II- Chapter 4SavedExcerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below:20212020ACcounts receivableMerchandise inventoryNet salesCost of goods sold$78,00047,000$55,00073,000300, 000127, 000305,900152, 000424,000244,000Total assets463,000Total shareholders' equity278,00061,000Net income47,000Hulkster's 2021 receivables turnover is: (Round your answer to 2 decimal places.)Multiple Choice1.95.11 of 15Next >< Prev Multiple Choice1.95.3.87.4.60.5.94.11 of 15Next< Prev

Accounts receivable turnover = Net Sales / average accounts receivable

Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity $78,000 $ 55,000 47,000 73,000 305, 900 300, 000 152, 000 127, 000 463, 000 424,000 278,000 244,000 Net income 61, 000 47,000

Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity $78,000 $ 55,000 47,000 73,000 305, 900 300, 000 152, 000 127, 000 463, 000 424,000 278,000 244,000 Net income 61, 000 47,000

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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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666…
es MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 85,650 26,000 61,000 Cash flows from operating activities: Net income 32,400 2,150 2020 $ 525,000 335,600 189,400 123,000 38,000 28,400 9,500 $ 18,900 Changes in current operating assets and liabilities $ 27,800 34,000 54,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 26,700 2,400 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 38,000 $ $ 18,300 38,000 56,300
This is part a and b please answer both
Income Statement For the year Ended December 31, 2020 Sales Cost of Goods Sold $ 390,000 235,000 Gross Profit S 155,000 Wages Expenses Depreciation Expense Other Operating Expenses Income Tax Expense S61000 14,000 26,000 17,000 120,000 Net Income $35000 Terry Company Balance Sheets Dec. 31, 2020 Dec. 1L Assets 2019 $ 30,000 35,000 84,000 8,000 130,000 (62.000) Cash Accounts Receivable (net) Inventory Prepaid Expense Plant Assets Accumulated Depreciation S16.000 28,000 110,000 12,000 178,000 (76,000) Total Assets $ 268,000 $ 225,000 I Liabilities and Stockholders' Equity Accounts Payable Wages Payable Income Tax Payable Common Stock Retained Earnings $ 27.000 6,000 3,000 135,000 97,000 S 14,000 2,500 4,500 125,000 79,000 Total Liabilities and S 268,000 $ 225,000 Stockholders' Equity Cash dividends of $17,000 were declared and paid during 2020 Plant assets of $48,000 were purchased for cash, and later in the year, an additional $10,000 common stock was issued for cash REQUIRED Prepare…
elected items from Lemus Enterprises 12-31-2019 and 12-31-2018, financial statements are presented below: 2019 2018 Accounts receivable $ 40,000 $ 36,000 Merchandise inventory $ 28,000 35,000 Net sales 190,000 186,000 Cost of goods sold 114,000 108,000 Total assets 425,000 405,000 Total shareholders' equity 240,000 225,000 Net income 32,500 28,000 Lemus's 2019 asset turnover is (rounded): Group of answer choices 3.73. 2.79. 2.24. 0.46.
SUNLAND COMPANYIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $2,178,400 $2,030,000 Cost of goods sold 1,207,000 1,187,080 Gross profit 971,400 842,920 Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25,960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $ 177,870 SUNLAND COMPANYBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $ 70,918 $ 75,756 Debt investments (short-term) 87,320 59,000 Accounts receivable 139,004 121,304 Inventory 148,680 136,290 Total current assets 445,922 392,350 Plant assets (net) 765,820 613,954 Total assets $1,211,742…
Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 42,000 S 42.000 42.000
Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $82,000 $81,000 Inventory 90,000 73,000 Net sales 420,000 375,000 Cost of goods sold 260,000 221,000 Total assets 825,000 760,000 Total stockholders' equity 490,000 450,000 Net income 78,000 58,000 TPX Company's 2021 gross profit ratio is: (Round your answer to one decimal place.) Multiple Choice 61.9%. 43.1%. 47.1%. 38.1%.
Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 549,000 357,600 191,400 128,500 49,000 13,900 8,100 $ 5,800 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 91,150 $ 33,300 Accounts receivable 31,500 45,000 66,500 55,400 Current liabilities 43,400 32,200 2,700 3,500 Inventory Accounts payable Income taxes payable Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 49,000 49,000 $ 49,000
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 510,880 $ 391,376 $ 271,600 Cost of goods sold 307,550 248,524 173,824 Gross profit 203,330 142,852 97,776 Selling expenses 72,545 54,010 35,851 Administrative expenses 45,979 34,441 22,543 Total expenses 118,524 88,451 58,394 Income before taxes 84,806 54,401 39,382 Income tax expense 15,774 11,152 7,995 Net income $ 69,032 $ 43,249 $ 31,387 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 53,905 $ 36,079 $ 48,229 Long-term investments 0 500 3,040 Plant assets, net 101,665 92,652 55,799 Total assets $ 155,570 $ 129,231 $ 107,068 Liabilities and Equity Current liabilities $ 22,713 $ 19,255 $ 18,737 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 56,357 33,476…
Excerpts from Hulkster Company's December 31, 2024 and 2023, financial statements are presented below: 2024 2023 Accounts receivable $ 62,000 $ 47,000 Merchandise inventory 39,000 57,000 Net sales 261,600 251,000 Cost of goods sold 136,000 119,000 Total assets 447,000 416,000 Total shareholders' equity 262,000 236,000 Net income 49,000 39,000 Hulkster's 2024 average collection period is:
The income statement of Sheridan Company is shown below. Sheridan Company Income Statement For the Year Ended December 31, 2025 Sales revenue $7,030,000 Cost of goods sold Beginning inventory $1,950,000 Purchases 4,600,000 Goods available for sale 6,550,000 Ending inventory 1,680,000 Cost of goods sold 4,870,000 Gross profit 2,160,000 Operating expenses Selling expenses 500,000 Administrative expenses 640,000 1,140,000 Net income $1,020,000 Additional information: 1. Accounts receivable decreased $330,000 during the year. 2. Prepaid expenses increased $160,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $270,000 during the year. 4. Accrued expenses payable decreased $120,000 during the year. 5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2025, for Sheridan Company, using the indirect method. (Show amounts that decrease cash flow…

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