balance sheet data are as of December 31, 2025. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Additional Information: Cash from operating activities Capital expenditures Dividends paid on common stock Average number of common shares outstanding (a1) Your answer is incorrect. Net income Earnings per share $ $ Sunland Corporation Sunland Corporation 2025 $1,805,000 1,238,000 309,000 and Carla Vista Corporation, two competitors, appear below. All 89,000 8,000 427,600 542,400 71,490 148,700 152,400 83,400 36,800 100,000 $ $ Carla Vista Corporation 2025 $610,000 365,000 99,000 4,100 37,900 131,000 Compute the net income and earnings per share for each company for 2025. (Round earnings per share to 2 decimal places, e.g. 15.55.) 141,000 35,822 29,730 43,500 22,200 15,100 50,000 Carla Vista Corporation

balance sheet data are as of December 31, 2025. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Additional Information: Cash from operating activities Capital expenditures Dividends paid on common stock Average number of common shares outstanding (a1) Your answer is incorrect. Net income Earnings per share $ $ Sunland Corporation Sunland Corporation 2025 $1,805,000 1,238,000 309,000 and Carla Vista Corporation, two competitors, appear below. All 89,000 8,000 427,600 542,400 71,490 148,700 152,400 83,400 36,800 100,000 $ $ Carla Vista Corporation 2025 $610,000 365,000 99,000 4,100 37,900 131,000 Compute the net income and earnings per share for each company for 2025. (Round earnings per share to 2 decimal places, e.g. 15.55.) 141,000 35,822 29,730 43,500 22,200 15,100 50,000 Carla Vista Corporation

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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The following data are taken from the records of Grouper Company. Cash Current assets other than cash Long-term debt investments Plant assets Accumulated depreciation Current liabilities Bonds payable Common stock Retained earnings Additional information: 1. 2. 3. 4. 5. December 31, December 31, 2025 2024 $15,100 84,300 10,000 334,300 $443,700 $20,100 39,900 74,800 255,400 53,500 $443,700 $8,000 60,600 52,500 214,900 $336,000 $40,400 21,800 -0- 255,400 18,400 $336,000 Held-to-maturity debt securities carried at a cost of $42,500 on December 31, 2024, were sold in 2025 for $34,300. The loss (not unusual) was incorrectly charged directly to Retained Earnings. Plant assets that cost $50,300 and were 80% depreciated were sold during 2025 for $8,000. The loss was incorrectly charged directly to Retained Earnings. Net income as reported on the income statement for the year was $57,100. Dividends paid amounted to $11,740. Depreciation charged for the year was $19,940.
Comparative balance sheets for Pharoah Company are as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2. 3. 4. 5. 6. 7. Pharoah Company Comparative Balance Sheets December 31 Balance Sheet Accounts Total Total Net income for 2025 was $136,000. Cash dividends of $67,000 were declared and paid Bonds payable with a carrying value of $46,000 were redeemed for $46,000 cash. Common stock was issued at par for $60,000 cash. Depreciation expense was $23,100. Sales revenue for the year was $970,000. Land was sold at cost, and equipment was purchased for cash. Investing activities Prepare a worksheet for a statement of cash flows for 2025 using the indirect method. Enter the reconciling items directly on the worksheet. (Show amounts that decrease cash flow with either a-sign eg-15,000 Statement of…
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The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets. Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable. Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024: 1. Net income is $91,560. 2. Sales on account are $1,416,800. (All sales are credit sales.) 3. Cost of goods sold is $1,098,500. 2024 $149,560 72,000 92,000 3,700 450,000 760,000 2023 450,000 640,000 (398,000) (238,000) $1,129,260 $1,136,700 $95,400 6,000 8,000 $117,000 89,000 77,000 1,700 $82,000 11,700 4,700 220,000 670,000 148,300 110,000 670,000 239,860 $1,129,260 $1,136,700 Required: 1. Calculate the…
Calculate the dividend payout ratio.
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On January 1, 2025, Artic Inc. had the following balance sheet: Cash Total Debt investments (available-for-sale) 363,000 $434,000 Assets Interest revenue ARTIC INC. BALANCE SHEET AS OF JANUARY 1, 2025 ARTIC INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 $11,000 Gain on sale of investments Net income $71,000 Common stock (a) The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Artic Inc.'s available-for-sale debt securities at December 31, 2025, was $310,000; its cost was $277,000. No debt securities were purchased during the year. Artic Inc.'s income statement for 2025 was as follows: (Ignore income taxes.) 28,000 $39,000 (Assume all transactions during the year were for cash.) Accumulated other comprehensive income Total Equity $389,000 Debit 45,000 $434,000 Prepare the journal entry to record the sale of the available-for-sale debt securities in 2025. (Credit account titles are…
The information on the following page was obtained from the records of Breanna Incorporated: $ 10, 200 50,800 128,000 9,500 64,500 Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash Net sales Equipment Selling, general, and administrative expenses Common stock (8,200 shares) Accounts payable Retained earnings, 1/1/22 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2022 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2022, and that all income statement items reflect activities that occurred during the year ended December 31, 2022. There were no changes in paid-in capital during the year. Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2022, and a balance sheet at December 31, 2022, for Breanna Incorporated. Based on the financial statements that you have prepared for part a,…