Consider the following information: Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments Total Assets Liabilities Gil's Fish and Tackle, Incorporated Balance Sheet At December 31, 2021 Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable Total Liabilities. Stockholders' Equity Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Operating Expenses Operating Income Other Expenses Interest Expense Sales Revenue Operating Expenses Salaries and Wages Expense Operating and Administrative Expenses Depreciation Expense Gil's Fish and Tackle, Incorporated Income Statement For the year ending December 31, 2021 Net Income Income Before Income Tax Expense Income Tax Expense $ 22,200 169,100 68,300 102,800 30,000 $ 392,400 $ 49 68,800 100,000 218,000 100,000 74,400 174,400 $ 392,400 $ 2,765,000 1,850,500 286,700 335,400 2,472,600 292,400 17,000 275,400 103,800 $ 171,600 Required: Calculate the debt-to-assets ratio and the times interest earned. (Round your answers to 2 decimal places.)

Consider the following information: Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments Total Assets Liabilities Gil's Fish and Tackle, Incorporated Balance Sheet At December 31, 2021 Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable Total Liabilities. Stockholders' Equity Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Operating Expenses Operating Income Other Expenses Interest Expense Sales Revenue Operating Expenses Salaries and Wages Expense Operating and Administrative Expenses Depreciation Expense Gil's Fish and Tackle, Incorporated Income Statement For the year ending December 31, 2021 Net Income Income Before Income Tax Expense Income Tax Expense $ 22,200 169,100 68,300 102,800 30,000 $ 392,400 $ 49 68,800 100,000 218,000 100,000 74,400 174,400 $ 392,400 $ 2,765,000 1,850,500 286,700 335,400 2,472,600 292,400 17,000 275,400 103,800 $ 171,600 Required: Calculate the debt-to-assets ratio and the times interest earned. (Round your answers to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux's accounting records is provided also. Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings DUX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 900s) Less: Treasury stock DUX COMPANY Income Statement For Year Ended December 31, 2018 ($ in 800s) Revenues Sales revenue Dividend revenue Expenses Cost of goods sold. Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense Net income $325 9 $334 134 39 33 1 22 6 31 266…
Using the given information, create a pro forma balance sheet. Covering all Assets and Liabilities listed within both photos.
Dec. 31, 2020 Dec. 31, 2019 Assets Current assets: Cash and cash equivalents $248,005 $419,465 Accounts receivable 38,283 34,839 Inventory 15.043 15,332 Prepaid expenses and other current assets 39,965 34,795 Income tax receivable 58,152 16,488 Investments 415,199 338,592 Total current assets 814.647 859,511 Property, plant, & equipment, net 1,217.220 1,106,984 Long-term investments 622,939 496.106 Other assets 70,260 64,716 Total assets $2,725,066 $2,527,317 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $85,709 $69,613 Accrued payroll and benefits 64,958 73,894 Accrued liabilities 129,275 102,203 Total current liabilities 279,942 245,710 Deferred liabilities 284.267 240,975 Other liabilities 32.883 28,263 Total liabilities 597,092 514,948 Shareholders' equity: Common stock 358 354 Additional paid-in capital 954,988 861.843 Retained earnings 1,172.628 1,150,172 Total shareholders' equity 2,127,974 2,012.369 Total liabilities and shareholders' equity…
Please provide answer in text (Without image)
Text Predictions: On ABC Inc. Balance Sheet as at December 31, 2015 and 2016 ($ thousands) Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Property, Plant & Equipment Less Accumulated Depreciation Property, Plant & Equipment, net Total Assets Liabilities and S/H Equity Current Liabilities Accounts Payable Notes Payable and short-term debt Total Current Liabilities Long-Term Debt Shareholders' Equity Common Shares Paid-In Capital Retained Earnings Total Total Liabilities and S/H Equity ABC Inc. Income Statement for 2015 and 2016 ($ thousands) Revenue Cost of Goods Sold Operating Expenses Depreciation Earnings Before Interest & Taxes (EBIT) Interest Paid Income Before Taxes (EBT) Taxes Paid Net Income (NI) Dividend Accessibility: Investigate 2015 $ 200 450 550 $1,200 2.200 (1.000) 1,200 $2,400 $ 200 0 $ 200 $ 600 300 600 700 $1,600 $2,400 2015 $1,200 700 30 220 S 250 50 $ 200 180 $ 120 $ S 2016 $ 150 425 625 $1,200 2016 $1,450 850 40 200 $360 160 $ 300…
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…
Hw.24.
The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets. Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable. Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024: 1. Net income is $91,560. 2. Sales on account are $1,416,800. (All sales are credit sales.) 3. Cost of goods sold is $1,098,500. 2024 $149,560 72,000 92,000 3,700 450,000 760,000 2023 450,000 640,000 (398,000) (238,000) $1,129,260 $1,136,700 $95,400 6,000 8,000 $117,000 89,000 77,000 1,700 $82,000 11,700 4,700 220,000 670,000 148,300 110,000 670,000 239,860 $1,129,260 $1,136,700 Required: 1. Calculate the…
opines Text Predictions: On ABC Inc. Balance Sheet as at December 31, 2015 and 2016 ($ thousands) Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Property, Plant & Equipment Less Accumulated Depreciation Property, Plant & Equipment, net Total Assets Liabilities and S/H Equity Current Liabilities Accounts Payable Notes Payable and short-term debt Total Current Liabilities Long-Term Debt Shareholders Equity Common Shares Paid-In Capital Retained Earnings Total Total Liabilities and S/H Equity ABC Inc. Income Statement for 2015 and 2016 ($ thousands) Revenue Cost of Goods Sold Operating Expenses Depreciation Earnings Before Interest & Taxes (EBIT) Interest Paid Income Before Taxes (EBT) Taxes Paid Net Income (N) Dividend Accessibility: Investigate $ 200 450 550 $1,200 2.200 (1,000) 1,200 2015 $2,400 $ 200 0 $ 200 $ 2015 300 600 700 $1,600 $2,400 $1,200 700 30 220 $ 250 50 $ 200 1180 $ 120 600 mm 2016 $1,450 850 40 200 $ 360 60 $ 300 120 180 80 $ 2016 $…
Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated 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, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net income $ 115,000 191,000 1. Average operating assets 2. Margin 2. Turnover 2. ROI 3. Residual income Beginning Balance $ 125,000 347,000 579,000 799,000 407,000 251,000 $ 2,508,000 $ 5,049,000 4,291,650 757,350 $385,000 967,000 1,156,000 $ 2,508,000 306,000 $ 451,350 % % Ending Balance $ 137,000 484,000 489,000 780,000 The company paid dividends of $347,350 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company.…
2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash flows from investing activities: Purchase of equipment Sale of equipment Sale of long-term investment Net cash flow from investing activities $ (37)
Financial Statements Prepare the Financial Statements for the fiscal year ended December 31, 2021 for MaBak Inc. Inc. Don't forget the statement dates and dollar signs. Complete the Horizontal and Vertical analysis. Round answers to the whole percent. Account Name Accounts Payable Accounts Receivable (net) Accrued Liabilities Administration Expense Bonds Payable Car (net) Cash Cost of Goods Sold Current Maturities of Long Term Debt Equipment (Net) Income Tax Expense Inventory Amount Account Name Investments - Long Term Land- not in use, to be sold in 5 Marketable Securities $ 42,000 30,000 3,000 30,000 Net Sales 20,000 Notes Payable - Long 32,000 Notes Receivable 50,000 20,000 Other Income Other Expense (interest) 12,250 Selling Expense 12,000 Supplies 4,400 Taxes Payable 40,000 Unearned Sales Revenue 12,000 25,000 5,000 135,000 13,000 2,000 7,600 4,000 44,000 7,500 17,750 13,000