehensive income of $15 million. What was the balance in accumulated other comprehensive income in last year’s balance sheet?
The balance sheet of ATLF, Inc. reports total assets of $950,000 and $1,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $100,000 and $800,000, respectively. What is ATLF's profit margin? Select one: a. 8% b. 15% c. 10% d. 80% e. 12.5%
For the most recent year, Camargo, Incorporated, had sales of $566,000, cost of goods sold of $248,960, depreciation expense of $64,400, and additions to retained earnings of $76,800. The firm currently has 24,000 shares of common stock outstanding and the previous year's dividends per share were $1.50. Assuming a 23 percent income tax rate, what was the times interest earned ratio? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Times interest earned times
Barnes' Brothers has the following data for the year ending 12/31/12: Net income = $500; Net operating profit after taxes (NOPAT) = $850; Total assets = $3,000; Short-term investments = $100; Stockholders' equity = $2,000; Total debt = $700; and Total operating capital = $3,000. Barnes' weighted average cost of capital is 17.1%. What is its economic value added (EVA)? (Round your answer to 2 decimal places.)
For the most recent year Camargo Inc., had sales of $556,000, cost of goods sold $248960, depreciation expense of $64400, and additions to retained earnings of $76,800. The firm currently has 24,000 shares of common stock outstanding and the previous year's dividends per share were $1.50. Assuming a 23 percent income tax rate, what was the times interest earned ratio?
Last year, Harrington Inc. had sales of $325,000 and a net income of $19,000. Its year-end assets were $250,000. The firms total debt/total assets was 55%. What was the ROE?
At the end of last year, River Side Company achieved $9 million in revenues (EBITDA). Depreciation expense was $2.2 million, with interest paid of $900,000 and a corporate tax rate of 32%. At the end of the fiscal year it had current assets totaling $12 million, $2 million in accounts payable, $1.4 million in accrued liabilities, $1.2 million in other payables, and $7 million in property, plant, and equipment. Assume that River Side has no excess cash, uses debt and equity to finance its operations, has no current liabilities, and recognizes depreciation periodically. Determine the company's net income or loss. Calculate net working capital and operating working capital.