Required:Prepare a classified consolidated balance sheet for Carlton Soup for the current year (ended July 31). (Enter your answers In millions(l.e., 10,000,000 should be entered as 10).)CARLTON SOUP COMPANYConsolidated Balance SheetCurrent Assets:(in millions)AssetsTotal current assets0Total assetsLiabilities and Stockholders' EquityCurrent liabilities:$0Total current liabilities0Total liabilitiesStockholders' Equity0Total stockholders' equity0Total liabilities and stockholders' equity$0 Carlton Soup Company is the world's leading maker and marketer of soup and sells other well-known brands of food in 160 countries.Presented here are the items listed on a simplified version of its recent balance sheet (dollars in millions) presented in alphabeticalorder:Accounts payableAccounts receivableAccrued expensesCash and cash equivalentsCommon stock, $0.0375 par valueIntangible assetsInventories656Other assets139585 Other current assets66601Other current debt1,150310Other noncurrent liabilities3,8833923,023Property, plant, and equipment, netRetained earnings2,502911968

Answered: Required: Prepare a classified…

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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Suppose these selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands). Cash Accounts receivable Inventory Other current assets Total current assets Total current liabilities 2022 Current ratio $13,057 25,199 29,385 19,579 $87,220 $249,200 2021 2022 $8,124 19,231 31,244 10,746 Compute the current ratio for each year. (Round answers to 2 decimal places, e.g. 2.12.) $69,345 $301,500 :1 2021 :1
Suppose McDonald's 2022 financial statements contain the following selected data (in millions). Current assets Total assets Current liabilities Total liabilities (a1) a. b. Compute the following values. C. $3,416.0 Interest expense 30,224.0 d. 2,988.0 16,191.0 Income taxes Net income $473.0 1,936.0 4,551.0 Current ratio. (Round to 2 decimal places, e.g. 6.25:1.) Working capital. (Round to 1 decimal place, e.g. 5,275.5) Debt to assets ratio. (Round to 0 decimal places, e.g. 62%.) Times interest earned. (Round to 2 decimal places, e.g. 6.25.) millions :1 % times
For this question, calculate all values to 2 decimal places of £M (e.g. £123.45M) unless otherwise specified, and all ratios to 2 decimal places of percentage (e.g. 9.87%). You are given the following income statements and balance sheets for Freddie M Corporation for fiscal years 2045 and 2046 (all figures are in £ million), Income Statement Balance Sheet Sales Cost of goods sold Gross margin Wage & salaries expense Depreciation expense Earnings before interest and tax Interest expenses Taxes Net income Dividends Change in shareholder's equity Assets: Cash & equivalents Receivables Inventories Current Assets Property, plant & equipment Accumulated depreciation Net property, plant & equip Total Assets 2045 400.00 -200.00 200.00 -50.00 -25.00 125.00 -25.00 -60.00 40.00 -16.00 24.00 2045 2046 480.00 -240.00 240.00 -60.00 -25.00 155.00 -20.00 -70.00 65.00 -26.00 39.00 2046 Liabilities: 30.00 36.00 Payables 60.00 Short-term debt 50.00 50.00 60.00 Long-term debt 130.00 156.00 Total…
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The following condensed information is reported by Beany Baby Collectibles. Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Required: 1. Calculate the following profitability ratios for 2024: 2. Determine the amount of dividends paid to shareholders in 2024. 2024 $10,440,000 6,827,760 360,000 $1,200,000 1,500,000 2023 $1,600,000 $1,500,000 2,200,000 1,900,000 $3,800,000 $3,400,000 800,000 300,000 $3,800,000 $8,400,000 5,900,000 248,000 $900,000 1,500,000 800,000 200,000 $3,400,000
A condensed balance sheet for Simultech Corporation and a partially completed vertical analysis are presented below. Complete the vertical analysis by computing each missing line item as a percentage of total assets. (Round your answers to the nearest whole percent.) SIMULTECH CORPORATION Balance Sheet (summarized) January 31 (in millions of U.S. dollars) Cash $433 29 % Current Liabilities $409 27 % Accounts Receivable 294 19 Long-term Liabilities 495 33 Inventory 206 14 Total Liabilities 904 Other Current Assets 109 Common Stock 118 Property and Equipment 27 2 Retained Earnings 492 32 Other Assets 445 29 Total Stockholders’ Equity 610 Total Assets $1,514 100 % Total Liabilities & Stockholders’ Equity $1,514 100 % 2A. What percentage of Simultech’s total assets relate to inventory? (Round your answer to the nearest whole percent.) 2B. What percentage of Simultech’s total assets relate to property…
The top part of Rammy's Incorporated's 2022 balance sheet is listed as follows (in millions of dollars). Current assets: Current liabilities: Cash and marketable securities $ 5 Accrued wages and taxes $ 6 Accounts receivable 15 Accounts payable 10 Inventory 95 Notes payable 50 Total $ 115 Total $ 66 What are Mars, Incorporated's current ratio, quick ratio, and cash ratio for 2022? Multiple Choice 1.74242, 0.30303, 0.07576 7.1875, 1.25, 0.3125 1.43939, 0.30303, 0.07576 19.16667, 3.33333, 0.83333
Southwestern Industries has the following selected data ($ in millions): Balance sheet data Total assets Total liabilities Total stockholders' equity Income statement data Sales. Interest expense Income tax expense Net income 2024 1. Debt to equity ratio 2. Return on assets ratio 3. Times interest earned ratio $2,700 1,950 750 $750 80 30 95 2023 Required: Based on these amounts, calculate the following ratios for Southwestern Industries in 2024: (Round your answers to 2 decimal places.) % times $2,100 1,100 1,000
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Comparative data (in thousands) from the balance sheet of Sunland Ltd. are shown below. 2024 2023 2022 2021 Cash $22 $41 $27 $17 Accounts receivable 280 245 214 162 Inventory 510 493 418 343 Prepaid expenses 20 0 10 20 Total current assets $832 $779 $669 $542 Using horizontal analysis, calculate the percent of base year, assuming 2021 is the base year
Suppose the 2022 Adidas financial statement contain the following selected data (in millions) current assets 4215 total assets 9000 current liabilities 4860 cash 755 interest expense 150 income tax 190 net income 275 a.working capital b.current ratio c.debt to assets ratio d.times interest earened
Common-Size Balance Sheets Consider the following balance sheet data for Davis Co., Inc., an electronics and major appliance retailer, at February 26, 2019 and February 27, 2018 (amounts in thousands): Feb. 26, 2019 Feb. 27, 2018 $60,872 $7,138 37,968 249,991 Cash and Cash Equivalents Accounts Receivables Merchandise Inventories Other Current Assets Total Current Assets Property and Equipment (net) Other Assets Total Assets Current Liabilities Long-Term liabilities Total Liabilities Common Stock Additional Paid-in-Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 52,944 637,950 13,844 765,610 172,724 15,160 $953,494 $402,028 239,022 641,050 3,087 224,089 85,268 312,444 $953,494 9,729 304,826 126,442 7,774 DAVIS CO.. INC. $439,042 $186,005 70,854 256,859 1,149 137,151 43,883 182,183 $439,042 Prepare common-size balance sheets for each year (use total assets as the base amount for computing percentages). Instructions: • Round percentages to…

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