An analysis of the income statement and the balance sheet accounts of Hampton, Inc., at December 31 of the current year, provides thefollowing information.Page 611Income statement items:Gain on Sale of Marketable SecuritiesLoss on Sales of Plant AssetsAnalysis of balance sheet accounts:Marketable Securities account:Debit entriesCredit entriesNotes Receivable account:Debit entriesCredit entriesPlant and Equipment accounts:Debit entries to plant asset accountsCredit entries to plant asset accountsDebit entries to accumulated depreciation accounts$ 42,00033,000$ 75,00090,000210,000162,000196,000120,00075,000Additional Information1. Except as noted in 4, payments and proceeds relating to investing transactions were made in cash.2. The marketable securities are not cash equivalents.3. All notes receivable relate to cash loans made to borrowers, not to receivables from customers.4. Purchases of new equipment during the year ($196,000) were financed by paying $60,000 in cash and issuing a long-term note payablefor $136,000.5. Reductions in the accumulated depreciation accounts (debits) are made when depreciable plant assets are retired. The book value ofplant assets retired during the year was $45,000 ($120,000 - $75,000). Instructionsa. Prepare the investing activities section of a statement of cash flows. Show supporting computations for the amounts of (1) proceeds fromsales of marketable securities and (2) proceeds from sales of plant assets. Place brackets around numbers representing cash outflows.b. Prepare the supporting schedule that should accompany the statement of cash flows in order to disclose the noncash aspects of thecompany's investing and financing activities.c. Assume that Hampton's management expects approximately the same amount of cash to be used for investing activities next year. Ingeneral terms, explain how the company might generate cash for this purpose.

The Cashflow statement is a part of our financial statement that shows the inflow [cash or cash…

Answered: Income statement items: Gain on Sale of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Office buildings and equipment, net value Total property, plant, and equipment Intangible assets: Goodwill Total assets Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Paid-in capital: Total paid-in capital Total stockholders' equity Total liabilities and Stockholders' Equity Liabilities Stockholders' Equity $ 2,740,000 11,174,000 700,000 13,500,000
A.
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $ Debits 44,000 94,000 119,000 82,000 158,000 395,000 113,000 31,000 51,000 $ 29,000 119,000 44,000 84,000 39,000 345,000 6,000 390,000 31,000 $1,087,000 $1,087,000 Additional Information: 1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located. The remaining $39,000 represents the cost of land being held for speculation. 2. The $82,000 balance in the investment in equity securities account represents an investment in the…
Find for Armstrong Company and Blair Company : Asset Turnover Ratios - (a) Fixed Asset turnover (times) (b) Receivables turnover (times) (c) Inventory turnover (times)
Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: $104,000 0 34,500 490,000 Notes payable Stockholders' equity: Common stock 590,000 590,000 Retained earnings 1,815,500 1,754,200 Total liabilities and stockholders' equity $3,034,000 $2,948,000 Earnings per share for the year ended December 31, 2024, are $1.25. The closing stock price on December 31, 2 Required: Calculate the following profitability ratios for 2024. (Use 365 days a year. Round your final answers to 1 decima Profitability Ratios 1. Gross profit ratio 2. Return on assets 3. Profit margin 4. Asset turnover 5. Return on equity 6. Price-earnings ratio 38.6% 42.3 % 14.4 % 2.9 times 53.2 % 17.1 1,095,000 (398,000) $3,034,000 1,095,000 (199,000) $2,948,000 $80,000 3,900 29,900 490,000
The following information is from Lacy's Inc. $ millions Prior Fiscal Year Current Fiscal Year Net Year-End Assets Revenue Income $21,330 14,403 $18,955 $1,070 a. Compute the asset turnover ratio for the current fiscal year. b. Compute the return on assets ratio for the current fiscal year. Numerator a. Asset Turnover Ratio $ Check b. Return on Assets Ratio $ Numerator Denominator / $ Denominator / $ || Result Result
Selected data from the Carmen Company at year-end are as follows: Total assets Average total assets Net income Sales Average common stockholders' equity Net cash provided by operating activities Shares of common stock outstanding Long-term investments $2,000,000 $2,200,000 $250,000 $1,300,000 $1,000,000 $275,000 10,000 $400,000 Required: Compute the (a) asset turnover, (b) return on total assets, (c) return on common stockholders' equity, and (d) earnings per share on common stock. Assume the company had no preferred stock or interest expense. Round dol values to the nearest cent and other final answers to one decimal place. a. Asset turnover ratio b. Return on total assets c. Return on common stockholders' equity d. Earnings per share on common stock 1000 % % per share K
The financial statements of Columbia Sportswear Company are presented in Appendix B. Click here to view Appendix B. The financial statements of Under Armour, Inc. are presented in Appendix C. Click here to view Appendix C. The complete annual report, including the notes to the financial statements, is available at the company's website. (b) What conclusions concerning the management of plant assets can be drawn from these data? 1. 2. 3. Return on assets Profit margin Asset turnover Columbia Sportswear Company 12.0% 9.8% 1.22 times Under Armour, Inc. -1.1% -0.9% 1.26 times
Calculate the asset efficiency - receivables, inventory, fixed asset and total asset turnover ratios
The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276
Matching answers
What is the net book value of asset

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS