Additional Information: Market Value of Stock is P 120 per share.COMPUTE THE FOLLOWING RATIOS FOR THE YEAR 20201. Current Ratio2. Acid Test Ratio16. Gross Profit ratio17. Operating Ratio18. Rate of return on Assets19. Rate of return on Sales3. Receivable Turnover4. Average Collection Period of Receivables5. Finished Goods Turnover6. Number of days in Finished Goods Inventory7. Work in Process Inventory Turnover8. Number of days to Process Inventory9. Raw Materials Inventory Turnover10. Number of days usage in Inventory11. Accounts Payable Turnover12. Average payment cycle13. Number of days in the Operating Cycle14. Current Asset turnover20. Rate of Return on Owner's Equity„21. Rate of Return on Common Equity22. Dividends per share23. Earnings per share24. Dividend Payout25. Dividend Yield26. Price/earnings ratio27. Capitalization rate28. Debt Ratio29. Equity ratio30. Debt/Equity ratio15. Asset Turnover AssignmentCOMPARATIVE STATEMENTSSikat Manufacturing CorporationIncome StatementFor the year ended Dec. 31, 2020 and 20201920202019P 5,150,000-150,0005,000,0003,200,0001,800,000Sales4,250,000na 250.0004,000,0002.600,0001,400,000Less: Sales Returns and AllowancesNet SalesLess: Cost of SalesGross ProfitLess: Operating ExpensesSelling ExpensesGeneral and Administrative ExpensesTotal Operating ExpensesOperating IncomeLess: Interest expenseNet Income before taxLess: Income tax.(32% )Net Income720,000780,0001,500,000300,00060,000240,00076,800P 163.200600,000600,0001,200,000200,00040,000160,00051,200P 108,800Sikat Manufacturing CorporationBalance SheetDec. 31, 2020 and 201920202019ASSETSP 225,000150,000240,000260,000120,000150,00070,000550,000P1.765.000 P 1,520,000CashP140.000125,000180,000160,000145,000170,00080,000520,000Marketable SecuritiesAccounts ReceivableInventories: Finished GoodsWork-in-ProcessRaw MaterialsPrepaid ExpensesMachinery and Equipment.netTOTAL ASSETSLIABILITIES & STOCKHOLDERS' EQUITYAccounts Payable12% Bonds Payable, due in 2010Common Stock, par 100Additional Paid-in CapitalRetained EarningsTOTAL LIAB. & STOCKHOLDERS' EQUITY150,000400,000800,000300,000115,000P1,765,000 P 1,520,000100,000300,000750,000250,000120,000

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COMPARATIVE STATEMENTS Sikat Manufacturing Corporation Income Statement For the year ended Dec. 31, 2020.and 202019 2020 2019 P 5,150,000 150,000 5,000,000 3,200,000 1,800,000 4,250,000 ma 250,000 4,000,000 2,600,000 1,400,000 Sales Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less Interest expense Net Income before tax Less: Income tax (32% ) Net Income 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS Cash Marketable Securities P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 P 1,520,000 Accounts Receivable Inventories: Finished Goods Work-in-Process Raw Materials Prepaid Expenses Machinery and Equipment.net TOTAL ASSETS

COMPARATIVE STATEMENTS Sikat Manufacturing Corporation Income Statement For the year ended Dec. 31, 2020.and 202019 2020 2019 P 5,150,000 150,000 5,000,000 3,200,000 1,800,000 4,250,000 ma 250,000 4,000,000 2,600,000 1,400,000 Sales Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less Interest expense Net Income before tax Less: Income tax (32% ) Net Income 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS Cash Marketable Securities P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 P 1,520,000 Accounts Receivable Inventories: Finished Goods Work-in-Process Raw Materials Prepaid Expenses Machinery and Equipment.net TOTAL ASSETS

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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Excerpts from the annual report of XYZ Corporation follow: 2019 $675,138 $241,154 $64,150 $93,650 $25,100 2020 Cost of goods sold Inventory Net income $754,661 $219,686 $31,185 $68,685 $26,900 Retained earnings LIFO reserve Tax rate 20% 20% If XYZ used FIFO, its net income for fiscal 2020 would be O a. $34,165 O b. $30,375 O c. $32,625 d. $36,545
Sales Allowances Fitz-Chivalry Corporation reports the following information on its 2019 income statement. $ millions Gross sales 2017 2018 2019 $27,694 $30,738 $36,714 Allowance for sales returns Net sales 1,940 2,156 2,185 $25,754 $28,582 $34,529 Required Analysis of financial statements from prior years shows that the company consistently estimates the allowance for sales returns at about 7% of gross sales. What adjustment, if any, would we make to the 2019 income statement? Assume the company's combined federal and state tax rate is 24%. Hint: For adjustments to the income statement, we assume the normal 7% for the ratio of Allowance for sales returns to Gross sales for each year. Determine the 2019 adjusted allowance for sales return. (Round answer to nearest whole number.) $ millions Adjusted (total) allowance for sales returns $ 2019 0 Using the adjusted (total) allowance for sales returns computed above, determine the 2019 adjustments for the following income statement items.…
Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (30%) Net income 2016 $2,033,000 1,487,000 2017 $2,451,000 2018 $2,717,000 2019 $2,994,000 1,617,000 1,768,000 2,093,000 546,000 834,000 949,000 901,000 488,000 494,000 522,000 532,000 58,000 340,000 427,000 369,000 17,400 102,000 128,100 110,700 $40,600 $238,000 $298,900 $258,300 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $19,000. The company uses a periodic inventory system. 2. Compute the gross profit percentage for each year before the correction and after the correction. Note: Round your answers to the nearest whole percent. 2016 2017 2018 2019 Before correction % % % % After correction % % % %
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GIVE THE COMPARATIVE INCOME STATEMENT VERTICAL ANALYSIS FROM THE FOLLOWING INCOME STATEMENT BELOW JOLLIBEE INCOME STATEMENT ITEM 2016 2017 2018 2019 2020 Sales/Revenue 113.81B 133.61B 161.17B 179.63B 129.31B Sales Growth - 17.40% 20.62% 11.45% -28.01% Cost of Goods Sold (COGS) incl. D&A - - 132.96B 150.88B 115.39B COGS Growth - - - 13.47% -23.52% COGS excluding D&A 89.27B 105.39B 121.08B 137.38B 100.82B Depreciation & Amortization Expense 4B 4.75B 11.89B 13.5B 14.57B Depreciation 3.93B 4.66B 11.73B 13.34B 14.32B Amortization of Intangibles 68.99M 78.95M 151.82M 145.42M 245.23M Gross Income 20.54B 23.48B 28.21B 28.75B 13.92B Gross Income Growth - 14.30% 20.12% 1.93% -51.57% Gross Profit Margin - - - - 10.77% SG&A Expense - - 17.64B 20.21B 20.42B SGA Growth - - - 14.57% 1.02%…
Operating data for Blue Spruce Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $822,500 528,300 124,000 74,700 38,700 56,800 2021 $643,500 414,600 79,000 53,000 27,900 69,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)
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SUNLAND COMPANYIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $2,178,400 $2,030,000 Cost of goods sold 1,207,000 1,187,080 Gross profit 971,400 842,920 Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25,960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $ 177,870 SUNLAND COMPANYBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $ 70,918 $ 75,756 Debt investments (short-term) 87,320 59,000 Accounts receivable 139,004 121,304 Inventory 148,680 136,290 Total current assets 445,922 392,350 Plant assets (net) 765,820 613,954 Total assets $1,211,742…
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