Eagle Corp. operates majestic resonance imaging (MRI) clinics throughout the Northeast. At the end of the current period, the company reports the following amounts: Assets $50,000 Liabilities $27,000 Dividends $3,000 Revenues $14,000 Expenses $9,000 Required: 1. Calculate the net income. 2. Calculate the stockholders' equity at the end of the period.

Eagle Corp. operates majestic resonance imaging (MRI) clinics throughout the Northeast. At the end of the current period, the company reports the following amounts: Assets $50,000 Liabilities $27,000 Dividends $3,000 Revenues $14,000 Expenses $9,000 Required: 1. Calculate the net income. 2. Calculate the stockholders' equity at the end of the period.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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The following data are taken from the balance sheet at the end of the current year. Determine the (a) working capital, (b) current ratio, and (c) quick/acid-test ratio. Present figures used in your computations. Round ratios to the nearest tenth. Accounts payable $145,000 Accounts receivable 110,000 Accrued liabilities 4,000 Cash 80,000 Income tax payable 10,000 Inventory 140,000 Marketable securities 250,000 Notes payable, short-term 85,000 Prepaid expenses 15,000 ANSWERS: (a) (b) (c)
The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 10% Total liabilities. Stockholders equity Connon stock, $5 per value. Retained earnings Total stockholders equity Total liabilities and stockholders' equity Castile Products, Incorporated Income Statement For the Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net incone before taxes Income taxes (30%) Net income $24,000 230,000 370,000 9,000 633,000 860,000 $1,493,000 $ 290,000 320,000 610,000 $150,000. 733,000 883,000 $1,493,000 $ 2,290,000 1,220,000 1,070,000 580,000 490,000 32,000 458,000 137,400 $ 320,600
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Required: 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
Adieu Company reported the following current assets and current liabilities for two recent years: Line Item Description Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $1,270 $1,030 Temporary investments 1,100 1,500 Accounts receivable 830 920 Inventory 2,100 2,700 Accounts payable 2,000 2,300 a. Compute the quick ratio on December 31 for each year. Round your answers to one decimal place.
Pritchett Company reported the following year-end data: Cash $ 15,000 Short-term investments 5,000 Accounts receivable (current) 8,000 Inventory 20,000 Prepaid (current) assets 6,000 Total current liabilities 20,000 Compute the (a) current ratio and (b) acid-test ratio. Compute the current ratio. Current Ratio Numerator: / Denominator: = Current Ratio / = Current ratio / = to 1 Compute the acid-test ratio. Acid-Test Ratio Numerator: / Denominator: = Acid-Test Ratio + + / = Acid-test ratio + + / = to 1
Compute acid test ratio Need it within half an hour
Perform a vertical analysis for the balance sheet entry "Accounts Payable" given below (as a %). (Round your answer to one decimal place.)
Adieu Company reported the following current assets and current liabilities for two recent years: Line Item Description Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $950 $1,190 Temporary investments 1,200 1,400 Accounts receivable 850 910 Inventory 2,200 2,700 Accounts payable 2,000 2,500 a. Compute the quick ratio on December 31 for each year. Round your answers to one decimal place. Line Item Description 20Y4 20Y3 Quick Ratio fill in the blank 1 fill in the blank 2
Selected information taken from the financial statements of Wiley Company for two successibe years follows. You are to compute the percentage change from year 1 to year 2 whenever possible. Round all calculations to the nearest whole percentage. Year 2 Year 1 a. Accounts Receivable $126,000 $160,000 b. Marketable Securities -0- 250,000 c. Retained Earnings 80,000 (80,000) d. Notes Recievable 120,000 -0- e. Notes Payable 890,000 800,000 f. Cash 84,000 80,000 e. Sales 970,000 910,000
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
Presented below is information available for Bestfit Company. Current Assets Inventories $110,000 Prepaid expenses 30,000 Accounts receivable 61,000 Short-term investments 75,000 Cash 4,000 Total current assets $280,000 Total current liabilities are $120,000. The acid-test ratio for Bestfit is Select one: a. 0.54 to 1. O b. 2.08 to 1. O c. 1.17 to 1. O d. 2.33 to 1.