Graffiti Advertising, Incorporated, reported the following financial statements for the last twoyears. Sales Costs of goods sold Selling & administrative Depreciation EBIT Interest 2022Income Statement EBT Taxes Net income Dividends Addition to retained earnings Cash Accountsreceivable Inventory Current assets Net fixed assets Total assets Cash Accounts receivableInventory Current assets. Net fixed assets $565,700 274,020 124,732 54,575 $ 112,373 19,318$93,055 37,222 $55,833 $9,700 46,133 GRAFFITI ADVERTISING, INCORPORATED BalanceSheet as of December 31, 2021 $ 13,330 Accounts payable Notes payable 18,993 13,795Current liabilities $ 46,118 Long-term debt $ 344,456 Owners equity $ 390,574 Total liabilities andowners' equity GRAFFITI ADVERTISING, INCORPORATED Balance Sheet as of December 31,2022 $ 14,316 Accounts payable 21,098 22,755 $ 58,169 Long-term debt $ 406,310 Ownersequity 470 Notes payable Current liabilities. $ 9,503 14,507 $ 24,010 $ 136,720 $ 229,844 $390,574 $ 10,513 16,467 $ 26,980 $152,100. $285,399 it

Balance Sheet for Graffiti Advertising, Inc.Assets2021 ($)2022 ($)Cash13,33014,316Accounts…

Answered: Graffiti Advertising, Incorporated,…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 4SEA: FINANCIAL RATIOS Based on the financial statements for Jackson Enterprises (income statement,...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
FINANCIAL RATIOS Based on the financial statements for Jackson Enterprises (income statement, statement of owners equity, and balance sheet) shown on pages 596597, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was 21,600. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owners equity 5. Accounts receivable turnover and average number of days required to collect receivables 6. Inventory turnover and average number of days required to sell inventory
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Interest expense Income tax expense Total costs and expenses Net income Current Year $ 35,467 102,794 127,925 11,888 335,329 $ 613,403 For both the current year and one year ago, compute the following ratios: ه له مه له :. .: له The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 149,683 117,626 162,500 183,594 $ 613,403 $ 486,429 247,201 Current Year 13,556 10,367 Vanu $ 797,424 Earnings per share Additional information about the company follows. Common stock market price, December 31, Current Year Common stock market price, December 31, 1 Year Ago Annual cash dividends per share…
Calculate the activity and liquidity ratios for P for the year ended 31 December 20X9. Revenue Gross profit Inventory Trade receivables Trade payables Cash Short-term investments Other current liabilities $m 1,867.5 489.3 147.9 393.4 275.1 53.8 6.2 284.3 Current ratio= Current assets Current liabilities Inventory days Inventory days = inventory+ cost of sales × 365 Receivable days Receivable days - receivables + credit sales x 365 Payable days Payable days = payables ÷ credit purchases x 365.
s The 2021 income statement of Adrian Express reports sales of $22,110,000, cost of goods sold of $12,950,000, and net income of $2,260,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Gross profit ratio Return on assets ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 Profit margin Asset turnover Return on equity Profitability Ratios Industry averages for the following profitability ratios are as follows: Gross profit ratio Mes % $ 45% 25% 15% 15.5 times. 35% 2021 2020 980,000 1,950,000 2,490,000 5,180,000 4,480,000 $10,600,000 $8,640,000 $1,000,000 1,310,000 1,850,000 Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.) $ 2,228,000 $1,928,000…
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Current Year Earnings per share $ 32,893 100, 248 123,571 10,593 307,446 $ 574,751 $ 144,544 105,892 162,500 161,815 $ 574,751 For both the current year and one year ago, compute the following ratios: IST $ 455,777 231,625 12,702 9,713 The company's income statements for the current year and 1 year ago, follow. Current Year Exercise 13-10 (Algo) Analyzing efficiency and profitability LO P3 1 Year Ago $747,176 $ 39,242 68,673 92,580 10,613 284,367 $495,475 709,817 $ 37,359 $ 2.30 $ 86,247 115,099 162,500 131,629 $ 495,475 JELE For both…
The 2021 income statement of Adrian Express reports sales of $19,310,000, cost of goods sold of $12,250,000, and net income of $1,700,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2020 $ 700,000 $ 860,000 1,600,000 1,100,000 2,000,000 1,500,000 4,900,000 4,340,000 $9,200,000 $7,800,000 $1,920,000 $1,760,000 2,400,000 2,500,000 1,900,000 1,900,000 2,980,000 1,640,000 $9,200,000 $7,800,000 Industry averages for the following profitability ratios are as follows: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 45% 25% 15% 2.5 times 35% Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your…
The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 Accounts Receivable turnover Average collection period (b) 2022 $550,000 2022 2021 4,300,000 4,000,000 7.9 times $540,000 2021 7.5 times 46.2 days 48.7 days What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections period.
The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 27,970 80, 264 100,917 9,097 251, 134 $ 469,382 $ 116,876 90,891 163,500 98,115 $ 469,382 $ 372,220 189,161 10,373 7,933 For both the current year and one year ago, compute the following ratios: Current Year 1 Year Ago $ 31,400 58,349 77,104 8,412 229,375 $ 404,640 Exercise 13-9 (Algo) Analyzing risk and capital structure LO P3 $ 70,436 92,137 163,500 78,567 $ 404,640 The company's income statements for the current year and one year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 610,197 579,687 $ 30,510 $1.88 2 Years Ago $ 312,989…

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