Cat Fancy, Inc., has provided the following information from its most current financial statements.Total revenueTotal expensesTotal current assetsTotal current liabilitiesTotal stockholders' equity, previous yearTotal stockholders' equity, current yeara. Compute the company's net income percentage in the current year.b. Compute the company's return on equity in the current year.c. Compute the company's current ratio at December 31, current year.a. Net income percentageb. Return on equityc.Current ratio$150,00096,00038,4009,60088,80091,200%%to

a. Net Income Percentage: The percentage of profit relative to total revenue, showing how much of…

Answered: Cat Fancy, Inc., has provided the…

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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You have been provided with Leonard Corporation's partial Statement of Financial Position and the Statement of Comprehensive Income for the year ended December 31, 2021. Leonard Corporation Partial Statement of Financial Position For the Year Ended December 31, 2021 Accounts receivable -net Prepaid expenses Inventory Property, Plant & Equipment Accumulated Depreciation Accounts payable Income taxes payable Deferred revenue 2021 Sales....... Cost of goods sold.. Gross Margin. Selling, general and admin Depreciation expense $440,000 482,000 45,000 31,000 825,000 810,000 2,475,000 2,105,000 2020 (866,000) (823,000) 184,000 197,000 38,000 35,000 47,000 42,000 Leonard Corporation Statement of Comprehensive Income For the Year Ended December 31, 2021 Interest expense..... Gain on sale of PPE Net income before taxes Income Tax Expense Net income and comprehensive income... $3,560,000 1,950,000 1,610,000 (595,000) (320,000) (115,300) 55,400 635,100 95,300 .$539,800 Additional information:…
Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash Marketable securities Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Current liabilities: Accounts and notes payable (short-term) Accrued liabilities Total current liabilities a. Determine for each year (1) the working Current Year 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Nilo has current assets relative to current liabilities. $690,500 799,500 327,000 1,042,800 537,200. $3,397,000 $458,200 $579,600 652,100 217,300 673,400 430,600 $2,553,000 $483,000 331,800 207,000 $790,000 $690,000 capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Previous Year from the preceding year to the current year. The working capital, current ratio, and quick ratio have all . Most of these changes are the result of an in
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid Investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition. Consider the following scenario: Cold Goose Metal Works Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next year. 1. Cold Goose is able achieve this level of increased sales, but its interast costs…
The financial statements for Armstrong and Blair companies for the current year are summarized below: Blair Company Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets Total assets Current liabilities. Long-term debt (10%) Share capital Contributed surplus Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales revenue (1/3 on credit) Cost of sales Expenses (including interest and income tax) Net earnings Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding $ Selected data from the financial statements for the previous year follows: Blair Company Armstrong Company 30,000 82,000 94,000 $ 50,000 28,000 86,000 $ $ 18 30% 46,000 15,000 Armstrong Company $ 36,000 $ 32,000 30,000 40,000 205,000 35,000 170,000 95,000 $ 536,000 $ 125,000 94,000 180,000 40,000 97,000 $ 536,000 $ 550,000…
Match the following ratio functions with the ratio (place the number of your chosen answer into the box with the border beside the term you think it goes with : Dividend Yield Debt ratio Current Ratio Price/Earnings Ratio Acid-test ratio Earnings per share 1. The amount of net income earned for each share of the company's common stock 2. The percentage of a stock's market value returned to stockholders as dividends each period 3. The ability to pay current liabilities with current assets. 4. The percentage of assets financed with debt. 5. The ability to pay all current liabilities if they come due immediately. 6. The market price of $1 of earnings.
The following condensed information is reported by Sporting 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 Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity % % % The amount of dividends paid Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) times % 2021 $10,440,000 6,827,760 360,000 2. Determine the amount of dividends paid to shareholders in 2021. 2020 $8,400,000 5,900,000 248,000 $ 1,600,000 2,200,000 $ 3,800,000 $ 1,200,000 1,500,000 800,000 $ 900,000 1,500,000 800,000 300,000 200,000 $ 3,800,000 $3,400,000 $1,500,000 1,900,000 $3,400,000
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Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Assets Cash Accounts receivable Inventory: Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped). Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity Joel de Paris, Inc. Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net income $ 122,000 208,000 $3,885,000 3,341,100 543,900 330,000 $ 213,900 Beginning Balance Ending Balance $ 134,000 $ 137,000 472,000 337,000 571,000 480,000 788,000 781,000 402,000 432,000 248,000 253,000 $2,480,000 $2,555,000 $ 379,000 $ 336,000 987,000 987,000 1,114,000 1,232,000 $2,480,000 $2,555,000 The company paid dividends of $95,900 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an Investment in the stock of another company. The company's minimum required rate of…
a) Calculate the following ratios i)Gross profit ii)Net profit before taxi iii)Current ratio iv)Accounts receivable turnover in days v)Inventory turnover in days vi)Accounts payable turnover vii)Times interest covered viii)Debt/equity. b)Comment on the profitability and stability of the company using the ratios calculated in (a)(plus any others you think may be relevant) and make recommendations to your friend.
KINDLY ANSWER PARTS IV & V FOLLOWED BY PART B.i,ii,iii
The regular financial statements in which every line has been divided by the sales for the year. Cash flow statement Common size statement Balance sheet Not choice given Income statement
5. Which financial information is found in a company's annual report? A. Employee salaries B. Marketing strategies • C. Financial statements • D. All of the above

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