Consider the information given below. What is the equity at the end of the year? Assets Liabilities Beginning of Year $27,000 $ 18,000 End of Year $60,000 $ 26,000
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- Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 512,008 $ 392,240 2019 $ 272,200 Cost of goods sold 308,229 245,542 174,208 Gross profit 203,779 146,698 97,992 Selling expenses 72,705 54,129 35,930 Administrative expenses 46,081 34,517 22,593 Total expenses 118,786 88,646 58,523 Income before taxes .84,993 58,052 39,469 Income tax expense 15,809 11,901 8,012 Net income $ 69,184 $ 46,151 $ 31,457 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 54,370 0 $ 36,390 600 $ 48,645 3,870 99,436 90,776 53,339 Total liabilities and equity $ 153,806 $ 127,766 $ 105,854 $ 22,456 $ 19,037 $ 18,524 68,000 68,000 50,000 8,500 8,500 5,556 54,850 32,229 31,774 $ 153,806 $ 127,766 $ 105,85419. Using the following information, calculate the return on assets. Net income for November Total assets, November 1 Total assets, November 30 $ Identify the formula and then solve for return on assets (ROA). (Round the ROA to the nearest tenth percent, X.X%.) ROA + 4,710 55,000 102,000 + = %19. Using the following information, calculate the return on assets. Net income for November Total assets, November 1 5,000 76,000 Total assets, November 30 80,250 ... Identify the formula and then solve for return on assets (ROA). (Round the ROA to the nearest tenth percent, X.X%.) ÷ ROA %
- Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 $546,242 328,838 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 418,466 263,634 2021 % 154,832 57,748 36,825 94,573 60, 259 12,353 $ 47,906 % $61,141 0 113,547…The following data were taken from the financial statements of Loveseth Inc. for the current fiscal year. Property, plant, and equipment (net) $1,426,600 Liabilities: Current liabilities $205,000 Note payable, 6%, due in 15 years 1,019,000 Total liabilities $1,224,000 Stockholders' equity: Preferred $4 stock, $100 par (no change during $1,224,000 year) Common stock, $10 par (no change during year) 1,224,000 Retained earnings: Balance, beginning of year $1,306,000 Net income 571,000 $1,877,000 Preferred dividends $48,960 Common dividends 196,040 245,000 Balance, end of year 1,632,000 Total stockholders' equity $4,080,000 Sales $27,926,100 Interest expense $61,1408. Using the following Balance Sheet summary information, for the two years presented calculate: A. working capital B. current ratio 12/31/2018 12/31/2019 Current assets $101,600 33,650 $97,350 32,800 Current liabilities
- From the following information for BlueInks Corporation, compute the rate of return on assets. Hint: The numerator is income before interest expense and taxes. Net income $40,878 Total assets at beginning of year $250,100 Total assets at end of year $158,680 a. 15% b. 25% c. 16% d. 20%The following information is available from the annualreport of Frixell, Inc.: Currentliabilities . . . . $300,000Operatingincome . . . . . 240,000Net income . . . . 80,000 Currentassets . . . . $ 480,000Average totalassets . . . . 2,000,000Average totalequity . . . . 800,000Which of the following statements are correct? (More thanone statement may be correct.)a. The return on equity exceeds the return on assets.b. The current ratio is 0.625 to 1..
- Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…Indicate where each of the following items is reported on financial statements. Choose from the followingcategories: (a) current assets, (b) long-term investments, (c) current liabilities, (d) long-term liabilities,(e) other revenues and gains, ( f ) other expenses and losses, and (g) equity. Held-to-maturity securities (due in 15 years)Randall Corporation reported the following revenue data:Year Net revenues (in millions)$$$$6,8007,0046,7327,2762016201720182019Use 2016 as the base year. The trend percentage in 2019 is closest toa. 93%.b. 104%.c. 107%.d. 112%
