Current Attempt in ProgressThe comparative statements of Pharoah Company are presented here.Pharoah CompanyIncome StatementsFor the Years Ended December 31Net salesCost of goods soldGross profitSelling and administrative expensesIncome from operationsOther expenses and lossesInterest expenseIncome before income taxesIncome tax expenseNet income2025$2,104,4001,167,000937,400570.000367,40025.080342,320102,696$239,6242024$1,960,0001,146.840813,160546,060267.10022,800244.30073,290$171.010AssetsCurrent assetsCashDebt investments (short-term)Accounts receivable (net)InventoryTotal current assetsPlant assets (net)Total assetsPharoah CompanyBalance SheetsDecember 31Liabilities and Stockholders' Equity.Current liabilitiesAccounts payableIncome taxes payableTotal current liabilitiesBonds payableTotal liabilitiesStockholders' equity2025$68,51484,360134,292143,640430,806739,860$1,170,666$182,40049,590231,990250,800482,7902024$73,18857,000117,192131,670379,050593,142$972,192$165,75647,880213,636228,000441,636 b.C.a. Earnings per shared.All sales were on credit. Net cash provided by operating activities for 2025 was $250,800. Capital expenditures were $155,040, andcash dividends paid were $70,904.e.Compute the following ratios for 2025. (Round Debt to asset ratio and Free cash flow to 0 decimal places, eg. 15 or 15%, Earnings per share,Return on assets, Current ratio and Asset turnover to 2 decimal places, eg. 1.83 or 1.83% and all other answers to 1 decimal place, e.g. 1.8 or1.8%. Use 365 days for calculations.)f.8.Total liabilitiesStockholders' equityCommon stock ($5 par)Retained earningsTotal stockholders' equityTotal liabilities and stockholders' equityj.k.L.All sales were on credit. Net cash provided by operating activities for 2025 was $250,800. Capital expenditures were $155,040, andcash dividends paid were $70,904.Compute the following ratios for 2025. (Round Debt to asset ratio and Free cash flow to O decimal places, eg. 15 or 15% , Earnings per share,Return on assets, Current ratio and Asset turnover to 2 decimal places, eg. 1.83 or 1.83% and all other answers to 1 decimal place, eg. 18 or1.8%. Use 365 days for calculations.)Return on common stockholders' equityReturn on assetsCurrent ratioAccounts receivable turnoverh. Days in inventoryAverage collection periodInventory turnover482,790 441,636330,600 342,000357,276188,556687,876$1,170,666Times interest earnedAsset turnover530,556$972,192Debt to assets ratioFree cash flow%%:1timesdaystimesdaystimestimes%

Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Current Attempt in Progress The comparative statements of Pharoah Company are presented here. Net sales Pharoah Company Income Statements For the Years Ended December 31 Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 2025 $2,104,400 1,167,000 937,400 570,000 367,400 25.080 342,320 102.696 $239,624 2024 $1,960,000 1,146.840 813,160 546,060 267.100 22,800 244.300 73,290 $171.010 Assets Current assets Cash Debt investments (short-term) Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Pharoah Company Balance Sheets December 31 Liabilities and Stockholders' Equity. Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity 2025 $68,514 84,360 134,292 143,640 430,806 739,860 $1,170,666 $182,400 49,590 231,990 250,800 482.790 2024 $73,188 57,000 117,192 131,670 379,050 593,142 $972,192 $165,756 47,880 213,636 228,000 441,636

Current Attempt in Progress The comparative statements of Pharoah Company are presented here. Net sales Pharoah Company Income Statements For the Years Ended December 31 Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 2025 $2,104,400 1,167,000 937,400 570,000 367,400 25.080 342,320 102.696 $239,624 2024 $1,960,000 1,146.840 813,160 546,060 267.100 22,800 244.300 73,290 $171.010 Assets Current assets Cash Debt investments (short-term) Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Pharoah Company Balance Sheets December 31 Liabilities and Stockholders' Equity. Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity 2025 $68,514 84,360 134,292 143,640 430,806 739,860 $1,170,666 $182,400 49,590 231,990 250,800 482.790 2024 $73,188 57,000 117,192 131,670 379,050 593,142 $972,192 $165,756 47,880 213,636 228,000 441,636

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

23
[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 KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…
Ratio Analysis of Comparative Financial Statements Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: Miller Electronics CorporationComparative Income StatementFor Years Ended December 31, 20-2 and 20-1 20-2 20-1 Net Sales (all on account) $643,800 $415,800 Cost of goods sold 387,260 254,650 Gross profit $256,540 $161,150 Administrative expenses $63,715 $41,626 Selling expenses 66,780 44,317 Total operating expenses $130,495 $85,943 Operating income $126,045 $75,207 Interest expense 1,316 1,241 Income before income taxes $124,729 $73,966 Income tax expense 30,895 13,143 Net income $93,834 $60,823 Miller Electronics CorporationComparative Balance SheetDecember 31, 20-2 and 20-1 20-2 20-1 Assets Current assets: Cash $42,848…
View Policies Current Attempt in Progress Assume Sunland Company has the following reported amounts: Sales revenue $1,000,000, Sales returns and allowances $29,000, Cost of goods sold $649.599, and Operating expenses $215,600. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit S (c) Compute income from operations.
Comparative Income StatementsConsider the following income statement data from the Ross Company: Current Year Previous Year Sales revenue $525,000 $450,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000 99,000 Administrative expenses 60,000 54,000 Income tax expense 7,800 5,400 Prepare a comparative income statement, showing increases and decreases in dollars and in percentages. Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANYComparative Income Statements Current Year Previous Year Increase(Decrease) PercentChange Sales Revenue Answer Answer Answer Answer Cost of Goods Sold Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Selling Expenses Answer Answer Answer Answer Administrative Expenses Answer Answer Answer Answer Total Answer Answer Answer Answer Income before Income Taxes Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer…
Don't give answer in image
Cochran corporation, Inc. has the following income statement: Cochran corporation, Inc. Income statement For the year ended December 31, 2021 net sales $240 Cost of goods sold $150 gross profit $90 Operating expenses $65 Net income $25 Using vertical analysis, what percentage is assigned to operating expenses? a. 27,1% b. 43.3% c. 72.2% d. 260.0%
Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $369,600 $280,000 Cost of goods sold 312,000 240,000 Gross profit $57,600 $40,000 Selling expenses $17,080 $14,000 Administrative expenses 15,600 12,000 Total operating expenses $32,680 $26,000 Income before income tax $24,920 $14,000 Income tax expenses 10,000 5,600 Net income $14,920 $8,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent Sales $369,600 $280,000 $ % Cost of goods sold 312,000 240,000 % Gross profit $57,600 $40,000 %
Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $527,000 $448,000 Cost of merchandise sold 279,310 215,040 Selling expenses 100,130 94,080 Administrative expenses 105,400 85,120 Income tax expense 15,810 22,400 Question Content Area a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc.Comparative Income StatementFor the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $527,000 fill in the blank 08e5edf2efb0fbc_1% $448,000 fill in the blank 08e5edf2efb0fbc_2% Cost of merchandise sold 279,310 fill in the blank 08e5edf2efb0fbc_3% 215,040 fill in the blank 08e5edf2efb0fbc_4%…
Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Previous Year Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Current Year $447,000 272,670 71,520 71,520 13,410 $384,000 215,040 69,120 57,600 15,360
Net sales Cost of goods sold Gross margin Operating expenses Net income Cash Accounts receivable, net Merchandise inventory Plant assets, net Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and equity Goliath Company Comparative Income Statements For Years Ended December 31 Current Year One Year Ago $ 206,000 $ 184,000 108,000 121,000 85,000 45,000 $ 40,000 76,000 40,000 $ 36,000 Goliath Company Comparative Balance Sheets For Years Ended December 31 Current Year $ 153,000 58,000 30,000 170,000 $ 411,000 $ 36,000 190,000 60,000 125,000 $ 411,000 Required: Using the above information, compute the following: Two Years Ago $ 160,000 92,000 68,000 36,000 $ 32,000 One Year Ago $ 158,000 52,000 17,000 170,000 $ 397,000 $ 32,000 220,000 60,000 85,000 $ 397,000 Three Years Ago $ 114,000 78,000 36,000 19,000 $ 17,000 Two Years Ago $ 129,000 45,000 23,000 140,000 $ 337,000 $ 28,000 200,000 60,000 49,000 $ 337,000 Three Years Ago $ 156,000…
Provide answer please