Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below. 2021 2020 Accounts receivable Merchandise inventory $ 60,000 $ 46,000 55, 000 38,000 Net sales 212,000 200,000 Cost of goods sold Total assets Total shareholders' equity Net income 118, 000 415, 000 235, 000 134,000 445, 000 260,000 47,500 38,000 Hulkster's 2021 return on assets is (rounded). Multiple Choice 18.3%.
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- Partial income statements for Sherwood Company summarized for a four-year period show the following: 2018 2019 2020 2021 $ 2,900,000 1,508,000 $ 3,300,000 1,683,000 $ 3,400,000 1,802,000 $ 1,598,000 $ 3,900,000 2,028,000 $ 1,872,000 Net Sales Cost of Goods Sold Gross Profit $ 1,392,000 $ 1,617,000 An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $23,600. The inventory balance on December 31, 2020, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction. 2-b. Do the results lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Restate the partial income statements to reflect the correct amounts, after fixing the inventory…The 2021 income statement of Adrian Express reports sales of $14,097,000, cost of goods sold of $8,154,000, and net income of $1,540,000. Balance sheet information is provided in the following table. ADRIAN EXPRESSBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 540,000 $ 700,000 Accounts receivable 1,280,000 940,000 Inventory 1,680,000 1,340,000 Long-term assets 4,740,000 4,180,000 Total assets $ 8,240,000 $ 7,160,000 Liabilities and Stockholders' Equity Current liabilities $ 1,960,000 $ 1,600,000 Long-term liabilities 2,240,000 2,340,000 Common stock 1,880,000 1,880,000 Retained earnings 2,160,000 1,340,000 Total liabilities and stockholders' equity $ 8,240,000 $ 7,160,000 Industry averages for the following four risk ratios are as follows:…(a) - Make a "Condensed Income Statements". Prepare a horizontal analysis of the income statement data for Vaughn Corporation, using 2021 as a base. (b ) - Make a "Condensed Income Statements". Prepare a vertical analysis of the income statement data for Vaughn Corporation for both years.
- Data for Kahn, Inc. follows: Kahn, Inc. Comparative Income Statement Years Ended Dec. 31, 2019 and 2018 2019 2018 Net Sales Revenue 550,000 500,000 Expenses: Cost of Goods Sold 245,000 220,000 Selling and Administrative Expenses 100,000 96,000 Other Expenses (Interest Expense) 12,000 9,000 Income Tax Expense 58,000 47,000 Total Expenses 415,000 372,000 Net Income 135,000 128,000 Prepare a horizontal analysis of the comparative income statement of Kahn, Inc. (Round to one decimal place.)Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Sales $ 2,260 $ 1,979 $ 1,801 $ 1,651 $ 1,540 $ 1,432 $ 1,174 Cost of goods sold 1,625 1,322 1,137 995 925 865 689 Gross profit 635 657 664 656 615 567 485 Operating expenses 483 378 347 256 222 219 182 Net income $ 152 $ 279 $ 317 $ 400 $ 393 $ 348 $ 303 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Assets Cash $ 111 $ 147 $ 153 $ 156 $ 162 $ 160 $ 165 Accounts receivable, net 800 840 760 583 514 487 343 Merchandise inventory 2,893 2,106 1,840 1,551 1,393 1,183 858 Other current assets 74 67 41 74 62 63 33 Long-term investments 0 0 0 228 228 228 228 Plant assets, net 3,541 3,527 3,086 1,740 1,799 1,599 1,373 Total assets $ 7,419 $ 6,687 $ 5,880 $ 4,332 $ 4,158 $ 3,720 $ 3,000 Liabilities and…Retail Corporation reported the following Income Statement for the past two years: Retail Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $ 30,100,100 $ 26,210,200 Cost of goods sold 22,425,500 18,950,800 Gross profit 7,674,600 7,259,400 Selling expenses 1,525,500 1,480,600 Administrative expenses 1,425,300 1,325,000 Total operating expenses 2,950,800 2,805,600 Income from operations 4,723,800 4,453,800 Interest Expense 190,500 210,600 Other income 62,500 55,500 Income before income tax 4,595,800 4,298,700 Income tax expense 1,608,500 1,312,400 Net income $ 2,987,300 $ 2,986,300 a. What was Retail…
- Provided below are the financial statements for J Ltd.: Income statement Balance Sheet Net sales $984 2021 2020 Assets Cost of goods sold $752 Current assets $452 $354 Depreciation $27 Long-term assets $389 $374 EBIT $205 Total assets $841 $728 Interest expense $25 Liabilities and shareholders' equity Current liabilities $247 $164 Income before taxes $180 Long-term debt $157 $145 Taxes $27 Shareholders' equity $437 $419 Net income $153 Total liabilities and shareholders' equity $841 $728 Calculate economic value added (EVA), assuming cost of capital is 7.5%. (Round all the intermediate calculations and the final answer to 2 decimal places) $131.95 $135.70 $98.40 $129.70Excerpts from the annual report of XYZ Corporation follow: 2019 $675,138 $241,154 $64,150 $93,650 $25,100 2020 Cost of goods sold Inventory Net income $754,661 $219,686 $31,185 $68,685 $26,900 Retained earnings LIFO reserve Tax rate 20% 20% If XYZ used FIFO, its net income for fiscal 2020 would be O a. $34,165 O b. $30,375 O c. $32,625 d. $36,545Selected 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…
- 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 $91,150 31,500 66,500 Cash flows from operating activities: 43,400 2,700 $ 549,000 357,600 191,400 128,500 49,000 13,900 8,100 $ 5,800 2028 $ 33,300 45,000 55,400 32,200 3,500 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. Adjustments to recor net come to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 49.000 $ 49,000 49,000es 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 56,300Income 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…