Horizon Industries paid $320 in dividends and $450 in interest this past year. Common stock increased by $180, and retained earnings increased by $280. What is the net income for the year? a) $320 b) $450 c) $500 d) $600 e) $730

Horizon Industries paid $320 in dividends and $450 in interest this past year. Common stock increased by $180, and retained earnings increased by $280. What is the net income for the year? a) $320 b) $450 c) $500 d) $600 e) $730

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 55E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...

See similar textbooks

Related questions

Q: SUBJECT FINANCIAL ACCOUNTING

A: Explanation of Debt Ratio:The debt ratio measures the proportion of a company's assets that are…

Q: Financial accounting

A: Step 1: Definition of EquityEquity shares are those shares that do not have maturity value and can…

Q: What is the annual percentage rate of this financial accounting question?

A: Step 1: Define Annual Percentage Rate (APR)The Annual Percentage Rate (APR) is the nominal interest…

Q: Variable manufacturing overhead:2.80, fixed manufacturing overhead:5

A: Explanation of Contribution Margin: Contribution margin is the difference between selling price per…

Q: What is aurora 2023 opereting leverage? Please given correct answer

A: Formula for Degree of Operating Leverage (DOL): DOL=Operating ProfitContribution Margin where:…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Applied Manufacturing OverheadApplied manufacturing overhead is the estimated…

Q: Of delmer printing Company for the year

A: Concept of Raw Materials InventoryRaw materials inventory refers to the materials and components…

Q: What is the depreciation expense for year 1 and year 2 ?

A: Step 1: Definition of Units-of-Activity DepreciationThe units-of-activity depreciation method is a…

Q: I need answer of this accounting questions

A: Step 1: Calculation of Beginning EquityBeginning Equity = Beginning Assets - Beginning…

Q: Garrison Enterprises has a net profit margin of 6%, a total asset turnover of 1.8 times, and a debt…

A: 1. Calculate Return on Assets (ROA):ROA = Net Profit Margin * Total Asset TurnoverROA = 6% * 1.8 =…

Q: What was Lexington corps stockholders equity at December 31?

A: Step 1: Definition of Stockholders' EquityStockholders' equity represents the residual interest in a…

Q: I don't need ai answer general accounting question

A: Step 1: Definition of the Accounting EquationThe accounting equation states…

Q: Need help with this question solution general accounting

A: Step 1: Definition of Actual Manufacturing OverheadActual manufacturing overhead refers to the total…

Q: Financial Accounting Question need help

A: Step 1: Definition of Total Holding Period Percentage ReturnTotal Holding Period Percentage Return…

Q: A dog training business began on December 1. The following transactions occurred during its first…

A: The income statement is another financial statement that lists a company's revenues and expenses for…

Q: Luxe pens is considering two methods solution general accounting question

A: Step 1: Definition of Operating LeverageThe Operating Leverage Factor measures how changes in sales…

Q: ??

A: Capital gain = (Selling price-Purchase price)*No. of sharesCapital gain = (82.18-77.25)*380Capital…

Q: What is the correct solution? General Accounting question

A: Step 1: Define Days' Sales in Accounts ReceivableThe Days' Sales in Accounts Receivable measures how…

Q: help me to solve this question

A: Step 1:Definition of Return on Assets (ROA)It is shortened as ROA that depicts the net income…

Q: !??

A: Concept of Estimated Manufacturing Overhead: Estimated manufacturing overhead is the projected…

Q: Give me solution this question

A: The sustainable growth rate (SGR) is given by the formula: SGR=ROE×(1−Dividend Payout Ratio) Step…

Q: accounts receivable.

A: Step 1: Definition of Days Sales Outstanding (DSO)Days Sales Outstanding (DSO) is a financial metric…

Q: Need help this question

A: Problem Statement Edwards Construction has:Debt outstanding with a market value of $170,000 and a…

Q: none

A: Substituting GPM = 50% (or 0.50 in decimal form): Markup on Cost = (0.50/1 - 0.50) * 100 Markup on…

Q: 11. Kapper Company projects 2025 first quarter sales to be $35,000 and increase by 15% per quarter.…

A: Solution for Question 11: Projected Sales for Kapper Company in 2025Kapper Company expects…

Q: final answer.

A: Step 1: Definition of Absorption CostingAbsorption costing is a costing method where all…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Applied OverheadApplied overhead is the estimated overhead allocated to…

Q: Subject: general Accounting question

A: Step 1: Define Labor Rate Variance (LRV)Labor Rate Variance (LRV) measures the difference between…

Q: Daisy Inc., wants to make a profit of $25,000. It has variable costs of $80 per unit and fixed costs…

A: Concept of Selling Price per UnitThe Selling Price per Unit is the amount a company charges for a…

Q: PROVIDE CORRECT ANSWER

A: Step 1: Definition of Net IncomeNet income is the profit a company earns after deducting all…

Q: Need correct answer general Accounting question

A: Step 1: Define Accrued InterestAccrued interest refers to interest that has accumulated but has not…

Q: Hello tutor please provide correct answer general Accounting question

A: Step 1: Define Allowance for Doubtful AccountsThe Allowance for Doubtful Accounts is a contra-asset…

Q: How much gross profit will be necessary? Accounting

A: Step 1: Definition of Gross ProfitGross Profit is the amount a company retains after deducting the…

Q: Need answer

A: Explanation of Net Sales: Net sales represents the total revenue generated from selling goods or…

Q: Regal Properties (RP) just acquired land and a building for a single sum of $500,000. An independent…

A: Explanation of Lump-Sum Purchase:A lump-sum purchase refers to acquiring multiple assets for a…

Q: What is the amount of the shareholders equity?

A: Explanation of Common Stock:Common stock represents the ownership stake that shareholders hold in a…

Q: Please solve this question

A: Step 1: Definition of Variable Cost, Fixed Cost, and ProfitVariable Cost per Unit refers to costs…

Q: Accounting 34

A: Concept of Variable Cost Per Machine HourThe Variable Cost Per Machine Hour represents the…

Q: None

A: Equity = $850,000 as it is 100% financed Earning before tax = EBIT-InterestEarning before tax =…

Q: Get accurate answer of this financial accounting question

A: Step 1:First, calculate the total current assets: Total current assets = Cash + Marketable…

Q: Note: The expanded contribution margin model MUST be used to answer all the questions. 3.1 REQUIRED…

A: Solution: 3.1Given Information:Current Selling Price per Unit: R180Unit Variable Costs:Manufacturing…

Q: none

A: To calculate the dollar return on this investment, we consider both capital gains and…

Q: Do fast and step by step calculation with explanation for this financial accounting question

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that…

Q: need help this question

A: The entire amount a business makes after deducting all of its costs from its revenues is known as…

Q: hello tutor please help me

A: Step 1: Definition of Net IncomeNet income is the amount remaining after all expenses, including…

Q: What will its net income on these financial accounting question?

A: Step 1: Determine the contribution margin per unitStep 2: Calculate fixed costsStep 3: Calculate…

Q: Hi expert please help me this question

A: Given:Shares outstanding = 665 millionShare price = $74.77Current debt = 25 billionNew share price =…

Q: Daisy Inc., wants to make a profit of $25,000. It has variable costs of $80 per unit and fixed costs…

A: To determine the selling price per unit, we need to calculate the total revenue required to cover…

Q: Financial Accounting

A: Step 1: Define Net Income on an Accrual BasisUnder the accrual basis of accounting, net income is…

Q: Don't use ai given answer accounting questions

A: Step-by-Step Solution: Convertible Bond Conversion Value Step 1: Understanding the Given Information…

Question

I want to correct answer general accounting question

Horizon Industries paid $320 in dividends and $450 in interest this
past year. Common stock increased by $180, and retained earnings
increased by $280. What is the net income for the year?
a) $320
b) $450
c) $500
d) $600
e) $730

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Five measures of solvency or profitability The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Income before income tax was 3,000,000, and income taxes were 1,200,000 for the current year. Cash dividends paid on common stock during the current year totaled 1,200,000. The common stock was selling for 32 per share at the end of the year. Determine each of the following: (a) times interest earned ratio, (b) earnings per share on common stock, (c) price-earnings ratio, (d) dividends per share of common stock, and (e) dividend yield. Round ratios and percentages to one decimal place, except for per-share amounts.
The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of 36.5 days (based on a 365-day year), total current assets of $810,000, and cash and marketable securities of $120,000. What were Kretovich’s annual sales?
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.
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Required: 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the market price per share for Rebert is 51.50. Required: 1. Compute the dollar amount of preferred dividends. 2. Compute the number of common shares. 3. Compute earnings per share. (Note: Round to two decimals.) 4. Compute the price-earnings ratio. (Note: Round to the nearest whole number.)
Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
James Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the EPS for the year for James (rounded to the nearest dollar)?
Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920. Hollys stockholders equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock outstanding at the end of the year. Required Compute Hollys profit margin. What other information would you need in order to comment on whether this ratio is favorable?
Brunleigh Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is Brunleigh Corporations weighted average number of shares for the year?
Benson Company’s net income was $225,000 for Year 1, $243,750 for Year 2, and $293,160 for Year 3. Assume trend percentages for net income over the three-year period are computed, with Year 1 serving as the base year.The trend percentage for Year 3’s net income is: Select one: A. 117.30% B. 86.36% C. 120.92% D. 130.29%
Net income for the year was ?
For the most recent year Camargo Inc., had sales of $556,000, cost of goods sold $248960, depreciation expense of $64400, and additions to retained earnings of $76,800. The firm currently has 24,000 shares of common stock outstanding and the previous year's dividends per share were $1.50. Assuming a 23 percent income tax rate, what was the times interest earned ratio?