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- 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:Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31. 2020 $ 487,179 $ 373,219 2021 293,282 236,621 193,897 69,179 43,846 113,025 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 84,347 80,872 52,251 15,042 10,711 $ 65,830 $ 41,540 KORBIN COMPANY Comparative Balance Sheets December 31 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity 136,598 51,504 32,843 2021 2020 2019 $ 259,000 165,760 93,240 34,188 21,497 55,685 37,555 7,624 $ 29,931 $ 64,678 116,492 0 $ 43,289 900 106,308 $ 181,170 $ 150,497 $ 26,451 66,000 8,250 80,469 $ 22,424 66,000 8,250 53,823 $ 181,170 $ 150,497 2019 $ 57,867 4,860 61,960 $ 124,687 $ 21,820 48,000 5,333 49,534 $ 124,687The 2024 income statement of Adrian Express reports sales of $22,910,000, cost of goods sold of $13,150,000, and net income of $2,420,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Gross profit ratio Return on assets. Profit margin Asset turnover Return on equity 45% 25% 15% 19.5 35% times. 2024 2023 $1,060,000 $1,040,000 2,050,000 1,370,000 2,630,000 1,950,000 5,260,000 4,520,000 $11,000,000 $8,880,000 SUPERS $2,316,000 $1,976,000 2,724,000 2,716,000 2,350,000 2,170,000 3,610,000 2,018,000 $11,000,000 $8,880,000 Required: 1. Calculate the five profitability ratios listed above for Adrian Express. 2. Do…
- The 2021 income statement of Adrian Express reports sales of $15,960,000, cost of goods sold of $9,600,000, and net income of $1,600,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable $ 600,000 $ 760,000 1,400,000 1,800,000 4,800,000 $8,600,000 1,000,000 1,400,000 4,240,000 $7,400,000 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities $2,020,000 2,300,000 2,000,000 2,280,000 $8,600,000 $1,660,000 2,400,000 2,000,000 1,340,000 $7,400,000 Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio 25 days 60 days 2 to 1 50% Debt to equity ratioMOSS COMPANY Selected Balance Sheet Information 2020 At December 31 Current assets Cash Accounts receivable. Inventory Current liabilities. Accounts payable Income taxes payable $ 84,650 25,000 60,000 Sales Cost of goods sold Gross profit 30,400 2,050 2019 $26,800 32,000 54,100 MOSS COMPANY Income Statement For Year Ended December 31, 2020 25,700 2,200 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 515,000 331,600 183,400 121,500 36,000 25,900 7,700 $ 18,200 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 activitiesConsider the following financial statement information for Hi-Tech Instruments: 2020 (Thousands of Dollars, except Earnings per Share) Sales revenue $210,000 Cost of goods sold 125,000 Net income 8,300 Dividends 2,600 Earnings per share 4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2020 Dec. 31, 2019 Assets Cash $18,300 $18,000 Accounts receivable (net) 46,000 41,000 Inventory 39,500 43,700 Total Current Assets 103,800 102,700 Plant assets (net) 52,600 50,500 Other assets 15,600 13,800 Total Assets $172,000 $167,000 Liabilities and Stockholders’ Equity Notes payable—banks $6,000 $6,000 Accounts payable 22,500 18,700 Accrued liabilities 16,500 21,000 Total Current Liabilities 45,000 45,700 9% Bonds payable 40,000 40,000 Total Liabilities 85,000 85,700 Common stock* 50,000 50,000 Retained earnings 37,000 31,300 Total Stockholders’ Equity 87,000 81,300 Total Liabilities and…
- Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Sales $ 562,795 2019 $ 299,200 338,803 Cost of goods sold Gross profit 191,488 223,992 107,712 Selling expenses 79,917 39,494 Administrative expenses 50,652 24,834 Total expenses 130,569 64,328 Income before taxes 93,423 43,384 Income tax expense 17,377 8,807 Net income $ 76,046 $ 34,577 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 38,127 $ 56,965 0 Long-term investments 700 97,740 Plant assets, net Total assets 107,436 $164,401 $ 136,567 Liabilities and Equity Current liabilities $ 20,348 Common stock 68,000 $ 24,003 68,000 8,500 63,898 Other paid-in capital 8,500 Retained earnings 39,719 Total liabilities and equity $164,401 $ 136,567 2020 $431,147 273,778 157,369 59,498 37,941 97,439 59,930 12,286 $ 47,644 2019 $ 50,967 4,550 57,629 $ 113,146 $ 19,801 50,000 5,556 37,789 $113,146 4Financial statements for Asklew Industries for 2021 are shown below (in thousands) 2021 Income Statement Net sales $ 8,900 Cost of goods sold (6,225) Gross profit 2,675 Operating expenses (2,025) Interest expense (170) Income tax expense (192) Net Income $ 288 Comparative Balance Sheets Dec. 31…The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2019 and December 31, 2022: Accounts receivable Inventory Sales revenue Cost of goods sold January 1 $126,000 $163,000 The following information was taken from Buckeye Company's 2022 income statement: Salaries expense Income tax expense Net income December 31 $139,000 131,000 $967,250 $429, 240 $211,390 $ 97,986 $228,634 Calculate the average number of days that elapse between Buckeye Company buying their inventory from suppliers and then selling the inventory to customers.
- The 2024 income statement of Adrian Express reports sales of $17,931,000, cost of goods sold of $11,154,000, and net income of $1,660,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets Assets Current assets: Cash Accounts receivable December 31, 2024 and 2023 2024 $660,000 1,520,000 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Common stock Retained earnings 2023 1,920,000 4,860,000 $ 8,960,000 $ 1,960,000 2,360,000 1,940,000 2,700,000 $ 820,000 1,060,000 1,460,000 4,300,000 $ 7,640,000 $ 1,720,000 2,460,000 1,940,000 1,520,000 Total liabilities and stockholders' equity $ 8,960,000 $ 7,640,000 Industry averages for the following four ratios are as follows: Average collection period Average days in inventory Current ratio Debt to equity ratio Required: 26 days 63 days 2 to 1 35% 1. Calculate the four ratios listed above for Adrian Express in 2024 assuming all sales are on…Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income Hulkster's 2021 average collection period is: Multiple Choice O 109 days. O 128 days. 2021 $ 40,000 $ 28,000 O 73 days. 190,000 114,000 425,000 240,000 32,500 2020 $ 36,000 35,000 186,000 108,000 405,000 225,000 28,000The financial information on Lazy Day, Inc. is as follows: 2019 2020 Cash $ 138 $ 97 Sales 10,204 11,317 Inventory 5,209 5,138 Depreciation 956 948 Cost of goods sold 4,207 4,618 Accounts payable 3,338 3,209 Long-term debt 4,200 3,800 Shareholders’ equity 9,229 9,906 Accounts receivable 2,780 2,960 Net fixed assets 8,640 8,720 Interest expense 350 320 Selling and administrative expenses 1,015 984 Taxes 1,250 1,512 What is the cash flow to creditors for 2020?
