Godhi's 2024 financial statements reported the following items with 2023 figures given for comparison:(Click the icon to view the reported items.)Net income for 2024 was $4,230, and interest expense was $260. Compute Godhi's rate of return on total assets for 2024. (Round to the nearest percent.)Select the formula, then enter the amounts to compute the rate of return on total assets for 2024. (Round to the nearest percent.)Rate of returnon total assets%CData tableTotal AssetsGodhi, Inc.Balance SheetAs of December 31, 2024 and 20232024Total LiabilitiesTotal Stockholders' Equity (all common)Total Liabilities and Stockholders' EquityPrintSSDone38,740 $17,20021,54038,740 S202333,82016,22017,60033,820

In order to determine the rate of return on total assets the net income and interest expense are…

Answered: Godhi's 2024 financial statements…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please explain how you get the journal entries below. The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 355,000 2022 275,000 2023 345,000 2024 385,000 Included in the income of 2021 was an installment sale of property in the amount of $30,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $12,000 in 2022, $15,000 in 2023, and $3,000 in 2024.Included in the 2023 income was $10,000 interest from investments in municipal governmental bonds.The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.Required:Prepare the year-end journal entries to record income taxes for the years 2021–2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Suppose in its 2022 annual report that McDonald's Corporation reports beginning total assets of $29.00 billion, ending total assets of $31.00 billion, net sales of $22.20 billion, and net income of $4.26 billion. (a) Compute McDonald's return on assets. (Round return on assets to 2 decimal places, e.g. 5.12%.) McDonald's return on assets % (b) Compute McDonald's asset turnover. (Round asset turnover to 2 decimal places, e.g. 5.12.) McDonald's asset turnover times
Epsilon Golf Company's balance sheet at December 31, 2021 is as follows: (Click the icon to view the balance sheet.) Requirement 1. Perform a vertical analysis of Epsilon Golf Company's balance sheet to determine the component percentages of its assets, liabilities, and stockholders' equity. (Round the percentages to the nearest hundredth percent, X.XX%. Do not enter the % symbol in any of the input fields.) Assets Total current assets Property, plant, and equipment, net Other assets Total assets Liabilities Total current liabilities December 31, 2021 Long-term debt Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ $ Amount 42,465 203,775 38,760 285,000 46,455 107,730 154,185 130,815 285,000 % of total % % % % % % % % %
Prepare a statement of profit and loss allocation, capital account, current account, and extract of statement of financial position at that date from the following for the year ending December 31, 2020: i) A net gain of RM30,350 ii) Capitalized interest to be assessed: Halim paid RM900, Wong RM2,000, and Pang RM1,500. iii) Drawings for Wong, Pang, and Halim will each be subject to RM240 in interest. iv) Salary credits to be given: RM2,000 for Pang; RM3,500 for Halim. v) Wong will receive 50% of the profit, Pang 30%, and Halim 20%. vi) Current account b/f: Halim RM717, Pang RM946, and Wong RM1,860 vii) Capital account between Wong, Pang, and Halim: RM40,000; RM30,000; and RM18,000 viii) Drawings: Halim RM6,900; Wong RM 9,200; Pang RM 7,100
A Comparison of Firm Performance 1 2 2013 Financials 3 Net operating revenues 4 Cost of goods sold 5 Gross profit 6 Selling, general, and administrative expense 7 Other costs 8 Operating income 9 Interest expense 10 Other income (loss) - net 11 Income before income taxes 12 Income taxes 13 Net income 14 Assets 15 Cash and cash equivalents 16 Net receivables 17 Inventories 18 Prepaid expenses and other 19 Total current assets 20 Property, plant and equipment 21 Goodwill 22 Other assets 23 Total assets 24 Liabilities and Stockholder Equity 25 Accounts payable 26 Short-term debt 27 Total current liability 28 Long-term debt 29 Other liabilities 30 Total liabilities 31 Stockholder equity 32 B Walmart 469,162 352,488 116,674 88,873 27,801 2,251 187 25,737 7,981 17,756 7,781 6,768 43,803 1,588 59,940 116,681 20,497 5,987 203,105 59,099 12,719 71,818 41,417 113,235 89,870 C Macy's 27,931 16,725 11,206 8,440 88 2,678 388 (134) 2,156 767 1,389 1,836 371 5,308 361 7,876 8,196 3,743 1,176 20,991…
The 2019 balance sheet showed net fixed assets of $3.7 million while the firm's 2018 balance sheet showednet fixed assets of $3 million. The company’s 2019 income statement showed a depreciation expenseof $200,000. What was net capital spending for 2019?
Requirements 1. Prepare a comparative common-size income statement for Mariner Designs, Inc. using the 2024 and 2023 data. Round percentages to one-tenth percent. 2. To an investor, how does 2024 compare with 2023 ? Explain your reasoning
Your answer is partially correct. Presented below are a number of balance sheet items for Pearl, Inc. for the current year, 2025. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 128,520 Accumulated depreciation-equipment 181,111 Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment 303.520 15,180 363,520 483,520 449,220 268,520 493,520 ? Debt investments (trading) Accumulated depreciation-buildings 101,150 1,603,520 Buildings $ 292,180 243,320 48.520 101,882 483,520 203,520 153,520 91,440 1,473,520 124.520 270,380 1.643.520 Current Llabilitles Accounts Payable Notes Payable Rent Payable Payroll Taxes Payable Income Taxes Payable Total Current Llabilitles Long-term Llabilitles Discount on Bonds Payable Bonds Payable…
how to determine net income for december 2019 if i am given cash dividends of 2000. stock issuence of 1400. liabillties of 26,500. assets of 40000. the decmber 2018 assets 34000. liabilities of 21,500 are also given.
The following information is available from the financial statements of Akerley Hospitality 2017 2018 2019 Total assets, December 31, Net income $608,000 $330,000 $1,456,000 59,400 62,400 56,800 a) Calculate Akerley's return on total assets for 2018 and 2019. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) b) Determine if the change in Akerley's return on total assets is favorable or unfavorable.
Using the following accounts, prepare a classified balance sheet at the year, December 31, 2020: Accounts Payable, P80,000; Accounts Receivable, P110,000; Accumulated Depreciation – Equipment, P70,000; Cash, P20,000; Owner’s Investment, P100,000; Equipment, P300,000; Franchise, P20,000; Investments (long term), P50,000; Merchandise Inventory, P60,000; Notes Payable (long-term), P40,000; Owner’s Capital, P?; Wages Payable, P10,000. Assume that this is the entity’s first year of operations.
Can you show me how to solve? Suppose these selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands). 2022 2021 Cash $13,900 $9,900 Accounts receivable 23,300 19,900 Inventory 31,400 30,800 Other current assets 12,500 11,909 Total current assets $81,100 $72,509 Total current liabilities $252,500 $311,100 Compute the current ratio for each year. (Round answers to 2 decimal places, e.g. 2.12.) 2022 2021 Current ratio: enter the current ratio for year 2017 rounded to 2 demical places :1 enter the current ratio for year 2016 rounded to 2 demical places :1

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