CShsiger-netolowing income statement for the Heir Jordan Corporation:HEIR JORDAN CORPORATIONIncome StaternentSales$48,80034,800CostsTaxable incomeTaxes (22%)Net income$14,0003,080$10,920DividendsAddition to retained earnings 8,403$ 2,517The balance sheet for the Heir Jordan Corporation followsHEIR JORDAN CORPORATIONBalance SheetAssetsLiabilities and Owners' EquityCurrent assetsCashAccounts receivableCurrent liabilities2,650 Accounts payable$ 2,4003,600 Notes payable5,300$ 7,70024,000Common stock and paid-in surplus 18,000Inventory9,000 TotalTotals 15,250 Long-term debtOwners' equityFixed assetsNet plant and equipment38,400Retained earnings3,950$ 21,95053,650 Total liabilities and owners' equity 53,50TotalTotal assetsPrepare a pro forma balance sheet assuming an increase in sales of 12 percent, no new external debtand a constant payout ratio (Do not round intermediate calculations and round youanswers to 2 decimal places, e.g., 32.16.)

Before we can draw the pro forma balance sheet, we will have to cast the pro forma income statement.

Answered: CShsiger-ne tolowing income statement…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Corporate Accounting The draft financial statements for Impact Sdn Bhd for the year ended 31 March 2021 included the following: RM'000 Statement of comprehensive income (extract) Tax expense for year ended 31 March 2021 1550 Notes to the accounts: Under provision for 31 March 2020 100 Estimate of income tax for 31 March 2021 1200 Increase in deferred tax provision for 31 March 2021 350 1650 Statement of cash flows (extract) Tax paid in the year to 31 March 2021 900 Required: Explain how the under provision of RM100,000 in the income statement arose. In accordance with MFRS112 1ncome Taxes, deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences. Explain what is meant by temporary differences and how deferred tax arises.
JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Current assets Liabilities and Owners' Equity Current liabilities 2020 2021 Cash $12,000 $ 17,775 Accounts payable Accounts receivable 12,750 16,425 Notes payable $46,875 $55,575 19,125 24,750 Inventory 50,250 56,925 Total $75,000 $91,125 Total $66,000 $80,325 Long-term debt $30,000 $27,000 Owners' equity Common stock and paid-in surplus $45,000 $45,000 Retained earnings 234,000 297,675 Net plant and equipment $ 300,000 $ $ 358,875 Total $279,000 342,675 $ $ Total assets $375,000 Total liabilities and owners' equity $375,000 450,000 450,000 Prepare the 2021 common-base year balance sheet for Just Dew It. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.) Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity 2020 2021 $ 12,000 $ 17,775 12,750 16,425 50,250 56,925 $ 69 75,000 $…
The comparative statement of financial position of Bridgeport Corporation as at December 31, 2023, follows: Assets BRIDGEPORT CORPORATION Statement of Financial Position December 31 Cash Accounts receivable Equipment Less: Accumulated depreciation Total Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2023 December 31 $52,500 90,800 27,000 (10,000) $160,300 $20,000 100,000 40,300 $160,300 2022 $11,800 87,500 22,700 (10,800) $111,200 $15,000 80,000 16,200 $111,200 Net income of $37,100 was reported and dividends of $13,000 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $4,800 (cost of $11,500 and accumulated depreciation of $6,700) was sold for $7,800. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Bridgeport prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a - sign…
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vi. Subject :- Accounting
The following is the excerpt of financial information of SVT Corporation on December 31, 2022: Account Amount Gross profit P5,000,000.00 Operating Expense 120,000.00 Other expense 300,000.00 Income Tax expense 50,000.00 Current Assets 450,000.00 Non-current assets 7,000,000.00 Total Liabilities 750,000.00 What percent is SVT Corporation's return on asset on December 31, 2022? 67.61% cannot be determined 64.71% D 60.8%
Using the financial statements mentioned above estimate the annual rate of interest paid by the corporation (cost of debt). Also, find the tax rate and capitalization ratio (proportions among equity and debt). Using these values that you have found estimate the annual weighted cost of capital (WACC) of the corporation.
Use the below information to answer the following question. Sales Cost of goods sold Depreciation Income Statement For the Year Taxable income Taxes Earnings before interest $4,500 and taxes Interest paid Net income Dividends $900 Balance Sheet End-of-Year Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets Accounts payable Long-term debt Common stock ($1 par value) Retained earnings O O O O Total Liab. & Equity 33 percent 40 percent 50 percent $28,400 60 percent 21,200 2,700 67 percent 850 $3,650 1,400 $2,250 $550 2,450 4,700 $7,700 What was the retention ratio? 16,900 $24,600 $ 2,700 9,800 8,000 4,100 $24,600
ces Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 12%) Common stock ($5 par value, 7,500 shares outstanding) Retained earnings Total liabilities and stockholders' equity Return on assets Total asset turnover Net profit margin % Year 2 % $ 220,000 119,500 100,500 59,000 41,500 11,000 $ 30,500 $7,000 15,500 43,000 49,500 $ 115,000 $ 17,500 46,500 37,500 Year 11 $ 174,500 103,000 71,500 54,500 17,000 5,500 $ 11,500 2. Compute return on assets, total asset turnover, and the net profit margin for Year 2. Note: Round your answers to 2 decimal places. $ 8,500 19,500 38,400 41,000 $ 107,400 $ 18,500 46,500 37,500 4,900 13,500 $ 115,000 $ 107,400
Sagar
am. 17.
The financial statements of Plax Inc. and Slate Corp for the year ended December 31, 2020 are shown below: Income Statements Plax Inc. Slate Corp Miscellaneous Revenues $1,300,000 $400,000 Interest Revenues $11,250 Dividend Revenue $15,000 Less: Expenses Miscellaneous Expense $864,000 $259,200 Interest Expense $19,400 Income Tax Expense $198,000 $48,000 Net Income $264,250 $73,400 Retained Earnings Statements Plax Inc. Slate Corp Balance, January 1, 2020 $490,000 $180,000 Net Income $264,250 $73,400 Less: Dividends $(126,000) ($20,000) Retained Earnings $628,250 $233,400 Balance Sheets Plax Inc. Slate Corp Miscellaneous Assets $1,210,000 $745,200 Investment in Slate Shares $196,000 Investment in Slate Bonds $122,250 Total Assets $1,528,250 $745,200 Miscellaneous Liabilities…

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