I want to this question answer general accounting Johnson's Business reports the following financial data for 2024:ItemAmount ($)Revenue45,000Equipment Depreciation4,800Vehicle Operating Expenses5,200Rent12,000Salaries16,500Amortization of Patents1,100Unrealized Loss on Investments 3,400Calculate Johnson's net income or loss for the year.

Step 1: Define Net IncomeNet income represents the total earnings of a business after deducting all…

Answered: Johnson's Business reports the…

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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Swifty Incorporated had average total assets in 2025 of $6343000. It reported sales for of $8209000 that year. Average liabilities for the year were $5187000. Net income for the year was $964136. What is Swifty' return on assets for 2025? O 15.20% 18.59% O 11.74% 6.60%
From the following information for BlueInks Corporation, compute the rate of return on assets. Hint: The numerator is income before interest expense and taxes. Net income $40,878 Total assets at beginning of year $250,100 Total assets at end of year $158,680 a. 15% b. 25% c. 16% d. 20%
Randall Corporation reported the following revenue data:Year Net revenues (in millions)$$$$6,8007,0046,7327,2762016201720182019Use 2016 as the base year. The trend percentage in 2019 is closest toa. 93%.b. 104%.c. 107%.d. 112%
K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
If Net Working Capital Current Assets - Current Liabilities, what is Kelley Corp's net working capital for the year ending December 31, 2023, given the following account balances? Accounts Receivable: $40 Equipment: $20 Accumulated Depreciation: $10 Patent: $50 Inventory: $15 Accounts payable: $30 Goodwill: $65 Long-term note payable: $70 =
Please provide correct answer the general accounting question
The current sections of Famous’s statements of financial position at December 31, 2019 and 2020, are presented here. Famous’s net income for 2020 was €147,000. Depreciation expense was €21,000. 2020 2019 Current assets Prepaid expenses €25,000 €27,000 Inventory 158,000 172,000 Accounts receivable 79,000 110,000 Cash 105,000 99,000 Total current assets €367,000 €408,000 Current liabilities Accrued expenses payable € 15,000 € 9,000 Accounts payable 85,000 95,000 Total current liabilities €100,000 €104,000 Instructions Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method.
For year 2022, a company reports net operating profit after taxes (NOPAT) of $32,910.4 million. The following additional information is gathered from its financial statements (in millions): End of 2022End of 2021Operating assets$337,052.7$388,934.1Nonoperating assets$18,916.9$20,649.9Operating liabilities$85,432.7$98,300.2Nonoperating liabilities$170,865.6$196,600.0 What was the company’s free cash flows to the firm (FCFF) for year 2022? [ Select ] ["$8,909.0", "$63,293.4", "$71,924.3", "$83,432.2", "$218,709.6"] This questions is multiple choice with the possible answers above.
An abbreviated set of financial statements for Caraba's Company for 2020 and 2019 is shown below: Caraba's CompanyIncome StatementFor the Year Ended December 31, 2020 Sales $553,000 Investment income 26,000 Gain on sale of investments 3,500 $582,500 Less: Selling & administrative expenses $221,600 Depreciation expense 15,000 Interest expense 3,900 Income taxes expense 6,500 247,000 Net Income $335,500 Comparative Balance SheetsDecember 31 2020 2019 Cash $209,000 $49,900 Accounts receivable 160,300 63,700 Investments 117,000 126,100 Equipment (net) 146,200 80,400 Land 312,000 276,300 Total Assets $944,500 $596,400 Accounts payable $130,000 $87,500 Mortgage payable 65,000 97,400 Common stock 266,500 238,000 Retained earnings 483,000 173,500 Total Liabilities & Shareholders' Equity $944,500 $596,400 Required: Prepare the cash flows from investing and financing activities…
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Allied Construction and Axis Construction reported the following information in their annual financial statements ($ in millions): Allied Construction Sales Net income Total assets Axis Construction Sales Net income Total assets Req 1 2024 $57,000 3,300 30,000 Required: 1. Calculate Allied Construction's return on assets, profit margin, and asset turnover ratio for 2024. 2. Calculate Axis Construction's return on assets, profit margin, and asset turnover ratio for 2024. 3-a. Which company has the better profit margin? 3-b. Which company has the better asset turnover? Req 2 Return on assets Profit margin Asset turnover 2024 $89,000 3,600 50,000 Complete this question by entering your answers in the tabs below. 2023 $50,000 3,200 22,000 Req 3A % % times 2023 $74,000 4,800 60,000 Calculate Allied Construction's return on assets, profit margin, and asset turnover ratio for 2024. (Do not round your intermediate calculations. Round your percentage answers to 1 decimal place and "Asset…
D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?

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