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FINANCIAL ACCOUNTING
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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Some recent financial statements for Earl Grey Golf Corp. follow. Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets Sales Cost of goods sold Depreciation 2017 Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income Dividends Additions to retained earnings $ 24,046 12,448 25,392 $ 61,886 $324,695 $386,581 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position $ 24,255 15,235 27,155 $ 66,645 EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income 2018 $365,734 $432,379 $20,000 23,780 Current liabilities Accounts payable Notes payable Other Total Liabilities and Owners' Equity Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 Total liabilities and owners' equity 2017 $ 23,184 12,000 11,571 $ 46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379
Transcribed Image Text:Some recent financial statements for Earl Grey Golf Corp. follow. Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets Sales Cost of goods sold Depreciation 2017 Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income Dividends Additions to retained earnings $ 24,046 12,448 25,392 $ 61,886 $324,695 $386,581 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position $ 24,255 15,235 27,155 $ 66,645 EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income 2018 $365,734 $432,379 $20,000 23,780 Current liabilities Accounts payable Notes payable Other Total Liabilities and Owners' Equity Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 Total liabilities and owners' equity 2017 $ 23,184 12,000 11,571 $ 46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379
The company's profit margin Is percent. (Use year-end figures rather than average values where appropriate. Do not Include the percent sign (%). Round the final answer to 2 decimal places.) times. (Round the final answer to 3 decimal places.) (Round the final answer to 2 decimal places.) Total asset turnover Is Equity multiplier is Using the Du Pont Identity, the company's ROE IS decimal places.) percent. (Do not Include the percent sign (%). Round the final answer to 2
Transcribed Image Text:The company's profit margin Is percent. (Use year-end figures rather than average values where appropriate. Do not Include the percent sign (%). Round the final answer to 2 decimal places.) times. (Round the final answer to 3 decimal places.) (Round the final answer to 2 decimal places.) Total asset turnover Is Equity multiplier is Using the Du Pont Identity, the company's ROE IS decimal places.) percent. (Do not Include the percent sign (%). Round the final answer to 2
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