E The following data are taken from the books of Tides Corporation: Gross profit from business Business expenses 2012 P1,000,000 P1,100,000 2013 1,500,000 1,510,000 2014 1,700,000 1,550,000 2015 1,850,000 1,875,000 2016 2,320,000 2,280,000 The taxable Income in 2016 is: a. P40,000 c. P 25,000 b. P15,000 d. None
Q: The accounting income (loss) figures for Pronghorn Corporation are as follows: 2015 $162,000 2016…
A: SolutionYearAccount Titles and ExplanationDebit($)Credit($)2017Current tax expenseIncome tax payable…
Q: 14. Below is a recent income statement for Mountain Media Services, Inc.: Mountain Media Services,…
A: FREE CASH FLOWFree cash flow means cash generated from operating activities after the payment of…
Q: Use the following information to answer this question: Windswept, Incorporated 2021 Income…
A: Analysts typically utilize the fixed asset turnover ratio (FAT) to assess operating performance.…
Q: 36. ABC Industries has the following acount balances: Retained eamings Revenue Operating Expenses…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Sales Costs Taxable Income Income Taxes Income Statement Sales -The most recent financial statements…
A: Proforma financial statements means financial statements forecasted for future period based on…
Q: Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement…
A: Days sales in receivable is calculated by dividing number of days in a year by account receivable…
Q: how did they get the Income Before Tax?
A: Income before tax: Income before tax represents the net earnings of the firm without taking into…
Q: Extract from XYZ's financial statements for the year ended 30 April 2015 and comparatives are shown…
A: Earnings per share is a financial ratio that indicates a company’s ability to earn revenue for its…
Q: Stateme Stevns Inc.'s Comparative Balance Sheets for 2021 and 2020 and Income Statement for 2020 are…
A: Cashflow statement tells about the inflow and outflow of cash from business activities during an…
Q: the data below to answer the qu 30% 1 Corporate Tax Rate Year Revenues Cost of Goods Sold Selling…
A: Free cash flow is the money available in a business after making payment for all necessary expenses…
Q: The Weymire Corporation provides you with the following information for the year ended 123120: Sales…
A:
Q: Computing NOPAT, NOPM and RNOA Selected information from the financial statements of GoPro, Inc. is…
A: NOPAT (Net Operating Profit After Tax): Operating profit adjusted for taxes, representing the profit…
Q: You work for the logistics company. Your director knows that you had modelling class because you…
A: InThousands of USD except Per Share 2017 2018 2019 Revenue 46,512.50 49,120.00 51,062.50…
Q: Current Assets Cash Accs Rec Inventory Fixed Assets Total Assets 2015 150 350 600 1,100 Please…
A: An income statement and a balance sheet are two financial statements used to analyze a company's…
Q: The statement of income for Pembina Ltd. is shown below: PEMBINA LTD. Statement of Income Year Ended…
A: Horizontal Analysis: It implies a technique of analyzing company's financial statements and helps…
Q: Oversees Corporation reported the following income and expense items for the year: Gross receipts…
A: Taxable income is the income on which tax to be paid to government. It is calculated by deducting…
Q: Given the historical income statement of Mega Trade Inc., how much would be added to the company's…
A: Retained earnings are the profits left after paying dividends. Hence, the amount for any year that…
Q: The income before taxes of LVY Company in 2015 is equal to P350,900.00. Income tax rate is 30% of…
A: calculation of income tax rate and income tax payable are as follows
Q: The Statement of Comprehensive Income for the year ended 31 December 2014 Parent plc Subsid plc…
A: Introduction:- Individuals or enterprises (taxpayers) pay an income tax depending on their earnings…
Q: 3. Given the following information interest income 15000, interest expense 9000, total assets 5050,…
A: Interest Income = 15,000 Security gain = 220 Non Interest Income = 2500 Interest Expense = -9000…
Q: Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement…
A: Fixed Assets turnover is one of the efficiency ratio being used in business. This shows how much…
Q: Income before income taxes Income tax expense Net income $356,883 107,065 $249,818 Interest expense…
A: Times interest earned ratio is one of the financial ratio which helps in measuring ability of the…
Q: Prepare a corporate income statement. (List other revenues before other expenses.)
A: Income statement is a financial statement that shows company's profit or loss over a period of time.…
Q: BRAMBLE CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount…
A: Horizontal analysis is done to review and analyze financial statements for a number of years. It…
Q: Cash Accounts receivable (net) Inventories Total current assets Noncurrent assets Current…
A: Financial Ratios: The relationship between two financial matters or items that reflect the solvency,…
Q: Comprehenaive Problem TLC Company wus eatablished on January 1. 2015 and a engaged in the…
A: Working capital, also known as net working capital (NWC), is the difference between a company's…
Q: 2018 2019 Short-term solvency ratios a. Current ratio times times b. Quick ratio times times C. Cash…
A: The financial ratio is one of the most important tools for analyzing a company’s financial…
Q: Ehrlich Company reported the following information for 2021: Sales revenue $2,500,000 Cost of goods…
A: Comprehensive Income Statement: When combined with standard net income, the statement of…
Q: The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017.…
A: (a) S.No. Ratio Formula 2019 2018 1 Return on total equity Net income/Total equity *100…
Q: Here are the comparative condensed income statements of Cheyenne Corporation. CHEYENNE CORPORATION…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: The income statement of Tavis Corporation and selected additional data are presented below: Tavis…
A: 1. Return on sales = Net income / Sales Return on sales = $7,500 / $220,000 Return on sales =3.41%
Q: Skysong Inc, a greeting card company, had the following statements prepared as of December 31, 2020.…
A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…
Q: Tax rate Dividend payout rate Calculate: i. Net income ii. Dividends iii. (Retained earnings 30% 45%
A: Comprehensive income: It implies to an overall change or variation in the company's equity for a…
Q: Sunland Company reported the following in its 2022 and 2021 income statements. Net sales Cost of…
A: Gross profit rate measures the portion of sales revenue retained after accounting for the cost of…
Q: The income statement of a corporation shows the following balance in Sales Revenue for the years…
A: Horizontal analysis is prepared to calculate the variance from previous year by showing…
Q: Using the financial data for Key Wahl Industries Sales Net Profit After Tax $337,5000 Total Assets…
A: The debt ratio is also called Debt to Asset ratio which indicates percentage of total assets that is…
Q: Assets This year Last year Cash 1530 1050 Marketable securities Accounts receivable Inventories…
A: NOPAT = Net Operating Income x ( 1 - Tax Rate ) Operating Cash Flow = Net Income + Non Cash…
Q: Use the below information to answer the following question. Sales Cost of goods sold Depreciation…
A: Retention ratio-The percentage of a company's net income which is not paid out as dividend but…
Q: Assume that Dillards Inc. reported operating income of $5.2 million, $1.75 million in other income…
A: Operating income = $5.2 million Other income = $1.75 million Other expenses = $3.65 million Tax rate…
Q: Here are the comparative income statements of Cullumber Corporation. CULLUMBER CORPORATION…
A: Formula: Increase or decrease = Value of 2022 - value of 2021.
Q: For 2020, Madsen would report other comprehensive income of
A: OCI, or Other Comprehensive Income, comprises components that affect equity but are not included in…
Q: Selected information from the annual financial statements of Delicata Industries is shown below…
A: The different financial ratios used for the analysis of the company performance are divided as:(a)…
Q: Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures…
A: a) Tax rate = Tax / Income before tax 21.00% 17.43 / 83 Economic value added =…
Q: Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement…
A: The objective of this question is to calculate the fixed asset turnover ratio for Bayside,…
Q: The Tarboro Corporation data for the current year and prior year is as follows: Current year $75,600…
A: Under horizontal analysis of financial statements, analysis is made over the time . Under this…
![E The following data are taken from the books of Tides Corporation:
Gross profit from business Business expenses
2012 P1,000,000 P1,100,000
2013 1,500,000 1,510,000
2014 1,700,000 1,550,000
2015 1,850,000 1,875,000
2016 2,320,000 2,280,000
The taxable Income in 2016 is:
a. P40,000 c. P 25,000
b. P15,000 d. None](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc39c5a5f-458f-49c7-9435-7aa056231126%2F29637b4f-2bf2-4de0-9eaf-0d24f6c9e5b6%2Ffwpyhct_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Based on the above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable and inventory from 2022 to 2024. (Round answers to 1 decimal place, eg 13.5% or 13.5.) 2023 Sales Cost of goods sold Gross margin Other expenses Income taxes Net income Current ratio Quick ratio A/R turnover Average collection period Inventory turnover Days to sell inventory Debt to equity Return on assets 2022 Return on equity % 2022 % % 2022 :1 :1 times days times days 56 2023 % % % 2023 times days times days 2024 Based on the above information, analyze the company's use of leverage from 2022 to 2024. (Round answers to 1 decimal place, eg 15.1%) % 2024 % % % 2024Dok ences Refer the following table. Focus Metals Inc. Comparative Balance Sheet Information November 30 (millions of $) Cash Accounts receivable (net) Inventory Plant and equipment (net) Accounts payable Long-term notes payable* Common shares Retained earnings $ Focus Metals Inc. Income Statement Net sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations: 2023 23 $ 414 74 2,686 297 1,770 370 760 For Year Ended November 30 (millions of $) $ *90% of the plant and equipment are secured by long-term notes payable. 2,770 213 2022 93 260 67 2,330 370 277 2023 2022 $2,790 $1,992 972 762 $1,818 $1,230 102 $ 745 847 971 $ 102 612 714 516Citrine Company reported the following on its income statement: Income before income taxes $500,000 Income tax expense 100,000 Net income $400,000 An analysis of the income statement revealed that interest expense was $50,000. Citrine Company's times-interest-earned ratio was: a. 18. b. 5. c. 9. d. 11.
- K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Current assets Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Total assets Total stockholders' equity Current liabilities Target Corporation Income Statement Data for Year $65,357 45,583 15,101 707 (94) 1,384 $ 2,488 $18,424 26,109 Balance Sheet Data (End of Year) $44,533 $11,327 17,859 15,347 Walmart Inc. $44,533 $408,214 304,657 79,607 10,512 2,065 (411) 7,139 $ 14,335 $48,331 122,375 $170,706 $55,561 44,089 71,056 $170,706 Beginning-of-Year Balances $44,106 13,712 $163,429 65,682 55,390Crane Ltd. reported the following for the fiscal year 2021: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of land Profit before income tax Income tax expense Profit Additional information: 1. 2. CRANE LTD. Income Statement Year Ended September 30, 2021 3. 4. 5. 6. $ 109,000 34,000 (44,000) $583,000 338,000 245,000 99,000 146,000 36,500 $109,500 Accounts receivable decreased by $16,300 during the year. Inventory increased by $7,800 during the year. Prepaid expenses decreased by $5,800 during the year. Accounts payable to suppliers increased by $11,300 during the year. Accrued expenses payable increased by $5,300 during the year. Income tax payable decreased by $7,100 during the year.
- Hedepeth fne net income for the most recent year was S15,185, The tax rate was 34 percent The mm paid $3,806 in total interest expense and deducted $2,485 in depreciation expense. a) What is the company's Earnings Before Taxes (EBT) b) What is the company's Earnings Before Interest and Taxes (EBIT) c) What is the company's Earnings Before Interest, Taxes, and Depreciation (EBITD) d) What was the cash coverage ratio for the year and how do you interpret your answer?Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $ 893.00 Cost of goods sold 753.00 Depreciation 43.00 Earnings before interest and taxes (EBIT) $ 97.00 Interest expense 24.00 Income before tax $ 73.00 Taxes 15.33 Net income $ 57.67 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Current assets $ 381 $ 336 Long-term assets 282 234 Total assets $ 663 $ 570 Liabilities and shareholders’ equity Current liabilities $ 206 $ 169 Long-term debt 120 133 Shareholders’ equity 337 268 Total liabilities and shareholders’ equity $ 663 $ 570 The company’s cost of capital is 8.5%. a. Calculate Watervan’s economic value added (EVA). (Do not round intermediate calculations. Enter your answer in millions…Sunland Company reported the following information for 2025: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale debt securities Cash dividends received on the securities O $490300. O $404600. $480700. $2420000 O $85700. 1754000 271000 85700 For 2025, Sunland would report comprehensive income (ignoring tax effects) of 9600
- The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income $ 517 13 130 660 250 218 48 516 $144 $ 14.40 Earnings per share Additional information: 1. Selling and administrative expense includes $35 million in restructuring costs. 2. Included in other income is $124 million in income from a discontinued operation. This consists of $90 million in operating income and a $34 million gain on disposal. The remaining $6 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $4 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material. Required: Prepare a revised…The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017. 2019 $233,000 2018 $204,000 (110,000) (81,500) 2017 Net sales Cost of sales (124,000) (95,000) Selling and administrative expenses Other income: (3,700) (3,050) 1,175 $ 10,625 (4,740) 5,885 1,510 $ 7,395 Interest Other 100 Earnings before tax and extraordinary credit Provision for income tax Earnings before extraordinary credit Extraordinary credit $ 10,400 (4,800) 5,600 $ 5,600 Total assets $202,000 24,600 $173,000 $161,000 Long-term debt Common equity Preferred stock Preferred dividends 17,400 15,200 112,800 123,000 4,000 280 116,800 4,000 4,000 280 280 Required: Compute the following ratios for Shawn Co. for 2019 and 2018. Net profit margin 1. 2. Total asset turnover 3. Return on assets 4. Return on investment Return on total equity Return on common equity Gross profit margin 5. 6. 7. Discuss the trend in profitability and identify specific causes for the trend.Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 9,400 Cost of goods sold 7,650 Depreciation 440 Earnings before interest and taxes $ 1,310 Interest paid 88 Taxable income $ 1,222 Taxes 257 Net income $ 965 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 220 $ 255 Accounts payable $ 1,490 $ 1,595 Accounts received 990 890 Long-term debt 1,010 1,335 Inventory 1,660 1,655 Common stock 3,240 2,970 Total $ 2,870 $ 2,800 Retained earnings 530 780 Net fixed assets 3,400 3,880 Total assets $ 6,270 $ 6,680 Total liabilities & equity $ 6,270 $ 6,680 What is the return on equity for 2021?
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)