Flounder Corporation and Concord Corporation, two companies of roughly the same size, are both involved in the manufacture ofshoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financialstatements reveals the information shown below.Net incomeSales revenueTotal assets (average)Plant assets (average)Intangible assets (goodwill)(1)(2)(3)(a)For each company, calculate these values: (Round return on assets and profit margin to 1 decimal place, e.g. 6.2% and asset turnover to 2decimal places, e.g. 17.54.)Return on assetsProfit marginAsset turnovereTextbook and MediaFlounder Corp.$271,2501,937,5003,875,000Save for Later2,460,000391,100Concord Corp.$329,1302,194,2003,657,0001,879,000Flounder Corp.%%0timesConcord Corp.%se%timesAttempts: 0 of 6 used Submit Answer

Return on assets is calculated by dividing net income by average total assets. Profit margin is…

Flounder Corporation and Concord Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the information shown below. Net income Sales revenue Total assets (average) Plant assets (average) Intangible assets (goodwill) (1) (2) (a) For each company, calculate these values: (Round return on assets and profit margin to 1 decimal place, e.g. 6.2% and asset turnover to 2 decimal places, e.g. 17.54.) (3) Return on assets Profit margin Asset turnover e Textbook and Media Flounder Corp. $271,250 1,937,500 3,875,000 2,460,000 391,100 Save for Later Concord Corp. $ 329,130 2,194,200 3,657,000 1,879,000 Flounder Corp. % 0 times Concord Corp. % se % times Attempts: 0 of 6 used Submit Answer

Flounder Corporation and Concord Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the information shown below. Net income Sales revenue Total assets (average) Plant assets (average) Intangible assets (goodwill) (1) (2) (a) For each company, calculate these values: (Round return on assets and profit margin to 1 decimal place, e.g. 6.2% and asset turnover to 2 decimal places, e.g. 17.54.) (3) Return on assets Profit margin Asset turnover e Textbook and Media Flounder Corp. $271,250 1,937,500 3,875,000 2,460,000 391,100 Save for Later Concord Corp. $ 329,130 2,194,200 3,657,000 1,879,000 Flounder Corp. % 0 times Concord Corp. % se % times Attempts: 0 of 6 used Submit Answer

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 31E: The Home Depot reported the following data (in millions) in its recent financial statements: a....

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Sarasota Corporation and Marigold Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following information. Net income Sales revenue Total assets (average) Plant assets (average) Intangible assets (goodwill) (a) (1) (2) (3) Return on assets Profit margin Asset turnover Sarasota Corp. $ 237,540 Save for Later 1,187,700 3,210,000 2,430,000 387,100 For each company, calculate these values: (Round answers to 2 decimal places, e.g. 6.25% or 17.54.) Marigold Corp. $316,050 Sarasota Corp. 1,264,200 3,010,000 1,828,000 do % do % 0 times Marigold Corp. % do % times Attempts: 0 of 3 used Submit Answer
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Prepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and account balances. The cost of machinery and its accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign.
Carla Vista Mart and Sandhill Shop are two companies of roughly the same size both running a chain of convenience stores. Each company depreciates its plant assets using the straight-line method. An investigation of their financial statements reveals the following information: Net income Sales revenue Total assets (average) Plant assets (average) A. Return on assets Carla Vista Mart B. Asset turnover $124,992 854,400 4,166,400 1,584,000 Sandhill Shop Carla Vista Mart $126,490 For each company, calculate: (Round answers to 2 decimal places, e.g. 52.75.) 1,056,000 5,270,400 1,824,000 % Sandhill Shop %
Describe the different methods available for recording depreciation on plant assets. Recommend the approach that you feel would be most advantageous for your selected company and explain why. Discuss the process for reporting contingent liabilities in the financial statements. Provide two examples of contingent liabilities that you might expect to see on your selected company’s balance sheet
Property, Plant, and Equipment (PPE) Assessment:a) Describe the company’s Property, Plant and Equipment section in the balance sheet relative to the total fixed assets of the company’s industry (use quantitative and qualitative summaries to support your description. b) Analyze the accounting treatment of Property, Plant and Equipment, including depreciation methods employed and any impairments recognized, and include a brief summary of the accounting standards and principles included in the decision (reference the Notes that inform your summary). c) Discuss the significance of Property, Plant And Equipment in the company’s operations and its impact on financial performance and reporting.
Respond to the questions related to fixed assets
Property, Plant, and Equipment (PPE) Assessment: Describe the company’s Property, Plant and Equipment section in the balance sheet relative to the total fixed assets of the company’s industry (use quantitative and qualitative summaries to support your description. Analyze the accounting treatment of Property, Plant and Equipment, including depreciation methods employed and any impairments recognized, and include a brief summary of the accounting standards and principles included in the decision (reference the Notes that inform your summary). Discuss the significance of Property, Plant And Equipment in the company’s operations and its impact on financial performance and reporting.
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The debit sale for sales tax paid on the purchase of a plant asset would be included in a. The plant asset account b. A separate deferred charge account c. Miscellaneous tax expense d. Accumulated depreciation-machinery
How do I solve this for Machine A, B, and C?