Cash Accounts receivable Prepaid expenses Inventory Long-term investments Equipment Accumulated depreciation equipment Total assets Accounts payable Bonds payable KOHL COMPANY Comparative Balance Sheet Common stock Retained earnings Assets Dec. 31,2007 Dec. 31,2006 Total liabilities and stockholders' equity $23.000 18,000 6,000 27,000 -0- 60,000 (18,000) $116,000 Liabilities and Stockholders' Equity $21.000 37,000 40,000 18,000 $116,000 Additional information: 1. Net income for the year ending December 31, 2007 was $20,000. 2. Cash dividends of $12,000 were declared and paid during the year. 3. Long-term investments that had a cost of $18,000 were sold for $16,000. 4. Sales for 2007 were $120,000. Instructions Prepare a statement of cash flows for the year ended December 31, 2007. $12,000 14,000 9,000 18,000 18,000 30,000 (14,000) $87,000 $ 9,000 45,000 23,000 10.000 $87,000

Cash Accounts receivable Prepaid expenses Inventory Long-term investments Equipment Accumulated depreciation equipment Total assets Accounts payable Bonds payable KOHL COMPANY Comparative Balance Sheet Common stock Retained earnings Assets Dec. 31,2007 Dec. 31,2006 Total liabilities and stockholders' equity $23.000 18,000 6,000 27,000 -0- 60,000 (18,000) $116,000 Liabilities and Stockholders' Equity $21.000 37,000 40,000 18,000 $116,000 Additional information: 1. Net income for the year ending December 31, 2007 was $20,000. 2. Cash dividends of $12,000 were declared and paid during the year. 3. Long-term investments that had a cost of $18,000 were sold for $16,000. 4. Sales for 2007 were $120,000. Instructions Prepare a statement of cash flows for the year ended December 31, 2007. $12,000 14,000 9,000 18,000 18,000 30,000 (14,000) $87,000 $ 9,000 45,000 23,000 10.000 $87,000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.24MCE

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Category Prior Year Current Year Accounts payable ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,516.41 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,946.66 Interest expense 40,500 41,874.31 Inventories 279,000 288,000 Long-term debt 336,467.85 401,942.46 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,499.58 Retained earnings 306,000 342,000 Sales 639,000 854,554.01 Taxes 24,750 48,384.56 ??? What is the current year's return on equity (ROE)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign re rounded to 4 decimal places (ex: 0.0924))
Assets Current assets: Cash Marketable securities Accounts receivable (net) Inventory Total current assets Investments Plant and equipment Less: Accumulated depreciation Net plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity Preferred stock, $ 50 par value Common stock, $ 1 par value Capital paid in excess of par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 611,000 272,000 $ 52,500 22,500 178,000 290,000 $ 543,000 66,200 339,000 $948,200 $ 95,100 78,700 12,000 $ 185,800 159,400 $ 345,200 $ 100,000 80,000 190,000 233,000 $ 603,000 $948,200
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Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,139.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,349.00 Interest expense 40,500 41,741.00 Inventories 279,000 288,000 Long-term debt 337,728.00 398,725.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,280.00 Retained earnings 306,000 342,000 Sales 639,000 847,106.00 Taxes 24,750 48,618.00 What is the current year's return on assets (ROA)? (Round to 4 decimal places.)