h/w Saved Help For the year ended December 31, Southern Supply had net sales of $3,875,000, costs and other expenses (including income tax) of $3,100,000, and a gain from discontinued operations (net of income tax) of $210,000. a. Prepare a condensed income statement (including earnings per share), assuming that 620,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply? Complete this question by entering your answers in the tabs below. ook Required A Required B Prepare a condensed income statement (including earnings per share), assuming that 620,000 shares of common stock were outstanding throughout the year. (Round Earnings per share of common stock to 2 decimal places.) int SOUTHERN SUPPLY ences Income Statement For the Year Ended December 31, Current Year 2$ Earnings per share: < Required A Required B >

h/w Saved Help For the year ended December 31, Southern Supply had net sales of $3,875,000, costs and other expenses (including income tax) of $3,100,000, and a gain from discontinued operations (net of income tax) of $210,000. a. Prepare a condensed income statement (including earnings per share), assuming that 620,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply? Complete this question by entering your answers in the tabs below. ook Required A Required B Prepare a condensed income statement (including earnings per share), assuming that 620,000 shares of common stock were outstanding throughout the year. (Round Earnings per share of common stock to 2 decimal places.) int SOUTHERN SUPPLY ences Income Statement For the Year Ended December 31, Current Year 2$ Earnings per share: < Required A Required B >

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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the income statement for Stretch-Tape Corporation reports net sales of $439,900 and net income of $54,780. Average total assets for the year are $830,000. Stockholders’ equity at the beginning of the year was $530,000, and $23,000 was paid to stockholders as dividends during the year. There were no other stockholders’ equity transactions that occurred during the year.Required:Calculate the return on assets, profit margin, asset turnover, and return on equity ratios. (Round your answers to 1 decimal place.) Profitability Ratios Return on assets 6.6 % Profit margin 12.5 % Asset turnover times Return on equity %
Here is the income statement for Tamarisk, Inc. TAMARISK, INC. Income Statement For the Year Ended December 31, 2020 Sales revenue $419,200 251,500 Cost of goods sold Gross profit 167,700 Expenses (including $14,200 interest and $28,000 income taxes) 73,500 $94,200 Net income Additional information: Common stock outstanding January 1, 2020, was 24,400 shares, and 39,100 shares were outstanding at December 31, 2020. 1. The market price of Tamarisk stock was $12 in 2020. 2. Cash dividends of $22,800 were paid, $5,300 of which were to preferred stockholders. 3. Compute the following measures for 2020. (Round all answers to 2 decimal places, e.g. 1.83 or 2.5 1%) $ (a) Earnings per share (b) Price-earnings ratio times (c) Payout ratio (d) Times interest earned times
Five measures of solvency or profitability The balance sheet for Garcon Inc.at the end of the current fiscal year indicated the following: Bonds payable,8% $5,000,000 Preferred $4 stock, $50 par 2,500,000 Common stock,$ 10 par s,000,000 Income before income ta.x was $3,000,000,and income taxes were 51,200,000 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.)
Pharoah Jewelers management announced that the company had net earnings of $8,107,000 for this year. The company has 3,586,000 shares outstanding, and the year-end stock price is $43.53. What are Pharoah’s earnings per share and P/E ratio? (Round answers to 2 decimal places, e.g. 12.25) Earnings per share $ enter a dollar amount rounded to 2 decimal places P/E ratio enter P/E ratio in times rounded to 2 decimal places times
Help with financial statements please? A. Prepare a multiple-step income statement for the year ended December 31, Year 1, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. Enter all amounts as positive numbers EXCEPT in the Other income and expenses. In that section only, enter amounts that represent other expenses as negative numbers using a minus sign. (Round earnings per share to the nearest cent.) B. Prepare a retained earnings statement for the year ended December 31, Year 1.* C. Prepare a balance sheet in report form as of December 31, Year 1.* Income Statement data: Advertising expense $150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense-office buildings and equipment 30,000 Depreciation expense-store buildings and equipment 100,000 Dividend revenue 4,500…
Profitability Ratios The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31 20Y7 20Y6 20Y5 Total assets $250,000 $225,000 $200,000 Notes payable (8% interest) 80,000 80,000 80,000 Common stock 32,000 32,000 32,000 Preferred 7% stock, $100 par 16,000 16,000 16,000 (no change during year) Retained earnings 88,510 64,380 48,000 The 20Y7 net income was $25,250, and the 20Y6 net income was $17,500. No dividends on common stock were declared between 20Y5 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7. a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders’ equity for the years 20Y6 and 20Y7. When required, round to one decimal place. 20Y7 20Y6 Return on total assets fill in the blank 1 % fill in the blank 2 % Return on stockholders’ equity fill…
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $35,000 income from continuing operations and an $7,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 7,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include earnings per share information. Round earnings per share computations to PALLEST CORPORATION > Income Statement (Partial) For Year Ended December 31, Current Year Pretax income from continuing operations Income tax expense Income from continuing operations Loss from discontinued operations (net of taxes) Net Income Components of Income. Income from continuing operations Loss from discontinued operations Net income Check My Work 00000-000 -10,500 3 more Check My Work uses remaining nearest…
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1. During 2021, Target Corporation had: Revenue of $623,000 Cost of Goods Sold of $250,000 Operating expenses of $68,000 Interest expense of $4,000 Depreciation Expense of $13,000 During the year Target Corporation paid: 50% of net income in dividends 21% in corporate taxes a. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Include the dividend and additions to Retained Earnings below the income statement. b. Calculate Target's Operating Cash Flow beneath the Income Statement. 2. The following data refers to the 2021 year-end account balances for Target. However, the Retained Earnings balance is as of 12/31/2020. The accounts are listed in alphabetical order. $ Accounts Payable 25,000 Accounts Receivable 16,000 Accumulated Depreciation 175,000 Cash 44,000 Common Stock 120,000 Fixed Assets (gross) 390,000…
Sedona Corporation declared and paid a cash dividend of $6,800 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Year Previous Year Income Statement $ 120,000 56,000 64,000 38,000 4,200 21,800 6,540 $ 15,260 $ 107,000 52,000 55,000 34,600 4,200 16,200 4,860 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income $ 11,340 Balance Sheet Cash $ 72,110 19,000 27,000 97,000 $ 215,110 $ 44,000 1,050 42,000 87,050 91,200 36,860 Accounts Receivable, Net Inventory Property and Equipment, Net $ 36,000 14,000 40,000 107,000 $ 197,000 $ 34,800 600 42,000 77,400 91,200 28,400 Total Assets Accounts Payable Income Tax Payable Notes Payable (long-term) Total Liabilities Common Stock (par $10) Retained Earnings Total Liabilities and Stockholders' Equity $ 215,110 $ 197,000
Solomon Company's income statement information follows: Net sales Income before interest and taxes Net income after taxes Interest expense Stockholders' equity, December 31 (Year 1: $197,000) Common stock, December 31 The average number of shares outstanding was 7,700 for Year 3 and 7,000 for Year 2. Required Compute the following ratios for Solomon for Year 3 and Year 2. a. Number of times interest was earned. Note: Round your answer to 2 decimal places. a. Times interest earned b. Earnings per share c. Price-earnings ratio d. Return on average equity e. Net margin Year 3 b. Earnings per share based on the average number of shares outstanding. Note: Round your answer to 2 decimal places. c. Price-earnings ratio (market prices: Year 3, $64 per share; Year 2, $73 per share). Note: Round your answer to 2 decimal places. d. Return on average equity. Note: Round your percentage answer to 2 decimal places (for example, 0.2345 should be entered as 23.45). e. Net margin. Note: Round your…